Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-10-22

least il i clear that the rep'daled bones ii""
been obtained by The Bank Tor lis private luf-
poses abroad. and had been paid ior only 10 Il
small amount
What then did the Bank do for our business
morality? The answer is rs plain rs II * lic'ah,
eholy 1t stimulated a system oi miserable am
shallow speculation, which ale up our means anu
DESTROYED our credit; BY a series OF mammoth
frauds II showed 10 the community how success,
fully the crcduliiy Of the many c"u.d he Wu'he9
npofl 10 saidc the lbs, cf The few. II achieved
its mission-il succeeded iii pcrvcrlin@ IN The Du-
sncss community those safe and ancient prlnci-
ME, of morality which are the ctict sincws OF
socicty-i contaminated everything that came
within its touch-and then il exploded, 10 pour
ruin on the heads OF those who had trustee them
selves to lis shelter II is the fashion 10 INVOKE
ON the head of Mr.. Biddle the whole dlScredlt
arising from the fall of the Bank he governed;
but ii is well 10 pause and inquire how lar inc
blood of one man, however prollisale, can wash
of stains so permanent and deep II IS easy 10
point 10 him and say he was the man. but II woula
be we'll 10 inquire what made him the man Is II
clear that other men could have emerged rom .le
Bank, after fifteen years government, w.'ho"' W.
inc saturated by the atmosphere which siirronnc-
ed III Mr.. Bddle's history, in tact, is pregnant
illustration of the ncapacily OF human nature, IN
ences in themselves desolaling and corrupt Or
FINALLY Fedcrali>i, and elected Il! very cary
ace to the PENNSYLVANIA Senate he distinguished
himself when in that body by report, as dh'e a.
il was manly, ON the subject o. The fiariioId .oh-
vention resolutions, then submitted 10 lhc acii'h
of the dilcrcn, Legislatures Taken up n once
by the Republican party, he was nominated 10y II
to represent the city of Philadelphia III the III
tecnh Congress, but was ceiealed by MT JONI,
Sergeant, who some years alter became one ol
his most active colleagues in The management ol
,Le Ranl When the charter received the Prcsi-
dents Signature. Mr.. Biddlc whose reputation Tor
business ability, as we'll as literary accomplish,
mems had reached Washington, WIS appoinlci
by AIR. Madison among the first government dlrcc-
,ors and continued aS such until MS election as
President Possessed OF unruiiied seliconhience,
of intimate acquaintance with the elements OF
human nature never deficient IN cXpcdlcnt, ana
always able 10 express himself in style Clear,
cI.ran, and iorcihlc. he was qualified under less
irving circumstances 10 reflect credit on ms coaii-
try. and To draw honor 10 himself W hen he
went into the presidency, the Eank through the
severe and active remedies pursued by M.
ChcyeS. was recovering from the pros'ralion II
had eypcrienccd under Mr.. Jones Ii was then
thai Mr.. Biddle committed his first error-an err
ror Swinging So immcdiatly from the position OF
The Bank. that it is much easier TO ccnsure the
fault than 10 have escaped the contaSon which
influenced it, The stock, which Mr.. Jones had
nutI;.d ont and inflated 10 p,odgious rolundv
and which had gradually, through the prudent
dividends of Mr.. Cheves, shrunk 10 its just d.
mensiuns. ON the accession OF Mr. Biddle, scarce
IL obtained more than 500 or St5 Il share Some
Thing must BIZ done 10 swell II ont AGAIN, or The
Spectators who had taken up the investment
woulE come out The worse Tor the adventure MI
oil tl,n ,rtt fit
inc colors. and he felt, that il the moment of his
accession went by without rise, the hopes which
arose from it would be dashed. The temptation
could not be resisted. First came ;lorid report,
then an enormous dividend The stock needed
nothing more and after Succession OF rapid
mmpS, reached its old level. For ten years Tie
game was kept up; great dividends came sprou-
ng ont, DRAWN. oil The sap and drying up
the. substance of the bank, annual statements
and occasional speeches were made, each one
ou,-bazins its predecessor in the splcndor OF
lis congratulations and The glare OF lis promises
ill il began to be discovered al Washington that
corruption was al the core OF the oan6 and i; hc-
Gan 10 be suspected al Philadelphia that the Go
vernment had found ont the imposlure. Nj. Bid
de. always bold and generally >agacious. saw
that the General Administration must be crushed
or exposure would he inevitable; ard forthwith
commenced conflict which has proved To the
world that OF all dangerous Things the mos; dan
gcrous is a moneyed power, injured and dcspe-
rate but not humbled. Secret ,rvice money ran
from press TO press--from patrio, 10 palriot-l
in The medley. the great body OF the people kne"
not where 10 look FAILS issues were made IT,
alarm The timid, and 10 excuse the corrupt. Mr.
Biddle rode bravely on the head Of the wave, dis
pen>ins favors like a nabob, receiving the ale
glance of The moneycd interests, and maintaining
al f;ntt, ~ DR.
and the people. The Senate was dr wn into the
piciee, and passed by large majority the famous
impeaching resolutions Still, the Bank was
breaking What ii wanted was the breath 81. life,
OF which The Presidents veto had .oh!icd il. ~
Struggle. as daring as il was successful, the Lc-
oislatuIc of PENNSYLVANIA was brou@l. up bel
lows IN hand, 10 initiate the lungs of The expiring
monster: and in June, 1886, tackled 10 Inc end OF
an omribuS bill, was passed Tie new charter Of
the Bank of the United STATES
The stimulant, however, failed in renovaling
the frame OF the Bank Mr. Biddle rclirc,l f Jm
i,s head, conscious of the ruin which would soon
be exposed; tormcnied probably in retirement, by
a sense Of the immcn>eLess Of Tie loss which
would cnsuc The storm came and on hi, head
prominently lis fury burst. Criminal prosccu-
lions and civil suits waited on him 10 his grave
and he died at last, unable 10 drag his reputation
which he had for so long proudly governed. That
he might have whslood the temptations OF his
position. or have slcmmcl the corruption Of
The times is possible and yet, perhaps. ais best
excuse is that he fell The chief victim 10 the con-
taoiouS touch of 4 system which has dcsoli.ted
The fortunes and the characters of mulliludcS.--
Is this theory Was il theory, when great po-
li,ical economist, as well as a most logical rhco-
rician. maintained that great central banking
system poutes the moral energies Of those ith
whom il has to do-that it weakenS the principles,
substitutes new rule OF right and wrong, and
that that rule is moneyl Alas The history of
The Bank shows il was not theory, bu' tact =
Gambling spcculations were started in every quar-
ter. from Vicksburg to Bangor, and wherever lhcy
were started the natural trIts-iraud, fa!sehoo.!,
corruption-sprang forth abundantly. Oi thcse
connected with The Bank in its flood, who is t,lcrc
tha, has emerged with IN unblemislIcd rcpu,a-
lion II is for the plain and honest men Il the
countryside hard-lhinking and hari-workng
men-who wish to return to The rood old days Of
Republican simplicity and Republican integrity,
10 say whether once more, with iuli knowledge
of Tie consequences, We shall call among us a
curse which has destroyed our credit, and, what
is far worse, has established among us false
standard of business morality, which il will take
wears of patient and energetic effort 10 break
down.
In conclusion. If new Bank Of the United
States be chartered, is it probable that it will do
otherwise than the late Bank did I! The fact is
that the seeds OF the disease which broke down
the Bank in 1910, were inherent in lis Cons;ilu-
ton An institution. with lhiry-iive millions ca
pital and with discounts 10 the amount Gi seventy
millions must necessarily in The course Of few
wears, fall into similar difficulties. Were there
no second-class Banks, there might he less diff
Gully in finding good commercial paper enough,
al short dates, 10 discount upon, but situated as
Bank in this country must needs be, in the midst
of crowded market. it is impossible for the GEN.
trail Government 10 procure constant succession
OF good securities 10 the amount Of S70000000.
Local Banks can do it, because they have small
capitals and occupied districts; but when single
Bank attempts 10 collect investments 10 the great
sum which has Just been mentioned, it will find
that, in the immensely Of its sweep ii will be
obliged to gather into lis garner chat, rs we'll rs
wheat What is 10 be done in The next six months