Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-03-01


then Go avail myself Of their many powerful oo)ec.
inns in "a against The measure which this substitute
proposes revive call to my aid, and press nto
my service, every denunciaon they then uttered aho
every argument They then successfully urseo agas'
it. They no. ace (tor was then. nov, ireconcaOy
uppscd 10 the neasmrel charged against IT. oha proven
what re charged that placed the purse ana 'ne SMo
in the hands, that il would De the source OF o'u
less patronage and corruption and fatal IN us co'c
quences The currency Of the country and NOW usa
myself of these and all other objections lhtn ufg W
us in as full force against this substitute, as y"' %
again 10 rise in your places md repeat tein now, anu
OF course many Arguments III eHrc'' III avn ~
the bill and on their strength claim your vote IN It's
favor unless indeed, still stronger ciJrctlons can Ne
urged againsl:t say stronger because lime mas Pi"'cu
the truth Of oil thai was then SAID against the
now proposed be revived by tins substitute "hdt
was then prediction is now fact But Whatever ""ec'
,pps have pcn or may be, urged against Tie bli, nov"
ever strong they may appear IN argument, remain ye'
be tested by the unerrng teet OIL lime ana eSpfieI
Whether they shall ever bc realized must be adlntea,
even BY those who may have the greatest confidence IN
them To be at least uncertan and 1t Is The pnrl Oh WI"
dom and prudence where objections are equally sloS
arains, two measures prefer that which IS yet un'eo
to that which has been tried and failed Against '''s
conclusion there is but one escape. =, :.
II mny be said, that we sometimes conPei'eu, !"
the midst of the many extraordinary circumstances
which we may be placed prefer that when IS OF se
the more objectionable that which 10 less so orcausc
the former may probably lead, IN the enu' 10 SONY
desired result, than the latter 10 apply lhe plnc'Pe
to this case may be said that The substitute though
of itself objectionable 10 be preferred because IL woua
more probahly lead to the establishment OF Nalona
Bank than the BILL which you believe TO be The only
cernin remedy for all The disorders that affect Inc cur
rency admit the position 10 be sound ~ principle ou
is nne exceedingly bold and full Of danger in pracice
and ought he acted but IN extreme case
where there is rational prospect OF accomplishing t'e
object ultimately aimed at. The application IN 'h's
case, must think, would be rashness nspit' u .'"y
IN nj
ever NAV be adopted, the bill or The snhs ue, would De
fatal to the establishment "f ii National Bank IL can
put down successful measure to lake us P"cc'
and Of course that which is most likely 10 'a ana re-
plunge The country into oil the disasters ut dsro"rfd
currency is that which would most probably lead 10 The
restoration of National Bank and To prefer The substl'
tute that account is in fact to prefer II because u is
the wnrs, of the two But you certain thai another
explosion would be followed BY hank we nave al,
ready had twpand it is far more probable that The third
would impress universally and ntrIihy on the public
mind that there something radically and lncurhply
wrong in the SYSTEM which would blow up ihe who're
concern, National Bank aud all ,
It may BE- permitted tn express an opinion. wou'n
say yon have pursued this subject. unlnrtu,
nate both FIR Yourselves and country Y"n are opposed
both 10 the league OF banks and the Sub Treasury ion
prefer National Bank aud regard ii as the only sale ana
certain regulator of the currency but consider Tor he
present. out of the question: and are therefore compelled
to choose between the other Two BY supporllng the
substitute, you will be held responsible tor all the mis-
chief aud disasters that may follow the revival Of The
Pct bank system, has been called, win the aliost
certain deflat of your first and cherished choice; anf
those you oppose will reap all the benefits of The power.
patronage and influence which it may place in their
hands, without incurRg any portion OF The fesp"nsiol
lily but that is moi all The success of thr substitute
would be the defeat of the bill, which would IN ike
amer, place on Won the responsibility Of lis defeat,
and give those you oppose all The advantage Of having
supported without any OF the responsibility that would
have belonged it, had been adopted. Had ditier
course been taken-had you joined in aiding to ex
lend the custody of the Laws the public revenue, in
the hands of The Executive where your own acts hive
placed and for which ynu Of course nre responsible
throwing the blame al Tie time m those to whom
attribute the dsordered state OF the curren
CIV. the burden Of the responsibility you would have
innd ready to profit by events lf The Sub Treasury
contrary your anlicpa"n succeeded as patriots, you
would have cause 10 reloice in the unexpected good
Ii it failed you wnuld have the credit OF having antIcI-
paled lhr r,sn md might then, after double triumph
of saracy and foresight have brought forward your IA
vorile m"asnr4 with fair prospect Of success VIXEN
every other had failed. BY not taking this coufSe you
have Inst the only prospect Of establishing Nation
al Bank.
Nor has your course ia my opinion, been fortunate
for the country. Had il been different the currency
question would have been decided at the called session.
aud had been decided then, the country would this
day have been in n much better Conditional least the
and commercial sect;nn to the North.
where the arrangement Of the currency is felt the mos
severely The South is comparatively III ell easy con-
dlinn.
Such are the difficulties that stand in the way of the
substitute al the very threshold Those beyond are vastly
greater US shall proceed to show It's object, as
have stalled is 10 revive the league Of Stale banks
and III. first question presented for consideration is ho.v
is this 10 BIZ done how is tine league to be formed:
how stimulated into life when formed: and what alter
il has been revived would be the true character al The
pague or combination? To answer these questions we
must turn TO its provisions
/. provides that the Secretary of the Treasury shall
select specie hanks US the fiscal agents
Of the Cove nne all be respectable and substantial
and tina, The selection shall he confirmed by the joint
vote Of the two Houses also provides that they shall
be made the Repositories Of the public n"ney, and that
their no,es shall be receivable in the dues Of the Go
vernmen, mud that in turn for these advantages. they
shall slipuiate To perform certain duties. and comply
with various conditions, The object of which is to give
to The Secretary Of the Treasury full knowledge OF their
cnndnn aud business, with the view TO supervise and
and control heir far the interest of the e."
vprnmen, is cnncernrd In addition 10 these. ii contains
other md important provisions. which shall not
lueras becausp they do nn al! within the scope of The
objections that propose 20 urge against III" measure
Now ask VIVA, dnfs all This amount to- What but
proposal The part Of the Government, tn enter into
contract or barunin with certain selected State Banks
m the terms and Conditions contained. Have The
right make such bargain is the first question:; and 10
that, give decided negative, which hope 10 place
on constitutional grounds. that cannat be shaken. in
end discuss with other questinns growing out OF
the connection of the G"rrrnmen with The Banks as
new question, for the first time presented for cnnsdera
ton and dtcisine Strange as il may seem, the CUES
TONS growing of il. long il has existed have
never yet been presented nor investigated in refer
ence their nnsutionality. How this has happened
shall proceed t" explain. preparatory To the
minalion OF the question which have proposed.
The union nf lhp Government and the banks ne
yer legally suemuzed. 1t originated shortly after the
Government went into operation, not in any egn ennc
nIrnt, but in short order Of the Treasury Department.
nj mn han n ldl uf IA n
were Il mere matter of coursp. We thus glided mper
cep,lby into Connection which never recognised
by law Till 1916 Gf my n'emory serres) but which has
produced inporan, alter consequences, and has
had greater control the destiny Of this country,
than any Of The mighty oaestnus which have Often
and deeply ngs,ed the country To it may be traced,
as their seminal principle, the vast and extraordinary
expansion Of our banking system, our excessive import