Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-04-14
FOR THE Eve UIRER.
am E:,ty.,rn.fS cIRrf'IAR
mr. ;ndred. is Inc accented time.

FOR THE ENQUIRER.
MR. MENTIONS CIRCULAR.
"ro,c, indeed, is the accepted time.
enclosed, by the last mall reply 10 some parts OF
Mr. Newtons Circular Address 20 this Congressional
District, in favor of National Bank, IN which Mr..
Newton savs-"Now, indeed, ls the accepted time. =
then stated was very much indsposed, and wanted
to say MORE but could not to be in time for the mail.
For fear may be making too heavy draft upon
your columns will only touch q few more things. |
had not fully disposed OF Mr. Newton Slo0O0O,0O0;
of this sum- l2 900 900 was for Virginia Speaking of
The abundance u. money in n York. Mr. Newton says:
aThe complaint there, upon all hands, IS, that money
is too abundant and that it cannot be lent except
a. less ,ban legal interest These capitalists will rot,
lend people in Virginia, this money because they
want confidence in our ability or Willingness TO pay
But how readily this surplus treasure of the North
myht be transferred to the South, through the in.
sirumentaliiy Of National Bank. What better in
vestment could the Northern capitalists make of their
idle money! than in tie stock of a we'll regulated Ma.
tional Bank" None under heaven, than the one Mr.
Newton has proposed, and none more injurious TO the
South. Your Sl50,000000 is too large sum for me
to begin with | must take small amount first
Here are Mr.. Newton and MIR. Hunter standing before
me-each with SlCG Of hard money IN his pocket.
person steps up and says TO Mr.. Hunter, al would
thank you for the loan Of 500 at per cent.""Here
it is, says MIR. Hunter, "tuke it. Another person
steps up and says, "Mr Newton, would thank you
,, for the Joan Of >00" In like manner, MIR. Newton
says "No; | banker. must Keep the 500 OF
hafQ money in my pOChet uGt VII e'o you cow III
Bank notes, which represent my Sluo in specie, for
which you must pay me per cent on the 500, max
ing Il per cent on my Sl00 of hard money"
Now, Mr. Hunters money IS gone, ana MT. Newton
has his still in his pocket and the discount or interest
with it. Now which is doing the most profitable bust
ness the one that gets the Is per cent or the that
| gets the per cent? Now, let us take large sum-
virginia saws to Baltimore, Loan us s. ,OOo900 at
per cent" Baltimore says "Here 1t 49, The inter.
est is 100000. Virginia takes the money Tor bank,
01D pDn IN Spy HorL
81 oan US 81 DOE goo" New York says, "No, we Will
have a National Bank and take the stock ourselves
and send you $3,0G0000 of Bank notes at per cent
the interest is Sa0,0G0 The circulation in the State
is precisely the same SO 100000; but sends Of
the State annually $4,000 than the other Sl2
900 O00, on the principle, at per cent, would
De $40 0G0 go the North annually, for the
of Bank notes only. This would blow the Old Dom
Mon sky high; for her EXPORTS if my memory serves
me- is only about So 600. anti. Bank, but if
we do Bank, let US Bank en- the best principles, and
in the most economical manner. | will now try the
large sum-Sl50 900 900. Let US suppose National
Bank charered-cap',al $50 ,oO0-and located 10
tie South and all The stock belonging to the South
the circulation $l50000 D00. Let S5O0O0,000 crcu-
late Sont.l and $780, 900 10 the North, would not
The South receive at per cent S6,C00,DG0 from the
! North Annually for the mere circulation OF Bank
notes And would il not be, IN twenty years,
$3.50, 600, 600: This would change the face of things
very much to the South but reverse the case,
and this large amount would 90 North where it has al
ways been going, under the influence of National
Bank Mr.. Newton says: ado you not perceive, that,
if you raise the standard value TO make four.
pence hali-penny represent what dollar did before,
that you increase sixteen fold the command of those
who have the hard money the property of their
neghbors, and that Won multiply 10 an indefinite :
tent the command of creditors over Debtors Well il
you depreciae the value sixteen fold, ii is just bad
| the olhe. way. Mr.. Newton says, that "hlr. Hunter
maintains there is gold and silver enough in the world
| mi Ne dc y
that there is now has been su.lcency Of gold
/ and silver in the world to carry It's commerce
! Mr. Newton coes FOR depreciallng the currency -
There is not enough. Mr.. Hunter is against it. He
sa;s "there is geld aud silver enough. Mr.. Hunter
knows he cannot touch the specie standard of the CT
vized nations of the globe, without doing an act Of
injustice to debtor creditor
| Mr.. Newton says:
"But experience has shown how these institutions
may be checked and controlled and at the same time
aided and nvigo'aied by national Institution. dc
you see mushrooms springing up in the glare OF the
noon-day sun Nor will unsound banks spring up oil
exist in the presence of national insltuton-iact Is
prove this in 1852, when the first Bank Of the L. S
chartered, there were only twelve banks IN line
SIN Isl being 20 years, they had increased 10 only
S9--in 1890, Uhere having been Bank OF the U
S from ISL to lSG) they had increased to 3o3-In
l3S in the Of eight years, whilst there was nc
Bank Of the u S, after s restraining influence had
been destroyed by the war upon 1t 10y The Government
the State banks had increased to The n9s' % 5rt
abundantly after the has sunk below the horlzon
Mr. Newton $ statements are al war with the history
and the records Of our country (See tabular state
ment in my late communication, from the Secretary
of the Treasury, TO The Senate Of the u. Neither
Of the Two National Banks prevented the multiplied
ton Of State Banks, their failure. The two follow
ing extracts from printed speeches, will be found
popriate and interesting. This extract is from the same
speech OF Mir Hubbard, that made an extract from in
my last communication
ain 1871 " hen the first u S Bank was incorporated
we had three State banks welding jointly capital o
81 800 900 Blu; in January ISL just before the char
= OF the first u. S Bank expired, there in the
IT, S eighty eight State banks with joint capital Of
Sj2,GI0,0U0 We find by examination Of the state
ment Just made, that the Federal Bank did not check
rep:ess the spirit for multiplying the State banks If
National Bank could not thtn exert saluiary nhu-
ence on the public mind and induce State Legis
lator5 10 stop in their mad career what good
have for supposing that, if such institution
should noo be Incorporated It could exert con
trolling influence upon the State banks we'll as on
the public mind' Then the Federal Bank capital was
to the State bank capital to but no,c it is proposed
to be only as to ~ 1t the Federal institution was
/ Inefficient when IL had such tremendous aSctnGaney
orer The State Banks, would ASH how can pretend
10 control the latter when they have multiplied 10
upwards OF nine hundred in number, and WELD Jointly
capital Of sos 600 coo, ;ore her with loans
discounts 10 the of 2i69 500 523 and paper
, circulation of SlG6 }Gs ,572: We must remember
aso that the country has enjoyed all the benefits Of
the great regulator with the exception of about foul
years from 1871, hen lie had ony three State Bank
down TO the present time. During forty years Of this
period, The Bank conducted under charter from
the Federal Government, and since 1896, under the
charter granted by the State Of Pennsylvania. Upon
the reorganization of that Bank by the Pennsylvania
Legislature, in 1885, MIR Nicholas Bidde not only de
cared the Bcnk scftr stronger and more prosperous
Man ersr ras, but that st an original mi:or
tune, IN me structure Of The Bdrk that II cas any
arag connected ,ciM persons in office The instincts Of
"' political power make that association dangerous
useful 10 neither patty-injarioaS 10 LoM." Now,
pu, to honorable gentlemen TO say, whether more
palPahle nbecty 10 accomplish lis high destiny iced
be adduced, to satisfy any pan unpreud.ced man, oil
It's ineiciency"
i The following is extract from speech of V. E
Howard, Esq in reply TO S. s. Pen,iss Esq, deliver
ed al Jackson, Miss, ll,h September, 1889:
"Anoher position assumed by the gentleman is, thai
the u S Bank has prevented the multiplication Of
Stale banks and here again he is equally contradcted
By the history Of the subject. In 1878, Kentucky
cha tered forty three banks, Ohio eight and Tennessee
ten. In 1924, the Legislature of Pennsylvania passed