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

| lIc last IL w ttN - 80. 'rI 4
laps, with all Que efforts to reduce 1t, 1t may s'''. "ot "I
gi,orl Of thirty ,milions. There would thch pe 'nnty
MILL, us III dollars 10 BIZ paid TO The I"Frthhen.' "ut
a circulasiop OF twcEty.eIglt millions! ~ "h''o" t'
,w, su.,. * +, show The IemcriIy, il not The lnpussib!'
1 lite. of the atte!npt. If the public debtors Should IL
thrown upon the hanss trr urge amounts VI specie, 'o'
4 TO br hud from The Circulation VI We country, no o'e
can Gr at a loss to perceive 10 What q disastrous c"leht
,, business relations and lrcuuiary CONCERNS uf The
whole community wotld De embarrassed and deIanaed.
! AID bow much "t sprr!r, permit NE Ia ask, woulG -.
r,ain cor HAT immrEse ,uaSs Of payments III private
/ uailsacti"nS, which, according To L practical estimate
..adr by MIR. Gaialin, in reference 10 the revenue COZ
Irc.rd, a"d the business done, III the city OF Ne" in,E,
exceeds Er0rr tam .Iyfy &tmtS the payments 10 me u o
vrr's!'eni: .N"Ii!iiIg, therefore,, eau be c!en''r lhl" ''I
al attempt, with eur present llmi:rd circuIati"l, tu COZ
lecl the pubic revenue IL siwcIc alone, would De GIG
Irss;ns 10 !hc last degree, ard could not ABIDE lhe 'est
vi that public juG giIeni, without whose api'fOoa'c" ~
system OF policy can ar ought tn stand.
! The honorable Senator from Missouri, (Mr. bellunJ
in the able aEeec! made 10y i:ini in the opening OF thiS
discuSsion-a speed, WHICH docs linn great credit, il
ouly tor HE extent aad variety Of tie research G!Spiayru
by hun, but tor Tie iuicr and ability with wh:ch lie H.
iusirai,d his nv : views, On s"lle ii which II Is ly ms
fortune Ia GIt!t r II"n tInl -br"ugh i to Tic notice u me
Senate, from HE evidence taken Gri"Ie The t"IIiInlltte oi
Secrecy vi the House I'll Coniin"ns On The Bank vi Eng
land cslallrr IN icj2, the case III a banker at Manchester,
who paid out. in iie Cuursr ut the year, abrut SIX mil.
lions Of doilars IL specie 10 The operatives ot that place.
But this was drur IN Il cnn:.trY, which, us have ready
! sE0wn, POSSESSES an acluil /. circulating lncluliIc CURRENCY
Vi one ulu my HiIili'lis vi uoiiu!S VIA
metallic circulation is out twenty eight millions! The
rxampie of iIr. Samuel Jones Lloyd (lIe banker refer.
red ln) Oh TINS pant, is so instructive in ITSELF, and 81
s!rikina!v .Ias!: alive ii ihe rgumenls have advanced
that urn leave 10 read line V liulr OF that portion ui ith
the SENATE. IA Ii" tu!m OF question and answer in wl!'cl
II Is reported:
"G"e<nOa. You are aware ,ha, a great an"u. . Of 'pecie is If
quite4 every week ier the payment vi wages II 'l1"eh"Sle'
.3"srr. y very large "m"nit.
QastSa. Can yo" sv, The committee any idea Of the amount
.a"sicer. No, t"""ri hu, 50 iar as rsnr"' tie ISSUE Of our owl
hoase, sh""i say '"a. ","h tbs average we pay "''1 A'''0o I0''
Qas~hs". sshat n fresh s"rply Ct soTeIeis@' i" e"eh week."
20 ;u os'"'3 a. =; I1" "a! tue ~ e area; -t"aI - a. s stT%l = BIZ, 10, 10 that "a
tent. think the I'Ish 'ilpI! requisite VIII 'efiSr '''nc'h'"s ''
thaa 0,GgJ Il week.
Qa,stna. Lv:ore tie abolition oil the 81 notes, we've lhse pay
nculs srGcGaHy nmGr III ~ LLtrs:
Va,s.~a. VA, ihc am m. thea ubcu, the saine?
Vs,Si.a. Iuu shy that ,L.u, q, 900 Il week is wlu, you aGe GU.
81 {. oa ah".ciE,I 20 p#y, unI tLai Gd.ut lI,GOU "af ""ck m sr"'
a""&s! Nhar 60 you SIP. h, nd becoi"ss q: the 's!"a'''"S 1850
.sa$rer. '.lco the 81 no'es were i" circulation, VIC could 'r:e'
it pretty accurately, AID 1rir'c ihc couse 10 he IL" s""ne VIII
IL so"'i'i-nS i"'y are pan" principally IA Wages. The ""'E PC"
pit !y 'he" tut IA cIya;aios und PROVISIONS, a'! llo.c s"vef'is:
I"I" W. ,'.i,.'n,a e s"iI"iC"i vac t 'ys ,, ~. ~, " i a., NV" ~" ~
10 L"@a"a, or reGr" iisn u .G1nca' 'G, - may he most c'nrcntcn
rnss..on. 1t toes 40, G,.fow. then, because you are obliged /,
hrv. 1880 sosrr"i-us from tIn aIInch hank ,thuI l., hIAmch uf lhH
Gank "i s.a+!n%A,, 'ha' the amount ii The eItc"iuuio" IN Ma"ehrs'e'
Is c"mluuai: Increasing 81 tc raI- OF TO-, 0aH w"rk:
.!"%"cr. No, lao not airfcacnd IT Is ncIes:iIs at al.
NV. SIR. !rt It's s"r how these large payments i'll spp
csc, IN Manchester. aye made. AR. I.lny d says express
j. that. al HE - $50 snvrrcigns Il WICK paid out h!
lii;n. ID UH@ Of them are obtained from tie circulation q
!kc Liace. rs, through that channel, they regularly r""i
bdrk ieO his kands; that he requires Il frs supply q
about 1880 s"vcrri.ms 4 week, from the hnnk; hut laCs
iJ.U4) sovrrcigns are also constantly returning to I'll"
bank from The rtrrH!nfi"H Of the Country. They are fir.
paid by the work pr"pl" 10 the provision dealers; then b.
the provision dealers TO tine iarun rs. Of when they pro
cure li;rir supplies; ltuE the iar:i""rs they pass into tE'
hands Of tie c"unlty bankers, who either return them I
the branch hank at Manchester, or, what is The san"
! tl;np IN fleet. send tlrIn III to the uGISDt UaHk at Lon
don. Thus. til. whole amount Of these spt Gle pay
uIents is supplied by the actual circulating medium
OF the c"nniry-a lining easy and Convenient enough
aud perfectly natural, y here the amount ul gold and sl
Yer IN daily aud active circulation is l3G UiU, 600 Of dol
laIs. To make large Payments in specie. under sucl
circumstances, is attended with Io difficulty, bccaust
specie is the common aud ha!ilual currency Of Tie conn
Try. The metallic circulation ol England Is 4 Irrrriua
tnuntuin. T. d by tie Streams which flow from, nd az
constantly returning into, il. But 10 make payments II
s;arir, 10 tie Government ainac, OF thirty or twenty
millions ii dollars, or the half or the fourth Of those
SUNS. i'll a counlry whose circulation consists Of 100000,
Uut, OF paper, a:d uf bni &c, UUJ COO Of gold and silver, il
q Tar different operation.
Another most Important lessen is 10 be derived from
the evidence "i MIR. Linvd. How we're thUfe pay mrnls
for wages made in Manchester previous 10 the prch:!,I.
ton ri tic small notes: Ia SorerigAs? In gotd or 81.
re:? Let Us turn 10 the examination Of Mr.. Lloyd.
"QusSiOn. b. tore lhc Ambition Of the 81 notes, acre tECsc pay
mcnis generally "'adr Ia 81 notes:
Q"estoDn. Vas ihr amorm, THEN ubort Tie s=ne?
.tH>e,r. Quite ia LI.r."
rrrviuus to The Suppression Of the small notes, then,
the whole amount OF payments now made in g"IG, were
Elate exclusively in one pound notes; and, hut ir that
suppression would still be made in one. pound nUtrs.-
While the ore pound notes ware in circulation, t'->r
Payments could not be HIadr in gold, because gold was
no, in circulation. Cold was. d"ritlrss. IN the Country.
accumulated in The vaults vi banks; but mol inirg IA
circulation, there WIS no common and accessible iuGd
from which it could be readily and conveniently obtain.
ed ior the business Of lie. 1t never will be in clrcu!a-
ton until bank notes III the sna!irr denominations have
been fist suburtsypu. IL Is i'm vain for The (fpvrruiutrI
to atieiupl IL bring II into c!IcuiaiiOn by demanding ii
IN payment Of the public dues by G0irg so, the Iuil,c
debtor may be subjected To EarGship, the banks may BIZ
exposed |" runs upon them i"r specie, aud lie business
OF the community t:ay be- crippled end dcrungCd. Blu,
gold and silver will nrrcr circaiHtc while bank notes u!
the sane Len"H:'na;!on are IciinitItd I" tccrry 1ht
channels Of circulation. " 3u may call spirits from the
va>ty deep. bat will they cone :
The icqui>tll"u ui sirclr IN pa ripnts To Tie Govern.
r''nt will not only not avail 10 nfIng gold and silver III.
u ctrcuin:t"n, but. il insisted Oh, whIlr uulI nIG silver
yet form, comparatively, hrt Il small part nj the actual
currency III lIe country. il will inevitably have the eli.
feet I'll diminishing lleir circulation. While bank pa-
per forms Ile great iuass Of the currency oflhe county,
Ii The Government; refuse 10 receive il in payment o.
the lahhc dues, and demand specie exclusively, The ne
c'ss"ry consequence wall be lu enhance, 10 I greater or
less eXtrnt, iic waite Il gnI! and silver in relation 10
paper. That trImg The case, gold and silver will no lon
ger crc"iaic freely. those vim have spc Gle will BE un.
"INng 10 Parl wiin IL, excerpt at il premium: and lhusc
Vino have notes " Ill br anxious to convert them into sIc-
Gle. Uu"rdhg Gt lhe precious metals Will then COM.
IIrlc", and but 1T L. Of lI:rm be seen in circuiaiiou.-
\, "Er. presume, Mr.. President, attaches much lE.
p"itaTcr To The to;i ctHrn ui The pubic urcuuc in
specie. as an ultimate Gtjrcr. il it Gun be made equal.
IS safe by "ii:rr mrans. 1t is only as an InSitu-
mnt Of purifying and correcting tie currency, tina,
il deserves the cuns:l' ration Of IL practical STATES.
man. The great 'tJ'c! Is not 10 aiiIaS5 Specie in the pub.
he lrrasIfy.'r lii lhr vaulS ct banks, but 10 J:i!use lis
beautiful currents through the business "f society, and
10 brig IL into active circulation ain,.ng tie people
THIS can only b" tilrcl; d ly The previous suppression II
Tie SIail lu,Cs, and uuy 1llCIuDl lV iip (Iuvprru,-t.
IJrre NGt IS a0nr. IN collect lis rrveuurs in 'succir, in.
stead ct promoting and e%xIenting the circulation o; gold
unt silver, tends dir, CITY To nuIrcw and diminish lhtir
circulation.
The indlscrimina;e refusal of bank paper in payment
OF the rrt'ic dues might, in The present condition of lie
country lei. attended WITH ulasr srriuus hazards. We