Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-03
7,O TIE EDITOR OF THE ENQUIRER

To TIE EDlIOR VI 1HE kfQCIREH-
Some misconceptions 10 exist US 10 the tendency
and purpurt of Col Waknss Resolutions, submitted to
the Legislature on the 18th inst. The friends OF the
SubTeasury Scheme appear to think that they recog'
nze the obligation of employing the State Banks to col.
ect and sburse the public revenue, requiring only short
settlements with them, and that they should deposte the
balances in specie, in their vaults. and under their
own control: unless it should operate injuriousiy on
their interests. On the other hand, the friends OF The
State Banks object to the principles asserted IN The
preamble and 10 the feature requiring the balances
to be paid at short intervals in gold and silver The
Madsonian denoHnces the Resolutions, going The ul
length of Gen. Gordons proposition, whilst the Jealous
parlizans the other extreme, ready to excoinmu-
nicate Col. Watkins from The orthodox church,!
The fact that his resolutions not entirely accepa-
Bile either partly goes far to prove that they are con-
ceyed in the spirit of concalion, so strongly eVln-
ced by the President when as an alternative measure, he
suprested the keeping of the public money in the
State Banks spccut depositc. The question with The
real friends Of the Administration Dug to be. not what
each considers best in the abstract but what Is attana-
bic without sacrifice of principle, by uniting on some
common ground In the struggles that are about to en-.
sue for political power, nothing is essential as union,
and will any sincere friend of The present Administration
encourage distinct organization OF parties III reference
the currency question: when there are so many otes
of infinite moment, which its fate may depend! ms
would be zeal without discretOn defeating ultimately Its
own ends.
As an Administration and Sub Treasury man, could
wish that this Legislature would altogether inlerdic le
believing that attempt 10 obtain such al expression OF
opinion would be altogether unsuccessful and would eud
To enlargement and dsunlon among TRENDS, VINO nave
heretofore acted together, cannot but commend COL
Waknss attempt reconcile jarring opinions, by as
ser,ng correct general principles, and leaving TO Con-
gresS to settle subordinate details
1t ought escape observation that IN no one
of the Resolutions compulsory use OF the Banks by
the Government sanctioned or approved: nor IS there
any nlmaon Of opinion that the Banks are 10 be MADE
the receivers of the revenue, before it converted into
spccic That matter is tacty referred 10 the wisdom oil
Congress. The preamble asserts facts and principles
undeniable in themselves and in strict accordance win
the views Of the President developed IN his two Nes.
sages 10 Congress 1t contains succnct statement OF
the strongest for not employing the agency OF
Banks us Special Repositories, or of making them "a
fixed part of the machinery OF Government.
The first Resolution presses the opinion, that the con-
pesion between the Banks and the Government declared
in the preamble TO be unnecessary and attended win
evils should not be renewed and rePudlatcs the en-
ployment of any Bank Estate or FedernD IN collecting
and safe keeping the revenue except as sPecaI uePo'
STORY do not understand this, as allowing OF app.o'
ipr the collection of the by means OF banks
The exlen, and meaning Of the exception Is SHOWN py
the next resolution and if that is not suthcieh 'he
words scollecting and might be exPunged
The first paragraph of the second Resolution rec"e
nizcs PRINCIPLES believed 10 be fundamental to WIZ mat
Gold and Silver are the only true measures OF Va'ue
that there is too small proportion OF these meals III
circulation compared with the immense amount OF pa
per- and that this proportion may, ana ousht 10 De M
creased by creating greater demand Tor speceoo ar
it is, 10 use Parliamentary word antagoniseat 10 Tue
paper money system and it defines the true position III
which the friends of the Administration sand IN fea
ton 10 4 hard money currency. lhls IS rehuefeo nc
cessary by the nature of the charges brought or nshu
uted against thcm that they are The enc mes oi al