Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1837-01-31

events, there would be heavy demands upon the bank
for the specie requisite in payments to the Government:
which the limited metallic circulation OF the country
would be wholly inadequate 10 supply. Would IL he Just
or wise in the Government, in the present condition OF
the currency, with a SLylGck severity 10 demand lis
pound Of flesh: Would not such q course tend to pro-
duce, instead Of avcrting, the catastrophe winch appears
to be dreaded by soEr:
.,nuu,J bc az Gul. dismissed. Mr.. President, as any
member Of this body, 10 hazard the safety OF The public
revenue by any undue laXity IN regard "l's e"''ec.
lion. The proposilion have had the lluno. 10 submit
nroriJrs siudiolIsty for the security Of the revenue. IL
no, only does mol allow the notes oil any banks 10 Dc
received. bu, sucl. rs are promptly redeemed IL specie
SUI ;rcI, too. 10 Important restrictions IN regard |" 'hef
DIT Ennilna ions but it O. pre- ss!y declares, That no notes
whatever 5Il,ll he received which The banks III which
,lrv ac to Lc deposited shall not agree 10 pass al once
to lhr credit Of The United STATES as cash This guar.
anty Of tie drTHisi:e banks converts the whale oi HE pub
lie COLLECTIONS, virtually, iitO specie and when II Is re-
collected lla, the Secretary Of the Treasury is l%mpo"ei-
cd, whenever lr thinks il necessary, 10 obtain from them
4 special and ST. parliamentary security tor the public de-
pns:irs, the so:iLlly OF the guaranty may be repoacd up
on with cnnhdrncc.
1t is uhircird TO this provisioa, by some gentlemen,
that il puts it in the puwrr Of The dHpoSl!e banks ~ say
what notes Shall, and what shall not, be received hy the
Government in payment Of is revenues. The absolute
responsibility Of the deposit banks fur The notes Deposit
ed with lhrn on public account II deemed 4 luildailrn'
tai pincip!e in Tie fiscal code Of The Government; with
cut ii. the practice Of special dcpoSitcS must be revived,
which former y subjected the Government TO heavy lnss-
rs, and is the origin of the u"araddGc JHnds still borne
on the Ennks of The Treasury. But if the opposite banks
ale tn he absolutely responsible for the notes deposited
with them, as SO much cash, they ought certainly to have
Il reasonable discretion as 10 the notes they shall receive
on opposite. This is no new principe IN The practice OF
the Guve-nmenl; it has been Il standing instruction from
Ike Treasury Department 10 The pubic receivers ana
collectors, fIr more than twenty years, to receive no
notes hut such as the drpos!tr banks would credit 10 the
United States as cash. To satisfy, however, as far rs
possible, the jealousy which has been expressed on tbs
subject, and To guard against any atbI'raTy or wahtoh
abuse Of their discretion by the depOslle banks, | have,
By Il modification Of my original resolution. placed them,
IN this regard, expressly under the supervision and con-
tro! Of the Secretary OF lie Treasury.
While The proposition | have had the honor 10 submit,
provides, as / believe, in the amplest manner, for the Sc
curily cf The public revenue, il pays a due regard TO The
interests Of the great body OF the community. An m
flexible eXacl!un Of gold and silver IN payments 10 tie
Cover uIuc lit, in the present condition Of the circulating
medium. il seemed me, would involve a necessary ana
serious arrangement ,n the whole business and commerce
Of the country. These interests | believe to be more or
less conmnn TO all. am not one of those vino see 4
natural cnmily and inherent nconpalIhIlIly between the
interests Li different classes OF mer. do not belong "
that school Of philosophy which divides suCiety horizon
tally, tie upper portion pressing upon the lower win Tie
weight q lis incumbent mass, Willie The latter Is CON
slant!y striving 10 throw Oft the load by violent and 'Il'
dic.ivr struggles. This is the beiiam 0ani"m IN "haaii
which inluls 10 part either of my philosophy or my feel
iuGs. No, s:;; my theory assigns Il erpendlcular stat
fcalioII to society, placing all lis conuponent parts side
by side On the same platform OF equality. with common
rights, Common interests and common duties, MUTUALLY
giving and receiving support by their juNtaposiiInn In
This aspect. the interests Of the merchant, l:ic farmer,
the int chanic, The laborcr. are the same; what promotes
the prosperity al one. rCdnunGs 10 the advantage oi r;cli.
In regard 70 the fleet upon The currency, the proP",
sit!on have had The honor TO submit, II adopted. would
prove in some degree Instrumental, trust. III promoting
that great reform which has been SD imprrs>ivcIy rrconi-
rlrELrd by the patriotic Chief Magistrate ct The nation,
and which. al the moment when he Is about 10 c!nsr Il
l,,r u,I riDrinns r. .rppr nj rullIr SprVIcp IN y EIllDHru
rrInrinrut, by ell u nation = wishes b!esl, may well
form the rljrct Of his ardent vows lnr his county. That
reform seeks. by the substitution OF gold anh silver IN
place Of Tie lower Gt !i"iIin2Iniis ul bank paper: to MAKE
the precious met lie familiar currency OF common
lie. But this uii"cl cen liz. fully accomplished Only by
the ultimate Suppression Of all n"!cs ui:'!rr twenty del
lars; five dollar nctrs and nall eagles Viii not circulate
together tie ten d"tiar notes must be PIT down before
the earle can take is place.
auI aware. Mr. President, that car position Is not c%-
cmpt from Gi:icul!its and dangers. But see III Iiirli
nothing 10 crralr aiainr, FAR lees 10 rXcI:c drspcudcncy;
but every Thing Ia rouse the devotion and energy Gi lie
patriot. With wiiilr yer cmhaIIasSmrniS we may hc be-
sci, there is u r~drrming power III the virtue nnd iniellI.
gcnce uI III" American people, which Will conduct Us ~
snlri; and triumph through them all. Some grEiiria"n,
! fluid, slEi tolid!y recur 10 their iavoriie prrsci 'p'ion oi
4 national bamk Us The Panacra tr all our Ills. In my
huuib,r Judgment. sir. The remedy Is lar worse Than the
dis.asv. The protection Of 4 nalonal bank wcu!d he
''swci' Protection as vu!lures give to lambs. No, sir;
let us rather invoke The protection OF our guardian and
victorious bird, the American eagle, the eInb!cnl OF our
tItcduni ard strength. An able and experienced Ineil-
Der of the House ui Commons, speaking Of the inherent
tendencies oil lire banking system, said, There is in il an
inevitable tendency 10 ovt,.issues of paper, without a
constant Scni"d k"rping watch upon 1t, and that se"'!.
nt' (or tn. M twas tLe metallic s0rcTeiSn 10 constant
circuIaliGn." The American metallic eagle, III active
circulation, will perform The SINE tutelary office Tor Us;
and viii: such other provisions as the practical ahu sa-
gaci"us spirit O! american LEGISLATION shall devise, "i'
finally. | firmly hcl!rvr, riuct our currency on a lno!inE
which, for convenience and security united, Will llVhi
Env Llirr InGcr the sun.
LIT the Site L.r :: siAtures procred firmly and v,gor.
Gusiy in Tie suu~it ssiun Of the small p",rs believe
tIry ~will.-IL.y have Tie highest motives which can
address themselves to human action To accomplish THIS
great reform. Let them subject all banks, both old and
new. 20 iic:rlii regulation; ltt them regard with ..ra!'
ousy every pIuposi.iUn for an iEcieHS" oi banks: ana
vi, Id 10 none which is not founded IN bread cGii*iGr!a-
iiuns 81 public utility; let them impose street, practical
limitations both upon their Issues and their discounts;
let them provide for frequent ]prri"dIcal scru;lnics into
their condition; and, above all, let them retain IN thrI!
own hands Il constant power al correcting abuses. and
Of protecting: in every emergency, The interests {! tie
cCmEurity.
it is lIis; principle Of legislative regulation and control
over banking institutions. which crns.ituirs the e;stInc.
tive feature I'll American policy. ii IL the result If the
PRACTICAL character Of Ike American mind; aId | am
happy 10 ffrceiv" HAT The pr"l'c Of nldrr counlrps--o.
England rspcciaI!Y-are turning 10 lis for lessons and
examples in this branch Of the public economy. lntha,
country. beyond the @ miles from London, which d, fine
tie limits Of tie Bank Of England monopoly, numerous
hrundS ui joint stack companies and private bankers have
sprung up. without regulation iy law, without lml&tion
Of number, without restriction as to their issues or dis.
c"rn:s: and without responsibility II the public alth"rI-
ty. TIE cons' qrrnce las tccn, that this branch other
system has run into wild disorder and confusion. They
nav Sc that The privilege nf issuing mnrey. Of whatever
kind, is nh essential b:anah of the public sovereignty,
and. like eve ~ o,hrr Lrlrgatrd power of that solt, il must
be subjected I" regulation. In inspection. 10 rcspnns!bi-
lily. Ihis is Il lesson they have learned from US; and il
is g~iatjyiHg 10 see that, on another fundamental point,
the most enlightened minds in that country are Cunning
tn The same conclusion that We have attained. They
tegin TO sre that the monopoly Of the Bank cf Eng.
land, IS that ul the Damk ui the United States halp. is Il
dd"grr"nS monopoly: that The dominion of such all i'll
siiintion oyer Tic circulation is 4 power more Of EVIL
than good; aud lEat it must be brought dawn to Tie level
of competition with other solid institutions. The OPT
ninns Of the two countries, on this great concern Of the