Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-08

Here the average is reduced 10 about two millions per
annum; and why: Because The banks had lost then
dominion over the country aud the Government, and
had neither the means nor The Influence 10 initiate The
Treasury. IL was the season Of their first catastrophe
in time Of peace; and every thing went down in proper
lion 10 their own great fall II twas The season Of a re-
neral collapse. Let US pass on 10 the next ascension, to
the next perihsion, Of this baIo0nIng of The banks
About the year 1888, when the National Bank had lost
the prospect Of Il re charter, but expanded It's business,
and when local banks were increased in Unprecedented
numbers, and as many rs ninety Of them became the
repositories of The public moneys, their power and in.
fuence again became immense. The result, on the Fe.
deral Treasury, was:
Year. Balance.
1913 l.7O29 N5
1884 SySg2 COS
le35 81 74y SUB
lS36 Gus, 436
1887 8, 759 $50
Here is another season Of FIVE years Of great power
in the banks, and Of close connection with them by the
Federal Government. The result is, an average balance,
that is 10 say, an annual surplus, of about twenty seven
millions Of dollars! What a comment upon the conncc.
ton between Bank and State! a connection which cx-
hibIts the Federal Treasury as a mere appcndage TO a
rising, flying. %plunging and falling balloon. We who
have been here for some years have sPen The inside work.
ing of this connection; and have seen The votes which
created these enormous SURPRISES; votes 10 promote all
taxation-to prevent all reduction Of oxes-and TO pre-.
vent all possible appropriations, even for the defence Of
the country, ard for The completion of the fUrllhcations;
and we have seen these votes regularly coming from the
friends Of the banks. To complete The picture, it is SUI.
fcient 10 say that the banks had their second catastro-
pIe, in time of peace, in May last; and that now the ba.
lance in the Treasury is low enough!
Mr. B SAID, he had for years pointed out The Bank Of
the T.. S., while the depository Of the public moneys,
as the ally of taxes, and the enemy Of appropriations
he had made the same remark upon the local deposite
banks almost as soon as they were in operation; and lie
had now given the evidence 10 show the justice Of tie
application OF this character 10 them both. 1t was a
most fatal rhjrcIIun 10 all connection with those banks;
an objection from which the Government agents would
be wholly free. With The nints and individual officers,
10 keep the public moneys, there would be no interest
here To create SURPRISES for the benefit Of banks and their
favurIies.
AMudanswer to this ohi~ction is, that il goes to change
the form OF our Government, and impeachrS the capaci'
Is of the people To administer their own Government.
The obj criun is. that The agents selected by the Govern
mrni, and responsible IN II, cannot he trusted 10 keep
the public moneys; and, therefore, the custody Of the
money mast he confdsd 10 bark directors, who are not
appointed ny the Government, nor responsible To The
people This - the ohj"ciinn; and. upon its face, it i'm.
peaches the capacity OF The people 10 administer their
own Government, and 70 take care of their own pro.
perry. This Is an inevitable inference; and. perhaps,
another inference vii! also result nnmdy, that if banks
are ncccssarV TO the Federal Government, she viii have
the sGme power To 1,0s as TO nH0gt these institutions.
A joHrth ohjcc ion made 10 The independent Treasury
is. that il sill hoard sprcIr - Ihati il viii cause tn Govern.
mcnt to h' come an immense mIscr, boarding IN the deep
reressfs Of vaults; and cGnijmiTE with bolts, bars, aud
safes, a vast accumulation OF gold and silver. Sir, the
table Of balances which have read rxpiudcs this GtjPc.
ton |: shows hat the Government has no balances 81
ans consequence, exec pit When IL is connected with banks.
When free from that connection. or when the banks are
too weak 10 exert an influence over the public c"unseis,
the surplus On haTd Is ~ St TO nothing; a million per an
nun IN tb" earlier stages ct tie Government, and t"o
millions per annun in later times. Tie table shows
hnw little need rh"re is for any surplus; for II is notorl-
Gus That the Government machine worked Tar better
when IL was 4 touch ana 20 business win The treasury,
than i, ever did with lis ten, twenty, thirty, and forty
millions of SURPRISES. There will be no surplus TO he
boarded if the Government can succeed in breaking its
connection with the banks. Economy can then be pIac.
,ised, as wei! as prnlessed II can then be praclIsed by
those who are really in favor Of il.
Mr.. b. said, tina, at tho extra 81 ssion he had given 1t
MS his opinion, that the paymentoi the Federal revenues
in gold and silver would not occasion more than four or
five millions Of dollars 10 be taken out Of circulation;
in other words, that four or FIVE millions would accom-
piish The annual payment OF the whole revenue. A
further study at the subject, and q view OF The table OF
balances which he had just presented, induced him to
believe that two or three millions would be sulh.
Gent One million was found 10 be Sufficient IN The
first twelve years Of III. Government, and Two millions
in the five years from Isis 10 lS22, inclusive. The
same amount would have been equally sunicert ut all
other times. He was against snrpiuses; he was against
any financial calculation for leaving any amount what
ever in the Treasury; lie was opposed To any scheme OF
finance which had for It's basis any reserve oil money IN
the Federal Treasury. This was an old subject with
him. (Mr. b. He had made his acquaintance with It
twelve years ago. lie had then tried bis young hand,
for the first time. on a financial subject, and on reso'u'
lions submitted bv himself TO repeal SO much ct the SINK
inr Fund acl of lSl7 as directed n reserve of two mil.
lions per annum to br kept in the Treasury He had
then shown il TO be an unnecessary precautions; mat IL
was far better 10 cut down taxes TO The estimated expen-
dlture. and invest the Government with a contgeni au-
thorily to borrow the Two millions IN the event OF a need
for II 10 meet appropriations before Congress would as
sembie. This was his Upiulnn twelve years ago; II
was his opinion now. he was opposed To any plan Tor
leaving a surplus dollar in The Treasury he was Gp
posed 10 the issue Of Treasury notes to supply dehcien.
cirs; he was for the contingent authority to borrow, II
necessary. small sum to meet appropriations, and then
having il of out Of the first surplus. In this way, and
by Increasing and diminishing The amount tor the texl-
bic Objects Of expenditure, such as Notifications, ships,
barbo!s, light houses. &c, the small, OCCASIONAL, aud al.
tcrnate d. fcien cies and excuses ~ the revenue couid
be easily, safely, and economically met and PROVIDED 'or.
Not specie enough in the world to supply The demand
which This bill would create, and not time enough IN the
wear 10 count il, If there was enough, Is anolher OF the
objections 10 this bill This is relied upon ny many
speakers. and grave calculations are gone into 10 snow
tina, The three hundred and sixty five days 10 Inc year
would be too shnG, a time to suffice for the counting IN
and cunniiug out the Government revenues, II Paid III
gold and silver. Sir. there is j species OF argument
which The Iogicians call The arggmtnfam at ,gn0T"ntan
AN argument TO ignorance; but this argument goes De-
vopd ,IIsi. for il is an argument 10 the lowest degree
of iono,ance. If any ans wer was due TO 1.-THE count
inv mart ofit-it might be found IN The actoil'o9, ~heh
the revenues were directed to be poid IN gold ana SILVER
coin 0nfy; and also. in a speech delivered . u u '"oI u
the House some years ago, when Inc c"l,ec''on ~ ~
revenues in hard money was 50 s'renuousiy n'seu W d
gentleman, now go entirely opposeo 20 II Du. NV GU
.E1trac. from NJ. H,dster's tpereh on he Sans" Ae o"ie3 '@e'
Chartsr Bill, february, lel6:
,,,io, had n het,rr cuneacy than the US. There was no
r,,;nn wh;rb had guarded its currency with more care; Tor the
,",.s !, mi. subject, were HARD MONEY MEN; they had felt,
anJ ,h.r.f,rc duly appreciated, The evils oi q purcf mediGni they,
therefore, .eduhOnsIy guarded ne currency Of the =. o. ID ron .dns oe soin
,L;. r,s n subj CT, in regard TO witch Congress had run INTO o o 'o'Y;