Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-03-10

entirely OF specie. To ObvIate lhIs, Tue SeS'r
the Treasury recommends that any surplus aoo'e ioui
;lIons or dollars should be invested i'll stocks, 10 De
sold whenever the Treasury should want the ihohFy
Aware of the importance Of providing against al u
crssary surplus, the coninee have duly coas"se '
nr,nnsi,ion but feel constrained to REJECT IT, "e '"
orcL Of The plan no" proposed Is 10 c'I1"s
sury exclusively the cp-c'iun transfer, ana dSon'st
m.nt of the public mnnry by the mos. simple, rc"h"'h
cal and safe il, not designed that hr ''aH"'1
should either be faancier nr bnakrr further lah uy
h. absolutely necessary in the call, clinn aud dshrse
men, of our To cunnrc il either with STOCKS OF
banks would be incompatible with this design he coca
soual investment Of our surplus m'2ht also pfn"'ce
other evils Our dealings IN stuck would Dr anticipate
by hnsr engaged in that trade and Sp:cuialio"s "oou
BIZ funded the fluctuations OF "ur treasury Con'
rress too would neglect Of its first dulles Whch Is
10 reduce cur whenever The revenue exceeds inc
wants of Government. 4 permanent law, gTaaun'ihs
MIR income 10 expenditures, may Ge hereafter ADOPT
d whru all our dus are levied sd vnlnrf'n, as Is i5-
nos.J by the act of March, 1888 10 luke effect III loi2
But for the present. investment or any other measure
is necessary have rcdsun whatever hpprrheha
surplus The 81 nllti"rs deposited with the S'a'es
is wholly unavailable; the debt OF The u , BANK Is pay
ube IN three annual instruments. AMI The SIX ni'iIohS Oh
s,socn!cd balances due from the depose banks, VIII
not be paid for time to come. Our revenue pom
from customs aud lands is very much reduced, WINE
our military expenditures are unuvoilhly increasing
and further and extraordinary appropriations must he
made for the present year. and may be required IN 1857
The Treasury which were authorized 10 bp issae
u The late session arc receivable for public duss and
cannot be- re-issueJ This makes charge OF some NIL
Inns the revenue OF the present year e!u ~ ''e
amount of the notes received al our custom houses ana
land Offices It is Obvious, lla far from being surplus
there will be deficiency, which must be supp eilher
by re issue nG the Treasury notes rrdrened or ny al
authority To issue others There is not The least prnba-
by iba, our revenue, for two years to come, VIII be
roun 10 the wants of Governncn and it, for the next
four wears il should be sufficient 10 meet our expend-
lures and to redeem the Treasury notes which have bsfn
or NAV be hereafter issued It will be full us mnch as can
be reasonably anticipated. In The mean ilhe our 'au
is in prucrss OF reduction and after June. el, Ihe
highest will be t@rn'y per cfnlum nj Vhlor"m.
uuyablr in cash. When it is considered that one nan
of our mpolatons are free OF duty, it is obvious that
80 far from anticipating surplus OF revenue from th's
source Government will be compelled to rely, more
than has done hitherto, lis Income from pubic
lands for its support. The proposed watchousIng sys
TEN would also tend 10 keep the revenue down. ns mcr
candse would only be entered as might be required
E,r nsump,i"n The Treasury notes required for The
service of 1888 and 1880, will only hc issued 10 dis.
charge claims, or, the money may he wanted, and
any surplus which may accrue in lSl0 and lS4l, Will
be immed atey applied 10 their redemption In lS42
the all vaorem tariff takes effect, and the balance IN
the Treasury will he easily regulated by Congress- No
surplus can therefore, be unlc atcd nor is there the
slightest foundation for the fear that the banks can be,
in any manner, affected by accumulation oil revenue
in the Treasury, whether consists Ut specie or Treasury
notes. Such apprehensons, for two years to come we
istng obligations will require all resources; the re-
venue must be paid fast as is collected and the
balance in the Treasury must remain al It's MINIMUM
AGd there is no prospect whatever Tor lour years AZ
least, of surplus whether collected IN specie or other
wise which can in any manner, aI inJurlGusy the
rud, credit or currency Of the country There Is cer-
ainly therefore, satisfactory tor providing, at
this time, for the investment OF surplus which may &C
crue at some future PERIOD not TO he anticipated
FROM the actual condition Of our finances, and the pro-
h,h
il Is obvious, that the question IS To the medium IN
which revenue shall be collected. must be- for some
time 10 come of very little importance, so far as 1t re-
ules 10 lis practical operation upon the banks or Trade
Of The country After the suspension, the Treasury was
compelled collect the revenue, according TO law, IN
specie evidences of public debt, and until there is
u resumption Of specie payments, neither Congress nor
the Treasury CAM by any constitutional MEANS dlrect
that it shall be otherwise collected Some OF the banks
may resume at an early period; but while there Is
evidently little concert OF action or harmony OF
purpose among lhen it would be unsafe to invest
The public money in the notes OF any Bank; and
when general resumption will occur Is MT now
TO be anticipated The rejection adoption, there
fore, Of the measure propUscd would not now alter
the medium Of collections, and could not infect trade
or banks Its adoption, however would be far bene
fetal as it would tanGutlize the public mind: while It's
rejection would tend only to keep aIvc
imaginary appelleusons. The revival oil trade depends
upon its own and ample Its temporary pros
lralun was produced by of its periodical excesses
Nv and all that is wanting 10 give impulse TO the pros
perly of the country, is The mutual and concerted acton
of our banking nstIlutions-re most efficient agents OF
credit when associated with the fortunes OF party,
or tic operations Of Government
Practically the existing law and that proposed
is the same; and as this section OF the bill would he in
operative for some time, might, on that ground be
dispensed with; but il is Of great Importance 10 The Co
vernment and The country that permanent system
should be adopted and most especially at time when,
nnfpn Hnap obi
ton cannot affect cny interest The present is The NEST
proper tine devise means gradually to take from The
banks the power 10 make the public revenue instrument
tai in increasing the embasrassnenis oil the trading
community. 10 their nUles as O medium Tor our
receipts and expenditures, would as efecualIy defeat
this important object as II we were 10 continue 10 depo
site the public money with the banks Whether The Co.
ycrnment keep their notes in the Treasury and them
for public purposes depose lis revenue in banks, Is
wholly inIa er1 for their dcounts would be eQuailyeX
tended and The design OF the separation equally defeated
The only practical difference between the depose sys
TEN and the pruPUsed ut we are still to Keep
and circulate bank noes Is, that we Should under lie
latter be al the and trouble Of keeping amount
of bank notes in The Treasury as mere substitute for
an equal amount Of bank deposilrs which would exist
under The former system, without any agency, rsk or
expense whatsoever the banks would be- enabled 10 in
crease their dividends by dscuuntng 10 The extent OF
the public CALCULATIONS. and on the amount oil their de-
nvsiics in the Treasury of the u S. Under either sys.
tenn the Government would find its Treasury precisely
in The sane embarrassed condition that il in May
last, As 10 the mere formalty whether the Govern
enl or its debtors shall draw Tie specie from the banks,
such an arrangement might be made Tor the convenience
of the Iut,er without drttiment To the Treasury But
the permanent depostes Of the public money must
sisl of specie or evidences of public debt, and all
payments must be made in the same otherwise the OBJ
ect Of separating the Government from banks is entirely
defeated.
When the banks resume specie payments this section
will take effect, but il merely proposes prospective
reduction for six years. the process will be gradual
scarcely to be felt especially in the present reduced state
of our Treasury Al future period when surplus
may accrue The effect Of specie collections will be most
sauary in noderang the excessive issues of bank notes
al those points where paper currency is most exposed
to explosion and in checking abuse of credit in its
origin The amount of specie which would be at any