Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-09-24


TINT lends Corruption lighter wings u hy
Gud, np'd by thee, can c"'nasss harriet things,
Can pcoke; Stn;.I, caa fetch "r cary kihes;
A siUgie leaf shall 81 All mn army Ger,
OR ship oil Stnal-s 10 ZONE distant SHOE;
a leaf ss sih.l'-, s'arer /" and tio
Unr iAIcs ard fortunes, as tie "ind shat blow
Oh! tha, ,uch bulky hrihes az all might see
[rops, .'o fs,ays.
| | feel strong inclination 10 recall once more
| 10 the minds OF the people the circumstances al
| tending the rise and fall vi the United States
| Bank; and ii you will give me room and they
will read | think they will ponder long before
they give their votes 10 tie party, who declare |;
to BE- their intention 10 revive and restore that po
icy, which !, for one, bad hoped 10 be e'ernaliy
dead We, who have once seen the carrion and
the rotten carcase, may we'll advise Others 10 hold
their breath when coansclled to approach it
We. who have seen il pouiuy TIC fountains OF
liberty, Substituting the press, interfering III orr
elections, md Gcmo:;.izing the peope-"c. who
have fell lis powcr in every fhrg, ard mlsce, ana
nerve of the body pol!lic, nay well dread The
power that would resuscitalc il. We WHO have
seen lis organized system Of swindiin. ana che;i-
ing, hv which the wicked have iiauilshtG, white
the helpless have been des?oltd, :nl The ;nnoccn.
made to mo.;lE; by which lhe faith OF States las
been suspected, The honor CT or Republic quts-
.ioned and dark shade cas-; upon our hitherto
cused FER resisting every aic:np. 10 breathe into
this corruption Tie breath OF lie. Never VIII We
give our supper, To- hiiI. who has placed TINS ria-
net in his firmamcr;, ami directed ms followers
10 worship il as the leading star 0; his poiicy.
Ru, let us see what have been the corics, aud
what the mscrics OF this system. People see The
results and forget them, and few stop 10 think
how they are, oT We're produced, and he;r tie
same causes must produce The same effects here
alter Lei lis suppose great BANK WIN great
capilal. is 10 be cs.ati:shcG- MIR. Clay's Eank.
with a capital OF fifty millions, and that it has
the rover of issuing three dollars in notes, for
one of silver-one hundred and fifty millions OF
papcr dollars Let us suppose, too, that the Go
vern,ncnt deposi,cs its revenues IN the Bank.
amounting 10 thirty or forty millions, ana That
the Bank uses this amount is part OF lis trading
capital. Now, this great capital is 10 be derived
from some source. Before the Bank goes into
operaiion, the specie must be collected, 10 serve
as the basis upon which is immense issue OF
notes is founded. The process Is simply this -
Subscription booas are opened, and individuals
Subscribe for the stock OF the Bank, agreeing 10
nav their subscriptions in specie, or lis equiva-
lent The specie is obtained either from that
which is in circulation or from the vaults oi the
Banks. then in existence, OF from foreign paris
If il lie already in circulation, and ii Is pad INTO
the new Bank Of course, IL IS Withdrawn from
circulation for the time and locked mp in the
vault OF the Bank, until it commences operation.
If i; be drawn from other Banks, il can only be
done by CARRYING in the notes OF those Banks, ana
thereby diminishing the circulation by tie amount
of NOES thus carried in, and not only by that
amount, bu, by 4 much greater amount Tor; as
these Banks are carried on upon the principle OF
circulating two or three dollars in notes for every
one in specie; as You draw CIT their specie, you
compel them to draw in two or three more dol
lars in notes, for The one in specie, which y2'!
extracted. This, again. greatly diminishcs TIE
circulation. Ii ii be Procured from iorsisn
countries, it must be purchased with produce;
The produce of orr own country Is exchanged
either for specie or for something else that We
want If ii be exchanged for specie, that specic
under the natural course OF things would be
thrown into circulation; but il paid 10 the Bank,
the circulation mus, be cnrtailcd 10 tia: amount
In either way the circulation is greatly diminish
cd. The natural consequence OF this demand
for specie is, that the banks already in existence
are forced 10 curiail, and restrained tom max
Ing new loans, lest Inc specie should all be drawn
from their vaults This produces pressure IN
the money market, and a great scarcity OF money;
produce consequently falls TO its lowest price,
and every species Of work is at stand Those