The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-05
THE SPECIAL DEposITE SCHEME
the RIcHMoND ENQUIRER.

THE RICHMOND ENQUIRER
II is with the deepest regret, that we see,
the experienced and influential editor Of the
Richmond Enquirer, has finally committed
himself by the way Of compromise upon the
special deposite scheme, as will be seen by
the following, and another extract, in our CO.
lumns from that paper on Friday last.
Are we then for sunendering our objections to the
Sub Treasury systemi Clearly not. We persist in
them Us firmly overland we call upon those friends
Of the administration, who have hitherto supported it,
listen calmly to those objections to confer with their
differing friends and to adopt such an arrangement as
may compromise all difficulties and adjust the subject in
an amicabe manner We will not quarrel about terms.
They may call the Special Opposite System the Sub
Treasury scheme, il they pleaseor, if we please we
will il the Anti-Sub- Treasury Scheme. We shall
be satisfied with iand hope that both sides Of the
House will freely and amicably come into it, II does
not increase the already great Of Executive patron
ageand it secures better the public funds. These
the great advantages il claims over the Sub-Treasu
y System. And by special arrangements, i prevents
those nordnate DISCOUNTS speculatons, and overis-
sues, upon the faith Of the public depostes which
so strongly and so Justly objected to by the Pre-
sident in his message, eve admitted the force Of
this objection, the first structures made upon the
message, and we threw out the idea Of Special De-
posite) Unite with the Special Deposte feature,
some limitation about the bank currency. and we do
away, in great degree the objection that the other
system would establish two currencies the better for
the government and the baser for the people. Pro-
vide, (wh Mr. Dawson's amendnent,) that each bank
shall receive special deposites, all moneys ofthe U s.
which should be paid into the same and the keep
special deposte and specie, TO the credit Of the
u 8 and not use or bank upon the same" And that
such bank is g To credit specie all sums deposited
therein the credit Of the Treasurer of the u s.,
cet such may DO deposited in Treasury notes such
other notes scrip Congress has may hereafter
specially direct to be received in payment Of the public
dues, not being bank notes and TO pay all checks drafts,
warrants drawn such deposites specie required
yc holder thereof" Or rather fyou please, provide,
in the words Of Mr. Rives Currency Bill, that the reve
Of the government shall be collected in "gold and
silver in the notes Of specie paying banks which
the Deposte banks will agree TO pass to the credit of the
u. S. as cash" OF course, provision will have to be
made under Mr. DIS amendment for taking that
these specie depostes to be secured, and paid
away SPECIE "f required by the holders of the Trea-
sury warrants shrewd friend at elbow also sug
gess TO there could be objection to the reception at
and the places Of ISSUE Of the notes OF specie pay
ing banks be eashed by the collectors, and the specie
put into bank special deposte. He contends, that
the public creditors in such case, would not often take
the specie away from the counter Of the bank, when
paid to them, but would leave it, and take away the
notes Of the bank In TRUTH when the banks have
ton, between the valne Of specie and the notes Cat
near the point Of ssue and in many cases. for the con-
vencnce Of transportation the notes OF banks IN the
highest credit might be worth little more than the
bullion itself But is the province Of wiser economists
than profess to be- adjust the details of system,
which might embrace the advantage Of both alternatives
without mourning the serious objections of the Sub
Treasury system. We leave the question in their
hands. What we invoke is, conciatory spirit
temper best calculated to promote the union Of the
liz 10 n.N IF
our country.
The spirit of Cancellation and compromise
is in all cases to be admired, and in some
cases it may with much propriety be urged;
but it seldom fails when adopted, to cause dis
satisfaction to both the contending parties.
In one of our large commercial cities, we
once knew Mr.. A., as honorable, just, and
strictly equitable man in all his dealings with
his fellow men as the world ever Witnessed.
These Distinguishing qualities had led him to
be frequently solicited as an arbitrator, on oc-
casions Of individual differences, and refer
ences. 1t was, in little time discovered,
that the philanthropic feelings Of this good
man led him to act the part of mediator in
place of judge, by which both Of the litigat-
ing parties, through his efforts to produce con-
citation and compromise, were always left dis
satisfied He became so universally known,
at length, for adopting that course, that both
Of the parties in cases Of reference would
mutually agree to except that good man from
being chosen one Of the arbitrators.
Before our respected contemporary of the
Enquirer had fully committed himself to the
special deposite scheme, we deeply regret
that he had not stopped to ascertain the practi-
cabihty of adjusting "the details of a system
,ohich might embrace The advantages Of both
alternatives, WITHOUT mourning the serious OBJ
jections Of the Sub-treasury system"
We have at our elbow" friend of some
practical experience in finance and banking,
who desires us to throw down his glove, and
to challenge any one whomsoever, to take it
up, and to discuss under his own signature
the practicability Of establishing the details of
plan of special dcposites, which shall not in
cur the serious objections Of the Sub-treasury
scheme. Our friend furthermore authorises us
to say, that he will pledge himself to show
most conclusively, that none of the provisions
Of Mr.. Dawson's amendment can be carried
out under such system-that the swords of
Mr.. Rives's currency BILL" referred to in the
above extract, would be rendered altogether
nugatory, relating to the receipt Of "notes of
specie paying banks under such system.
That the operation Of the scheme in the cities
where the bulk of the revenue is collected,
would be to arrest the chief operations of the