Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-01-04

Richmond, Thursday, Jan. g..
TIE SPECL.4L DEPOSITE SYSTEM.

no, iicconcile it 10 our feelings to suppress it. Although
we differ on one branch of the Special Dcp"sue system,
with our experienced Correspondent, yet le aruc'e de'
mands publication, from the clenrness, The force, the adj
miraJle spirit in which it is wIitten.-We shall make
no comments of our own; but we draw upon the funds
which have been furnished 10 our hands by the Char
ionesrRc RepuMtean and the Lhea O1SsrrcF; whlcn We
give below. Both pieces are also exceHenlly written;
both breathe wi!hal the finest spirit OF concltation, har'
nlony, and re union.
We are, indeed, perfectly willing 10 leave the whole
question 10 our friends al Washington, on both sides OF
the House. They have the whole field before them.
We are willing to leave it 10 the wisdom of Congress
We had INDUCED some hopes, that a well-organIzed sys.
tenn of Special Dcposites might have been devised by all
the friends of The Administration. We would have cut
Off entirely the Bank discounts from the prhic deposucs.
On this great point, we are willing 10 give the friends of
the Sub.1'rcasury a carte Nanehc-But it is now said,
that the friends Of The Sui. Treasury system will not only
propose, but press it again. De il so, il they think it
their duly BE il so, if The subject be discussed in the
proper spirit-But if they should fail ogain-ns we think
il most probable if the great acccssions, which they
promise themselves from 4 certain Qmarer, should tall
short Of their calculations, and be insufficient 10 carry IL
through, then it is possible that they may still rally upon
the ground of the Special Depos;tc System. We re.
spcctfully: honestly, conscienliously tender it 10 their
adoption. 1t is the best that VIC have TO oiler-lt is the
merit best, in the opinion of the President. We trust that
no insuperab!c difficulty will he found in agreeing 10 the
best notifications of which it is susceptible.
We scarcely need repeat, how anxious we arc 10 see
this question settled. The peace Of our public councils;
the uDIDU dUu lIc cHCIEy VI NE IStpuuIlCtu phIly, =
mand its immediate adjustment.-We may truly say,
with n distinguished friend at Washington, that $40
person has at heart more than have, the re-cstablisl.
ment of perfect harmony and cordially in our ranks, and
every sacrifice shall be made, on my part, for it, short OF
principle and self respect. an delighted TO see the So
her and cnncililatory spirit which anImates our excellent
friend, "a member Of the Virginia Legis!aturc) That
shirt. if properly cultivated on all sides, will triumph
over our present difficulties, and dissipatc forever the now
exuIling hopes and visions Of our Wing advcrsarlcs.' -
81 pray you to rest satisfied, shall act in all this business,
not only with GOODNESS, but with the best temper. lfat last,
| should be overruled, will acquiesce, and make no COM
plants. There ue certain principles cannot surrender
on this question, unless commanded by that authority to
which am bound to defer; but all differences of opinion
with our friends here shall, on my part, promise you,
be conducted with that moderation and cnndor which,
as the President says, make a diversity Of opinion a be-
ne!t, not All injury.''-lna another part Of his letter, he
expresses himself willing to engralt upon his system the
Especial attribute of the funds deposited, not becoming
a source Of discounts, as in the case Of a general depo-
site" awhile | feel (says hey The force Of many Of the
considerations against 'anniliilating, as Gen. Jackson
called il, the public collections, for purposes Of trade, in
q country where every particle Of capital is in so much
demand, yel yield most cheerfully TO this modification
of The old system, for the sake OF Cancellation and re-
union in our party" (Our Correspondent must excuse
us for publishing this extract from a letter which was
never intended Tor The %press-but lis splrit does him
great hunor)
o In The same spirit tho, is the following extract from n
letter, which we will rc~-pubiisl in our next, from the
Globe.-1hat paper does no more than justice TO The
character of its author. Why should we conceal the
name of Randolph Harrison, senior, oil Cumberland =
We can scarcely mistake lille halls from /" Cliff
ton'-und it was but the other day, that we heard from
his own lips, the manly sentiments which his whole let
Ter b~reallies: 81 admire the conciiiutory termsI IN winch
the President encourages the friends OF free government,
10 heal their discord upon a question comparatively OF
minor Importance, the adoption Of the Special Dtposhe,
which is essentially the Sub-Treasurys system. My only
fear is, that it will be difficult to guard against lis forming
a part of the funds of the State Banks, upon which their is.
sues will be founded. Our opponents would gladly make
it n vital question; whereas, the great, and, ! fear, aoid.
ing question is, whether the circulating medium oil The
country, and with it the liberties Of the people, shall be
under the control of a corporate company for 1t is idle
to talk of a money power in the hands OF a corporation,
sufficient to hold in check go many other corporate bo-
dies, which would not involve, as a consequence, the
power of controlling the Government and the people.
But let US bury this agitating question as soon as we
can, for, there is another darker subject, which seems
gathering upon Congress, and requires all the frmness,
as well as all the calmness OF which we are possessed.
This question is infinitely more important than THAT OF
the finances; for, il touches the dearest rights and inter
ests of the South, and unless 1t be conducted IN a be-
coming spirit, and unless agitation on Doth SIDES oe sup
pressed by the Patriots of the North and The South, may
touch this glorious Union itself. Need we specify the
mad. i~ucendiary spirit of Aboitionsm
But to our Correspoadent-and to the extracts which
we promised from the Charlottesville Republican, anu lhc
Utica OrS6rrcr.
SPECIAL DEPOslTEs.
II would be accc ptable To the public, TO learn distinctly
Wnul S IleuUl Nv lG - S.NN
Enquirer recommends il as a compromise between Inc
Sub.Treasury scheme, and that of Mr.. Rives bill. 1t
is not designed, by either party. That the Unitcd o'ales
should receive payment OF public dues IN inc piper u
any bank that continues 10 emit notes that are, mol con.
ver;ihle into specie al the pleasure OF the holder; ana
during The suspension Of specie payments, 1t Is admitted
that The Sub-Treasury is in actual force, ana must 80
continue until the resumption BY the banks. If, then, II
is mean, by the Special Deposite system, that the money
due to the United States shall be collected by the banks:
instead of the public officers of the Government, in the
Constitutional currency, gold and silver, or treasury
notes, and held by them separate from the ordinary
funds of the banks, and paid out 10 the checks Of The
Treasurer of the U. States. in the identical funds so col
lcctcd, it is only 4 modification OF the Subj lcasnTy
plan. All that the government can require. is, ina the
public funds shall be so KEEP as always 10 be forthcoming
when called for, without being at all subject TO the Hue
tuations in value 10 which The paper of the banks in the
several States is liable, even when those hanks profess
to redecmi it with specie. Gold and silver, being adopted
as the standard Of value. cannot vary, while the paper
Of the best banks is often deprecated, in some degree,
ut a distance from The place of issue, and that unIiorml'
~, required by the Constitution, IN the payment oil pup
lie dues, thereby destroyed, That a bank or Two, In
each State and Territory. might be safely trusted to re.
ceiye, keep, and pay out The public money, there can be
no question and this plan would possess the advantage
of relieving the public officers from n great weight OF
responsibility, and from the necessity OF personal secu-
ritv, which many worthy and honest men might be un.
able 10 give. Confidence must be lodged somewhere,
and it may be more convenient TO repose 1t IN certain
banks than in individuals. The banks could not jeo-
pard their character by misapplying the public funds TO
their own use, without an indeIible slnin on the reputa-
ton Of many-In other words, they dare not steal the
public noney-and this plan avoids, in a great measure,
the dangers anticipated from an increased patronage OF
the Government. 1t will he less COSTLY, too, lnAsinuch as
the banks, by - addition Of one or two officers, in
each, could easily perform the work, and save the
public the expense of building vaults, hiring guards,
&c. Whenever The Government may have occasion 10
transfer money from one quarter to another, there Will be
no hesitation in receiving tho checks Of The Treasurer OF
the U. S. on any bank, when it is known that they are
based on the actual coin in the bank on which they are
drawn. In many cases, such checks becoming a conve'
nient medium Of remittance, might bear a Preminm TO
The holder, while they could in no case be under The par
specie value. In some few instances, to ensure this pro-