Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-08-23

SOCK" nur imperative o'hs.
# rect as II ~ we are in this respect England
81 ,-s wisct "',,ion Of all bank notes under 70,
FL hts the es,. aud France, all under 500 francs,
Eel 70 about sHn and there is scarcely pillage, or
III 70 abou! sr,rIand in which you cannot, without
F., 81 nt' !" nySnicncc change five or ten pound
ID ,.hitS' ,b,sr Of higher denomination, INTO god
e. sna c"" =; rr,ncc thc,e are like facilities.
& rcr; a'" has fer hung time PAST been widely dif
~ ;S:&'''' 70 be accounted tnr when VIC reflect
M a, ;2c' '", ,. , the Federal Government. The
81 u" Nas' WV. :, Congress express power Ito coin
81 ,!,a"on -,M.r The value thereof, aud Of foreign
III al" , : rxprssly prohibits the exercise of ST.
H. al" - the states 1t was 10 the Fedora! Govern
Al ?a%ei :; ,rI 10 that only: that the trainers If
Il. :i':'' ,, Looked for whatever OF a domestic me.
ii Cca '".. ~. interests Of the people of the United
;n"F' s.cari,v nr property within the same,
II n; and ' =, rcdurc; and they also refused TO
ii .e ''" 10 Create corporations, and expressly
.e:: Inc safes from emitting bills Of credit, and
81 MiEd ~. v ,hirE but gold and silver coin tender
M'',= =; debts, il is equally obvious that they IN
81 ra:"'t|' ,r, rule that The currency OF the coun.
s. aaca Is d natalie aud nota paper currency. Whe-
~ s:rH" " ",sirn.d 10 divest the States Of their
81 =. !hEy y. =, incorporate banks, il would be
"a ..l:a: :s" useful to enquire. That matter, so
'H''' 10 ,hs mere question Of power, must be
u "''' .eG in favor Of the continued authority
81 "i1.. Assuming that this was contemplated 10y
Il TIE 4! The Federal Constitution, It is then most
81,
:'a , their expectation that the respective Go.
q .i,,d faithfully discharge their peculiar du
,aa':s G,,,uly coniine themselves to their respec-
= 81" INA, the Federal Government would exert
a Hs,',.,s',,,i,na powers, not only by creating and
q Z, rr;,lic currency but BY protecting itagains.
81 &"s .a,,rn of Tic same nominal value whilst the
r,rt s,c!. emissions u; paper as might be actu'
"'', i y; the necessities OF commerce, and not at
"',Iber m denomination or amount with the cx-
"' -, m ADEQUATE sprcie currency. Had such
FIX w nrrsrd there is the best reason for believing
:,,. pro2nrl:ju between paper and specie might
i ,,, p,csrrvsd, and 4 sound currency uniformly
;,I",sJ nu; instead OF pursuing This course, the
81 Government at an early period, authorised the
' ,,n,- money and with the nler!nisSon Of very
'= 'cr,Ilnurl 10 d, until the expiration oflhe
:n.ri,s late L. ) Bank: and as if anxious 10 con-
,r- share to this iuroad upon the policy of the
4 ~ rI,nsi,,,ion the State Governments have not
,.,J swar;lls of banking institutions, but, un.
,ly mos, Of those Institutions were authorised
,>ns notes of as low 4 denomination Us sim
Ir,- The consequences OF this departure from
,, ,olcy OF the traGners of the Constitution, aud
w.. ,,r.opTiale functions OF the Federal and State
-,.r,l.s have hcen extensively injurious. We
49,, them in the almost total exclusion of gold and
,,., cy,cn, Of silver also. from the circulation of
nn,:; in the enormous issues of paper winch have
, mad, wicmcysr business was inviting and public
-. ..rca strong. Tie con,ractionS which have followed
-.;s,r,t$ haze occa$oned in the frequent deprccla
. md II numerous Instances, the utter wortheSsness
- ,anc- in the Temptations held out to the crime
-,srr and The general prevalence ct that crime; IN
, .H,,f.,us Collisions which have occurred between
site banks and The bank established by Federal au
.,y. sad above ALL IL the daring attempt Of the lat
. -, I, control the public will through the medium
. c.;uns, and after this effort had been rebuked by
100 ,g,.iIirncs and virtue Of the people, 10 extort
-, d; ,nai decision BY reckless warfare on the bust
.s Of the c9lnrv
is time, hi.i lime, that we should return to the con-
,nal no!cy; and LIE first step in The way Of reform,
ina, the Federal Government confine itself To tie
,;ica Of CON- and that The States afford it fair chance
. circulation Can any one assign even plausible
,q.,n why the United States cannot maintain as stable
currency as either France 0. Great Dritaiu' None,
y, me other than that it has not been the policy OF
q Government That 1t should be in all material
c.c,s 80 fax | Judge, We are in an equally ia
,r.e. il nc; superior condition. Whilst both those
1iies ruSt Ic lmportationS from abroad for gold
their minis We derive three fnurthS of million an
ar from our Mines and are besides nearer the great
;2aies Of it in South America. Nothing. therefore,
Il a faithful prosecution by the General Government
the Safes Of the policy Of the present Adminlstra-
a in regard 10 4 specie circulation Is necessary to
zee us on footing Of equality in this respect with
le nations. Such result once accomplished, it will
?.ie no aboufed argument to prove that more will
nj Of the crrlcncY, than ever accomplished by
Bank Of the United Statrs or than ever could, i'll
nature Of things be accomplished by such an instI-
son. We nay fnd in what has already been done,
greatest encouragement TO vigorous prosecution Of
!: policy.
Ia the years 1896 1927, and 1928, the gold coinage
.oan.ed 10 onIv Sl54 ,G53, annually. Since that period
ms been as follows: In 1922. $ 205,7l7; i'll 1880,
!Io5 in ISL, S7l4270; in 1882, $7a5, 49, in 1888,
>}i in ISL S3,954 270 in 1885, s., icG l73; and
tie inst six months Of 1885, 81 OOG.573; and in the
anInr six months of the present year. It Is expected
u much argcr--ticrc having been coined in the
ah q! june alone, over 900 900 Of dollars. The
Il scar, to coin WILDE greatly Increased
he completion of three new branch minis. And UNI
what circumstances has this extraordinary and regu
increase of the gold coinage been accomplished: In
midst o! an incessanl and unprcccdenedty violent
!gg.e tie part o.! the Bank OF The United States,
Ie.char-r that Institution and its advocates cor.
u regarding the free circulation Of every piece OF
c"in as al Argument against the alleged necessity
national bank.
do 20, now aIiule 10 what has been done with any
" 10 elimination; but the argument requires us to
with facts as we fad them II is well known, that
addition to the difficulties that from the i'm
Ee Of the Bank 10 obslrrct the circulation OF
gold coin by collecting and boarding it, the question
ether we should have gold currency or not became
Owed IN the fierce political contention OF the day, md
lie efforts of well organised and powerful party were
lied % enforce the negative Of the question.
I, under adverse circumstances like these so much
been done, what may we not accomplish in The new
|" OF things now opening to the country. When all
res OF The establishment Of National Bank are Civ.
Up, the principal obstructlons 10 the circulation OF
gold coins vii! to operate--tle leading motive
d'scTcdi!ng this species Of currency will have been
e away-politicans will no longer find an induce
nj to engage in such efforts nor will the people al
matter in which their welfare is so vitality concern
% he any longer mingled up with party strife. The
tes reflection must convince them that they have no
rest in the party conflicts of the day, which can JUS
so suicidal course. The passage of the DePoS'te
will also be regarded by the people as pledge
all parties TO give TO the existing system, when
'udes The idea of a National Bank, fair trial. Inc
n'ry desires repose and we may reasonably
= That the whole community will be disposed to en-
Tage rather than to discourage specie currency
: object will also, before observed, be greatly
nolrd by the stimulus which it will receive from
recent Legislation Of Congress. Three additional
Is have been established, and the President Is ar-
tscd by the opposite bill 10 keep them amply sup
d with bullion and the Secretary Of the Treasury
Empowered to require an increase specie in any de-
lie bank, and Is restricted from EMPLOYING as an