Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-11-07
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HISTORY oe TIL LATE r>tr.:a srtrg: raHE.
TIE NV - + iit.e.i -orn hys o9ac.e- history OF
tie a4e Bans Of iae Unite sa.es, n ;be pea ii -
0'--ts g. FL GiA-s i.,o7st~-t ..r-.ds I!.t !!sry
stat '..a g. -5aa a'a ls .a: ."! II Of l.pUasy,
OF the year following, rs ejaculation amounted 81
900 January !, icl7 tt- institution became IT,
vcl'rd IN difficulty anc The pont Of failure tho
circulation amounting So o3394 liz In lo20 the eie-
culat'un had been ducvd to ;s5.3,9..-!. In ls23,
N'etoas Bii" chosen Pres;d n; circulation 81
36l ,c5S Ia !-24. there occurred general tevusion
IN BUSINESS circulation $4Gi7,C77. IN l-2S the Bank
commenced It's political opefeiions amd ii circulation
al this period, 80 s55 ca. From hs Tine untl!
o32 II continued 10 expand, heu circulation had
rrn up Ia 81 ,12t la i~:G. the charter OF tle
i:'st tuition expired. crca!sicn 5@3U15l!s In le3.,
general revision occurred, fou.rd d, = universal
Hs,0n oi The HagAs: TIE lnrG States Bank turn
ing cotton speculaur il Jnne of that yraf 10 'susajn
he price "i cotton; circu1iion Il 49, 95- In l-e,
the New York BanS resumed sr. - n-ns: cirru.
at,or OF the Unite, SAFES Bank 50 1856 In lo39,
Southern ard uaed States Banks tesumrG circulation
OF l,+r SJ,g-2 gu a Ap,,i Of The san,. year the
Bank, the must ot It's cotton spscugtio. ,r Bid.
die resigned the Presidency Ut the concern received
he thanks ri TIE Directors, and a service of plate,
worth $4,000 the Bank being v";ed "ia prospsfoG.
condition; circulation So 53j,iN In June, Of t.r
same y"sr. ;hc creu'no" reduced to ;oor hnndred
thousand d0a:>; TIE EA8A hnviag sold Bills of E.-
change /" large amount ia New Iora, more ihan
50 cgo soc, drew the csety 81 c,, aad shpp,d
IA I'D after aolee fiji dizho1of al beg :es ~ Pans
was received at Ne@ York circulation ss.io0t01 In
JaHuary, i,0. tie circulation had increased To So.
go sol; the Bank hatIor been s:sgg sace DC.
,obar II In January i-ii. t3e circulation amounted
/, - ,575i7 besides 81 IL 80 IN Post Notes held
by ohcr Banks - uru~r tn-t Ii,elf "tieht resume,
winch 1t did IL February, ii, lhe yrcf, the final
failure VI the tool. place: ciscuaten being 3d.
O.! 522, a"a Pos, Notes 50 - .63 III the April ol-
low ing, The Bank put liquidation; is calculations
al the ittn", amounting - - 30 o!G.
Here concise history OF the and fall OF ma
tionai banking, aad II IS fell a. instruction From
ISL IL ISIS period 81 eleven wears tue circulation
never rose over >00JJOGG, except - isis when vas
brought within tae n:lhn Of destruction, and saved
iro,n suspension Only by miracle. ln i-2S the bank
entered ,hr &c politics, which vas ,uevi,able
so saFg aud ore.Shadiag institution cannot east
Ia q coan,ry liNe ih's where party politics high,
without beng se2-d @poG by ambitious lawyers tor
their adya1can!sn In the i0rr succeeding years
the spread Of the baak was very rand lis loans
pD.hsc into al! sections Like az enofmgls po-
liicai SPIDER, IL @cb sp.e2. wherever votes were
to b, cGueh,-hut the .fsGt :ery dflerent from
what !, anticipated Instead OF defeating the opposing
party, the Iai..an q the an url.er
sa rse p:tc-s: aad ~ o. ajih full currency and
high prices. tha secord election g. Genera Jackson
ras carf.d a4mQ--iy lrcllma',aa ne fact Of Aiga
pre- oae:at@ u41" lie soe coc1;iy c.or oil the
parry power; oah va f.r e.tac:,e" thaa tia
mG:ec ate aud direct it,ty1c- al usus loans. winch
tssa!ed Only 10 t"e rms o. toa concern. From that
moment, iae sealed ae enormous loans lllen
MADE. wrra meyer recovered au6 - TIE extent 81.
5000 eG3,0dd, eals characterised ~ !ae invest
patins committee nntv NJ ''n,erearuir r7per.
from that ;ine np 10 l.7 tie safety oi The bank ex
s:ed by III" strength Of IL remaining credit aud the
universal expansion. o.. olier hanss Ia l-31, nniytr
sal sns?enS'nn covered rs insolvency lis struggles
desperate, - tfe.s;t tgc resumption Of tie New
York banks ~ l23c, but in Poetic opinion COM
PEELED all the han.s 10 resume in Jlnu=ry 1850 From
that time 10 jane It appears ttat It's circulation was
driven IN Upon It 10 The eS:'tI - 49, No., oc
s-ls which The conce,n held we're inlc've
II supply the active means of wach i deprived
hy The return # s circulation, post notes sold n
ieavy ciscount N nj. sec.,ous Of the mon, and f.
nally The sale oil ;ct,rous bills nf sachauge was re-
sorted 10, ayowed me bitter of J. Cow perihwai,e
the cashier. subsequently published, 10 compel sus
pension al me New York Banks ~ order that The UNI
gersal insolvency might again cioaa he bankruptcy 81;
the lat National Bank Tna rgse faded however, md
line mask torn from taa cor5apt of paa OF
tie greatest cnrsrs ever i"Hc'sI upon people. In
the inli ianre ri the Bank The coGHry escaped, only
By rec weeks, o the greatest ca!artes that could
have b.i!a II. Tie revolution 81 10 troGgh, about
by the fall ofP:ces, occasi"nedb; nafrroach ofhe
rene; specie level, brought iuio r1Ter the National
Bank party, Nagsi tth, i-'ii Tie Blak !aed ia
T, bsGary, ISL Vi. b,dda explained sab eqpent
letter the ertor he Bank co.nn.,'rd ~ -e.umnr in
J'nuafy, !ei. H. stated that thsy hal kept on nni,i
.la-c Is, lhey men, under Ia Grw administration
arl,n bceame tie &aonnl Bln., aud y,lh cre,i; aud
.hs ed, have recovered lheir slaiis The
"tinanceTs oVesbot thAmse!"os IN t:s matter, huw-
ever The Government could nat have given s de-.
pcsiies 10 a suspended Bank, aud i Was with 'ha view
to gam ii,,;e chafa ter prcr 10 recovering The public
money, that the tesuaagon elcc;rd January ]
1851. Fhe rotten concern bad, however less Strength:
than rs doctors supposed II could not, with The
mos, prodiG,ons efrs's esei. 5y eddng The other
Banks wth 81 0o9 600 II it, so.t uo'es, be made
hid the prescribed e.! II siacrered on unt.i
the sifcng, OF 's supporters cxhacsiet when /;
fell carrying with tt the repn'a,'ouS ~ all connected
"ilh II. There j. lays, the Gsso'aon mas crea.
ted, surrounded by harkroP; Safes, and dishoeofeG
pubic inth cor!Gpi acd fostering ulss, foul ucer
- the national Character.
Such is The Arc! history ol She late Bank of the C.
Safes At the present tms II IS inil Of and
Importance The ?" h'g party again puckng up
coutage, and making bold put forward the esia
b! h"leu Of another Bunk rs among lead,n. mea.
snres The old Bank hsseiyir, '"nst no! he permitted
80 sink to oblivion IL cfnss, ~ ,ronsttous deeds
# w.casd s. rs tcpfeGao,s upon nE,pa;e and pnsc
v'f'a", mast ao b. iri0t,eu They part e! the
system, and w a!"a:s H. the ucid~nt. OF any similar
institution The2 must te helj np bscre the people
bacon eGlons.,i :!"m nf he Dangers perfis
a. establishing another ifutIe3 o SIMILAR
TIE !..ht 81 experience i, HE safs; guide, and We
s,osi!G not sDi,-r +; - BE- dm'a"d qreuched Let
ne nati,n Nos. aai i7eI! agnli i'" cgrse 0t M.
'iana! Bank asa thseud, l4 The ;te advances Of
friends be met by gnal and d'e'ded rebuke.
MORE OBJECTIONS 10 : NATIONAL GANK
Saopai Bank 70 sch me b winch iew can
i've without labor nPan the earnings Of he many.
Nat nal ban. ~oa'd be Owned end controlled by
few, and that t.s would Fave power 10 make paper
money plenty or scarce 1t ".I
They could make prices h II by iie issue AZ IN
usual quantity OF their aPaf money, or make prices
low by withdrawing from circulation Tia. Which IS al
ready issued
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