Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-12-08


Government. There would be some guaranty tlct lie
spirit of wild speculation, which seeks TO convert inc
surplus revenue banking capital, would be eHectn-
ally checked, and that Tic scrnes oil deoraizal:on
which arc prevalent through the land, would
disappear !
Wllhunt desiring 10 conceal that the experience and
observation OF li;c last two years have operated
partial change in my views upon ibis interesting SUD-
ec is, nevertheless, regretted that the suggestions
made by me in my annual messages Of lc23 aud 1851
have been greatly thunderstorm Al thai time, the great
Struggle brguh against that alilunarun cuiislr"c
ton ri the Constitution: which authorizes the unlimited
appropriation Of the OF the Union 10 internal
Improvements within the Stales tending 10 invest in
the hands. and place under The Conru OF the General
Government, all the principal roads and canals oil The
county iii violation of Stat rights, and in deroga'ion
Of Stale authority At The time the condition 81
the manufacturing Interest such 10 create an mp
preaenscn that the duties imports could net, with!
OF; extensive mischief be reduced in pre-
vent the accumulation Of considerable surplus after
tie payment Of the National debt. In view Of the dan
gers Of such IL surplus and in preference to lis app
cation 10 Internal improvements. in d"rogaon "i the
rights and powers Of The States, the suggestion q. an
amendment Of the Constitution, to authorize its tist-
button made. il alternative for what
deemed greater cy!s--a Temporary resort, TO re-
Icpc an over bufdrned Treasury. nnt Tie Government
cou!d without Sudden and destructive rcVuslon II
The business Of the country, gradually return 10 the just
principle "l raising revenue from IN" people,
in taxes: than is necessary for rs economical support
Even that alternative not spoken OF bit IL connrc
ION Win an amendment OF lie COUSutut!On
porary Inconvenience justify the exercise Of pro.
hibtcd power power not granted by that nstru-
Ment-and It was from conviction that The power 10
distribute even temporary surplus Of revenue is OF
that character, that II was suggested only IN connection
with appca! 10 The source ut all legal power III the
General Guvrrnmrnt the States which have establish
cd IT, No such appeal has been taken, and in my OPT
mon distribution Of the surplus by Congress,
either 10 the States The people, be considered as
among the prohibitions Of the Constitution. As already
lntInn;rd my views have undergone change, 50 lar AS
to be convinced that no alteration Of the Constitution IN
this respect IS wise eXpcdicnt. The influence at an
accumuiatg surplu: upon lie Legislation of the Gene
RAJ Government and the Statrs effects upon the
dit system d The Country producing dangerous extern
and rulnnuS cOnractioiS huctu uiS IN The pT:cc
ct property, rash specializing Idenes extravaganza and
deterioration of morals. have ught The important
icsSOn that any transient mischief which may attend
the reduction OF revenue 10 the wants of Go.
Trrnmenl IS to be borne in preference to overlooking
Treasury
beg leave 20 call your attention another subject
intimately associated with the preceding onctlc Cur
rency ct the country.
IL is apparent from the whole context Of the consti;u-
1iun well the history of the which gave birth
10 ii: that i! the purpose OF the convention To csab
Isl! Currency consisting OF the precious metals These
5rota cir peculiar properties, wh!c! rendered them the
standard Ut valnc IN ali other countries adopted
this wei! establish It's commercial standard in re-
terence IL nrcgn countries by permanent rule, TO
exclude the Use Ut mutab!r Trdum OF exchange such
oi certain agricultural commodities, recognised by
the statutes o. States tender for debts, the
still p"rncipus expcdlent Of a paper currency
The last from the experience Of the evils Of the sues
at paper during the Revolution, had b;ccmc Justly
obnoxious, not only suggest the clause in the
constitution tp1idding the OF bills Of credit
by the States, but also tn produce that in the
Eenl!oh which nrgatived the proposition 10 grant power
IL Congress To charter ccrporatIunSa proposition well
understood al the time, intended 20 authorize the
bi!Sllmcnt Of national bank which To issue
rcncy OF bank notes. capital TO be created to some
extent, out OF Government stocks Although this pro-
position refused by direct vote Of the Convention
the object afterwards in effect obtained by its ngr
Nous advocates through strained of the
Constitution The debts Of the Revolution wcre funded,
at prices which formed equivalent compared with the
nominal amount Ut tile stock, and under circumstances
winch exposed the motives OF some OF those who par
cipa!rd in the passage of the TO dstrust.
he facts that the value o! the stock greatly
HANGED By the creation of the bank that i was well IN
dcrs:o"h hat such would he tie Case ard that of
tr advocates Vi the largely benefited bv
H. belong to the history Of the times aud are well cacu
lated 10 diminish The respect which might otherwise have
"cn due TO the action Of the Congress which created
the institution.
On the establishment Of national bank it became
tic interest Of It's crrdurs that gold should be suppressed
I'd hy The paper u the bank 4 general currency.
value was attached TO the gold coins, which made
their expectation 10 iorr On countries mercantile
commodity, profitable than their retention and use
IL home money. II followed as 4 matter Of course
il not designed b. those who established the bank that
The blk, brcac, il effect, substitute for The nint Of
the United States.
Such Tie origin Of 4 national bank currency end
such Ike beginning Of those difficulties which now APP
pear IN The excessive issues of the banks Incorporated
ny ie various States.
Although il may not be possible hv anv ltuisla,ivc
means within our power, 10 change al the system
which has thus been introduced and has received the
cGu'scence Of all portions Of the country, it is certain
y our duty 10 do all that is consistent with cors.
tC;iona Obligations IN prcrcn ing the nIschirfs which
are threatened by lis undue extension. That the efforts
q" the fathers Of Government to GUARD against it
by Il constitutional provision founded an init
mate Knowledge Of the subject las been frequently at
tested by the bitter experience of the country. The
same causes which led them to refuse their sanction 10
power auhorising the establishment Of interpretations
!0 banking purposes, now exist in much stronger de-
gree TO urge TO the utmost vigilance in calling
l!o action the means necessary 10 correct the evils
SullIhg rCm The unfortunate exercise of The power and
1t is 10 be hoped that the opportunity for eecng this
great good, will be improved before the country witness
cS new scenes Of embarrassment and distress
Narlabrncss must ever be the characteristic Of
rcHcy. Of which The precious metals not the chief
ingredient, nr which be expanded or contracted
without regard to the rtnc pies that regulate the value
ct those metals standard in The general trade of the
world With US bank issues constitute such currency,
and must do until they made dependent on
those just proportions of gold and silver circulating
medium which experience has proved TO he necessary,
not only in lhs but in all other commercial countries
Where those proportions not infused into the crcu
auon, and do not control it, it is nicst that prices
must vary according 10 the tide Of bank issues and the
value and stability OF property stand exposed 10 all
the uncertainty which attends The administration of in.
slitutlons that constantly liable the temptation of
interest distinct from that of the community in which
they established.
The progress of expansion, or rather deprcc;a.
"n Of the currency, by excessive bank issues is al.
ways attended by loss TO the aboring classes. This
portion Dt the community have neither time oppor-
tunlty to watch the GIBBS and flows IF The money
Engaged from day TO day in their useful tolls they do
not perceive that although their wages noninally
the same, somewhat higher they greatly re-
duced in fact by the rapid increase Of spurious
cy which, as ltarPears to make money abound, they
al fist Inclined 70 consider b!cssnG. Il is with