Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1856-01-25

F. DICKINSON, Can.
WM. T. CHANDLER. Src'y.
For he En4airSr
Their principles Chos. Of the Baul.) take hold of thu
good their pei. OF the bai AMI thus. those whom the
-i.;n"n has placed guard 10 its portals soPIIsrI
'ArEp OR srBoR>ED Fkoh THEIR cur:E1.'-t JcJus"t.
The Federal Government ..I- nobly corrected the
biuh'rrs made III Incorporating TIE two Bnnks Of the
United States by ...ipcGsIrg with them, and return.
.Tg To the constitutional currency. The advocates Of
The rc,icrn Bank subsidized the presa entered thr
political arena. tampcrrd with Congress, and had
ui tic most able aGd eloquent Hell III the Cuiou
TO advocate its continuance. But tho lessons ui
percnce. the welfare of the country, aud the genius
nf institutions, Nil forbade its recbartcr, and pub
llr sentiment guided by common SENSE and patriot
ism, have forever sealed its DOOM. Who low advn
caic- return ~ the Federal paper system The
constitutional currency, gold and silver has triumph
cd Instead "t the country beEg ruined by the adop-
lion Of tEs Independent Treasury system, It was
never more prosperous, nor were our hnance' ever
innrn safely wisely conducted. VIII not the State
Governments profit by the cxninpIo so successfully
put before them Will they not, II least, eIdeavur
ds occasions may present thrn-eiNee, to IMPROVE
their State currency WIZ az" Incorporated Bank
prr.ir.s close their g., &c uio... ,t tho day.
nId hlindi' follow the lead ut Nicholas Bd';. "md
H. .iy,r -.Isrioni predecessor die contending Tor
exploded systclIs
One OF the lcGn. arguments urged in favor Of the
United States Bank was, that our INCORPORATED
STATE Banks furnished such miserable currency
aTd were managed so outraseously, that they re-
rnred great kEGCLATrR w hat has been done
uGc. to IMPROVE their principles or their conduct
Tho general, il not unanimous, testimony Of the pub
liz mrn of Tint day, III condemnation "t "uc III
rnrpurnteG State Bank. They =" uniformly
contacted upon unsafe uud ruInous principles. that
bu; IT," II any imagined they could furnish even
safe ard solvent Stale currency. ! IT these
'Simon Purcs' Scorn Innovations upon their esab-
li-lIcd usage. B-cHus.. an intu'grnt Legislature
cnnn!ved al their abuses, and lrgazed their re-
iu~al 10 pay specie. they pousy turn up their eyes
aud Tint tie Incorporated Banks III the Old Do
muun have never failed. But where else are tue
trophies o their SIX i and soud management, except
H. putting handsome dividends into the pockets ut
their >tuckhuGrr-! Under their auspices the foreign
commerce ut NirgiuiH has been dwarf..d. The 10.
reign mpnriations into Missouri double those of
Nir.;a, and th'nr Of Ohio more than tripir "urs.-
Yet W" Lad chartered liaukS before they hrd cv"
urgaizrd Stnte governments. How does the foreign
irIuir ol Norfolk compare SOW with Whist Il was be-
tore had incorporated Banks The sins of om!s-
sion s;al loudly in condemnation rs those I'll COLI
mission
But il NAV be urged that the StG:a has q large ir-
ter,sr in the BaIka, and that may account Ior such
y,n;avorubIu results. This may serve ms an excuse
T.. bad management il indeed, i WAS not one ot III:
,,:u;c- ftimua!ing It's psrprtrGi;uD.
iju, he ,ha, rs il may -nr: "Jllcy wfii! seem 10
REQUIRE that The State -O".G NOT bcG storkholder or
partner in any of lidnkS The Legislature should
be placed above ull i!npuatons OF being influenced
10y interest, either OH lis o"h"r Tu'; account t-'
the Banks kho" lhrf nave 10 oe WIN" VIZ" up WIZ Mnen
they stop specie payments, and We will have taken
one step towards securing sound currency. Mr.
Buchanan remarked IN Il speech on the bankrupt
Bl' that mo tcuera! t."s''"''oh Sn'e GO VI,
power l., thoraec athc'"'' "s wen "S no ,"' Pc
s"as. lie enttrtihcu' no aoHo'' "l t,I Po"cI u.
C""gres- 10 pass compulsory hanhruF Ia" aS%!,'
Banks. fl il could not pass such inw h:m oi III
diFlHuli b"'he's "ou" oe I'not :" y! W. ar
Ou' II th'3" very "''' ".u"i' n''''no. ne. . " -, -. ~,
icorpo'n!'''i ''''! .t'' '1'M - r,h n,,,ry
ilih'e. lie ehteilaieu 90 '',,ls @ uo rt va hIi =
OF sucH MA" IL "pPicu :: DH 'r o . :,
"i lis eh's'e"ce "o"'''' y. "''',' u, n' "
I,"'''' F'r'Fu' 'i' "e' '''' w. 80 ,! - de-
p'hNe' 'l1''' ~ ",N1 w ,, ,,, hus;,,.S. ~,
irut'l" Mo"n ."hJ cur. ~ aT -, nav ,hsir la
sun s Hl""he' "9 nv !iIJ ~ % n' ho,aeof narm,
o''''i:s i" spfo'e ,;ii ,7'.rcmrr.ncv cxcept What
nss ,rnm ,he now.r 81 Gnn~rcss to subject Bank.
,n n bnuI,ruut law ihis was the only practicable
method which could be devised Of securing to the
psnp, this great blessing May the time not speedi.
is arrive wicI pubic .cnment may demand such u
law Of Congress a Mr.. buchanan indicates! This
confederation is worthy OF reflection, and should
not be lightly PASSED over.
On. n the leading question. before the people Of
Virginia iur public investigation "ni Legislative uc-
iu. is the currency, involving the conditions lInl-
tatious sc upon which our Banks should be char
cred ". may therefore properly ssk what is mo-
acyi Tho common sc:sr answer ls gold and silver
COIN p.,blic sentiment the world over has settled
down uuvn the conviction Inn, money should have
jutrr.ic value and therefore they r-e the precious
,,r r linn rurpo,, b.cnus. il i. held a. In. mra.
-r ol pric. or The standard Of value, and i. created
.., ,,.,;un, Of exchange. Money is properly crea
ted only by the sovereign authority of the land and
-" our weights and mcnsures. should be near a.
possible of fixed value. To delegate the power of
making. and issuing paper money TO any banking
cupnny Ueyond their rhi!ity tc redeem il promptly
in specie, is give them the privilege OF su5st;tu-
ting CREDIT tor money, and allowing them to invite
The community 10 use and then 10 iorce the payment
hnh oi the principal and interest on Bank FICTION,
which, il called upon, they could not redeem with
specie. Thus IL is SEEM that the Banks can az rsadl-
Is cOercc payment when they have loaned their ere.
DIT, as in real money transactions. Blu; when the
Banks can pay, they Gull on the Legislature to re-
lievc THEM from rc'leemiuG t:: debts according 10
the requirements of their charters, bv authorizing q
Suspension o specie payments. This function Of
making and issuing paper money il great und dan.
.crCus power to confer upon any corporation, and
raano, hr too rgidly guarded against abuse. Would
tie Legislature dare 10 grlu 10 any trading corpora
ton the exclusive right ~ enlargt or diminish our
weights aud measures, IA might suit their interest or
convenience!
Ours is land oil equal rights and privileges nat
one man can rightfulIy DO corporation Way be- al-
lowed to do. One man may Manufacture cotton or
IRON; =" mHy al Incorporated company. h" suppose
the Incorporated nonphn!ca were |" hclnnNi that no
one except Incorporated companies 'n"hld inauniuc,
iure cotton or iron, md that sa!u companies SE"n'h
~ al! times, ENJOY the legal rght 10 iorc iie'
tUpay tiIcm but that ihty shonlu De aio"eu !he IL
bcriy OF paying thelr debts with thelr proniss"ry
notes, and III very hard times be permitted 70 erau"
or refuse to pay nj hll Would the people tnie-
rate such n monopoly Yet this - the modest
Gcnland AMI course oi Inc b"nNS' WIN lic
additional assuniptinn that tAey arc not only
Ia bo the exclusive uianuiactarefs VI .p"per
money, butt they are tn he allowed % ss"e io"r 10