Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-04-07

0snconed the charter of the u s. Bank Thus, in vic.
ation of the express terms of the Constitution "e puma
was established. AS ii then was predicted, IL or nj
bring back The precious metals but drove them on ana
thereby substituted its paper for the currency oil the
Constitution. The vaults oil the Natonai as WEI. 90
Stale Banks became the receptacle OF the money ., 'e
Government IL loaned out 10 the tavorItes OF tn"se
institutions in defiance Of the words oil the CONSTITUTIONS
fur saws that no shall te drawn from
the Treasury except for appropriations MADE ny law;
From the facts it evident what kind OF money shouu
constitute the national currency. This brings me 10 inc
spcond branch of the subject which will be to show Inc
capacity of the Government as well as souno Pocy u
gradually such n currency
Il has been over and again reiterated that Inc
present arrangement Of the currency has been brought
on by the measures OF the late and present Adnista
inns and that they wanted currency for the people
and another for the Government. A more ridiculous
hunibug gotten up 10 deceive an inteigen'
community; for the whole course "i the Administrator
since the refusal of the Banks 10 pay cash for their bonds
has been to bring about resumption of specie pay
nens because if the Government had continued 10 re-
ceve The deprecated paper OF the Banks would nave
encouraged large issues and discounts ny those nsu
tons To have persevered in a course of this KIND, the
Bank paper might have become worthless the old
Continental paper of which it is said that about 2oo.
900 900 in Vrg mia al one time IL ~ desired, ta
as nothing else according to the Const',uon) IS e-
gal tender but gold and silver in the payment oil DEUS
that on account Of the exclusive privileges OF BanSsthey
are bound TO pay their Bank notes in SPECIE whenever
presented that either the private citizens or an ON
Ger of The Government may get their choice. Tneh
the Banks pay their notes IN specie The paper wou" oe
preferred on account Of its convenience. You VIII De
reminded that the officers under the General Govern
who raise clamo about this state oil ihings receive
their pay in specie, and will continue to do SO unu al
of US can get choice. As 10 the charge OF lhe oe
ranuement in the currency, what had eith-1 OF Tue i
minislralions do with the immense debts con"ceu
by companies and individuals in foreign countries:
will here take occasion TO say that my confluence ~
been increased in the sa!utary influence key 10 ho"
T-i,. o., th.
ed in President Jackson Administration and lihely 10
be carried GU, by Mr. Van Burens. They have had to
contend against powers that neither tire nor siumpet
From this short depression return 10 the SUBJECT Ills
a fact TO be controvered, that with currency con
ssng of one hundred millions Of the precious metals
the channels of commerce would be thus hiled But
suppose you permit paper 10 take the pace o u, 'e
other better currency would be traded OIL H. mas oeeh
said by that there is not enough gold ana SILVER IN
the world to supply with such currency tls note
sirabe TO have such currency because OF It's nconVe
nence, well other reasons too tedious 10 mehtioh
but cannot be denied that the more gold and silver IN
country proportion 10 the paper the snnnder The cur
tcncy From statistics to be relied on, appears taking
Europe and America together there IS three tunes as
much gold and silver in circulation as there IS OF paper
although we here flooded with The later) II Is
said by Mr. Gaalln, who Is good authority, mat aitr
the discovery of America it reduced the value OF the
metals one fourth The mines in America up to the
year 1903 produced $500 100000 and from 1904 to
lSO, $50 900 600, from other sources, added 10 this,
making 00OOGOO And for the last forty years Inc
mines have averaged $40 900 600 During the admI-
ns,raon of President Jackson there was imported into
the u. s. over $50 000,000 more than was exported
Since the commencement OF The operations OF the VA
lional Mint over $40 900 900 have been coined Three
branch minis are about being established. at large ex
pense 10 the country; will not be sound policy Tor The
Government 10 make such regulations as will cause the
precious metals to flow in this direction: Should no
step of this kind be taken, minis will become nul'
and whatever Coinage may take place. our ISSUES
Of paper will drive it all Oft
Fellow Citizens, think il has been demonstrated 10
YOU that The concentration Of large banking facilities III
portion of the country has hlighng influence IN
other sections for in this instance il becomes great mo
MED monopoly and sweeps into it's vortex all that comes
in its way. On the other hand, the independent Irea.
siry would have difusive effect, and all portions OF
the country would then compete on principles OF equal
" and Justice Ii has been said by some that IL would
injure Virginia Banks; but the opposite conclusion
is correct; for here is the result The duties paid on
merchandise in the whole Stale OF Virginia does not
amount TO more than OOOO perhaps not that whilst
the General Government exPends one and nail unions
annually in the State The difference Of more than
million would probably be exchanged for paper thereby
strengthening and invieorating the Banks with solid
wealth, which they would freely discount
So far them Fellow citizens, from its causing any
Alarm should the indie pendent Treasury become law
of the Ia i'd n bright day will have dawned on the yeo.
manry Of Virginia and it will constitute era in the
annals Of country; and he who has Inc manly cou
age sustain it, will look back to this glorious epoch
chden when they learn to lisp the accents, that their
fathers were unwilling 10 reject so great boon!
Although this sub ec with lis discussion, mas not come
before the Legislature in form that required an express
sion of your will, my views have been called nus on
the subject am gra,ifed in taking this MODE OF SUD-
hitting them for your consideration
There is another subject of great interest to the coun'
ry--ihat of Internal lmprovement-one that has con.
sumed than half of the lime OF the Legislature;
and whatever decision either for against H. is one
that likely have important influence on The des'
MES of this Stale have always had doubts as TO Tie
propriety Of expensive system OF Internal Improve
mrn and | cannot conceal the fact that those doubts
have not in the slightest degree been removed by Inc cA
pcrence may have had during the session Of this LIE.
gisaiure After having fully examined The subject,
clearly Of the opinion, that the Legislature mas no
right TO tax The people for obi Of this KIND unless their
will is clearly ascerained. As 10 any vote that may
have given this or any other subject am prepared
defend it, and believe they have been given IN accord.
with the wishes Of large portion OF the county
Although the Treasury is without money, the State Is IN
debt 10 the amount of several milnns the taxes consI
dpraby increased during the present session. IN order to
pay the interest loans made and in anticipation OF
others Would it not then, be good policy to pause p
Whenever there is rversh excitement on SUBJECT OF
great moment much caution should be preserved Zenl
and pese good qualities in statesman but
they should be directed by sound discretion. IL we
preserve republican Institutions the interests OF all
classes of the community should be tnstered loo much
splendor is inconsistent with the simplicity OF The prin-
cpes of the Constitution. Let Us be careful, then, how
part with the Of ancestors. nor suffer
what is old and venerable TO be trodden under foot
Fellow citizens, have thus glanced at two OF the
mnst prominent subjects that agitate the public mind
will say, in conclusion that my interest is identified
with yours My bssl days have been spent with you;
and should you again honor me with your confidence,
the experience Of session will be added 10 the yea
and fidelity with which have served you.
citizens there is another subject Of vastly more
importance than any local election. From the signs of
the times, the political elements are in commoon. In
the West as well rs The East, storm is gathering por
tentous Of mischief Before eighteen months have
passed. the moned power will again open ills battery
The Bank Of the u S. will be resusciiated; and by its
hundreds Of allies will again raise its hydra crest, pre-
pared for a desperate conflict Remember, that "the
price Of liberty is eternal vigilance" Will the yeo.
many of Virginia sumber in inglorous ease, until The