Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-06-15
asichlnond, Friday, june rs.
THE SPECIAL DEp0sTTE SYSTEM

that it is the decided choice Of large majority of Viz
g'nia The present state Of matters at Washington is
investing 1t with additional interest.
1t now seems to be given up on all hands that the
Treasury bill cannot pass All our private letters az
well as those which are published elsewhere, declare
that lis fate sealed Among Others is the Correspond
ent oil the I. Gazette, who writes from Washington
on the 9TH, that "the Sub Treasury Bill try il when
they will, will be defeated by vote Of IA for it, and l25
against it, and that all the alarm, and hesitation in The
matter gratuitous" The last Madisonan declares
1t has made "diligent inquiry into the subject; as
the public, that If those REPRESENTATIVES who
are known TO be opposed TO the scheme but do their d
y by being the spot TO record their votes when the
question up there chance ,aerer Of lis pass
sng tie House IN any shape Ii proceeds To give a seized
ue of the votes Of the deen, States allowing lis for
the BILL and ll9 against it, votes dead, absent, neu.
trail. &c, and then adds
every doubtful vote Of both political parties is count
ed for the Sub Treasury Of these there eght-fye
Of whom are denominated Calhoun Wings: two origi
nally Conservatives and uncertain 1t is generally
understood that four if ave. of the eight have very
recently declared their intention TO agans, the bill
which will havea double operation by decreasing one
Bide and increasing the Other Then said the mem
Der from Georgia. will vote against The BILL if necessary
10 defeat it which 10 not probable Besides there arc
two members whose votes have been counted among
those in favor of the scheme who have gone home and
from the state Of their health: it hardly possible that
they will be able 10 return-We believe that from eight
TO twelve will be found against the scheme in any SNAPS.
whenever the vote shall be taken We have felt it a
duty owe the public TO enter into and give these de-
tails for the nn-rose Of ouietins 70 Tears and uanGng
ing ts mind.
We have also two similar lists before u.s. one Of
them embracing the names Of every member Of the
House of Representatives aud the result of one of
the best informed SubTreasury arithmetcians is that
there will BE- majority of at least seven agains: any
Sub Treasury Bill that can be frnmed.-On the supposi.
tion then, that the bill will be deeaed the next question
is, WHAT THEH?EThe SubTreasury bill is out of the
question The former general Deposte State Bank bill
is also out of the question Is there other system
which may be suggested There clearly s-and, there
FORE the issue which gentlemen attempt to trump
up in order Justify their vote for the Sub Treasury
BILL viz that the only issue is between this bill and the
National Bank, untrue We may the State Banks
in another, a better, and modified form-in other
words, there is the Special Deposiie System at our
elbow and what is singular is, that some Of the
very members who con6ne the issue 10 the Sub
Treasury and the Bank, in favor Of the Special
Deposle at the Extra Session of Congress The ques-
tlon assumes another phasis IT is this Shall Con-
gress do nothing, will they adopt the Special Depo
site alternative? This is likely, from present appear
unces TO be the alternative which will in few days be
submitted 10 Congress
But to do nothing is not 10 do thei, duty by the coun
try. Something must be done TO the difficulties
which have been created in the of events by
Of June 1886 That act must be modified, in some
respects 1t of every bank which has issued notes
under So, from the Of the Government. None of
their notes can now be taken they be used
Of The banks are in this predicament, it becomes
sary 10 amend The law in these respects. Besides there
various other considerations which call for the
lion of Congress
But ifihey act at ALL what can they do' They mus,
take off the disability which the Of sc poses
upon the Notes OF the banks. But something is
required TO retouch The system, and to regulate the De-
posites Is there, them other alternative than to
adopt modified and restricted use of the Slate Banks
in other words, the Special Deposite, in form
other?
We do not hesitate to repeat decided attachment
TO this alternative. We do not CO. either for the Sub
Treasury, or the General Deposite system. But are
that objections have been strongly urged against
its adoption; and not astonshed, that The Mlad
sonian has again forward and arrayed its forces
against 1.-THE Madisonan has frequeny not only dis
approved but reprobated it, tits high time TO notice its
objections the question may be rapidly hurryng to
its denouement. We do not mean to enter the Lists, al
great length upon the subject This is probably the last
time, thai shall notice the objections Of the Champion
of the Pet Bank system.
The Madisonsn is pleased 10 say that The advocates
Of the Special Deposi,e scheme like 0ose Of the Sub
Treasury, have the object in view that
they both go for separating the money Of the people from
that of the banks and far as it be used for any
liable purpose to annhiate totally that the advocates
Of system urge the collection of the entire revenues
Of the country in gold and silver and the other 60 for
collecting them in paper, which the banks employed as
special depostaes shall forthwith place 10 the credit OF
the Government specie; and there keep it locked up
until i, called for and then be prepared at all times 10
pay il specie! What is the difference Gt asks be-
tween the schemes' Just as much a, there is be-
tween six and half dozen, and no more"
The Madisonian does not state the correctly The
advocates of The Special Deposi,e do desire that the
monies Of the Government should be forthteih locked
up spece-On the contrary we have expressly stated
that the Depose banks should receive the money of
the people in the shape of convertible bank notes; and
that such notes they please, mot the unbounded
discretion of the Secretary of the Treasury may directly
which they to crsd eashtha at certain period
say 80 days, they should settle with the Government
and pay up the balance due mot the whole sum- course
received because the disbursements would in the
time be taken ou)-that they would pay up these ba
ances in special deposte, either in specie, in avala
BILE funds 10 be used else where for public expenses and
payable within the next 90 days-o any other arrange
rnent which is calculated to the Government in
it's funds and TO off the banksand that, Of course,
as they would have to settle with The Government they
would have to look ahead and settle with the other
banks ION the principle OF Mr. Rvess billy whose notes
they had agreed 10 receive We would not have this
system go torth,oiM into effect-but would further
ease off the banks by posponng lis operation for short
tme and then bringing it in, by degrees, the princi.
pie of Mr.. Calhouns secton-sy an annual, gradual,
convertbiliiy Of the balances
But the Madsonian contends, that the Sub Treasury
and Special Deposte schemes identical-that the
difference between the two is just much there is
between six and half Dozen and no more. We dfr
with him. toto Gallo We have shown, that the Special
Depose System obviates all the great objections 10 the
Treasury System, besides realizing peculiar bene-
fs of its own. II dispenses with the stern requstion
of hard money in the receipt Of the public dues-lt pre-
sents greater security of the public money and much
less degree of Executive patronage and influence. We
think the system is the BEST in self-but to the Uras,
who go for schemes of their own, have respectfully
recommended it a compromise between the two con.
tending parties.
II seems however, that nothing will satisfy the Madl.
sonian but return the General Depose system and
analgamaon of the funds Of The Government with
the funds of the banks Now, differ in this respect,
ALSO from Conservative contemporary. We are in
favor of separating the Of the country from the
ordinary discoun,ing operations of the banks and for
this among other reasons that the Government, the
agent Of the people, should not expose the public money
The contingencies which the banks from the nature
of their business, be or less exposed