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

OF the currency from the possibility of depreca.
uon he administration of the Genera Government
conhding in the stability Of measure so extensively
adopted by The States, and with such unannity in the
respective Legislatures, has based its in
relation TO the currency its supposed continuance
The general government will not nssurcdy be abandon
ed by those States in the prosecution of wise policy
the adoption Of which they have themselves Invited
II is not to be apprccnded that course of legislation
SO vnci!'ctag and unnecessary, will become the re-
proach of any of them.
That the result Of all these measures must be larrc
and heah" Infusion OF gold and silver into the circuat.
ing medium OF The county, doing more good to the cur.
fehcF 'hah was done ny the Old than b. expect
cd from new bank, one can doubt. indie, rnd,l
OF all tins the treasury has it in its power to exert 81.
!ua'y influence, first the dcpositc banks which will
always be selected from the principal banks in the States
ana through them over the residue. Whatever check
was exercised by the United States Bank on the issues
OF the State banks was done either bv resinp to take
Their notes in deposite if taken by returning them
quickly for specie, if it believed their issues to be excess
slVe The deposlte banks have right 10 do the same
thing. and are in the habit OF exercising it. when in
their opinions an occasion for its exercise exists Over
the depose banks themselves, the Secretary of the
reasuEy has liberal supervisory powers He may in
ms discretion direct, before remarked, increase of
their specie, when it appears by the returns which they
are Obliged TO make to him short intervals that their
issues are large and dsproportonate to their specie
hand and constant and great check is exercised
them by the actual public knowledge Of their condition,
obtained through their reports, and the regular pubca
ton OF them.
am for exercising this supervision in a just, but at
the same time in an inhcxibe spirit. If the supervision
OF The treasury prove inadequate to their due restraint,
have abiding reliance the intelligence and virtue
of the people. Temporary Inconvenience may result
from the folly fraud Of these institutions, but the
remedy will soon b. applied. people like those
OF the States composing this conlcderacv, will not long
stand 10y and the currency of their respective States
corrupted the value OF property unsettled and all their
interests deranged, by: the nprudrnce or cupidi!y
OF these interpretations, without finding and enforcing
an ctfcctua and at The time, constitution
al remedy. These observations do not proceed from
desire 70 deal harsh!y with the State Banks" Although
l have always been opposed to the increase Of banks,
would nevertheless pursue towards the existing
institutions Just and liberal ceursc-protcctng them
in the rightiul enjoyment of the privileges which
have been granted 10 them, and extending to them
the good will Of the community SO long they discharge
with fidelity the delicate and important public trusts with
which they have been invested But all experience ha
ing shown that there is delegated power more liable
to abuse than that which consists in chartered privileges
of this description, would be astute in watching the
Of the banks and yigant and prompt in arTestng
the sghtes, aspiration on their part 10 follow bad OK
ample, b. seeking TO become the masters. when they
were designed 70 be The servants of tie people.
Sincerely believing, for the reasons which haze just
been stated that the public funds may be safely and
conveniently transmitted from portion Of the Union
to anoir that domestic exchange be successfully
and chcapy effected, and the currency he rendered at
least sound under the existing SYSTEM these objects
could be accomplished by means Of National Bank,
would not seek remedy for thesTils TO which you al
ude should they unfortunately occur, through such
medium, even if the constitutional objections not
in the way
Bul sir, there are. in my opinion, objections 10 The
re establishment Of National Bank, Of character not
inferior 10 any that have stated. The supremacy Of the
popular will is the foundation Of our Government. II
we allow it be Frustrated, either by corruption
fraud, the republican principle which gives life aad cha
racicr to our system, will be broken down 1t is only
by ggidIy and manIuly unfolding that supremacy on
brpo ct iEp nal
efforts Of spirit winch is inherent in all socctleswhich
has ceased TO maintain powerful !oohold in
these States and which is at work 10 subver those
teatures OF system which place the political rights
of The people upon equal footing. hold 1t to be SUI
tcipny certain tina! vast aorlty of the people Of The
Unii7d States opposed to the late Bank, and are
equally opposed 10 new one. lhey have had fearful
proofs by acts of Inc correctness of Mr. Jcersons
opinion that ths institution is Of the most deadly
hostility existing against the princp Piles and form of our
Constitution and of The rra.onablencSs Of his appe
pensions, that penetrating BY its branches every part
of the Union, acting ny command and in plaIanx,
might, in 4 critical moment, upset the Government. -
TO suppose that the people of this country can ever
again consent to place great power as that recently
welded by the Bank Of the United Stacs-a power
which could agatc at pleasure the elements OF society,"
and carry and embarrassment To every of
the lund-in the hands of any body Of men, is to sup
pose them alike Indifferent to the lessons OF cxpe;i
encc the calls Of interest," and the principles Ut free
dom; to have neither the capacity to understand their
duy the hrnuess to carry out their own dcerinl'
nations.
The rces,abshment Of the u. States Bank would,
therefore, under Whatever plausible prctcnccs effected
he an nracton OF the well understood will oil The peo'
pie. and fatal blow TO the cause of sHtgovernment-
So strong my couviconS upon this SUBJECT and 50
imperative my Of duty in regard TO IT, that can
NOT conceal from you my surprise. as we'll rs regret
that the idea Of plishing that object is st, as
would seem from your letter. kept on foot IN any quarter
You. last question seeks TO knaw 'my opinion as to
the constitutional power of the Senate or House Of Re-
representatives. 20 cxpungc ar cbcratc from the journals
the records or proceedings of previous session.
You will, am sure, be satisfied upon further conside-
ration that there but few questions of political cha.
ractcr less connected with the duties p The oilce Of ire
s:drnt of the U. S., that might not with equal rFoPrIe
ty be put by cecor TO candidate tor that station
than this With the journals of neither house OF Con-
gress can he properly have any thing TO do Bat, as
your question has doubtless been induced by the pend
ency Of Col Benton Resolutions to eXpunge from INC
journals Of the Senate certain other resolutions touch
ng the official conduct Of President Jackson, prefer to
say that regard The passage Of COL Benton Pream.
bic and Resolutions, TO be act o! justice to faithful
and greatly injured public servant not only constitutions
in itself but mperuusy demanded by proper respect
for the we'll known will of the people.
This reply to your numerous questions, has unaVoida-
DIV extended to much grca er length than could nave
wished. have g ven you, without reserve my "npn-
ions and views upon the various hjrcts which you
have presented my consideration but you can hardly
intend, as your questions would seem TO imply that
should into any engagements with you as to what
particular bills relating to those Subjects would or
would approve in The event OF my election to the
Presidency In the cases where have avowed const-
tutonal objections to the alluded TO, any thing
further would be supcrunus can think 1t consist
en with the respect due from TO the people OF the w.
States and especially that portion Of them who have
made me candidate for the Chief Magstracy to tender
to you on the present any other pledge than
such as is necessarily implied in the foregoing avowai OF
nv sentiments and as you may find in the history OF
my public life
am, sir,
Your obcdcnt, humble servant,
M. VAN buren,.
Few pubc men occupy position regard to them less likely