Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-02-04

RICHMOND VIRGINIA, THURSDAY, FEBRUARY 4, 1s4l.


quantity, land the same objection TO certain cxlen
applies to silver now,) has rendered portable piece
too little value, for it to be any longer used as cur
rency
But let us suppose that Mr. Biddle, "by hook or b.
crook, has obtained The exclusive privilege 10 cor
and issue one hundred millions of dollars of it, ant
that this iron money made legal tender III the pay
ment of the sacred of all dcbts-taxes ana aues
We will examine the effects of this exclusive favor, AM
compare it with banking privileges II very certain
The Government would give to Mr. Bidde about nine
y-nine and half millions Of dollars, IN currency ina
in very short time would supercede any other, III
remaining half million of dollars being very snhcleh
to purchase out ponghs, axe, horse shoes, &C
and machinery TO make his dollars
low this new currency would rate with honest mo
nry frs am unable to say, but OF course below u
md therefore all tax payers, and they are almost ever
body, would seek il To pay the taxes, anu Debtors
course, to pay their drhts.-Ths ut once ensures u
general crculation and drives all better currency on
If the country, as good money! Ike good people, neve
keeps bad company any longer than an opportunity
escape is afforded.
AS "cl,arly begins al home," and it would be con
vcnent too, Mr. Bidde would put The greater part o
his currency into circulation at home As soon
This currency circulated, to the slang OF The hcto
yenry property would rise to an extraordinary heSh'
hat is something like the value nrinslcally between
the iron and the gold dollars.
All creditors at home would be obliged to take TN
dncs of our labor, valued by the currency :" III" con
sunrrs. All who made food, drink or rainloh', AM
those uhe mecanics) who made convrnencrs i"r tein
would have their expenses and their labor shu'a ah'
pad in iron money and the products exported, valued
by the gold of the consumers. To hmi, at requiring
The constitutional legal tender, would ensure coat
lar and feathers; aud If gold and SILVER could De pro
cured they ton are drhasrd by association, aud thr
value could only be obtained by exporting them to Il"
reign countries which could be done hy about one mar
in ten thousand This state Of things Is s"iai"n :"
all contracts unless the currency in use ut the Time
issuing the iron, was precisely Of the same value
Tie duties and taxes paid, when the base currency
circulated, would bear comparison with those pa'o ~
an honest currency This of course would presa'i
most at the residence Of the privileged gentleman
hence he would be for the highest taxes and duties Tor
other besides getting the money deposited WIN
hm and for his use. Here ton, would be concentra-
ion of commerce. for, natural advantages OF other
ports would enable them 10 compete with thr port Ia
vored with ih dcbaSrd currency in very lew years
three hundred miles the interior, SILVER d"i-
lars would be- discount with the liic iron dollars
except for the reason that there would be persons IN
The favored port who would purchase the silver at less
than its value Ia send 10 foreign countries where they
could get thu Whole value.
We should now have money 10 send To foreign
countries to buy what we needed, and we must send
produce, made with the expenses Of drhascd curren-
cy and barter fr the articles wanted-Ihs carries ns
beyond the cage Of black broth and iron money we
could not withstand THIS Of things long, ana we
should have get rid Of The base currency by sealing
IT, did the base currency used during The heVoiu
ton. Here would be another fraud operating, tlEst
upon creditors and then 10 the rum oil debtors We
should now have TO sell more Of products than we
buy Of foreign merchandise, and bring back, Tor ihe
oyerplus It's honest representative, All honest cnrren
c., while The little iron dollars may again be converted
INTO ploughshares.
Having ske,ched the practical operation Of giving to
~, tia tbo. Vi np
rercy, will now BY way of comparison, and iur-
Their illustrations give 10 the gentleman the ex
elusive privilege TO establish Bank Of clrculaton-a
Bank that shall be formed and lis transactions perform
ed upon better principles, both for commerce and inc
than any Bank that ever did or ever VIII
twenty ore yca.s-its capital fifty millions Of dollars
I'll PAID in gold ard silver-ncver TO issue grea'cr
amount in than three tunes Us capital ana none
under the denomination Of one hundred dollars-a risht
10 lend higher rate Of interest than one per cent
for every sixty days with the right of protest after
thee DAYS grace and the strc,est secrecy III It's trans
IONS 10 be observed. To put this Bank INTO easy
operation will allow Mr. Bidde has all his capital on
hand and need not embarrass the community by with
drawing so much from circulation
In tracing the operations OF this bank, snail mol
count one cent Of profit that may be made upon It's ca
pal nor the enormous profits that may be made by bills
Of exchange and shaving, nor the profits upon the de-
postes of individuals the enormous profits upon the
DE posites Of the public money amounting, NJ one ue
to about fifty millions The late Bank OF the y olaies
nor the profits that ncaculab!e, which by spccuia
ton NAV accrue from the power Of expansion and con-
,r,cion conferred upon the bank. shall conhne my
self 10 the profits arising from The privilege bestowed
manufacture a currency out Of an article oil no ihrh
sic value.
As the commencing operation OF the hrsl prviiese
was by putting into circulation one hnnufea
of iron dollars so the second consists IN putting mo
circulation one hundred and fifty millions OF BANK no'es'
which Mr. Biddr promises 10 redeem IN gold ana sli.
YER although he has, in fact, and by charter, put NJ
ty millions TO comply with his promise.
II will be admitted that all The effects OF exercising
The FIRST privilege attach 10 the second with an m
crease of fifty per CENT except that the specie, when
is made necessary part Of the circulation, VIII not
IN soon ar entirely leave the counryunless Mr. BID
die wills -Ths will suppose, out OF gratitude 10
his conntry for his exclusive privilege he u unwilling
,o do ,rovided hr should not have formed partner.
shin in EnuIand where his notes would not be legal
tender in payment of the most sacred of all debts
The bankers count their interest at about seven per
cont ner annum. OF course Mr.. Bldde will re-
GIVE for the snke of round numbers | will say,
len millions of dollars the "rst year 'or MS pI' IT,,
l,o or maxine one hundred and fifty millions OF dollars
oni of paper Out of pure kindness to customers, we
will allow that lie lends his interest, not at Inc emu VI
cvcry sixty DAYS he receives IL hut al the emu oi e
~ year and not al per cent per ahnuui' oue a. 80
er c,, md what DIES IL amour. to nj me rha VI MS
lars while Mr. B,ddle has but one hundred ana my
millions (probably or fifteen millions :" mat LOST "
10 redeem and his debtors only that SUN ~
crculation with which they may pay h'm- MS -
the value of the privilege 81 the most hnnest' most se
nerous and best conducted Bank my Inauguration e'n
devise 1T has saddled the community wth aeol %
five hundred millions Of dollars, with no more ina" one
hundred and f,rly or fifty millions OF c'rcua'", 10
pay the dcbt-This leaves profit OF three hnha'eu
and fifty millions for the fifty millions capiai "chta
IN in the Bank for, it that IS drawn out ~ Tue
notes the notes are issued again. and brings back her
est-which is not counted.-'he reader VIII "on"t !,
as this hank is prcfabl' why The one over WIZ" TLa
Mr. Bddle presided long is not so pIonae'fp ;ddss
reason ia very plain This bank is mr. n'ao,r
own; the one he presided over belonged 10 other
and The profits of the privilege divided among tne Ia
yored II will be remembered, when nlr. b'Gule ~
privilege expired there nothing due to num- ,f
had realized IN the beginning ninety -n'ne ana nl..
millions of his iron dollars in what 1t is mol NECESSARY
for US 10 KNOWN grape vines and green houses p"sS
hy TIE iron money perished IN the peoP,e namuS
and they were left without any currency N"l ," VIII
The second privilege The issues have oeen al ''oag"
his charter above the value Of specie an hundred 'rs
from the bank The remarkable difference AZ 'he enu
If The two privileges is, that Mr. Biddle N The secone
- Cue u