The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-01-23
THE RICHMOND ENQUIRER AND THE
sUB-TREAsURY.

from the Enquirer, Oh the supJect VI tue ouo-
treasury bill, reported by the Finance Com
mittee Of the Senate.
The extract from a letter, embodied into
the same, recently written by Mr.. King, Ex-
Senator from Georgia, we commend to the
special notice Of our readers. Ii scathcs Sc
verely those advocates of the Sub-treasury
plan, who have gone back to ancient Rome,
and her questors, TO Turkey, Spain, Portugal,
France and Germany, to find precedents for
such scheme.
1t will be seen that the editor of the En-
quirer thinks, that the present bill is far more
Objectionable than the one introduced and
acted on by the Senate at the extra session
He objects to the increase Of Executive pa
tronage which the bill contemplates. Tho
new description of officers which il provides,
designated Receivers General though Ii
mited to four in number in the bill, the editor
looks upon as but the grain of mustard
seed" from which may spring 20, so, or per-
haps be increasedto an extent nearly immune
rable. The Bank Missionaries" provided
for in the bill, find no favor with the En-
quirer II looks upon the propositions con-
tanned in the bill as placing the public money
where it will be less secure than it would be
in the hands of banks where it would be SUBJ
ect to the drafts of the Treasurer of the United
States.
In all these positions we most heartily con-
cur in the views taken by the Enquirer.
We regret the veteran editor has not al
ready discovered, that any and all chances,
(if any ever existed,) for compromise have
entirely vanished. Does he not see distinct
", that the demands embraced in the pre-
sent bill are far more exorbitant than those
contained in the former one
The propositions embraced by the resolu-
tons submitted to the Legislature of Virginia,
by Mr. Edmonds, which seem, in part, to meet
the appreciation of the editor Of the Enquirer,
are to us, full of objections They are the
following
Resolved by The General Assembly of Virginia, lst
That no connection between the Federal Government
and Banking Corporations is established by the Fee
dera Constitution and that in the opinion OF this
Assembly, such connection, for the purpose of col
lecting the Federal revenue, is necessary.
Resolrcd ID. That the revenue of the Federal Go
vernment when collected, should be so kept and dis
bursed as never 10 be mingled with the funds of the
banks, or used in any manner as means OF banking
operations.
Resolped 3d. That the revenue of the Federal Go
vernment should be collected in specie the notes
of such spece-payng Banks, as will, al short inter-
walls, pay up the balance against them in specie
Rssolred, 4. That the establishment OF United
States Bank is unconstitutional and inexpedient,
and is to be resisted not less dangerous to the lib
critics of the people, than the creation of Treasury
or Government Bank.
Resolrcd, 5. That we cordially support the essen
tial and prominent measures OF the present Federal
Administration, and look to the ability, decision and
manly frmness which have been shown by the Presi-
dent under recent events OF peculiar magnitude and
difficulty, as afording just assurance to the Union
of the WISE patriotic and safe direction OF the great
interests entrusted to his hands. ....
We are not aware that it has ever been
commended by any one, that the Constitution
established connexion between the g Fede
raj Government and Banking Corporations y
therefore it appears to us that these resolu-
tons commence with mere nulltty
The second resolution contemplates to the
fullest extent, that which the Enquirer, as we
believe, has always heretofore opposed; an
entire disconnexion of the Government from
the People.
The proposition contained in the third reso-
luton, virtually contemplates the collection
of the entire revenue of the country in specie.
The notes of specie paying banks which may
be received, but their payment in specie de-
manded at short intervals" will, in effect,
operate on the banks issuing them as oppres-
sively as if the specie had been at once de-
manded from them and paid over to the Co.
vernment. The banks will not be enabled
to enlarge their discounts on their notes,
which they are liable to have returned upon
them at short intervals for payment in specie !;
or, if they should undertake to do so, the ex-
pansion would be followed so Immediately
with a contraction, that it would be produc-
tive of injury, both to the banks and them
selves.
The fourth resolution declares that the
erection of TREASURY BANK is to be
resisted as dangerous to the liberties of the
people"
The fifth resolution unequivocally announ-
ces that we cordially support the essential
and PROMINENT MEASURES of the Federal
Administration.
In this we are led to believe the Sub-trea-
sury plan is embraced. We know Of no mea-
sure of the Federal Administration now pend
ing so prominent as that. The Globe of Sa-
turday night last, evidently alluded to this
as the one ON which denended the q fate nr