Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-03-03
>, a,,ermino where tho depreciation will
" h,,ts resume specie payments under

-,
t. Ifi". The banks resume specie payments under
i'T' You Eichi ms. as we'll attempt 10
81 ;''' :, r,e;i.jca.iaus q: Gibraltar BY storm,
,.Hacn nr sealing ladders That the
-.a.,; can g.cgliy ad in restoring conf
Ass, 49,. in frHcv'ag the country fon lis
Us .,s can BE- abundantsv proved by the history
,yr,uu,cnt aud OF our owm. What was
'" are such extended credit 10 the Bank OF
M, =, yes:s that it refused TO pay specie, hui
81 W. W., nj ;:s caper by the British Government
3ft" .oa:;Gemcc in the hanks in lSl6. and en-
:, resume sr"ce payments as soon as they
.;,; Of the Government, by Jnlnt res"lu.
a ..s 10 receive their notes in payment oil
III ,.e.nuc as soon as they should resume
III -.'c,; And what saved the United States
81 j-!9. and relieved 1t and many OF The State
FL ':, The necessity of stopping specie pay
s. ,.;,r that. aud several years afterwards, but
~I,oJ fostering patronage they received from
r. FI Government both in the reception of their
~. usy!ren! Of the public dues, and in liberal
5,bs rublic money without interest? At that
.nb,c func,unaries under the liberal, enlighten-
s. sS,r;rc administration of Mr.. Monroe, felt il
Is ,rir 10 contribute all Of the patronage and surplus
L ;,hc Government to relieve the Banks, and
hen, suffering community. No systematic
- then wased against the Banks and the credit
II s;trr BY Tie speeches Of violent politicians IN
- Congress, or by violent essays and editorials,
80 TO the loves, passions and prejudices of The
81 :, ,arorch The columns Of the organ Of the ADM.
II Ian and other public journals No, Sir all men
without distinction 81 party or station, ieit the
II, wsdor and patriotism, TO unite in support OF the
-. md the credit system, as the only means otrei'ev-
=, embarrassed ard distressed people; aud but tor
rar.:e there would have been an universal state OF
is?!cy.
eng, las think J clearly established the position
,:s Federal Government can and ough to aid IN line
Il the Banks, and through them the country, from
,t,.s, L., npIFn iyIln Thor
Il sob Treasury Bill wii afford any such relief 1t
sss ultimately, the entire collection Of the revenue
,scie and consequently The entire exclusion OF the
S O; the Banks, and the substitution iot Banks OF
.,pyse Agents, Sub. Treasures, or Receivers Gene.
a. the cuslcdia OF the public money. We have seen,
;ss reception Of the public revenue ia bank notes,
N, deposng il with, and }uaning it to, Banks, on
3yus OCCASIONS greatly increased the credit OF the
x and contributed 20 restore confidence in taem,
by This acsns greatly relieved The community from
,b,rrsssuents; consequently. an opposite course OF
,;cv sach is proposed by the Sub.Tseasury Bill
Collection cf the revenues exclusively in specie, and
iiscontiRung Of the Banks repositories OF it, aust,
E,r,:ary gerry much increase the present embarrass
a OF the Banks and HE coua.ry, by increasing the
asnd for specie, and discscdiing the paper of the
,s But, Sir is il practicable to carly this system
. b-icTe the Banks resume specie payinents? tiow is
. ;pecie be obtained? In such country oErs, it
mrossoie to Keep The revenue down to the waais OF
:. Government Suppose the surplus should acreage
a millions per annuni, which, IN six years, would
aour to ,h!y millions; and il you add TO this
N ainrs The necessary TO transact the business
The Government you will have ia the hands of the
,rnmen. and Withdrawn froRs the people at the cad
y yea7s the Of fo-,y millions of spe.
,aGo7E eloie an half the Uaited States proportion
me s9ecie Of tie world which woald bn distracted
~: liz commerce and business Of the country end
,,,G-i up in Ike vaults aud safes Of the Government
toi, mi tn nT
2 Government, the Treasury Officers SHOULD Pay them
Treasury drafts or checks, and iEese Should become
c,r of Tie currency Of the county, and take TIE place
Bank nc:es, {whica will certainly be the case it the
,aas should be broken Iowa. bccuese ia wide and
.sMisd territory, ,he interest and convenience OF the
aasero;ai connsnty win require some sach facilities
lie tI1asFissions Of money 10 dereEt parts Of the
1ioRI Il ,g BE- readily perceived, that in very te~
as considerable proportion OF tie specie would be
.neG from the people, and boarded up IN the vaults
safes oil the Government, and theseby the Govern
at would become eimos. smniPoteat-A calculation
ia appecred in the public journals, which appears
he founded on Official statistics It is calculated 10
W he isclse ef recei7ias tie public revenge only
specie sed lisa boarding it in the osss and sGjs Of
Government. '.lt IS statement Of the annual
3anls o! Pubic money in Ike Treasury at tie end Of
"a year, from lTS9 10 The 30ib Sept. }o37.-tha The
aace in iSl5, orer IL Miiiiors-n ISl6, % mil
as-;n ISIS, nearly Is mens-sna in 1885, amount
to 2S@i9, sos 9E-and in 1896 to S4G.z05, 436-and
l.37 estimated 10 Be IS 75g $50 o. The SubTreasury
opposes keep all these millions Of balance IN specie,
ie7 lock aud key, in lie hands OF their Sub 1teasn
g with ess-w!so in this packet, s.eam5oat and reii
ID era. thus plunIer and run away at will.
That this system will augment The Executive power
alarming and dangerous extent, it seems 10 me 20
ldiG doubt 1t will place all ofti Banking
stations 81 ,he escy cf the Secretary Of The Urea.
9, and the whole monetary system Of the country
h.s nj ni wiz MO 10 of no
Gle OF the country in the hands Of his agents. subject
ms coa.:ol end direction, who, together with these
Treasury Agents. Receivers General, and thei,iong
0ue OF Ccileclors Receivers Clerks, Deputies, and
Deputies, hold ttei, ofEces al the Will OF the Pres
1, and subject 10 be removed ct MS pleasure. Now
ne inquire, Sir. mould not the public money be as
!pete'y under the csntrol Of che President. as II il,
c in bis breeches poche, under his own lock and
This woGld indeed be uniting the purse and sword
ne hands OF Ike President With this power il the
ds OF an ambitious and cor1it President, what woaid
oIne Of our liberty: 1t would he no difficult task to
r.oTn or free Institutions and convert or freedom
slavery. At all esents weshoGd endeaT orto profit
n experience, b. gas;ding eftctuaiy against such
slbe contingency iever forgetting that the pnce Of
rly is eternal vigilance.
u We are told that the South is 10 he Senestted by
system So far G.nfa this being true. think that il
ID Ue easily demonstrated, that, in5ead of me Sauth
,g benefited " IL, il will bcco;ne tributary 10
,unt Of revenue collected. there will be the creates,
,and for specie, which viii as naturally flow to meet
demsnd, ssate, viii seek IFS level. 1t is we'll
WE, that there s than twice much revenue
eced at New York. is collected at ali the other
,oels in The United Slaes consequently, the principal
iano Tor specie will be at tia; place, and it will fuw
e, so that il will become the London Of Anne
A la:ge portion OF the United States being sup.
br Ne@ York will! goods, its merchants would ge-
lily be in debed 10 that city; and tie paper Of The
Banks being equivalent 10 specie in tie payment of
q debts, iii the bank notes should not be supptunted
GoFernnien, paper) it would be in great demand
ughont the whole country trading to that city; so
The creditors Of the Government holding drafts on
depagitosies of Few York. (if1hey should be prohi.
from circulating them currency.) would never
!, Of remoTing the specie from that city, when they
exchange it for the paper oi ri,e Chy Banks bear
a premium in the country; consequently, the ian
sc SUMS Of specie amassed in that city by Govern.
t, woald furnish the basis either for Government
r Issue, Or for the issue Of the City Banks; that
Government, or the Banks of the city Of New York,
ID furnish the greater part ofthe paper circulation,
lie Atlantic States al last; and in either event, the
re banking fund would be accumulated in that city,
e iucsIcuable detrinent of the whole country trad
oft.
II, Sir If entirely mistaken in the, character
= al