Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-11-15

POLITICS..
1Ero,, III, -knfeLe- Free Trader. !


n-7 Our neigbbor appeals TO the honest Democrats
10 say whether they do not religlousy believe IT we
had had the United States Bank in existence during the
last elk years. it would not have aveled the state oil
things which has overwhelmed the country IN rum
We will answer him, although we consider the cues.
ton SO firmly settled in the minds of the people, that 1t
like throwing away time to argue against system
alread dead and entombed, and in no danger OF
resurrection.
He who comes to the conclusion that The T. States
Bank would have done any thing towards improving
our condition during the years of financial ciiiicnes
III rough which passed. forge,s the history OF Inc
country during five years OF It's existence, ano OF the
difficulty Of preserving its own precaIous lie inr that
time. 1t is very eusy matter to prove from the nus
,ory Of The country, that The u. S. Bank never did
exercise regular and efficient control over The eX-
change or business Of The country, over the issues
of the State institutions But on the contrary when
ever it's interests political policy imPelled It 10
increase It's issues, it did so, aud was always found
taking the lead in the mutations which were so rninous
to the country. Every who has ever read Niles
Register knows that from 1917 10 le22, the country
suffered much greater inundatlon OF worthless piper
money than it has during the last hve years, wheh
compared with the population; and that the only IN
1uence which the Bank had, was Tor evil we all
know that in 1898 1891 and 1884, the banks expand
ed their almost hundred per cent, and that
the regulator was always in the van. Mr. Gallaon
save that from 1911 TO lS0, hundred and sixty live
banks broke, although during greater part OF THIS time
u. D.
too that for five years after the creation oil the Bank,
il was matter OF great doubt whether 1t would live or
die and instead Of being the remedy Tor Inc cv'is un.
der which the country abored, It was considered IN
many of the States the author OF their enbarross'
ments and so obnoxious had ii become, tlat incans
were taken by The Legislatures of several ot The States
to drive lis branches yond their borders; and on the
10th Of February, 1872 il was moved IN Congress 10
repeal the charter and General Harrison voted for
it, Il is also known that the very existence OF the
Lao. Tho
President But il is also known, that the curtnlments
which were made in order to effect this caused the
greatest amount of suffering, distress and CONNER
cial embarrassment throughout the county Nor
were these years of general distress aud embarrass-
ment the only times in the history OF this great Bank
when it utterly failed 10 regulate the currency, as
well ms 10 save itself from the danger of being hurried
into the receptacle of all the lost things on earth
| In November 1e23, the run upon The mother BANK
in Philade phia, had become great, TINT It's re.
sources in coin did not reach hundred thousand
dollars While its notes amounted 10 several mions.
AT this crisis Dir. Bidde received notice from New
Orleans, OF n draft upon the Bank for Of money
in specie greatly exceeding the whole available cash
resources of The Bank. AT that moment he was also
informed Of the arrival in New York OF the agent OF
the bank in New Orleans TO whom the draft belonged.
He lost no time but Get off for New York in The night,
and by hard travelling reached there in lime to inter-
CO pt the agent aud prevailed upon him. although in
sructcd take nothing but specie To take draft on
Charleston, South Carolina Tor The amount oil the N
Orleans draft Thus the bank saved from the ca
tastrophe which befel her al later period by The deX
,erity of Mr.. Biddc. 1t is almost useless to enume-
rate the times and ways in which the U. States Bank
| failed 10 do the good which it's advocates now pre-
tend il wlll-but we will cite another instance In
ls2S The Tariff act had given impetus TO Northern
manu- factories which caused spectators TO embark
largely in their establishment; by Of which mo
ney became more valuable in the New England States
than any other portion Of The Union. To meet the de-
mand for this purpose and purchase large quantities
Of manu- goods the bank shipped off 10 that
lion OF the country immense amount of the notes of
her Southern and Southwestern branches, just she
Skinned her own notes II New OtleaEs in 1S36-1S, 10
purchase cotton with. The local Banks 81 New Eng
land, as rlH as the branches Il Tic taited States
Bank in that section, refused TO receive these notes in
payments made 10 them, except for duties The de-
mand for this purpose being small when compared TO
the circulation they deprecated in the market below
the issues of the State Banks, and were bought and
sold by the brokers Ut discount under the of
us.oni house money Thus, instead Of regulating
other banks and the currency and exchanges could
not regulate its IT, but VIGOROUSLY the chief leader
in every expansion and contraction OF tie currency
al one moment initiating and at lie next reducing the
circulating medium Of The country, thereby unsettn1
the monetary affairs Of the nation, aud rendering all
business lottery.
During the existence Of the last Bank, period OF
90 years we had no less than eight revnsons in the bu
sine S. and currency of the country The fluctuations
in the latter being from 90 40 per cent in the
Of year Why did il moi prevent these, If be such
potent charm 10 business and currency? He, who al
this late day. with all the experience OF the pact staring
him in The face argues in favor of Bank, placing
faith AGAINST fact specala,ion against experience.