Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-10-20
From the n. Carolina Siandard.)
NATIONAL BANK.

The question Of Bank IS der'dedy the most I'm
poranl which will demand the calm aud deliberate a.
,enlon of The people Of this country curing me ne'
Presidential contest and not only the most Important
ant also one non the event OF which, we sincerely Ue
heye Jepeuds the continued prosperity OF our cluzs"s'
and ,h- rer,eluity OF our Republican Institutions
Our purpose is not al present, 70 scuss the
uonai,.y If such an Iisiitnti"n Uul infcy " w"
- e,easu5e IN itself expedient and 10 examine "he
,her would prove beneEciai o. injurious ~ '"'
interests vi the people. ,.,,
TIA, Bank may be constructed SO as 70 VI "'s"J
convenient TO officers oi Government and hose {"
,aged IN the administration OF lis afiairs-and ever"
perhaps of Temporary, but evanescrn', oeneht 10 'a
nv ,ndv,duals who are deeply elnbarrassed-'s un'
doub,edv true Yet, whether the iInmnn'tes ana pre-
rorayes necessarily incident 10 II, ano ihsePa'e'9
connected with all noneyed institutions, are not oe-
sruc,,ve nr State Rights, and threatening To the Tree
dam md Lhertus of us all quite another question
and as we sac above, requires The ccol on
ne paouIe Are advantages aud conVsniences w !,
any) equal 10 the dangers which cobiheo anu
pla the hands, and under The con'fo
nj l6x h men and irresponsible corporations, may raise
40 Ia oyerawe aud warp The public seni'menl; rms :
the urea, danger But told, that 1t will acila'e
i,ads md enable the Southern merchant TO PURCHASE
the North without beng dsconnted and shaved Heh'
then le, Ms suppose 10 take the pnPer oil mus IVA
,onal Bank and oiTsr it in payment oi his debt 10
b;s creditor IN New York. Ii the Bank, as in 1879,
be in bad odor, the wary creditor W" tel h'''
10 10 10 the brokers and stockholders, ana SEE
what the paper IS worth, and that he VIII 'ahe i
a, lis market price, but more; ne VIII teii ,hen'
further that he prefers the paper OF Boston ey nah,
because !, is at par But perhaps We may be too tna'
civ Bank paper can never be at par when that OF
National Bauk is below it, The history OF tiie country
proves that il can; for while the late b BANK paper
was below par and rredeemable, The N. iotR oahhS
We re- ing specie And THIS fact also demonstrates
,bnt no National institution regulate exchanges;
IN other ords that every tub must stand on us ow"
bottom Blu, more of exchanges hereafter Inc
Northern broker then, when The Southern merchant
carries to ban his national paper Will show HIM an &C
cna,e and correct list oil stock from Maine TO georgia
from the Atlantic the borders of the Mississippi and
this list will be made suit his taste, and thus ne
even with an existing National Bank, will supervise
and manage the monetary affairs OF every citzen anu
why. Simply because Congress has MADE paper uh"
not specie, the standard Of value. Northern pet bahK
paper night, and history proves, often would, sur
pass in credit that of any other portion ni ihe on"h
would circulate freely in that immense ano growing
population to the South and West, where the sthai
dealer is indeb ed 10 his Northern creditor Tor attcf
onrchased of him. and which had been imported from
Europe. In fact, those cunning Yankees might MAKE,
aud have made, much by deprecating the Nauona'
currency. II is TO their interest to do so, and what
ever their interest, they Will not scruPe mnc ao'ut
effec,ing Islt not true, that under National BANK,
The Southern aud Western paper was far below that o.
the North at least from FIVE TO ten per cent ana
sometimes at greater depreciation: ana can we oouo'
that the longer the system had continued 10 opera"
upon the country, the greater would nave oeem 'nS
rregulary of value between the paper ct The Norm
and that OF the South, By Of specie curren-
cy one might transfer funds from this place 10 Inc
North by paying only for freight and the insurance,
which indeed nothing more than what polltcai eco
nonists mean by exchange; but with paper, lhey VIII
ulien sustain damage OF FIVE or seven per cent. on
the su total of wha, they send hher. The idea that
nationality alone will enable Bank to regulate ex
change, is utterly ridiculous and absurd. The only
possible mode in which any institution can operate
upon another, either in the way of exchanges or other
WISE is by buying up It's deprecated paper at large
discount and calling upon the debtor Bank for re-
demp,ion Of ITS Bot instinct, which IN these
soulless corporations is but another name Tor interest,"
will nr be induced to buy up the paper of copo.
which is nsolveni and hence, 1t will purchase
only the paper of those which is convertible into specie
Such purchase will give it then only supervisory
control those which are specie paying, while The
fear of loss will ever prevent from interfering with The
mana cement of such IL may even most remotely
suspect of being totterlng condition And so &C.
neral this rule that alone afford solu,l"n OF
that seeming mystery, which at one time puzzled The
most eminent iinanciers OF country, 10 wit: the
anomoy presented during he late war, that The Banks
Of New England continued specie paying, while those
in their immediate vicinity and 10 the South and West
were in state OF suspension.
Another objection any institution OF this character
s that however beneficial it might be when well man
aged-alowing 1t oil lis most ardent admirers can
pretend-yet the people have, and can have no guaran
That lis DIRECTORS @:il Oe
gent UPRIGHT and able men. Let rogue, or blum
derug incompetent fellow be at ITS head, and none can
mag ne avert The mischief which would result from
his want Of principle or information Even its warm
friend admit, that IN proportion ns lis power
extends to confer good, just IN the same proportion IS
strength improperly directed, calculated TO do injury
And when reAecl upon the wild and mad career of
the late Bank, it sufficient 10 create alarm; when we
think how much more rreparable would have been our
n,sortunes, had not the wise and sagacious Jackson
seasonaby opposed its strides To further power and do
ninion And in calculating the power which M.
t,onal Bank has TO create distress, should
forget the answer Of Mr. B'dde to Committee Of the
United States Senate when questioned this subject:
Has the Bank (nsona) at any time oppressed any Of
The State Banks "No, the memorable reply,
"but there are very few Banks that might not have
been destroyed by e1erl'on OF the power of the
Bank
Again, then, raise warning voice to the peo.
pie avoid such incubus upon their prosperity and
growth.
From the Lynchburg Republican,
SO,nefhiD0 ut1c undrT Sun ~