Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-08-07

time lust referred TO- al dc probation OF hive hundred 10
one; his Latin motto shows that their redemption was
doubtful and all know that, IN The hands oil the pre-
&c holders they are worth the paper on which they
are written And how is it with Treasury notes is.
sued under bill identical both in principle and details
with the one under consideration: we have Inc
cheering intelligence, received by inns mornings mall
that in the cities of New York aud Philadelphia they
,ra a, mar with specie; while in the South and South
west they are al premium Of from one TO two per
cent above specie And how many gentlemen are there
now sitting around me q mran not OF course, to include
the honorable member from PENNSYLVANIA who nave
their pocke1s pretty well lined with these muchabused
Treasury notes. and whnh have been received by them
a their abuse of them to the contrary Notwithstanding
in preference to gold and silver Nay, more honor.
ub. gentleman from Massachusetts (hlr. Cushlng) has
slated the fpst that the notes which bore interest Of
one mill to the dollar at the same price in the North
ern cities with those that bear SIX per cent interest
Moi very inconsiderabe item TO be SET of against the
aroument of INV colleague (Nr. Mason) the score of
expense or unsatisfactory to those who have erplisd the
vial. Of their wrath upon the measure because they
tina, those who receive notes at an interest OF one mill
to the dollar get less for the same demand upon the Gu
vernment than those who receive them alta higher rate
Of interest.
But Sir is the argument Of the gentleman from
Pennsy lvania sound, hold that, in sound state of
he currency Treasury notes should depreciate
while the amount horsed is below the amount of
venue intended for their redemption; in other words if
they be based either upon revenue or upon specific
tax for their redemption, there will be no depreciation
We are informed by Mr.. Jefferson in his Correspond
ence vol A. page l99 that in the year 49, the State
OF Virpinin issued paper money bottomed specific
tax for its redemplon and 10 increase s credit bear
ing nm interest Of five per centun, and that III very
short time, not n bill Of this emission was to be found
in circulation; that they were locked up III the chests oil
executors guardians widows, farmers, &c. That FIr
rinia then issued bills bottomed redeemlng ,ax but
bearing no Interest," these he informs readily
received. and never deprecated single isrlhlns.
Now, Sir, what the character Of The continental
Trny, POI yarIoh 3s ~
pared WITH and pronounced better than the Treasury
notes proposed to be issued by this b In the reyouhona
ry war the old Congress md the Stacslssueo os VIM
out interest without tax and without revenue 10 rearem
Them They occupied the channels OF circulation freely
l those channels were overapwed by excess beyond
all the calls of circulaton-the amount IN l'ol being
1857 476 54l-and having been issued without tax and
without revenue redeem them, they continued 10 de.
,rocioc until they became worthless in the haEcs OF
their holders. But let extend the comparison little
further and inquire when 1t was that The continental
money of which the honorable member speaks was is
sued: Sir it during the war OF The REVOLUTION when
the Government possessed neither money nor credit al
time when no could look forward 10 any probable
neriod when the Government would be able to redeem
it's obligations But how is it with us now: hare at.
tempted TO give some account OF your treasury ana
even those gentlemen who represent It's condition much
worse than many here know 10 be- tell US we hare no.
ino to do but 10 set on foot loan and that NJ Hons
of dollars can be raised in the OF few days pref
~ conclusive evidence, take IT, OF the high creiIt ct
the Government. But how stood the credit OF lhs Co.
vernment at the time TO which the honorable member
refers Of continental paper money memory: II ws It..
terally without money and without credit Still The !en
tlemau insists that the comparison good! The reBnn.
ing may he conclusive with the honorable member @ho
urges It, but must say does not curry conVlcHoa 10
my mind.
But there is still another objection urged ag1mt the
pa,sa re Of this bill and Ihc less singular condCr
inc the quarter from which II comes Failing ~ Ggu
men, gentlemen have con ursd up hyhras ana chime.
ras dire as if 10 frgh,en and alarm The good pc"pe OF
,,s land They insist that the OF these TrPa;Gry
notes look SO much like bank, tina, they cannot br
moment endure the thought OF seeing one. Sill IN
| my anxiety TO avoid splitting upon such roc, l
! began TO cast around and see who were thoT so
terrified and alarmed at the idea Of bank that uey
could not even hear its name mentioned without be-
ing horror struck! Who they? Why the very men
who are TO homely but expressive phrase, "ui 10
the hub for bank that can control and regunie
all the other banks in the country, and upon scale Which
NAV God in his mercy long avert Sir, am myself IN
good faith, utterly opposed 10 this Government
char,ering bank, that cannot contemplate It's esa.
bIishment without real dread and alarm and, II
could bring myself 10 believe that in the issuing OF
/ Treasury notes we approxInalng to such IN
institution, | would avoid il as would war, PEST
lence and famine But, before give In!o the OBI
MON that it is bank let satisfy ourselves what the
functions Of bank lis principal functions are, m.
der Of Incorporation to issue money, receive de-
posites discount notes and bills OF exchange, and make
! dividends among It's Stockholders But what lie
features of this pretended bank No act Of ncnrpoTa
ton; no power TO issue any thing other than the obiga
lions Of the Government to pay l;s honest Gebts no
power loan money, or to receive money on dei,osie
no nnwpr 10 nn,os; power TO deal in exchan
res; in word, one feature of bank Whatever; bUi
You simply confer upon the Government the power 10
perform act of common honesty when 1t is unable
IN nav its debts sight, by giving It's creditor snpl
evidence Of his debt. had almost forgotten another
feature that lacking in this bill to make II a bank
Mr. Speaker; has no PO~er to buy or speculate IN cot
ton; authority under cover OF lis corporate powers
10 enter into the market md compete with the honest
industry of the people, under legal enactmrnls and legal
projections devised by itself ii has none OF these alarm
| ing traits about 1t.
MIR Sneaker had intended but for moment 10 Ia We
detained the House with few remarks OH the consln
tnna question involved in this measure, but the argu
men on tina, branch Of the subject has been presented
clearly forcbly and conclusively by my friend
from South Carolinu, (Mr. Rhcll that he has left no
thing TO be added
to touch upon and but one, and that 49, to examine The
scheme which these gentlemen themselves recommend
ed in place of that proposed by the bill under consdera
ton. What is their scheme: loan Tor Tour years, VT
are told. IMr Robertson, in an under tome NO tm'
was me- nonpd but il be at the pleasure OF the
Government Well, Sir, redeemabe then al the plea
sure of the Government suppose for there have beer
so many propositions offered that have been unable &c
keep pace with them atm informed by my
that the loan he proposed Is 10 be redeelaoe 1t us
pleasure of the Government would thank my colleague
to tell me who it is that would lend money Oh sucf
terms, Where will he fad capitalists in this country
or on the other side of the Atlantic, who would loar
their money be paid back at the will of The borrower
the Government, perhaps in five or six months: W"uIt
they draw in their money secured by mortgages or tus
deeds or sell out in the funds for such contingency
as this: Permit 10 tell my friend that The thing Is
utterly imprac,icabe.
Mr. Robertson explained that the amendment offered
by him proposed loan redeemable al The pleasure o
the Government or at any period. leaving 1t |" tht
House to fix tina, period. He had left the clause blank
| for that purpose.
Mr.. Jones. took my colleague, first remark, iha
the period Of redemption at the pleasure OF the 90
isl or association of p,ass would lend money on suct
terms At all events, are, by my colleague ProPo
silon, to incur debt and large annual amount OF IN
tercs,, when do not want the principal Sir, have