Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-08-24


ment be converted int" t~ce To be sure it is not
safe but the Government ",oy drruaud specir aGy
NOME Mt 81 hen II has cause 20 nprsneud DANGER. Bot
lhuuph sm Opposed 10 cxacting specie excu.lvtly.l
have h,en very ANXIOUS Treasury bills or crrf.
Gates bratinp no interest substituted entirely IN the
place Of both specie and bank bills 10 accomplish tins
result il would be necessary to provide hat nothing
shall be received in payment dues 10 The Government
bn, this Treasury pnper or specie The result would
evidently br that very little would IN fact lie paid bat
Treasury paper. This would be very great lmpr.
in The first operations oil the GoveTn;"nt and re.
prct that Nr Calhoun did not make IL part o! bs plan,
instead Of merely suggesting it. II wcud have entirely
removed every rational objection 10 ir specie feature
of his scheme. II has bsen wholly miSapPre hrncCd
by MIR. WeEs;sr and his associates. AS | berTe |
was the first person in the United States 10 Suggest it,
sill now briefly r1pIan my view Of II. II is d,sgn.
ed to furnish gsncraRurrency, but merely curf-ncy
for the isca operations Of the Government This il It's
essrnsl character and Il results from It li.
Of this paper ought be issued than will perform
this function As ! have heretofore sad. the present
revenue Of the United States would probably require
more than millions Of currency 10 perform all the
fees connected with il, from the Of It's culec.
ton that OF lis DISBURSEMENT Congress should there
fore, authorize the Issue Of This sn md more, ard
it should be made re ssuab!e indefinitely. The value
Of this paper would be derived, not from lis redcema-
bty bank paper, noies but from lis reccYabty by
the Treasury. aud from The amount being lmlsd what
will be actually absorbed in pts and payments of
the Government. Nothing he simple aud sale
and economical In the first place i, would I've 'quiva
the country nothing and yet answer tie purposes
of its Treasury, think, better than specie. and much
better than bank paper. If the Government were TO use
specie, b,siGes costing the county just SIX millions m
stead Of nothing would create pressure the Banks,
and would be medium much affected IN the
lurmity of lie value By the sIse Of the lnreign
changes than this Treasury p7pcr The r.e AID FIJI
of foreign exchanges would not affect ls paper a. al,
as i, circulate IN this country only TINS would be
great merit giving it IN this respect dec ded prefer
ence specie or bank bills. If The Gove:nmen!
were to sank bills besides being precisely as co.g
q medium AS specie il would expose tina OovernmeaI
and Peoplc the hazards of bank insolvency or bank
SUSPENSION Moreover the transmIssnn Of funds from
one point another which IS very embarrassing 10 tho
banks and disturbing TO the exchanges, where lne Gov
eminent bank bills would produce such effects,
where Treasury paper used The Truth is, ihen. that
the question To this, shall The people OF the Uni.
ted States their own crrdit, which costs ii"m
nothing or that of The Banks, which costs as much
os specr as the medium Of the fiscal operations Of the
common Treasury II this be the question: as think d.
il. no palrIo, hesitate IN deciding IT. 10 call itis
Treasury paper continental money or french assEnss,
wculJ BE- Justly regarded ahsurdy had ~" G'rn
DONE by m,n Of Mr. Wrbsicr's character II tie Go.
yernmen were attempt To make tins paper sGDsl!.
lute for revenue instead OF the mere medium Of Collect
ing by making il the means OF ri'rc,ng permanent
loan even % or 20 millions, II would necessarily C.pc.
cate will carry interest. and would BE- J".y Ia
bic TO the above OdoUs comparison in degree pFopnt'
toned TO lis rAccss The Treasury Bills issued at The
extra Session notwithstanding all the unfar"t!c ct.
fort. of the banks and OF party politicians to de-
prrcials them. performed The functions OF treasury
Currency p-Iircty we'll. These notes were paid onl
the first instance 10 the public officers and public cG
tors pesred into the hands OF those who had I" pay mo-
ney 10 the Government and thence back !n'o Tie red
suy About SIX millions Of them, think, performed
In. whole operation OF collecting and dsbursns he re-
yen!e Since The attempt Of The New England fcGs-
al.sIs destroy the credit Of the country by drnounc
ing immoral and irrclgIuus those no would leEd mo-
ury 10 the Government, ! have never witnessed any
thing in The conduct OF any party more revolving 10 my
Of patriotism, than the sifoIts Systematically
made 10 deprscIae the credit Of the Treasury no,-s 49,
sued at the session What shall think of the
patriotism Of men, who could publicly expires" theIf rS
ul,.lon the rredeenabe paper {" banks Was above
the par Of Government papr!: Politicians who have
placed their hope Of advancement upon the combined
influence Of the BANKS have infested their private
funds them seem 10 regard the interest oil tie people
large OF small consequence when 1t comes 10 con-
lcl with that of the banks and The real ground vi The
opposition Treasury paper that superssGes as Pro
the OF bank paper, and Illus Ii'1s lne Held
Tor bank circulation.
cunsidrr the Constitutional objection 10 this Trca
sury paper unf,unded. Surely the Government can
receive any thing it chooses, III payment OF lis debts
even if it brickhats, provided they were Of UNI
form value, and this paper will be much more uD"fn
than bank paper and think than specie Itself II GER
alny does become those who maintain Tia! the CO.
yernnen should receive bank paper discharge 0f s
dues deny It's right TO receive lts own paper lie
only power exercised by the Government would lie ne
AGREEMENT receive the paper. It's whole value would
be- derived from this Its receipt by tie puJ2 officers
and creditors will be voluntary, and oil course no oJrc-
tons be made BY those who have c.amored 80
much against paying these GUrernmcn, !avo"s III sPs-
Gle They should rather 20 be consistent, '!et them
take those Treasury rags, il they chouse bank paper
is too good for them" The objection that these arc
balls OF credit and, therefore, unconstitutional 10 with
cut even piausbiiity The States ony are prohibited
from l.sung bills OF credit, obviously Uccau,e t would
interfere with the power Of Congress 10 regulate the cur
rency. The phrase bills of crrdh too conveysa TECH
meal idea whch only be understood BY referring 10
Ia u
Of credI, Of that day, and nothing ele. Our Supreme
Court in this State have accordingly decided that lie
bills o! Stale bank not bulls o. credit, though
they based entirely the credit o the State. ana
constitute large portion Of currency. Bot The CO.
Yernnrnl Of the U. S does not propose to make these
Treasury notes general currency 1t only proposes 20
receive them in discharge Of s own dues and to pay
them 10 lis own customers with their consent u ihey
90 out of this narrow circle, viii be by TIE agency n
parties concerned and because they may happen TO
answer better than any thing else Ia transmit funds 10
distance But # the issued is limited JudcIous
w. they will return 10 hsit appropriate sphere OF
circulation. In single word, the power TO borrow mo
ney either upon s,ock certificates or Treasury notes or
in any other imaginable mode expressly granted to
Congress- and though Treasury notes were largely ~
sued during our last war with England, even The New
England federaist who denied the power Of Cong:'s
call the militia into the armies "t The country, never
questioned lis power 10 issue these notes
The notion that the issue nf these Treasury n"''s
would the Treasury into Bank, is purely CHI
meGcG There is the senb!ance Of reality IN IT. 1t
would neither receive deposites grant loans on DIS
counted notes TO the limited extent Of l's Issues
would be more appropriate to call II mint as J! "ocd
create to that extent, what would answer The purposes
Of The public Treasury better than coin, without any
cost 10 the people Now Why such vehement opposition
10 this Treasury paper the part Of those who are 30
much opposed to the exaction OF specie IN payment ct
dues 10 The Government, when it is obvious tia! Il
would .uperceGe the Of specie at tie Treasury a'
most entirely: Is il because i, would also snpercec' The
use Of bank bills in the operations Of the Treasury
Can he possible that any patriotic citizen would P"rf
the interest Of few favored banks 10 that OF the Ua
Lin M To- L.e