Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-09-28

On oino kefnrp
Capital Of l95 banks, failing between de ana is, ''''
Capital har o. , tns iS Sew.sn o and sii
.a nn,s O. s, 10 Sah"e nv" 1900 900
Whole number aoa banks, and their whole capital 7e' JOY
Losses IF bank notes, l79s, BY accident
P Psa"e 1871 SUI to 1890, s s,3.s &C.
From 1880 10 1870, 3SA,6t6
ro,,, 7,l2a
4moun, paid by the community The banks Annually far the last &c"
pears, for tae use Of the baking iHs'tHmnS
The resui, has been that whole payments made to
the banks the tfm their capital &C. cso nm mn
ring the years, ha h-en in the a.rfegade o
This would be annually gu an hrouyS he existence
banks, banks aud the use ~ '4"" p'p''' los, 7al
Losses BY suspensions Of specie y eir notes
and CONSEQUENT. deIeS,Sa" notes BY accidents 72 1882
losses by bank notes eyond coin 44ai44
! osses nv fluctuations bank currency affecting PIT
ces extravaganza in living, acilhses =, % be ank
inS system computed above, NJ least i'o,o0oOO0
,..,.,,. committed a65,45I, 4s7
u this renort ~. see the extent of the tax imposed
unon the producer unknown 10 the Constitution, 'e
,ahorer piilored OF his daily earnings; and The uaoe
and the property Of the country brought under conf
bn,on-not to The Government, but to an associatoh
of non producers and monopolsts system wncn mas
r.ndlv md broadly dused itself throughout the ins
iutions Of the country, and become areu m III , ,
mower that has subjected TO its CONTROL not only all te
re.t interests of the nation, but the Government also
finder it. our import trade has been extended beyond
our exports; foreign industry brought successfully 10
compete with home labor; aud by tue scale OF
PRICES for labor and property, varying from extreme to
extreme il has spread, alternately, plenty and ruin IN
its desoating ravages the entire land; and every
interest of society and of the Government has angush
ed and suffered :.
This stupendous system is now topping from us
re n,re to lis extreme The whole system, which has
on limo boon encrcled in its invioabe mystery and
secrecy now stands unmasked. II is no longer lett or
its opposers TO offend the public gaze with the deve
onment Of its evils and its crimes. But the country
aboupds with bankers and the history OF the tunes 10
ia With those who fresh from the pureus of the in
stuton-indocrinated in it's morals and ethics-stano
openly the public gaze as those VINO seem 70 nave
been encouraged or weared by long ieeoihs on pas
sye peope and turn to satate ther PatnPefeo OF
ravenous appeti,es on their own benignant system
Yes sir the peculaon Of bankers the perhoy oil ther
officers their robbery of the institutions, is now an
item of news as the daily papers as That Of
and deaths; and every mail that comes up 10
The CAPITOL announces some adrou business transaction
Of the banker his iopng, that seems to merit beng
heraded FORTH feed the vtated tastes which THESE
institutions have done much TO excite and cultivate
The late Bank of the U. States, that but recently
sought divorce from this Government, union un-
nanral-as injurious TO both bank and State-and, on
her exit took her refuge within the limits OF one OF the
State the more appropriate held tor her
operatiop-ths proud and ancient institution, which
had long been esteemed by her numoeress worsnPPels
The mistress of confidence to whose presiding auspices
was ascrbed all the munhcence of the times, Yves an
nounced as the great regulator OF exchange ana trace
and the long approved and faithful agent OF the re-
deral Government,-this powerful institution, winch
many trading politician, statesman, ana merchant
,vorsb;nped with more devotion than they did their Nv
inc God-this institution, IN the Plenltuoe VI sue"
power and the fruition Of such populariiy,-wnefe'
now is she? Where now, are the plant hosts Of ao-
mirers who once bent the pregnant hinges OF Inc
knee that thrift might follow fawnng: baoyioh'
BABYLON is fallen" She is caven in-reeled from her
system Of legallzed stealth
ftid and long pent.up corruption, al Whch I'LL ie'o'
with most holy adherence AND throughout ,he en-
fire land we see these institutions leagued together To-
raging upon every thing like private virtue and public
morals: standing out in disregard OF public opinion,
and in defiance Of law; flooding the country with their
circulation closing their vaults and refusing to redeem
their notes; thus dIscredtng and depreciatng their
paper and imposing the loss of the depreciation upon
the aborer and burdening trade with high prices oil
exchange.
This IS the system which we about TO perpetuate
to fasten on this Government and entail upon the
people. by Fiscal Bank Of the U. S. without a SIM
ole new feature incorporated in this institution sug
gested by the evils Of the past This bill contains all
The power for mischief and evil common to the SYSTEM
without redeeming virtue to commend II 10 our Ia
yorable consideration. This fiscal bank is to be located
in this legislative Dsricnot to meet the exigcncies
of commerce, as the appropriate place tor fiscal
agent of the Government. But here it has higher
aim and another destiny Nine bank directors are to
be here TO supervise your legislation for their nstitu
where they can administer your venal apPettes, at
tend YOU through these shady groves of the CAPITOL
and in their palaces with you to drink wine and break
bread in the name this and holy covenant OF the
Bank and the Governmentlo ne here, where they can
loll in the Presidential rfSislon and, they bask in
the smiles of power be lis ready and willing allies
and suppliant tools And that this union OF the mo-
neyed and political power of the country may be full
and complete the Government is TO be partner in
this trading system; and the President is TO have his
nyar he lplfIt nv thp an
pontment of certain number Of the directors OF the
institution.
If you confer upon an individual an artificial power
by legislaton-the means by which he may ally him.
self with the powerful, purchase the venal, and ntim
date the weak-you confer upon him power which
NAV alike formidable the people, and dangerous to
their popular institutions The freedom Of our insu
tons is founded in the equal distribution Of power and
the checks and balances imposed upon all Have you
then sufficiently observed this principle of our Govern
ment-this danger to our nstItutons-n the system
upon which you now about 10 embark? Do you
charter an association of individuals 10 control The
merce-anoher 10 furnish standard Of value for labor
and proper,yanother TO act as the fiscal agent OF the
Governmental collect, keep and dsbursc the public
money and thus to impose on each powers by which they
may balance check and control one another: No, Sir
But by the repeal of this act, and by the bill which you
have passed. you have incorporated an association OF IN
dlvduas with power TO centraiize the capital OF the
country and thus bring the whole of the debtor portion
of the community at their mercy, with the power TO is
sue paper the Of value for labor and proper
ty and by the expansion and contraction Of the paper
system, give them unlimited conr" over the prices OF
both TO make them the deposarles of the revenue OF
the Government and render their paper receivable for
all public dues thus giving them supremacy the
Government by the absolute control of its Treasury
and Revenue. This great power is 10 he conferred
not on those subject the control of and responsible
to, the peope-those whom The people reach with
their WILL and make unmake by their authorty-but
on nine bankers, ntrenched behind their bank charter
exercising the power of kings, and claiming the invo-
liability of saints.
The control that Government exercises over the
rights of persons and property is the chief feature
which distinguishes popular Government from one
founded in ilmitabe authority and arbitrary power.
Those models of Government which had been instiiu-
ted for the benefit of few persons, with abso-
lutte power the rights Of the citizen, rejected,
and condemned incompatible with the principles
of the American Revolution; and Government was
founded on the acknowledgment of the sovereignty in
The people and on the recognition of the rights of