Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-04-26
ArRiL isth.lsi3.

promised, would furnish you with the details
80, that would unite with request to the Editors
OF the Richmond Wing spread same before the pub
lie. A Government Bank il generally denounced i'm ad
vance, more presume from the effect OF prejudice than
from any welgrounded conclusions derived from impair
tal investigation Of the premises. According to the genius
OF our government the people the soyeregns acting
through their and designs thus
tained and constuuonaly put into effect National
as the edict OF an Emperorto call institution Nation.
al Bank therefore, noonsive in point OF fact
TO call It peoples Bank. go for Bank constituted by
the Government in obedience the will OF the people,
and for their peculiar rather exclusive bene and
fore the scheme have in contemplation shall be called the
Peoples Bank IN contradstncton oil other Banks now
existing which constituted in spirit Of favorsm for
the benefit OF capitalists and influential personages who
are egsated into the enjoyment Of privileges foreign the
principles Of Democracy winch has a single eve TO ius
tec and equality for 1t certainly be obvious to YOU
and all impartial persons, that the law secures benefits
10 portion oi the community, and denies all particpa
ton therein by the residue under pains and penalties
supposng guilt that there be Democracy in fact
design The plan that propose shall be nctured
any feature OF Astocracy, and consequently shall be ex
empt from all the objections successfully and Justly
urged against Banking Institutions We have at this time
at least four Banks considered good repu,e in Virginia
and yet we anguish Tor circulating medium aud whyl
Because they established upon mistaken prncpe the
secret OF which has been discovered by the note holders
and every attempt to impose litter rags upon commu
nifty abortvethc promises Immediately return nm
them and every successive attempt at imposition
with similar fate aud the effects this paliry game are
disastrous To the whole community II Bank notes really
represent money, it is obvious all that banks can us
well prosecute their business without as with them and
never again. with the lights experience before us can we
make no'hng answer the purposes of something. Now
every thing that have said against Banks in general will
apply with equal force against u. s. Bank-thc princ
pies OF creation and of are the same-thc spher, of
,I,
relatively enhanced Why then should so much zeal be
manifested in favor of institution which with two fair ex
permcnts has sgnally failed The fault in the latter
case has been attributed TO Gen. Jackson but think the
calm enquirer after truth acknowledge that the timely
removal OF the dopostcs from that corrupt institution saved
the Government from share of the disasters that have so
woiuly attended her subsequent history. But the areu
ment admitted proves much, and the admission will he
good argument, a shall presently shcw, in favor of the
scheme that advocate and which you have kindly proms
ed me to aid in the publication of.
Admit that the deposltes necessary TO sustain and
successfully prosper such Institution and We have at
once begging OF the question, admission that the
monster will be notifications without the aid of Govern
meh elmer Tor good OF for evil but occurrences
guard us against warming into being the adder whose
deadly sting is the only return that fostering Govern
meni may expect Tor Its patronage Then, If the Re
venue Is essential the continuance and prosnerit
of National Institution, then | saw LEI i, bc ,sboI,
National and let the Revenue drawn from the people in
the shape OF import duties, the Sales of the Public Lands
II
sound mixed currency for the trade and commerce of
our depressed and anguishng couay Instead of wicked
y opposing each other, let Democrats and Wings in the
patiouc spint OF compromise this middle ground
aud erect sound and durable Peoples Bank based upun
the Peoples money, and for the advantage of the P.on
Alone discaTdng all capitalists and individual Stockholders
from any KIND OF partnership participation in the con-
Germ Let the revenue to be paid by the mandate of law
IN gold and silver say by way OF argument 10 the amount
OF 80 millions, then TO aid this strike of Government p,
per- which, when added 10 this 30 millions, shall be suf
ceni IN the aggregate all the purposes of trade
ana commerce OF our extended Republic say, for
OF the argument 30 Millions making a grand t,t,I of sO
mhons flrs put into circulation the 80 millions paper
money, by dschargng demands against the Government
ana IN compliance with the methods usually observed in
putting Treasury Notes into circulation After the so
millions are thrown into circulation, according the pro
visions OF law previously promulgated let it be incumbent
upnhe officers OF the Institution redeem the paper on
presentation 10 the extent of the ability of the Institution
say TO the amount OF the whole 30 millions withholding no,
single dollar and all note-ho.ders will be- nnnIised
that 80 millions OF the pape will annually be
uoe INTO specie presentation and paper when known
TO be the real the fictitious representative of money
we might confidently assert that than 30 millions
out oil an extended circulation OF 80 millions would be pre-
sened Tor redemption IN the period Of IL months As
soon as the paper shall have been redeemed throw il again
mo ereuauon and as fast the precious reach
the Institution exchange them application for the Co
vernnent paper, keeping up perpetual round of mixed
ccuauon TO the aggregate amount of so millions which
will be concuuenty flowing of equal value adapted 10
oil the functions of trade re,ivng and giving niIous 10
trade ana commerce, cheering anmatng industry and
gaddening the hearts despondinr country
his MI
part oi the circulation will remain idle but will flow con-
currently without the being able 10 expel the other
hhero according TO the principles of Banking the silver
ana gold have been retained in Golfers of the Banks
10 guard against run, or have been spangy used 10
give confidence 10 the paper issue-the run however
being once mnde and the 'bass" withdrawn the unre
deemed notes immediately deprecate and ultimately Ian
gis aud de-ior they he Banks) have no eectual means
Of egainng their lost basis But according to the proposed
pan ihiry Millions IN the shape Of metallic revenue reach
the treasury, or the Peoples Bank annually nfusing re-
newed life and health into the institution But previons IN
any run beng made upon the banks there will exist in the
community Of confidence in the paper issue and tho
known consequence is boarding Of the precious de-
pnving us OF the Of that portion Of the circulation and
by consequence depreciang the other and ESTABLISHING the
inevitable law Of currency, the baser expeng the better
ccuauon II Will be objected by that the Govern
men have right make paper money; but it sboud no
Tecolccted that the Government have the constitutional
right to borrow money and no difference in fac,
between borrowing from others and borrowing from them
Selves Tor the Government should fabrcate fifty nions
paper money and become responsible redemption il
virtually oan-and where there no difference in fact
mere should be none IN principle and by borrowing from
themselves they save the interest that would attend the 9th
er mode
1t will also be contended that the people cannot tbrougb
ther Representatives, constutonaly extend 10 the pro
posed Institution the powers and privileges of
lhis Objection think, be obviaed by saving thai IN.
Government can certainly do separately alone what thew
nave uonc ana can do Jointly with others The o. States
was partner 10 the late L. s. Bank and so far as thai in
shuuoh was colhed with the powers and privileges OF max
ing money, might certainly be extended to the conductors
Of the Peoples Bank, without murmur or complaint
Afford the officers Of the institution all honest and consi
mOnal methods Of making money and with capital of 20
millions in trade, they should clear at least five millions an
nuay, say that one million will discharge all the expenses of
the institution which will leave clear gain Of four millions.
when this gain say Of four millions shall have be sscer
tanned, the Bank should be required to curtn their ont
Standing debts IN specie TO that amount, which, when col
lected should be added the specie basis il for the
second year - Million and destroy like quantity of the
paper issue, reducing to 46 million that the aggregate
amount shall remain the Pursue this process for 30
year, and u the end Of that tmo and indeed sooner the
whole hy millions paper issue will be redeemed without
subecung the community 20 coppers expense. Then
the Democrats may enjoy their hard money millennium and
the Wings be grutiod with the reflection that convertible
paper was instrumental in producing desirable state Of
things To establish hard money currency without some
gradual and sure process, Is futile the hand a. TO
give confidence TO paper without ample fund OF silver and
gold known 10 be IN waiting redeem IT, for to attempt
now 70 persuade the people that million Of paper promises
can be redeemed by two millions Of metal 10 just absurd
ne attempt 10 persuade them that the President of Bank
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