Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1837-01-31
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III LLSIl VI rltS ~ lE: y 'eE"H
On tbs Currency ef tie tnied States, anil the Codec:;O"
# tic FHLic ktrsmuc.-lS SEHATfr Jan. 10, lS31.
The folioa Ing resolution was sub:HIIlcd hy MIR. HIVES
IS q substitute for the resolution Of Mr. Ewing. q! ONO,
l!cpasing 10 resc!nd The Treasury order oil July II: Lot:
R,se!"a!, That hereafter ul .rn< Of nionry accrli"c "f b'c""n%s
Pay he /" ihn GuitcL states, whrihcr ftoa custontF, inrIc .r'ri+,
.ni curfrary Of he Ini:rI 81 ,,cs, o. in the notes Of banks VII.
are iaya5l& III! pil Oh h.:na!rI in .Me iii IsI aa,rs,cy, nr4.r iIc
toH""i"g rcsifi.i:"a' and conditions in rc-arI 10 sn'h G"t>:: that -,
which shuIl issue ills q notes .; Il less denomination ;au !va dol.
las, s'H.I be received il .y0ci; .: The p"Nkr dan.; ''"n ga NJ
bill q! mites u: = iaS dissemination tliaa len 'oalars, ..ali ,! IT,
crivitlr; ~! ;:u": an! ats. inc Ers' Of July, 1871, ,ic li%e r;":ii'
lien shall be c~x;erd:dto' Tie no;"s Of all a"n.s Is>'i:s '"iit "' 80" :
CT Il L.. denomination ,!II twenty doll II: ir"sid'd, A"crrtr, - nj
TIE soprr,i>io. am! conlro! o! the Secretary u! the Treasury, agrsc
10 pas 20 Ii. crc.i; OF the United states us caSa.
The question briag on the adoption Of his substitute
MIR. EivLs said. t!:al in asking The indulgence oi the
Senate. it was not his design 20 abuse their patience by
rc.aTaai": Tie questions which had already bees 81 luliy
and - ably discussed, in relation To thr legality "r line
policy uf liz Treasury C;rcuiar. 1t WAS his wish on
to state. som:cw:!.t m,nts at large than lac had YET ind AL
opportunity o! doing, the view SIS nn;!rr tHt ln;iacnce %!
which lie lad offered tie proposition which S"oS p'ad.
ing before H." S"lalr as an amendment 10 Tie tesa!'h-
lion {! tie Senator lrcin OHIO, (Alr. Ewing In refer
cllcr 10 tie most important uhjrcIs of The Treasury Cir.
cu!ar, he rc.nidcd That mraSUte a. h. inr done lis ":iHc,;
ai.d tie Interests u! Tic county are no.? MACH rn"rc c''I
crrUcd il: the provision wr shall MAKE Tor the future,
than in any GccsIun We Inay pronounce u1":. the past.
~ az IL ! Isb t"- i''h''f S''''- N"N - - y saw '''' 49, va
addressing Il i:w remarks IL ti" i5GnIlc .I this subject,
said what ] take great pleasure To" ~ repeating. t!!aL
III wiatrvvr different Fights lie operation al The ITra'
&G:Y Circular iilaj have b"r: viewed. 81 one thing WIS
lsrfnlahly f"fS!iadpr.-that the mGtiTrs which iaa IN.
GsccG tic E;iIi. iuaclicnary a! The head oI' the GG"rTu-
s..gut r. G.u ct the issuing uf il, were II rrti2ct c1hsp-
u%rcp w!ii thai elevated and pa!rln!ic spirit which had
sn c#!isl;aa:i!!.i. mar "d the y !IJ!e cGuisr nI his rm5I:c
ii!t; and that u" ii; fest al legality, i'll my estimation, la!
ter n s:.nNn III the authority nnGrr wi"ct! it Was issnr!.
! added. "!:u. l'!at !hc measure vas pr"m ;Iy IL Is" view.
ed IS 4 Temporary che, l." Continue III operation unit! !'ic
action %! Congress Gl the W!i"ic subject could be OBJ
tanned; and that tie President himself, rs shown Ey the
ryla ice oi his u!c.slgc III Ire commencement III The
Se<:.i 81. .at;ac:nG Ito Importance 10 lis adoption is i irr.
!i.;r"l,i !!!c I'll f1i!C:-
- d: lAc leading objects Of the Treasury Circular,
81 Tie li"c i was is:GrG, Was, 4" check that lrl:c''nr} 30
cXt!.SGe@Hit Gai:n i:SaC3 and bank credits, "hiC!i las 81
sinra!'? marked tie history IL tie las. twelve or eigll.
teen rlnnl!.s. But, 81 far as that o'Ject is c2!lccrnci.
tie SarI" effect wil nov he Produced ia L I::aiim + not
less ccr,nin: though BY I process III re grli'iI!: and there
fore easier and salt. IL The community, ty The opera.
iirn 81 The G"2ns::r act. No o:e can doubt, Mr.. lrr>i-
dealt, i.,i vn" ri lic cinel C4usrS vi Tie r"crn! "Hrr-
action {! IL" banking system IN lh!s c"i:"!r! Is 10 I:
lound il: Tie immense sur's "f p"b!rc moneys Irit IL the
trp0s!r ta"ks, and which haze bctn used al! trade
upon Eg theta, rs Ill addition Oi 50 much ~ i!lri: blH%.
inI cil.i:!S. Iil:S Is I state u! things "!:!c!! mas been
rla!l!rL!!y rcrric!u,s IN all It's bearings. the cnF7rc!iin
&! 50 crcal an cvti luTimci III my li:Ind "ae Of thr s'i"aS
est cGr#i!r: Gj:D:I$ iuT si:irg lie Cordial su"l"ii / ui ~
tie LJiI1ai;c act OF lie last SESSION; Z Elras;irc "!!.c;i,
however mgcil ii:scohctIged "r itlisi"pf"scuitG III regard
Ia lis true character, has, in ny opinion. crEic:r,,! tir3!i
III" c,,i:lry 4 Loub!r hcnetaci!on oil TIE highest va:,c:
first, IN pu.;irG oul u Ike way Ut Tie Government the
lgnu.!iiua, whose powerful! Influence we were already
U2. ming 10 feel, 10 useless, r&IihVaGdn., and aniI'rc-
puuu!.Gau expenditure; and, secondly, III taking i:'''n Tie
drpGsrc blnaS Ma! gratuit"Is and artificial IirreIIIent "a
thar capitals, WHICH has been Il main cause 81 lie IN.
natural dls.rus;nn Of on: rairr currency, and oil That
.n"!Glnair spirit Of speculation, which has prevailed
through lie c"untry. In gradually withdrawing, as
~ ac nos doing Ivy the act OF Tie las: session, these
large amounts ul tie public treasure from the pos.
Session OF The depcsite banks, and III avoiding, as, |
trust, by q wise aud p%rovidrnl lsgisialinn, we shall 40,
The accumulation OF any idle surplus III future, the Co
ye!nmcut will take away the stimulus which ilsrli las
given 10 the excessive issurs AID credits uF lhr hauks
AMI We may thea hape that, under the sa!utary cantI"i
o! tie la"S vi trade, they wall return within those sale,
proper, and natural limits, which tie 4asIisss OF ;Hr
Community requires.
While on ii!s branch Of The subject, Mir. President. !
viii make u!r other observation. llowcrr: necessary
CT L2Si:ahlc the contraction ri our paper circulation: nay
be. (iit be-, INDEED in tie large EXCESS which is sup
yusrd by i:.any,) il tiust Gr DGGHr III mind that t:rCTc IS
10 operation rl"rc delicate than the reduction II! i!c cur
rrucv Ui Il Country. A decreasing circulating medium,
i: il agreed alike b. theoretical writers and by enilgl:t.
rurd pinc;ica! lDcn. Is PIecls"!y that c"ndrti"n III the ni2'
nryc! affairs Ui Il community which Is Tie mp+t cri;';I!
and distressing. 1t is a transition from high - iow
prices. from L CERTAIN and liberal reward q! !al"ur |" az.
.,.in:.A:ed wages and rrrcaI:ouS employment. from active
and Ir0spcfing Industry TO general luig,ur mad drpTrs.
s!.!i y: al lee hptTGlIJIS oi Gsii!tsS. IL Is Il Cii!i'H' ID
whics s?cirly Always al isis itself Slow y ard painfully;
a"h, under the taOst favorable circumstances, must be
attended with distress -otlrn with extensive Il:n. Great
caution, tieiciu.r: is necessary: lest II De uaGc!! ir.cIp;-
,a,t din is progress, or ha.s!iy aggravated in lis effects.
w kaye; IL iir history Of our OWN country: at Il period
!ot Tao remote lur The recollection OF most OF US. J. :ne-
.nara5!r example Of IL" distressing rifrcts III i rapid re.
auv;vn Of tie circulating medium. 1t Is S!!'k'Hgly OK
hItGt:d III all lis details in the ahie report Vt MIR. Cra%-
:irrd, thea Secretary Of the Treasury. Oh the currency.
in l-aJ. IL is ..v.c sllu#n that The circulation Of the
country, in tie ih7re years from 1916 - 1919, ind been
b;nushl Gown f;um llD millions in l!e lDrI;"r. Ia il
millions in Inc latter; mnkinE the cnrrtnnI* redIc.
ti,n oil 10 mI!iuns wit!in tia! short period! The scene
Of wiie. spread ruin and distress, which rrsnrd, Is fresh
in the mciiIni les nf all wbD Witnessed 1t. II Incu!2a!rs,
at hast, the ntcrssiiy Of caution III Tie actiHn al Tie G"-
YcrniurT!, Oh This subject. 1t ls eur duly 10 Withdraw
:rouI tIr banking operations "i the country That GftiiicIai
sti::Iuiaui which Inc Government i!.cl! has adia:;i;Hi"r-
ca; but that Icing donc, 4 just pulley, III ge "clai. r..
Gu:res tia! the concerns ii trade should he lett /" !rgn.
iar themselves hy their "%n natural and remedial laws.
R"ca:tiiii., then, the Treasury Circular as having
mainly done lis ciiice, we are nuT called upon TO esta-
i,IYl sD:ic permanent and equal rule for tie cn!lrctInn OF
tie rub'ic revenues. Ii is I duty which re Cannot ciadr,
If We wn"Id. in the JOINT power which lie constitution
Invests in Congress, 10 lay ana cG!icGt laX's, our G"'y
is read 10 Us in terms too s:gn,iican! 10 be mistaken. II
il rs muc!. 4 pat Of The Itgisiali"c authority /" say III
what nlannrr and by what ...Ic the c9ieni1H n' IL" p'iD'
iic revenue shall tr effected. rs /" say |" that amount
and from what sources il shall be ra:Sfd. lnipnr'ant Us
s::c!! il regulation Is at al! tunes, IL derives: III ~ Fi's.h'
rnolrnI, \ particular interest, from lis close c9nnrxI"n
with Tie sui. Get Of the currency. 1t is in that co.rrx-
ion, thai all who have participated in this drbaIc have
d;srusse.: h question before tie Senate; and t Is, doubt
less, in thai connrxion that lie public aiirniinl IS
iiG.ntI wi II most anxiety 10 o;r drc:sini upon II. !'eI,
Mir President, ali the magnitude and all the difficulty
81! THIS GREAT question Of the currency. There Is IiOne
that rises higher IN Importance, n' tsscrads MGR" deep
~ into The Interests uf society. 1t ''c"ii:rS 'ioni" Ia the
business and The brsoins nf llcn.' ll"H' cs alike The hum:
best lauorfr and The wcaiih!est capitalist on il depend
lie security Of property, the stability OF contracts, the
cr!rfM.! and Support of families, and will add. in a great
drg5er. !hr public morals; for nn!i'ing, IN my opinion, -
more calculated 10 unscttie the moral sense ana ii:pi's al
L.. .r.,.iu Ill ~ rcn.I Ir.i,rnl