Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-20
VOLUME XXYzY.---No. G1,,

,,
OF we'll sounding phrases, Of plausible pompous com.
mon places, 10 disregard the real interests oil the coun.
try AS Legislators and statesmen, must emanc.
pate minds from the deusYe authority Of mere dog.
mas, and look to the consequences Of OCT notions, the
practical effect: of our measures If We trace this re-.
QUESTION Of specie for the public dues in its effects on
the actual bushes, U! society shall find that il is cal
culatrd 10 cnnvuse The whole monetary system Of the
cnuntFy and 10 keep state of ceaseess and distress
ing comnotion. Under the operation of the Banking
system exists in this country specie be regarded
not 50 much part OF the currency the basis or source
of far larger portion. For every dollar hard money
that is nike from the banks four five times its amount
is withdrawn in another form from the actual circulation
OF the country. Bearing this in mind, let Us see how
The proposed system would work. In years Of abundant
mportalion the circulation Of the seapors being insult.
hcient to furnish the requisite SONS Of specie 10 pay the
dulles large amounts would he drawn from the South
aud West, meet The demands of The custom house in
the North and the East. The sections thus stripped
Of their specie, would be, all at once, subjected to the
greatest at all calamtes in pecuniary point Of view
that Of deficient circulation, suddenly contracted,
not in the ratio merely, Of the specie removed but
Of four or FIVE times its amount; for, 10 that ex.
tent would the banks be compelled 10 call in their
circulation, in order 10 meet the drafts upon them
for the precious metals. Under this despa,ing pro.
cess, the prices of property would be struck down,
the relation Of drbor and creditor violently disturbed
and every branch Of industry paraysed and whered.
On h- other hand, when the land sales became active,
the current would DC reversed, large Of specie
South and the West, attended with the same distressing
efrcs the trade and industry Of the country, and
only shilling the theatre OF their disastrous operation
What could result from this perpetual dragging TO and
fro of the specie OF the country contrary 10 the natural
laws of nde and obedience only 10 arbitrary govern
mental regulations but ncessant hrnes and commissions
in The whole system Of its business and currency;
II would be some compensation, in n national point Of
view if the SPECIE Of which different portions Of the
country would in their turn, be s,rip under the opera
tinuD % ia
beneficial in those sections 10 which il would be
transferred But would this liz the case No, Sir. The
whole surplus beyond the current disbursement of the
Government would rest IN barren and reproductive idle
uess in the yauIts and iron safes Of your SubTreasu
ries. 1t would be an GnnhitaUn Of much Of the ma.
tional capital susceptible OF plicnlion, through con-
venIional substitutes to four times its nominal amount
and capable Of rnct'yng and sustaining the national
ind Justly to corresponding extent must Confess Mr.
President that this monopu and hoardtng ohe precious
metals by thu Government, does seem IL unworthy
of the age in which live We may find examples of
among The nations Of Antiquity. Bat their cicumsian
ces were very different from They were engaged
in frequent wars and they accumulated their treasure in
advance provision for these national emergencies
always with them. more or less near at hand. IL may
also deserve consideration whether the practice which
pre- vailed among them Of boarding the public treasure
was the cause, fully much the effect, of the
frequency OF their wars; for the relief 10 industry from
unlocking those vast hnurds in lime Of war nay well be
conceived to have rendered the occurrence OF war no
descend to modern times find no instance Of this ma
tional boarding, but among rude and uncivsed commu.
nitiesihe arbary powers the TuItar tribes for ex-
amnle. The Dey of Agiers is said 10 have been The
of large hoard of accumulated treasure, when
he was expelled from his dn!nnons by the French
So alsu Mazcppa, the celebrated Cossack Chief
tain the unulored ally Of Charles XII. But surely,
W. are going the banks OF the Dnieper, or the
shores Of Africa, for lessons in policy and egsation-
We shall not thus. humbly trust, disbonor the spirit
of the age belle the genius of free Institutions and
mar the deslnies of great and glorious county
But there other aspects of this measure even more
dangerous and alarming. In the remarks mad Tue no.
nor 10 submit to The Senate, al the late session, said
that this scheme had squirting "an awful squirting
towards Treasury Bank. 1t now has that character
boldly planted lis front ls TO all intenls and pur-
poses Greni Government Bank; and Of this Lpesuade
myself shall be able to satisfy every gentleman who
will do me the honor to accompany me IN the analysis
| propose to make Of lis composition. In the first
place the national revenue collected in gold and silver
is To ba disposed in masses at certain leading points,
designated by their Importance IN commercial man.
cia or political view. The bill directs that there shall
be prea, central depot Of it in the new treasury build
inc hrre-onother depot in The mint al Philadelphia
third in the branch mint at New Orleans ana tour oher
similar drPos Of the national treasure ~ gold and sye
at New York, Boston, Charleston, and 81 LOUIS buiio
nqs are to be erected (wee they do not already exs
far the recr pun and security Of these funds, fitted up
will, vaults sufrs and oil the usual appendages OF
banking establishment. The Treasurer and the Secre-
tnry of the Treasury are to preside over Inc
central establishment bcre-te Treasurer OF the mint
and the branch mint the establishment in Pbia-
delpha and New Orleans, and four Receivers. General
with their clerks and assistants, over those at n York,
Boston, Charleston, and ST Louis Thus you have the
funds or capitul 10 operate on placed in position OF suit
able points, and a complete organization OF officers 10
manage and administer those funds Nothing bull the
plastic hand Of the Secretary OF the Treasury Will be
wanting To- mould these materials inlo bank, ano 10
ri W motion aud direction 10 the machine. How Will IT
be done. Tie m0duS 0peruHdt will be perfectly naluai
and simple. .
The Government funds, compared with the dsburse'
menls to he made will be in excess IN some places whe
they will be deficient in others. They must then oe
from place OF dePose 10 another. luis
will hardly ever is 10 be presumed De done by an &C.
tua Transportation of specie. II Will, doubtless ne &C.
neray done by the ordinary commercial means Of oras
and bills of exchange. The bill most seduously gives
10 the Secretary Of the Treasury an nnimtec oscfe
onary authority make and order these transfers from
ono Mace of depnsite to another and from one individual
dr. onsi,ory 10 another Al place, therefore, where Inc
Government funds in excess and he wishes 10 trans
fer portion Of them 10 other place where they are
de6c;e nj, he will naturally direct draft or bill OF ex-
chnnre on The latter place be bought paying for it
ont Of the specie accumulated in excess al the place
of The NEGOTIATION. On the other hand when he wishes
TO draw funds from distant place, where they are
in excess. 10 place where they are deficient, a bill
IN ths formpr place will be sold, and the money
ceved for it, added the deficient funds al the place
Of the negotiation. The officers oil the Government,
thus operating on the public funds under this SYSTEM
woud become hab!tua dealers in exchanges regular
and acknowledged branch of The business OF banking
In the exercise Of these functions. the accommodation
NJ individuals would come be fully much consulted
as the wants of the Government. The Receiver. Gene
raj at St Louis for example, having an excess OF the
public moneys in his hands, and instructed 20 transfer
Ina, excess to the Sub Treasury at New York, would
naturally do so by buying DRIFTS Of mechanism other
individuals on The latter place But in This application
Of the oubc money 10 the purchase of drafts, what an
endless rs would there be for undue isvors to ndly
u well n"@ng w ,n9 oger
,erns Of The purchase &c. likewise, if we suppose the
Receiver General at New York authorized TO draw
surplus public moneys from St Louis he " would DO
nd n this operation Of selling there would be nearly
The same dan ger Of abuse, and Of the influence Of per.
have Just shown 10 exist in that