Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-12-07

entrustedwith the public confidence ven
had come into Office, while the wa. He
raging, and confusion reigned in a,, Vas
nances. lie had staid until orr c cut II
were filled, aud order had come n.ess
chaos. And why did he retire =? RI vi
the charity ofCcngress had ended wi"suSe
began-he was compelled toretire en
starve-And yet this man, with ali !"
resources of the government q, ne
command, aud with his own ah;,;..als
in!full play, had been under the n"aus
sity OF receding from the propos;,;os
which he had made 10 the State P."ihs
under the resolution of Conpresn
He had named the lstof October anil
failed-we had selected the 18Th of N Nad
vcmber, and had also failed-CongresO i io,
named the Goth ofFeb and they also ,sn LAY
fail.-This he did not say from his "o o
knowledge but he had lately seen Avn
Lowndes, the distinguished Chairman WI.
the Committee ofNays 81 Means. in ' ~, e'
city The had asked him if Congress wo ms
adhere to therresolution, and Mr. l. Saa
given itas his opinion that Congress m maa
fail; that things would not be got 10 r;"% %,.
by that time. Here then you hove ynn
own experience, that of the Seoretarr,o' ui
the Treasury, and of the Congress ofMal
U: States and yet in spite ofall ths Que
admonltlons, gentlemen say we must 90
on, and select aparticular dawn ~
very House, too, the greatest OVERSIZE os
opinions had manifested itself-sop,e go, "
tlemen were for selecting the Doth OFF,
Druary, some the 10th of July, and Soma
were tor leaving the Banks to their o,r,
discretion: measure, which some b,,,
considered asa bonus and BLESSING to H..
banks and otnprS da, d., e"S
Before replying to the objections ,yb;ol,
had been urged against his subs,inta'
Mr.. II. observed he would notice SOM
singular errors into which gentlemen baro
ialien.-I'he gentleman from Bath had
contended, that as the banks were solvent
they were able 10 pay specie and sbonId
be compelled to do it-But the banks of
virginia were really solvent, and vet il
they pad specie tomorrow, ina few hours
or III few DAYS, they would not have onc
dollar of specie left.
The true question WAS, shall narticr
lar day be fixed for the resumption rs
specie payments ?-Gentleme seem 70
suppose on this subject, that they are not
only lcgislating for sovereign and inde'
pendent State, but that she is STANDING >.
ne.--Even ifthis supposition were eor.
rect, they would still find money one nf
the most unmanageable subjects to leoiS.
late on, they could possibly select. Look
at the history of our old paper money. at
the state of the circulating medium in
France, or in England, and YOU will dis.
Germ how difficult tits to control the curren
cy, even when separate government a.
lone is concerned. During the war in
Europe when there was great difference
between the value of paper and of specie
The English Parliament passed law, ma
king II penal to sell guineas for more than
2os. But what was the fact? That the
com was still melted up, and sold al the
price OF bullion. Yetdid the Parliament.
who are said TO be Omnipotent, take their
own way, and failed in their experiment-
Alter the war, however, specie fell and
paper itself began to bear premium
Thus we have the experience of Enqldnd
TO warn us upon this subject. There the
war effected adherence between specie&,
paper; law was passed to regulate il in
VAIN, Tor the evil was not removed no
sooner however, was peace restored, and
commerce revived, than the paper and
specie got together again. VIII not the
same causes produce again the same et-
iects! Our paper, which was lately de.
preciated at the rate of 20 to a 100. isnow
only at per cent-and will soon sink. of
itself, to par. When then shall we be
guided by our own experience, or that of
others MIR. II. observed that the Bank
of England could at this moment paw spe.
Gle, If II stood OH its own footing only
but that II was pillar ofthe government;
had to pay up the dividends of the public
debt, quarterly and was unable 10 dis
charge this whole interest of E45, 100000
In specie.
but we are not separate and uncon-
nected people. You will recoIIect that
the Convention assembled in Annapolis,
and the Constitution was formed In Phi
iadelphla, because it had been found
Impossible TO regulate the commerce of
tins country by the separate states. The
consequence has been, that the superiu-
tendance OF trade had been coniided to
one general government. This very con-
stitutIon views the subject of money in
tue same light The coming of money.
and the regulating of the value of foreign
CONS, were powers not only conceded to
that government, but prohibited to the
separate States. Thus this argument
shows, that the wisest men who have eyerli-
we'd IN this country, were of opinion thatthe
regulation OF the currency ought to belong
10 The government of the u. Sand vet
WIN this constitutional prohibitionin your
faces, are you assuming the regulation Of
our currency. And why was this power
gwen To the u. States2 Because the col
iision OF the States might prevent that
harmony OF operation, that simultaneous
movement which the regulation of the
currency always requires. And this is
the very doctrine for which he contends