Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-04-19

.nrert INTO order and ceauty ms poiItical cnaoa-
N,nvc cried. "l.ci tterc be HIGHT ii net.
Others said 'Ici The dry land appear! bowling
Kind, # fiction answ.r red them, and the troubled
,rs of discord responded 10 their cry Al lcng al
Ter much promising and en'rcaiing-aiier fat;erns,
co.x;nr threatening aud comproniising-a bring
nc mt, operation the most approved system OF ''ios'
r!,na" they obtained majority of both Houses OF
Congress- for all their iavorite But, thank
Heaven their darling child was not permitted to see
the ligt, Of day. Though they made two attempts TO
brnr i, into the world alive, the rmness and patriot
su az Doctor TYLER defeated them in both instances.
To him the country is deeply indebted. That in these
cases he truly represented the American people, the
elections held within few months afterwards abund-
antly proved.
" In1pedieacy Of National Bdnk.
AS remarked before, advocate for
National Bank If in this sinned, did SO ignorantly
Ny objections 10 such an institution are briefly as fol
lows:
winch framed the Constitution Of tie IT, S. whose
deliberations Washington PRESIDED and in which
Franklin and Madison participated, II proposed
to Unrest the General to6rrnmrnt 'ea The p0,cer Of
chartsring eorporaons-BrT rms PRorosITIoN WAS
REJECTED Now as all powers not given are with
held and forbidden Congress have not power TO charter
National Bank But il said that the power is included
in some Of the general clauses Of the Constitution
There are but two such, believe, upon which
gument of this kind can De maintained at all One
gives Congress the power 10 regulate commerce. ana
carry the powers granted into execution. Now Ma.
tiona Bank by lis sudden expansions and conraclions
instead .! regulating commerce. clogs ITS wheels, causes
the money price Ut commodities to be consiin;y tuc
tuating, and makes every thing unstable Under such
system mans capital sale II invested IN any KIND
cf business. Regulate commerce, would III Just so
man regulated by the fever aud ague;-there
plenty Of heat whle il lasts, and the purple tide oi
lie ciIcuates rapidly, bat soon the cold chls succeed
and threaten to shake The life out of hun The tend
7 not n
destroy.
II i7s now become an historical truth, that Ma
toaa Bank not recesssTy and proper, to carry IN
20 execution the powers OF the National Government
The putiic revenues have long been COLLECTED and ds
based without lis Il. when the Supreme Conr, de-
cideL the old ba CONSTITUTIONAL did on ,e ground
81 rs beng Unnecessary and proper N!h tie 'Xf--
rcuce the countr. has no". lad, that decSon 's unto
aAc. In any event t:r power o. dealing IN oi!ls oil eI
change and Of -Guin@ paper currency, would have
no Coigt elton wtH collecting and cishuESing revenue
Ii frs, assumed that hank niece ssay for the
icce; NJ und then tla paper none; ard exchanges
were necessary FOR the bask. Having once tev'aicd
from the direct read, they had eI,er 10 reirace their
stems. or WANDER sItll farther rom the constitutional
highway. The latter course adopted. The sk,lin
architect laYs the foundation q cdiiice with great
care, (or he knows ia, small error here viii increase
Is ihe building processes, until the whole edilce Is
threatened with destruction.
In expound,ng the Constitution, If the siric; and
Tim, sacred INSTRUMENT vii! be found mere rope OF
sand. Il may be made 10 mean any thing The
powers granted to the General Government are few
in nunher, and they are expressed IN pain language
Any American of ordinary iueiiigrIce, and
should understand then. But If great latitude Of
Interpretation is allowed, nobody can tell with any
certainty what IL does or G1cs no! mean /! have
read the history Of the two great parties which d.
vide ire country Alright. these two different; methods
of constituting the Constitution have constituted
add II. ia.,v
conlnue with party. he very foundation 81 whose
principles believe 81 t. wrong, Should do vi lence
10 10 conscience. and he w,rthv o: tny country.
= :: National B4uA. is neA p, dent. 0ne night sup
ro.e argument upon This ro'u', Al ths late cay
ssarv. But shfc ed observer has remarked,
~ takes good many hard blows 10 XII old false
ho1a. aiea esteemed wis7, experienced legislators.
and veteran politicians. Sill talk about ,he exedency
q great mammoth institution 10 ''Cquaze the
c!aa.es' and '.recula,e The STATE banks Eqaa!;ze
the exchanges why, wou!! be absurd o
.aik about is equazing the p5'ce al wheat tobacco,
OF labor and the products OF labor of all la
feet tie u $. Bank OF Pennsylvania did attempt 10
regulate tie price Of cotton, and would respectfully
refer all those who may be curious to know the result
Of the experiment. 10 the ruined stockholders Of that
institution. Let them ask the widows who have lost
their all-the aged and in!rm who have been deprived
oil their support Nv It's encouragement and corruption
and the orphans whotn it has thrown upon the world
destitute II merchant in New Orleans has $1,000
al HIS command IN New York; will be sell his draft
order for equal amount oI the bills OF Bankrupt
Institution; bank could make hun. The value Of
his draft bill oexchange would depend upon the de-
ma nd the market for H. The business of the country
will create all the facilities necessary, and the Of
exchange between different places will he regulated not
By banks. but y the laws o! trade lfthe South s in
Gebed 10 the North. drafts the latter will command
premium, and the extent of the premium, will ever
hnctuae with the supply and demand. liza National
Bank work miracles, it can equaSe the exchanges
but not otherwise.
Ii is equally absurd 10 talk about National Bank $
"resulang' the Siate institutions. When Stale
Bank ~ sound, and properly managed, it needs no re-
gulatIun II II las issued more promises TO pay than
fulfil the only way to regulate it, is 10 compel II
10 c'0se its doors. This regulates individuals, and IL
would regulate corporations. Let our State Legisla-
lures enforce specie payment IN every case-let 1t be
well und, rsiood, that amporisng policy will be
adopted, and that they must either "pay up or "wind
up, and Bank Directors will manage their affairs more
circumspecy Under such system, the rate Of
exchange between two places would never exceed the
expense of Transporting the specie aud the premium for
insurance. Banks are very Convenient institutions,
end should find j. very ciicnt 10 get along With
out them When properly managed, they are undoubt-
edly blessing tc the couniry-when mismanageG,
n This is the with business OF all kinds.
An individual fails, and the interests OF all vino
have had dealings with him are seriously affected -
When bank fails, more mischief IS produced, because
the eld Of lis operations more extensive Could
4 sirrcat nato.al regulator make all bank directors
and bunk officers honrst-coud it suppress their insa-
table cupdity aud endow them with nil the qualities
necessary for prosecuting their business with
its advocates could then talk about lis regulating the
State Banks HIth better grace. So tar, however from
eiiecting this desirable result is itself liable 10 these
very evils. ii requires greater abilities 10 manage a
large hank the dangers Of speculation increased,
and iis power for good or evil are propotcncd Ia the
cf is capital and the extent Of its operations.
IF succeeds regulating lis affairs properly, it
" !! accomplish more than GONE nave that nigh, be
mentioned. un;i Legislators introduce some.
thing that WI regulate The ja ard ne keari, lei them
c4ucnl Themselves with e..ofcing specie payments
They can do 40 more tnan this they ought not 10 do
( less
4 II is incxpeGcnt 10 give to any body OF thai,
po,tsr 90 Gepress and ia'. the currency o. Inc
try which National Bank woE:i rnasesa aonty is
constantly var.ag IN value Ike any article Of
caand,2e. Wien IL IL plenty, nore of il is given in
exchange far other commodities than when it
Ii FIVE dollars to-day purchase double what the same