Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-05-28

Michigan siooI asooSo 1850 $4,000 a57,aoo
Missouri a9Oa57 95sao a47so 1880 3sa.mo
Arkansas 75.jla 10000 1880 4l,OO0 s5,OO0
Wisconsin, 80 $500 O,50O 900
Total, 1885, 4s9 osoa6 asa47so 7,aiol5 l6o47,7IO
This table shows the immense burden that will be
thrown upon the people by this operation. They will
have pay So in taxes for ST dollar received from the
public lands at the same time the latter will be utterly
inadequate I, the end proposed, and will but in very
small degree tighten the burden of taxation for State
Indebtedness The increase of duties will also tend
retaliation the part of foreign powers and will still
further restrict the market much wanted for our pro-
duce.
To pay the floating debt OF the Federal Government
already said TO exist National Bank is TO be created
In the creation Of this stock what to be set apart for
its redemption If the old securty-the public lands
which the public creditors have had since the formation
of the Government, is to be given away; If the old
States afraid that the new States will become
powerful hereafter to take the lands away, let them
now unite on the occasion Of the creation Of the new
debt and pledge the lands for its redemption, and for
that Of any other debt which may any time hereafter
he created, and compel the Government 10 keep within
its income. The people will then be subjected only
to the simple and direct tax for the payment Of the
State debts.
From Money article Of Herald May ail
We stated, day or two since, that after caucusing
among the members of the State Legislature the
question Of National Bank jud ged inc 1pedient
TO get up instructive resolutions TO Congressman
to vote for such measure After that, General Root
proposed similar resolutions in the State Senate which
we're adopted by vote Of - TO 10. The party malo
rity is strong in the House, and is doubtful
whether they be carried there.
From information collected in high political quarters
we led 10 believe, from the increasing unpopulary
Of the National Bank, that the question will not be
brought up at the Extra Session of Congress- The
dominant party appear to riskng the question
| The Sub. Treasury law will be repealed, undoubtedly
and the Government will be left without fiscal agent
of any kind but this will be the if Ma
lional Bank bill were passed Such institution
could not go into operation under years. and
temporary eIpedents would be resored to in tile
time. The deferring the question to the regular
sion will not much delay matters. In the time
the Bank of Commerce clique, the present fiscal agent,
will have full swing with the public funds, without
law or licence. The Sub Treasury law which has been
unceremoniously condemned, has yet been al
lowed IFS natural action. 1t is not until the first proSimo
that the law requires the payment OF onehat specie at
the Custom House, and not until next year that the
whole would come into regular operation. 1t is
demned untried-enough has, however, been ascer-
ained TO satisfy the spectators that there chance
for plumber under its operation.
The recent developments of the transactions of the
I late National Bank, seem 10 have caused in London
the most intense astonishment; they seem scarcely
abe comprehend the degree of moral debasement to
which the prominent men in The country have arrived
and the leading journals heretofore friendly Anne
rcan interests do not hesitate TO caution capitalists
longer trust such desperate spectators the Anne
rcans have proved themselves TO be-" These melan
cboy results have had their origin in the departure
4 from strict banking principles, commenced in tho u
States Bank national institution. This derection
from duty was, and ever will be, necessarily attendant
upon its position, allied, as il inevitably must be, with
the politics of the country The late National Bank
early period Of its existence, as lis returns clear
y show began to dcvate from the line Of COM
mercial banking, and to degenerate into mere loan
office, for lending money upon bonds and mortgages
on speculation and real estate, at long dates TO party
men. long list Of mortgages is taken from the as
spnment of the bank, recently made to the post
notes held by the other banks. II embraces loans in
the city of Buffalo only
This list comprises the active politicians of that
quarter, not forgetting Bates Cook, the Bank Commits
soner and ready tool of the National Bank clique
Here is large sum of money loaned among nearly
100 men, in every section of the country, where real
estate speculation ragged to greater extent than else
where, and finally exploded in the debasing and de-
moralizng spectacle of the arrest and conviction of
Rathbone the princ pal operator, for forgery These
loans were made for period extending over series
of years, by an institution protesting to be CONNER
cial Bank. No doubt, however, but that
these loans made expressly to bolster and sustain
the fictitious values Of real estate and TO keep rents
The result Of the working of this system, has been
the melancholy spectacle presented by the wreck
of the late National Bank. Ii is vain 10 say that the
institution worked WE'LL until it became State Bank
Its accounts records and history, prove ncontestlbly
that the system pursued for the last fifteen years,
the same and inevitably worked out the ruin of the in
suton and the disgrace of the country The catas
tophc, far from being caused by The dsconnectlon
of The Government with it, mItgaed in its effects
by that event. The timely withdrawal Of the Federal
Government alone saved its credit from the general
wreck. The late Administration, and those preceding
it, have been blamed, and justly with the too sudden
and inconsiderate adoption Of measures which affected
in material degree, the vital interests of the coun
try. Those measures have now become assimilated
TO the of the country, and the operations
of business have, in a great degree, accommodated
themselves to them. The party in power opposed
rancorously and Intellectually those measures; and
now, with blind and inconsideate zeal, about 10
overturn the whole and substitute a new order Of
things Before important measures, affecting the
merce Of the country, and the interests Of private in
dviduAls adopted, in England, parliamentary CON-
mtees long and laboriously investigate the subject
and elicit from practical men the best information
OIL the subject. The result of such an investigation
was the important and invaluable report of the CON-
mtee on import duties. On such grounds alone are
important changes made. So far the example of Eng
land is worthy of imitation No subject requires
much investigation as that Of National Bank. It's
practical utility fiscal ageni-as regulator of ex-
changes-or as facilitating commerce-are points
which the most sagacious of inanciers vari-
ance. We haze now had tile experience of two Ma
tional Institutions, extending period Of forty
years. 1t is the opinion of the most able and saga
cous of practical 6nancers-men whose busi-
| ness and experience have grown up with the coun-
try, side by side with its Banks-that both Banks
have not emily failed to do good, but have been pro-
motors of evil. They have, in small degree en-
couraged the speculative spirit of the people, and de-
PRAYED their morals. Before resolved
upon, committing the country for long term of years
to bank of large capital, let competent commit
tee be appointed to examine, during the summer
months, patiently into the question in all its bearings
to take the evidence Of practical men, examine do
cuments, carefully weigh the comparative merits of
the past and present system For legislators looking
with single eye 10 the good of the country at large,