Richmond Enquirer

Richmond, Thursday, Feb. 11.

The Hydra of the Bank of the U. S. is exciting the indignation of the Republican Party in all quarters. We might have hoped, that all parties would have united in denouncing it, if we had not been so often warned by the excesses of the party spirit of the Whigs. Might it not have been fairly expected that all reflecting men, in the other States, would regard with jealousy and alarm a great monied corporation, so extensive in its capital, so powerful from its resources, so alarming in its influence in a Republic—conducted, as it has hitherto been, in such an objectionable manner—re-chartered by the force of seduction and bribery—indebted for its renewal to a temporary division of the Republican Party, which brought a majority of Whigs into the House of Representatives, and elected an Anti-Masonic Governor—and calculated to operate so powerfully and so injuriously upon the moneyed and political concerns of the country—designed to spread its Branches or Agencies into other States, and to affect the value of their own Banks, and the profit which they derive from them? But the party spirit of the Whigs is omnipotent. It is the Aaron's rod, which swallows up all other feelings and considerations. The Whigs are chuckling at the idea of re-chartering this Institution. They will rejoice at its success. They disregard the torrent of mischief which will pour over the whole country from this poisonous fountain.

Among these, is the Editor of the Fredericksburg Arena. What says that paper of Tuesday last?—

"We confess we shall be pleased to see the Charter granted. New York has too great a control of the financial interests of the Union. We shall be pleased to see a rival rising in Philadelphia. The preservation of the balance of power is necessary. We should be gratified to look forward to seeing an antagonist power farther South than Philadelphia—but we despair. New York will not, however, let the sceptre be wrested out of her hand without a desperate struggle. An attempt will be made to preserve her ascendency, and we should not be surprised to see a Mammoth Bank, of thirty or forty millions, chartered by the present Legislature.—Other States will have, in self-defence, to enlarge their Banking Capital, and thus the destruction of the U. S. Bank—which was perhaps believed by some, but asserted by many against their convictions to be the first step in destroying the Banking system and restoring a Jackson Metallic Currency—will only extend that system and render it eternal."

What is it any cause for congratulation, that this mammoth Institution should be chartered—with these consequences in its train? that N. York should set up a rival institution of 30 or 40 millions—that other States will be compelled in self-defence to adopt large and powerful Banks, of a like character—that the people should be scourged, by such tremendously large monied corporations?—and that, finally, an enormous Banking system,—terminating possibly in the re-establishment of a large National Bank, should be made eternal? Does this furnish any subject of felicitation for the Patriot's mind?

The Arena asks, "what right has any one, out of the State, to say a word against the establishment, by Pennsylvania, of a Bank of 23 millions, or of 50 millions capital? It is a question purely of expediency, to be passed on solely by the citizens of Pennsylvania."—What right? Because, the Hydra is not intended to be confined to Pennsylvania—because it designs, if possible, to spread its gigantic arms into the other States—to establish itself even in the Old Dominion. Can any man doubt that such is the systematic purpose of the Bank? Let him read the article of "A. B." in this day's paper—and see its plan of operations. Let him particularly refer to the Circular of the Bank, dated on the 23d January last, signed by Mr. Biddle, President of the Bank, a copy of which has been addressed to every stockholder in the U. States—and to the form of the Power of Attorney which accompanies it. In this power, Mr. Biddle expressly specifies that the Proxy, to be appointed to act for the Stockholder, (and by the by, he himself offers to act for all)—is to have power, among other things, "to vote and act upon all and every question, matter and thing, that may arise or be put at any stated or special meeting, touching or concerning the winding up of the affairs of the Bank, the creation of any trust or trusts, the appointment of trustees, and whatever else may be needful, and also touching and concerning any application or applications for a charter or charters to any State or States, or the Legislatures thereof, or touching, or concerning the acceptance of any such charter or charters, and for me and in my name to vote as my proxy, at any election of directors under any such charter or charters so accepted," &c. &c.

Who can doubt then that "It intends to make 'applications' to 'States' or the 'Legislatures thereof,' for 'charters'!!—that Legislature after Legislature is to be assailed by Bank minions and corrupted. State after State is to be saddled with a Bank of the United States until at last the whole confederacy is subdued and brought under Bank Government."—And yet such Whigs, as the Editor of the Arena, is for silencing the press and people of Virginia—allowing the saddle to be clapped on our backs, and this monstrous institution to be "booted and spurred" to ride us at its pleasure.—Such is the zeal of the Whigs and such is their wise appeal to the discretion of the Virginians.

The Arena in its sweeping article, does not spare our humble selves. It says that "the New York papers denounce it, because it countermines a project of the party there. It is said there is a delegation from that State now in Harrisburg, which promises a charter or a much less bonus. The Enquirer, and the other papers in Virginia, in the Albany interest, denounce it, because it is calculated to raise up a rival power to New York."—Is the Arena becoming altogether reckless, as our Whirligig neighbor is? Will it be pleased to recollect, that when the old Bank of the United States was put down, by the casting vote of that illustrious Patriot, old George Clinton, an effort was made to establish in the State of New York, the Bank of America upon its ruins, with a capital of six millions, however. in lieu of its ten—that Martin Van Buren, Daniel L. Tompkins and others opposed it; and that on this memorable occasion, New York did her duty, to herself and to the whole country by strangling this young hydra? On that occasion, we fought side by side with the Republican Party, and denounced the bank, though it was to be established in the State of New York. Will the Arena also recollect that we have deprecated every idea, and scouted every suspicion, which has been suggested, of any design to re-establish the present Bank of the U. S., in the State of New York? We should have resisted any such attempt to re-charter it in New York, with the same zeal which we have shown against this outrageous effort to re-establish it in Pennsylvania. But what the Republicans of New York have scorned to attempt, we fear the Whigs of Pennsylvania, "dressed, as they are, in a little brief authority," will succeed in accomplishing. We scorn to mingle in the commercial competition of New York or Pennsylvania. We are utterly unconscious (so help us, Heaven!) of any such desire as the Arena is pleased to ascribe to us. We care not for N. York interests—compared with these of the Key-Stone State. We look to much higher objects.—We regard the whole subject as Americans, who protest against such immense monied corporations, created too by such foul and insidious measures. We regard it, moreover, as Virginians, who ought never to consent to admit the monster into the bosom of our State. In this light we regard it—and in this spirit we will continue to oppose its introduction in any and every form into this "unterrified Commonwealth." We shall lay a variety of materials, which we have on hand, before our readers, in the next paper—having no space for them to-day—and we shall address ourselves to the good people of Virginia, upon this deeply interesting subject. We shall ask them whether they mean to countenance this fell Institution—and whether they will not make it as a test question to all their candidates at the polls of April—Bank, or no Bank of the U. States?

THE HYDRA.

We have accounts from Harrisburg, that the Bank Bill has passed the Committee of the Whole in the Senate of Pennsylvania, by a vote of 21 to 12.—We can no longer doubt, that it has by this time become a law of the State!—What an alarming measure is this—how deplorable have been the divisions of the Republicans in Pennsylvania, which have enabled the Whigs to achieve it!

An effort was made in the Senate to suppress the voice of the People—but it failed. The remonstrance of the Democrats of Juniata county was then read. "The Speaker also laid the proceedings of a public meeting held in Cumberland county, which embraced resolutions of a very warm and decided character in opposition to the projected re-charter of the Bank. Remonstrances against the re-charter, signed by upwards of 1100 citizens of Berks county, were also presented by Mr. Geiger; and certain resolutions adopted by a public meeting lately held in Centre county, were laid before the Senate by Mr. Irvin. Public interest has been awakened on this all-important question, and the people were loading the desks of their representatives with remonstrances against the extension of the corporate existence of an immense and dangerous monied monopoly."—But the charter was hurried on with most indecent haste to its consummation.

The Harrisburg Reporter has hunted up the Speeches of Messrs. Penrose and Dickey, two of the Senators in 1834, against the Bank of the U. S. They declared "that they can never lend their aid to a re-charter of the present Bank of the United States under any circumstances."—Mr. Penrose stated that he "knew too well how MOURNFUL and DEGRADING would be our fate, if we should sink into the arms of SORDID AVARICE and SUFFER OUR LIBERTIES to be locked up in the TAULTS of the miser."—Yet these two Senators are now the advocates of the Hydra.

In 1816, what said Judge Hopkinson about the Bank? "By every test to which he could resort, the amount even of twenty millions was much too large. There was GREAT DANGER IN ESTABLISHING AN INSTITUTION OF THIS KIND. NO SUCH ENGINE COULD BE CREATED, MUCH LESS ONE OF THIS ENORMOUS MAGNITUDE, WITHOUT DANGER; AS THE MOST BENEFICIAL AGENTS ILL APPLIED, BECOME DANGEROUS AND DESTRUCTIVE,"—And yet here is a Bank for thirty five millions, created by a single State, for thirty years!—and yet the Whigs tell us, we must now be silent!
THE HYDRA. (continued)

In 1816. what said Judge Hopkinson about the Bank? "By every test to which he could resort, the amount even of twenty millions was much too large. There was GREAT DANGER IN ESTABLISHING AN INSTITUTION OF THIS KIND. NO SUCH ENGINE COULD BE CREATED, MUCH LESS ONE OF THIS ENORMOUS MAGNITUDE, WITHOUT DANGER; AS THE MOST BENEFICIAL AGENTS ILL APPLIED, BECOME DANGEROUS AND DESTRUCTIVE,"—And yet here is a Bank for thirty five millions, created by a single State, for thirty years!—and yet the Whigs tell us, we must now be silent!