The enquirer. [volume] (Richmond, Va.) 1804-1815, 1815-07-05
NATIONAL FINANCE.


measure contained IN the last paragraphs of
the notice, which we now select for the pur-
pose of mote particular anignadversion but
after moments rehexion, we considered the
measure of a nature SO, far, egtiai, liberal and
5UdicouS, in whatever point OF view cXamin-
ed, that we apprehended an imputation of
vile ilattery or ministerial adulation, should
we attempt TO offer applause for measure,
which no man, possessed OF d spark OF honor
or honesty. could refuse appreciation. The
following IS the measure referred to-
And, finally, notice is hereby given. that on
the 1St dag Of .fugast meet, Instructions will
be issued, for6i9ding the collectors OF duties
on imports and tonnage, the collectors OF III
ternal duties and taxes, and the receivers of
all public dues whatsoever, to receive in
payment for such duties, taxes, and dues, the
bank voteS Of any bunk, 7phich does nor, on
demand, hay lis ozUn notes IN goiG and SilUcr,
and at tie sane time, refuses 70 receive, c7e-
di, reissue, and circulate. thc treasury Mates
emitted ufion the .faih and security Of the u.
States, IN 6eftOSitS, or in payments 70 or from
the bank in the same nian,ie,, and zoifh the
Ike effect, as cash, or It's osvn 5ank notes.
The loan officers of the several states arc
requested to make this notice generally
known, by all the means in their power and
the printers, authorised to print the laws of
the United States, will be pleased to insert
IT IN their respective news papers.
1t appears, however, that Notwithstanding
past experience, we had deceived ourselves
for there is one man at least, a writer III the
Commercial Advertiser of Newly York, who is
so utterly STUPID or abandoned to all sense of
shame, as to denominate this measure - ar
6itrdry and high handed - we shall give this
article.
FROM TIE COMMERCIAL ADVERTISER,
18th JUNE.
a high handed anc ARBITRARY measure. OF
all the public notices, which were ever issued
by treasury officer, the following is perhaps
the most extraordinary. Let the last para
graph, especially, be read and weighed bv e.
very citizen of our republic for there is nor
one !phoSe interest and conUeaience nlav nor
De materially Effected By IFS arbitrary, and, in
CIR UfeyV, 1tnWarrdnta5te froviSions''
The matter OF this subject is contained in
very small compass
The treasury Siarfiy PROPOSES ia tlace
oanEs ulfon TIE SANE terms as the banks hItzct
the treasury or in other words,
Where the bank respects the public credit,
public treasury Will respect the credit OF the
bank.
Or in these words--If a bank issues only
paper upon its own credit, and refuses to is
sue silver OF gold and at the same time
refuses to take paper of the u. States-the
u States will not disparage its own credit,
by de aling with bank which seeks to dispar-
age public credit.
These simple propositions embrace the
whole measure on which we shall offer some
further remarks.
great number of companies have been
formed in the United States, whose business
is II. de in transactions Of money, credit
and e1rchenge epon their credit they issue
fai7er money, which is put iuto circulation,
on the principle ct value impressed on its
face-that is, notes Of S, 10, 20 or 100 dol
lars denomination, are issued as equal to the
same amount IN gold or silver money.
These banking institutions, conducted with
skill and discretion, are of Infinite Importance
to an active community; bat they are sub
ject, Ike all other valuable things, to be "a
bused to the sinister views of different des-
sriptions Of persons. They may fall into the
hands of such men as the noted Dcrte5.. of
Boston, who may plumber whole communi-
ty under the abuse of a bank. And they at
ford so many means of secure abuse, and so
many temptations when they are enormously
numerous, that the stability to abuse net cnly
creates certain degree Of discteCIt but al
prehension OF their insecurity. which extends
to the banking institutions generally.
The effect of which is a degree of discre-
dit, reluctance TO accept paper money, and
thence depreciation, or diminishing Of the de-
d 'lhl' a+u VSlu'. ms depieCiat On axes
place in different degrees on the paper Of
different institutions. Ut varies on the same
paper in different places. And the depreci-
alton andits variations offer to classes OF men
who speculate upon them, opportunities to
create fluctuations III the relative values of
bank money in diffcrent places.
Thus there is natural operation of de-
probation; and an artificial the natural a
rises ont OF the plain convictions Of pereons
" no have actual and necessary occasions to
employ money, that there are some institute
ons so wisely, prudently and faithfully con
Quoted, the men concerned so upright and en-
titled to unbounded confidence, that there is
perfect security and certainty in al their en-
On the other hand, that there
are institutions destitute of these moral secu-
rifles. hat there are others where there is lit
tie or no security without the influence g eish-
er vice or virtue.
Thus four years ago, the circulating paper
OF Boston would not be received in this CITY
in the smallest transactions, bat as desperate
credit
The following state Of exchanges only
few weeks ago, Will slew 4 different opera.
ton.
Philadelphia Bank psper--a: n. York,
per cent. discount.
Boston, 10.
Virginia BANK paper Philad' g