Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-06-03

THIS bring TO the question OF how shalt salutary
change be effected !-Whst the means aud mode OF
application great aud difficult question, ON which
some diversity oil opinion may be expected.
No one can be more sensible than OF the response
bi,y that must be incurred in proposing
questions OF so much magnitude, aud whcb, in disiract
ed state OF the public mind mus, Affect seriously great
aud Influential nteress.-But this Is time TO shun
spoDsiby The danger Is great aud menscing AMI de-
Icy hazardous, IL not runous Whils however, would
not shun, have not sought the responsibility. have
waited Tor Others and had one proposed an adequate
remedy. would have remained silent. And here, (.ad
MIR CsIhonn) let me express the deep regret which
ieri mat IN. Adninsa'on win all that weight oil au
theriiy which belongs tot power aud immense
had not, instead OF the depose question, which has
ed such agitation aud Distress taken up the great subject
oil the currency; examined grsvely and ,cber ely in
all its bearing; pointed out its diseased condition. desg
mated the remedy aud proposed some safe gradual aud ell
ieciual means appyingL Had that pursued
my yea Gus and hearty cooperation would not have been
wanting Permit also TO similar regret that
The having tailed IN this great point OF duty
the opposition with all its weight aud talents headed
this question 10y the dis ngushed and able Senator from
Massachusetts,, who is capable OF nding this
subject IN all It's bearings, had brought under
It's auspices, some permanent system OF measures based
upon deliberate aud inves,g alton no the cause
OF the existing disease aud calculated TO remedy the dis
ordered state oil The currency. What might have been
brought forward by them with such fair prospects OF
cess, has been thrown nco,npe hands,
aided by patronage or Influence, saving only that influence
which truth, CLEARLY developed and honestly aud zeal
ou>iy advanced, may be supposed to possess, and
which IN st wholly rely.
But, to return to the subject. Whatever diversity Of
sentiment there may be the means, poIn all
must be agreed; nothing edectuai be done; check
nerposed arrest the progress of the system
by the action OF the States The already assign.
ed TO prove that banking by State compes all other.
to bank, aud that the excess Of banking in one, like
manner compeis all others 10 like excess, equally demon
sra,e that IL is impossible for the States acting separaely
TO nleposc any means TO prevent the catastrophe which
certainly awaits The system, and perhaps the Govern
ment ITSELF unless the great and growing danger 10 which
refer be timely and eHectually arrested. There no
power any where, but in this Government-the joint
agent OF all the States and through which The concert Of
led. add 10
great task The responsibility upon upon us and upon
alone The cans il means there be- must he apned
by our hands, or hot applied at ALA consideration in so
great an emergency, aud in the presence of such mm.
nent danger, calculated would suppose to dispose all to
cooperation, and aliay every party feeling In the he
even OF the least patriotic.
What means do we possess and how they be op
| piled
II the entire banking system was under the immediate
control of the General Government there would be no
diihcsiiy IN devisihg safe and eectua remedy 10 re-
store the equilibrium so desirable between the specie
the paper witch compose currency. But the fact IL
Otherwise with the exception OF the Bank OF the u
States, all the other banks their oign TO the auho
oil the sever" states. aud under their immediate
o"o,' "en presents me great difficulty experienced
In devisng the proper means OF eGectng The remeJy
which al feel 10 be so desr,b bic.
Among the means which have been suggested, Sena.
tor from Virginia, not member OF this BODY (Alr
Rives) proposed TO Apply the taxing power suppress
the circulation OF small notes. with view of diminsling
the paper and increasing the specie circulation The re-
medy would be simple and effective, but is liable TO great
objection. The taxing power odioIs under anv ci,cum
Stances would be doubly when called into exercise
with an overlooking sasuty aud still more So with the
necessity OF organizing expensive body officers 10
collect single tax and that subject
But there is another, and OF ITSELF decisive objection 1t
would be -palpaby aud dangerously So
All political powers, as stated another OCCASION are
trust powers aud limited in their exercise TO the subject
and object OF the grant The power granted TO
raise revenue Tor the sole purpose supplying the
sary means oil carrying the operations OF the Govern.
meni 10 pervert this power from the object thus intend
ed by The Constitution 10 that OF repi essng the circulation
OF bank notes, would be IL from revenue into
penal power power in its and object essen.
Ia'iy different from that intended 10 be granted in the
Constitution; and power, hch in its full extension
II once admitted, would be sufficient OF itself give an
entire cou'ro to this Government over the popeI,y and
The pursuits OF the community, aud tus concentrate and
consolidate The entire power ol the system this Govern
| ment.
Rejecting, then, the taxing power there remains two
obv and direct means IN possession OF The Government
which may be brought into action effect tie object in
tended, bu neither OF which, either separately Jointly
OF sufficient efficacy, howeve able hey NAV
be as part OF an efficient system oI asures correct
the present repress The growing dsoers of the cur
rencJ; mean that provision IN tie Constitution which
empowers Congress 10 coin money, regulate the value
thereof and OF foreign coin, and the power prohibiting
any ding but the legal currency be received either in
whole OF IN pat, il the dues o the Government. The
mere power OF coming and regulating the coins
OF ITSELF, aud aimed by any ofer measure can ex.
ercise but limited control the currency Of
The country, aud is inadequate 10 check
disorder, as is demon aied 10y the present diseased state
OF the currency Congress has had from The b. ginning
laws upon the statute books 10 regulate The value OF the
coins; and NJ early period OF the Government the mint
was erected, AMI has been III active
and yei, OF the Immense amount which las been coined
small residue only remains in The country; the great body
having been expelled under Tie operation OF lie banking
system. To give efficacy this pow err then some other
must be combined with it, The immediate aud OBJ.
vious IS that Which has been suggested, OF excluding all
hat specie Ia the receipts OF The Government This Iea
sure would be eleciudl 10 certain en-; but with
Ginning income which must take place under the opera
lion The OF The last session. adjust the tann and
whck greatly reduce the revenue, "a point OF tie
utmost importance 10 the reformation Regeneration OF
our Institutional the efficacy oil the must be- cor.
respondinely diminished. From the nature things
Cannot greatly exceed The average OF the Government de.
posites which hope WILL before many ears be reduced
TO The smallest possible amount, prevent the poss
billy oil The recurrence oil the shame U dangerous
stale OF things which exists, and which has been
caused ny Tie vast amount OF the surplus But
there ~ my opinion slrtng, II insuperahle OBJ
lection agdiit ting this measure, resulting from
the ac That an exclusive receipt OF specie in the Urea H.
ry would, TO give efficacy aud prevent extensive
speculation and fraud require entire on
lie part OF he Government with the banking "a STEM in
all its iorns, and TO the strong box means of
prescrvng aud guarding its fundsa means IL praciica.
BILE ALL i'll tie present state Of lbings, Liable TO tie oh.
lection OF being lar less sale. economical and efficient than
The present
What, then, Mr.. c. inquired, what other means do we
posses OF suhcen, efficacy in combination with those
TO which have Referred, the tfiher progress
end correct the dsordered OF the currency! This
~ The deeply important question: and here some division
Of opinion must be expected, hon united We may be-
as trust thus far, on all other points. intend to
this question explicitly AMI directly, without reser.
walton concealmeut.
After lull survey Of the whole subject, see none
can conjecture means OF extfcStng the country from
It's present dengsr aud 10 its i4rher increase but
bank--ihe agency Of bieb ia form under some