Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-03-27
~ ,cii Keen still ,cith mn Pilosouher.

;, e THE ENQUIRER
Will The Enquirer do the favor 10 answer few in
terrogatores? Having journeyed together along the
path Of politics for time past, had perhaps
too hastily inferred, that destination the same
Judge Of my surprize, upon looking about Inc, to find
you posting. will not say with ''indeccnt haste, but
surely with railroad rapidIty in one direction, Whilst
forsaken and ororn, pacing H. II not ID an OPP
posile direction from yours, in one 10 me- most alarm
ngly divergent.
Pray, Mr.. Enquirer for what cause and with what OBJ
jet. did we unite heartily in putting down Tue bank
of The United States: Was il for The common oeneh.
Of The community for that Of the State BANKS niohe'
Can dsgraceluy disordeed and worthless paper cur
rency be recfrd by taking away the charter OF one
Bank and giving wider scope and latitude 10 me opera
tons Of four hundred other Banks whose chalters
seems are 10 be sacred and nvoabe, whether they are
forfeited or not; Is it unconstitutional for Bank OF
the T. States 10 furnish reteemabe paper currency
but the for Stale Banks TO DO Inc same thng'
How are the State Banks to be prevented from issuing
redundant and rredeemabe mass OF paper currency,
in any other way than by creating an absolute demand
for spece currency? Can Congress do it BY legiSat
inc directly on the subject of State Banks, when we
know that this would be regarded on all hands as q
violent assumption of power not graned: I ian any
one State regulate the issues of its own Banks and
of those of the other S1ates' And if not, is there
the remotcst probability that il will be done by
concerted legislation of all the States? If our pa
per currency is not to be put In any OF these ways
sense and may add, comnun honesty, how, repeat,
this result necessary ndspepsaby necessary TO Tho
prosperity Of the country, moral political and Pecunary,
10 be attained, but by creating extensive and absolute
demand for specie currency' And what power is
there known to Institutions capable Of creating and
enforcing sufficiently extensive demand for specie
currency save the Government Of the United States?
When may suit your convenience to answer the fore
going have another series Of interrogatores perhaps
less digeslibe, or at least Of more difficult solution.
PUBIIUS.
pS.-Wi the Enquirer publish, if it will not, or can,
not answer these questions?
QUERIES to PuJlius.
We have not the sgbts objection TO publish PuJius;
suppose them 10 be. But we will initiate our brethren
OF the East, play the Querst in turn, and anSUeT ono
question by asking another.
lst Does he really think that Bank of the United
States and State Bank stand upon the same foundation:
Was 10 prevent the former from furnishing redeem
able iredeemable paper, that we went against IL
constitutional principles? Was not mainly because
Congress has no right establish Institution OF this
sort? But who has denied TO The States the right 10 esa'
blish corporations and banks?
3D. Does Pubus really forget, that when it pro.
posed to establish the first Bank OF the u 81 Mr. Jeher'
declared in his written OPINION in lI9l, "the exist
ing banks WILL without doubt enter into arrangements
for lending their agency; and the more favoraby as there
vii! be competition among them for t:-Does he for
get that Mr. Madison in his able speech, argued, that
National Bank not necessary and constitutional,
because the u s. mig employ the agency OF the State
Banks? Does he also forget, that when the Bank was
put down. the same argument was used by MIR. Burwel
and othesf Publus will forget such memorable facts
in history, and conFound things different as Ma
tonat and Stale Bank, is it wonderful that he should
dt1erge from us:
Sd Does Publius not see, that the u S. may employ
State Road without having the right to make the road:
And just So with State Bank, if the State and the Cor
poraon will permit il?
4!h IT, after the experience Of 1885, and Of 1887, the
DznI- IT,
they have hitherto done, will Pubus please to tell
how it is to he prevented but by amendment Of the
Constitution, tying up the hands Of the State Legsa.
tures-and regulating stric,er and sounder prlnci
pies, the power to charter Banks Of circulation?
9Th. Has Pubus no doubt of the efficacy Of the pow.
er Of Congress operate upon the State Banks in the
way he specifies?
Does he believe that if Congress has the consti.
tutonal power 10 make The attempt, 1t would he
attended with successful single merchant in this
City were 10 receive and pay out nothing but spe.
cie would his solitary effort purify the present cur
rency? Or what does Pubius say, TO the follow.
ing argument Of Albert Gallalin himself; who, we
suspect knows as much about these matters MS Pub
Illus or ourselves: The exclusive of the precious
metals for the receipts and expenditures of the Govern
mcnt cannot control the general currency The receipts
of the Treasury in this City IN York; amount to from
Is 10 lG millions; aud the operation OF Government, IN
reference currency and circulation, is confined 10 re-
ceivng ard paying over that sum- or TO about 3U
millions Of dollars year. The daily payments OF the
several Banks of this City: have at SOME periods ex
ceeded seven and may on an average be estimated
at five millions, making 1900 millions of yearly ccula
ton, which it is certainly absurd to suppose TO be con-
troed by the 80 millions of specie circulation OF Co.
The resort to an exclusive metallic currency
will, supposing accumulation in the Treasury again
take place. only annoy those who have payments to
make into it, operate foreign drain OF specie might
do on the Banks and thereby render their which is the
general currency, insecure, and therefore worse
Than could thereby be: And, n case of renewed &C.
emulation public treasure agansl which we have no
guarantee large capital Of intrinsic value will be ab
strac,ed from the counry the fatal effects Of which are
too obvious 10 require any comment"
Publius mistakes the remcdy-We will join him, heart
and hunG Isl in attempting great reform in the State
Bank SYSTEM which admit is "disgracefuly disor,
dered and requires great changes and restrictions and
2dy will operate with him, or any other RePuo'
ican in regulating and restricting the power of the
States in the incorporation of Banks by ENGRAVING an
amendment upon The Constitution itself.
CORRESPONDENCE.
CAROLINE County, Feb. u, 1888.