Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-11-22
THE NEW FASHIONED O. $. BANK.

lis generally conceded that Webster was not far
from The truth when he pronounced National Bank
If The old. fashioned sort "obsoete That description
of banking has los, its character both for integrity and
capacity. No public man is 30 fIolhardy as 10 stand
up in its defence, bu. in advocating snilar ns.Iiu.
ton, refIrm is proposed, "resrlc,ons, guards and
checks, &c AT the time, told that this
can never be prosperous country without the aid Of
such an institution, 10 regulate or manufacture ex-
changes, and TO print circulating medium. Srizing
upon this absurd and obsolete allacy Of the fund
gers, and prowling stock obbers, at opportune
ment, too, the Administration steps forward with
scheme of It's own, well dressed ghost of the old hum
bug, speaking the same language, making the den,csl
promises Of an abundant currency and cheap ex-
changes. The advocates of this system have never
yet shown that wealth be created by iegslaiion;
for, in coming money by the Government, not one
is added 10 The wealth OF the country; nor can one
cent be added by any power of the Legislature TO
pose and issue debts. BY sncb process, wealth
may be transferred and ccunnlaed in the possession
OF few, but not without doing injustice and injury 10
the many. All pretended attempts CT Government Ia
aid its citizens by means Of national currency, other
than gold and silver, have, in every country where the
experiment has been tred invariably resulted in fraud,
oppression and bankruptcy. Yet notwithstanding the
total failure of every attempt 10 make gold and silver
out Of beautifully painted soap bubbles, though second
ed by The resources Of the most powerful Governments
on earth, "tha, same old coon thrust at us again,
der the ostentaous title nj .Thc Exclequer, and all
the nauseatng party can't of the puritan Federasts,
mashed up again, TO give the scheme the appearance
Of marvellous dsinerestcdness.
This project, Ike the old plan, recognizes the doc
trine that the power and duty OF Government In
crate money whenever requested by the people, and
also 10 do the busine.s Of n carrier better
terms than individuals could afford; and Thus, by
yerting The Government into immense broker shop,
prosperity is to be restored, industry stimulated, and
every thing in The country CIRCULATED, on the new,
high pressure, Exchf quer system!
This fashioned w. S Bank 10 be clothed "witli
authority to establish agencies or employ State banks
in its transactions To these added the power of
issuing Treasury notes 10 The amount OF fifteen mil
lions, selling drafts, receiving dePosiies, and purchss.
ing bills Of a certain description" We not
tonished that the friends Of the old Bank begin 10 evnce
so much affection for this. There is bait thrown
to the State hanks also. The currency is TO be in
creased by large issue Of Government notes Of as
small denomination S3drafs, DC, 10 be bought
and sold--which will make splendid brokerage bust
ness and open up q magnificent prospect nr those
who will become ''the Lords Of the Exchequer.
The system of National Bank, based on the credit
of individuals in their corporate capacity, having lost
all credit and become obsolete dca, the advocates
of this scheme propose TINT The Government shall re-
vive the continental system of The Revolution, and
cause lis credit 10 pass money like the Government
paper Of that time the ussgnats of France. Is It
not too late in the day TO advocate such an exploded
absurdity. The Exchequer Of the Revolution issued
paper which deprecated at the rate stated in The fol-
lowing extract:
"The first emission the old Continental paper
mad. Nav IGii l11j. Aud according estimate Of hr
Treasury l79J the 0 the principal amount
OF this currency made rs follows: