Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-04-18

an" popular rights, all must admit who have wisely
considered us tendencies and noted the past.
Ills urged however that National Bank supplies
a UNIFORM currency, secures and disburses the public
Ihhos regulates exchange and prevents those huctu-
ATOMS when emtarfass and destroy trade
II any National Bank effect all this, none least
mas ever done II, furnished the evidence of
disposition or ability do it. And in the absence OF
every promised good should never be forgotten that
inc American Government is founded on the prnci-
PIE OF equal rights, was wisely created trustee
Tor ns nation, and endowed with powers to keep the
puoc finances subject to the public WILL free from the
control OF avafIce, The revuons Of trade and polti-
chi employment for party ends and that, without
true ond proper performance of this important public
''us the indispensable obligations of the Government
can never be fairly and puncually discharged. The
only evidence which the people have been permitted to
examine, touching The operations Of National Bank ,
GOES not create favorable opinion of any such lnsti-
luton And If the secrets of the banking house were
tuly disclosed, the friends OF American freedom might
ober gratitude TO the Statesmen who have freed The
nation from the mischefs of institution 20 corrupt
ana corruping. And IT is no mark of wisdom and pn-
trotsm to persevere against the convictions of
ana experience, and TO continue confidence in
poratIons that have often abused it Moneyed institu-
ons are seldom conducted on the principles justice,
and tne wholesome elements OF trade. They contract
TO serve, and aspire to rule. They apt to forge,
the obvious and stipulated conditions of their legal ex-
is'ence Every moneyed institution should uber
ini sphere, and do nothing to nnre The national credit
ana prosperity. 1t should avoid politics and party
srie' practice honesty and moderation and aim at re
guar, rather than hazardous profits, however tempting
and large. II should preserve the attitude of q pru-
dent CREDITOR and never operate beyond its means.-
The plpfr which issues should be always regulated
by Tue metallic basis which supports it, And, as that
basis enarges, contracts, should The paper which
is issued The credit of it, The Substitution of paper
notes Tor metallic coins only be defended calcu
latlons of convenience and economy. A poper crcu-
lc!ion should always act metallic does Other
wse it is not faithful substitute for the hard money
circulation which 1t always displaces When this sub
sue refuses II perform The Office Of the principal, it
aggravates the inconvenience II promised TO remove
How iathess this substitute has often been, felt and
understood in the morty ing events have daily wit
messed hfough the land, and which forbid the ex
pPctaon thn paper corporations be guided By the
public interest," or the principles of proper trade Our
thoughtful ancestors oreboded lhs and ater Mt
and deIberation in the general nton which framed
The Constitution, denied TO The General Governmen!
authority TO create paper currency, moncyed cor
poatons Of any sort Yet the advocates of loose and
reckless construction have created both national corpo
rations and paper currency.
The only national banks we ever had, were chartered
OH principles and conditions which said to be
highly advantageous To the general welfare of the
ton Every reasonable restraint which cautious Iegis
lation could impose, plainly provided by law, and
officers OF the highest reputation for honor and abilities
were selected to direct them Each so-called regulator
Stood for twenty years, IN the centre of monetary
system, and promised control like the solar orb, the
inferior bodies, and to retain them regularly in their
proper spheres. The first bank, with capital Of
SOUOO JOG, was chartered in the year l19l The evils
OF war, though often unavoidable, produce hazardous
experiments on political constitutions and The freedom
Of States The first National Bank we ever had, owed
lis existence 10 our revolutionary troubles. And the
heavy expenses md embarrassmens which our second
war with England created, called into existence the
second bank, chartered on the 18th March, 1916, with
capital of SO, 0oo0 900. This charter supported
iancled necessity for tie measure Many Repnbli.
consented to support it; and all pa,les desired 10
II become instrument of extensive blessings 10
the nation 1t began 10 operate in the absence OF every
political nnt'pa,hy and private hate Public men OF
every sort agreed to allow it lair and liberal trial.
Bat the creation OF n national bank fatal de-
p1riure from the principles OF the Republican school,
aney excused al the time, and often regretted Since
by our wsest men, who have lived to ep!ore the evils
Of bad example for, this bank, too failed 10 CON
summate the blessings It promised 10 the nation And
the charter expired the Sd of March, le3o, in des
pite of persevering exerlions tn renew IT,
During the exertons to cren.e, as we'll as To re-
ne w. this charter the public daily assured that all
former misconduct would be rectilied by The future vi
glance and wisdom OF the Bddls bank But psomi.
SEES The current capital on which bankers trade and
the Republican party reasoned 10 the future from The
past They that for The FIRST len years the annual
about onetwe til of the paper circulation during that
time That for The last ten years, of the existence OF
this bank, under national authority, lis circu
u,ion about 900 000 per annum; about ire
BILE the amount for the first ten years Aud that the
average circulation Of its paper for the last five years oil
lis existence, a national institution was aboni $40,
000000; abou four hundred per cent greater than II
ar the first five years. THIS rapid and continual
enlargement Of the paper ccultl"n vas defended by
the so.called regulator under the peccus pretex that
the bank had promised the people to furnish sufficient
currency, and 10 regulate exchange,
Moneyed institutions promise much, but always ope-
rate in q selfish way while the atfu secrecy they
practice enables them to conceal what they please, and
10 assume for avarce the garments of humanity. The
sordd and illegal use which the President and Drec
tors made of the banking funds widely known Mar
ble palaces costly equpnges, and lIvered oomeu cot
ton speculation and projects of avarce in every form,
were daily sustained at the expense and cheating OF
the crednous stockholders. And this the crafty spc-
n;ors called regulation and exchange
A National Bank only hope TO create uniform
currency either by the collection ef local notes, and
demanding specie for them, or by displaying local
notes, and supplying the circulation by the nroduc
ton Of lis notes.
Bot, if a demand on Stale Banks for coin regu-
late their issues, every holder of State Bank note
NAV become n regulator and demand specie for IT
without tie assistance Of any Bank. And to create
National Bank merely that It's issues may displace the
paper emitted by the States, 10 10 subjec; State corpo
ratons Of lawful sort 10 the rule and mercy OF great
greedy, monopolizng Federal corporation, which the
sp IL of our Government iorbids.
The trainers of the Constitution intended, that the
Federal Government should regulate its own proper
currency, and the foreign coins which may mlnge
with il. And this intention to regulate, has been
evnced and executed by the coinage laws, and the es-
ahshmen of minis with branches the various States,
where gold and silver coined into currency. And
Congress have regulated be value OF foreign as well as
domestic coins. This is The obvious regulation which
The Constitution prescribes But by "lbe duty OF the
Federal Government TO regulate The currency, the
Federalists mean the establishment Of National Bank
To govern the States NEEDLE with politics, and con-
troll the nation IL il be lawful for the separate States
to create Banks il cannot be lawful for the General
Government, 10 destroy even to regulate them The
duty to do SO belongs 10 the Safes.
If a National Bank could regulate exchanges, IT
would increase the rate and monepolze the profits oi
the trade. Bu, moneyed institution can prevent
the fluctuations OF exchange. National Bank ope.
rates, like every other dealertn exchange does II
NAV effect more extensive negotiations th1n smaller
capitalists can and procure proport'onate influence
over the moneyed market But the effect on exchan-
gas is produced by th capital not by the nature OF the
institution which employs that capital. State bank,
with capital Of s5,0OO,0O0 cnn operate more fully