Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-03-10

er,raordiuary Il would seem 10 he time enough " u'
cuss its expediency after general resumption W c
payments for, if now adopted, we shoq,u nu1I I,de
months deposte bank system in the East ana ah i"
pendent Treasury in the West. This new dePos''e "
plan has all the vices and insecurity OF Inc one We
been compelled TO abandon, with some additional p'o'
sons which render it far less accePtaoie; n eus
TWENTY-FIVE banks CONTROLLED as 1t would be ineVaoy'
nv Sum. great institution ct near the centre OF cfcu-
ulirn aud exchanges; with the power IN enec' uee
mine in shat medium our revenue shall De c''lec.eu'
ard authorised 20 discount upon The pubic dePos'es
would be essentially National Bank, win iout "hu
twenty branche ernng very other bank and control
ling trade and currency. Confirming the seeCton y,
these banks by joint resolution Of both Houses would ieaa
To annual struggles for The patronage ct Congress- ana Ia
vu!yc them still more deeply in the fluctuations OF party
The demand proposed 10 be made weekly other banks
for specie would give special privileges to this league
and the authority thus delegated ITO check oVcr'ssnes
and To preserve the soundness OF the currency "ouio
confer on The Secretary OF the Treasury and tins league
Of Banks the extraordinary power Regulating, at their
discretion the currency If the Country The further
urouus,un 10 compel the Government to receive The
notes of :pece.paying Banks, vas brought forward IN
the late CONGRESS, and is use!I revived Hitherto, Go.
vernment has enjoyed, under The jInt resolution OF
lSl6 the RIGHT, in common with the community, OF re.
cpv:ny them voluntarily or demahdng specie Dnt 'his
right is hereafter 10 be sacrificed 10 encourage lie c'rcu'
atlon of Bank notes and embarruss the Treasury ut
every revusion II would least seem 10 he prudent
to collect from the Banks six millions oil suspended
balances, before inquire into The expedIency OF
again placing the Treasury ot the Un1led o'ales III
Jeopardy.
The measure recommended by the committee is the
only one practicable, in the present condition OF our
banking institutions II proposes nothing new either
in laws practice which Is not indispensable 10 Inc
security OF the public II is no nnovatun-no
experiment From The origin of our Government,
own officers have collected kept and discussed the pub.
lie money throughout the Union The only change pro-
posed u.s. That they shall hereafter pay it over directly TO
the order Of The Treasury, and not as heretofore, trans.
-. :, t,b op
This USE rather abuse of the public money was the
great innovation of 1871, and originated with those
friendly to 4 Bank of The IT, S. 1t experiment
of for the benefit Of that Instruction. and was not
in accordance with the practice OF other countries. We
have .clt disastrous effects, and generally
satisfied that discontinued, it ought never to be
renewed. The other proposition to collect our revenue
specie, evidences oil public debt, Is an ndlspensa'
bic auxiliary TO the first; for, without it, it is Impossible
to prevent The banks from dscounlng upon The amount
Of their credit in circulation and in deposite for public
purposes The measure is, moreover rrss5tb'y forced
upon the Federal Government by State legislation which,
whether constitutions moi, defes its power TO regu:
late both currencies by When we had but hail
the number of States, but few Banks and sounder cur
rency might tolerate the receipt of Bank notes with
safety; bu with eight hundred banks, issuing every des
crpilu Of paper, six aud twenty different systems OF
banking, and rapid increase of our bank note circna.
tinns this Government compelled to cUnhne It's re-
ceips and expenditures to The only medium winch can
be, hereafter, permanently common 10 The States NO
local Curr.ncleS can DC
The States governed by opposite parties, conendng
for hostile principles Of government especially IN rea.
ton currency and banking. The reform which may
be effected in some, is than neutralzed by The
abuses sanctioned in other States and only contributes
to make the operations Of complicated system more
irregular and Iore embarrassing to trade Experience
has not here in England produced partial reform; Tor,
in Of Oldest States, aud where they have sui
feed must from broken banks, and the violence OF re.
WILSON'S they still tolerate the most vicious systems OF
han nd circumstances,
The Federal Government is driven TO the necessity oi
combining itself TO u medium which is not regulated by
Stale legislation, but by the unaeroble law OF the world
Higher interests, however than those OF character
merely financial, involved in the decision OF ihs
great question, whether The Treasury shall be perma-
nenlly from banks whether shall estab.
lsh perpetual union between the Executive branch OF
our Government and the vast moneyed power of the
country. While watching jealousy, as we should,
every increase Of Executive patronage, and guarding,
carefully our Treasury from Executive control should
watch with even vigilance and apprehension the
growth and movements Of power which, when combined
with the organization Of party and permanently success
full must evilaby not only control our finances, but 60
vern the country. Without referring TO earlier contests,
the struggle of The last six years affords at least evil
dence of an ambitious desire among those institutions
which conening for the Of The public money and
public credit 10 share in the administration OF our nation
al aas In this great struggle the interests oil trade and
the welfare OF The country, have been sacrificed by the
too Jealous Efforts of the political portion OF our bank.
perpsluale their control over the National lfeo
sury and 10 secure for ever 10 themselves and their
SUCCESSORS The profits on the use OF The public money
and public credit Such efforts, when combined with
political views, might elevate 10 the Presidency Chief
Magistrate who would effect formidable union between
the Exec ulve and the immense banking capital OF The
country already amounting 10 more than three hundred
millions of dollars. If much alarmed at
the infue of The Executive with our limited revenue,
what may fear when that powerful branch Of our
Government is sustained, not only by The public Irea
sury but by thousand banks and thousands OF other
controlled
State institutions with large capitals or by National
Bank with capital Of fifty or one hundred millions of
dollars.
Such are the consequences involved in the issue which
is dividing the nation, and agating its trade and
industry. II would almost that the honest efnrts
Of our banks 10 produce harmony OF acton and
10 specie payments defeated 10 Pro!ong our
embarrassnents and 10 convince the nation OF the me-
cessly of assigning the most important powers OF Gov
ment the stockholders of national Bank. This con-
test Should be ended Ivy the prompt adoption OF the mea
proposed; for trade en Joy steady pros
perily till Government and banks independent Of
each other. The public money should be applied 10 pub
lie purposes Alone and the banks should be Tree to pur
their profitable course, without being embarrass
ed by the efforts Of small portion Of their number
poyed Treasury agents. by perpetual struggles with
the Executive or Congress- Should this contest ever
result in the triumph of an alliance OF the Executive and
moneyed powers OF the country ii cannot be expected
that union fearful in its consequences, could be per-
m1ncnty successful. Patriotism would be Justly alarm
ed for the lae Of political institutions and Tor the
existence Of popular rights. Another and more power
full struggle would commence, which would prove ruin
10 trade, and might involve the legislative privileges
of every bank and every corporation in the Union
By continuing this unsettled question the trading
and bunking interests will be exposed to all the vclss
tudes Of party, and engaged in perpetual war, unpro
ftabe to themselves, and rnnous TO the country BY
adopting the proposed, aud making it our per-
manent policy every branch of trade will be left to move
undisturbed by national political contests and the
Executive branch Of our Government would be scpa-
rated from power which, when united with it, is the
dangerous 10 free institutions and to our Con-
| federacy.
The committee, therefore, respectfully submit, the mea