Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-04

Chn ~
i must despair OF the "elaie VI ''' e"'
What concentration of power did II not at'emp, Z
achieve In the present PROSTATE anu uon ~, .,
condition of State Banks-he spohe y. .",, IN
rious and nultitudnous herd which hau sprung W -.
do, Tho ,n;srule of late Administration -ins.',u''o"
rotten throughout, and toterng 10 Their aii-,i .'s
vernment should al furnish TO ile PeoPie Pr
currency which should be in sound ana genera 49,
those banks would pop, one after aho'ier' inc h
d;schorrin,r in burning ship, from one END Of liis
IT,;on IN the other This Government machlhe, 'no,
eating paper like this, was 10 spring Up an' md
GENERAL bi.aht and barrenness as - 'ifiy'"s a 49,.
fructifvng germ OF public prosperity -,
We ne donb, : and when il should have germihaleu
and spronted when il should have put iorih us IoT'
downward aud borne fruit upward, "",ie Wv 10
land round about barren desert "nch i shouu
have snread It's branches far and wde ana covseu tux
whole land with its shade-then-oi' yes.lheh We
a,, N l;e down in that " tranquility ana repose
which the writer Of this report thought 50 uesnuo
iii. repose the stiffness OF an IneXoraoe, mean
mercenary despotism. 10 such measure W.. W.
nsvor could consent: he would not, should not
I,,IJ INV man trace the consequences Nhat was
,be onoint Of money 10 be placed under the con-
ro of This new institution 1t was to issue paper
circulation 10 the amount of fifteen millions ineh
i was 10 receive fifteen millions more upon aepose'
H.. .,o =, once an amount OF thirty millions OF dol
rs epouuh of itself tn overflow tie whole country
and he saw no guards in tins bill to prevent Tue amount
being extended TO hundred millions ahhuai'y w 10
dealings IN exchange. Should Congress eslaoish q
hirb ,a,T or even but a LIBERAL tariff, whose annual
;pnonrnos should replenlsh the now empty Treasury
with an income Of twenty five million dollars that alone
mirh cradle the Government 10 raise It's heaa over e
dead sea Of PROSTATE national credit ana waive t"c
wand Of lis mower destruction OF the puhc pros
pcri,y But should there be superadded TO TINS ne ="
capits OF thirty millions, and the power To trade upon
this TO the amount Of two hundred m'ons more SUP
sidiznn every thing to its own support Wherever the
wide -spead machinery ot tins Exchequer shouia nave
have been extended over the land what chance couu
nossibv remain for the existence OF public liberty =
Place man of even moderate ability, and OF 'hlfty-hve
wears of are the Presidential chair put IN ms hands
this mighty concentration OF power, poii'icai ana isca
and II lie did ride uSshod over this people LOT
Tho rest Of his life must be owing TO his own virtue aud
not theirs who armed him with such al engine OF OPP
preston. so ..,
This capital was in n strange condition. Not mai
reacbcI il from any quarter 81 the country which dd
moi brina the evidence Of real distress, OF The most APP
n,ll;nr suffering Our proudeSt cities, SO lar from pe-
my exempt from the general lot, were the very theatres
4 where Calamity was most severely irit II woulu ~
an interesting inquiry ask how all this was brought
ohou, Mr. 81 would not detan the Senate, or weary
those who understood The entire case as well ana better
than he did br e,racng the OF events which
had induced state oflhlngs 50 dcplorabr Congress
had stricken down that institution winch, until iH.'h
had excrtcd efficient power III regulating the cur
rency: when at once the bank mama had swept over
the land and they m, from the destruction o the
old institution like frogs fom the waters ct the Niie,
until the country covered with them. Inc policy
of the State Governments meanwhile had created an
immense debt and the Of payment did not exist
and thus the People reduced from the condition
Of the brightest and panlest prosperity 70 the deepest
distress and dependence The rxpedient winch had
been rcsorted Of borrowing foreign capital had pro-
duced for time Fictitious prosperity But while the
nation was rcyellug all that abundance produced BY
the influx OF borrowed wcath-while all going on
pnrnusly and stranger would haze supposed that the
country had attained to the highest pitch OF national
strength and public prosperity, sudden reverse was
experienced. The foreign debt was demanded the
means of meeting the demand not 10 be found
Individual and public distress spread every d.
reclon. The extremity Of the pressure gave birth 70
the revolving idea of Reputation. II, them 10 the re
fluent current, which tast sweeping away The means
of wealth. added this hateful doctrne oircpndation
and the still more anti American doctrne-and, may
add, IN my Judgment the a,roctous docflne-oi the re-
pea of charters and tho destruction Of vested rights
and add yet these the crgiversaOns and treachcry
in public and the lschoods, forgeres, frauds; aud all
the other forms Of dishonesty in the walks OF private
life was il any wonder tisi men who possessed capital
should lock Mp and hoard their resources, and mol cx
pose them 10 pfpopnation already deeply tant
ed, and and imbIbng the poison Of agrarla
principles;
1 In state Of things like this, rather upon tho APP
Proclamation of tl,s state Of things the American Poo
pie had risen man, and thrown off, rs by burst
Of ndgnation, the individual whose NAL admnisira
ton had, they believed, brought about this unpnral
leled Of corruption and distress. They thought
that they about 10 substitute Tor his reckless ms
rule their system OF remedial measures Every
one knew how they had been baulked in that expecta
ton The history OF tins national crisis won! be read by
cnr patriotic children with wonder, as page exhibiting
the strangesi, most unacconnabie, and most useless
regeneration which the whole volume recorded, or IL
would be closed and passed with oatlng and rcpng.
nance. The people had been utterly Disappointed
The measure proposed BY their friends IN Congress as
the only panacea for lie public ills had been offered,
aloped and vetoed At the Extra Session. And here Mr.
NJ must be suffered 10 sag, that, although voting ior
that measure he had always felt great doubt regard
to It's immediate efficiency. lie had his own msgy'ngs
as to its eaectng all that good which it friends
in their saneuine moments promised themselves, ana,
raps u:htlessly, promised 10 others lie au ne
yer been friend To banks; he had never touched a
bank by any vote Of his until last summer In" en-
tire system was bot,om.d such principles that ap-
reared 10 him carry It's own death within itseli ne
measure which the Wings had proposed, he brieVcn,
nn lit indeed mitigate, aud Tor time rsprcsS lie eviis
connected with 1t. 1t might withstand something 0!
that surge like force with which the mad cSccsses oil
the system were sweeping over The country.
But there still appeared to HIM TO remain one great
desderatum, which nothing had as yet been able TO
Isupply and that was, principle within the system H.
self which should operate 10 check issues,
and prevent those fearful alterations Of expansion and
contraction which shook the system OF public credit
and spread such frequent ruin throughout the lncrcan'
2 tile community. III any SUCH ItHieuy Huu ltl wy"
g discovered, MIR. NJ. unacquaInted with IT. and II
certainly had been applied Whatever might be
said of the regulating power cNcrtcd over the State III
E situations by Bank Of the United States-and such
$ an institution did exert that power 10 certain ex-
tent--yct still, in proportion 10 the degree ot conf
$ dence which the pubic might repose IN any oil
these State banks, they invariably disposed 10
push their extremes Mr. NJ. no bank agen
nor bank machinist and he admitted tina! the tendency
Of United States Bank, III eXerting regulating
power, would be break such Of the State banks as
were essentially unsound-an operation which, how.
ever aulary in the end, could not but be attended
with vast amnnnt Of private distress in their respec
tive vicines The mere displacement Of capital whicl
h was necessarily involved in subscribing 10 50 great
number OF banks i'll itself great ev'l, and mus
necessarily produce great structure IN the money mar
e kct. Then The explosion OF rotten banks winch mus
necessarily accompany reform in the currency wonie
a be productive Of great calamity On The whole, he DC