Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-24

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in the end | believe TO near ninety. This increase oi
number in part, rendered necessary by mat ptoV
sion in the ucl Of June, 1885, which required HAT, where
the amount Of public deposites in any bank exceeds
three purtIs Of It's capital actually paid in, the surplus
should be transferred TO other bank In TIE exc
culion Of the act, however. om considerations when
| am moi able 10 expuln there was still farther IT.
crease in the pumber Of repositories not ca!'a lot ny
The requirements Of this provision II is obvious no"
thu whole play Of the machinery must have been weak
ened and ubsrucled by this needless compexIly o lis
parts am satisfied that twenty bnuks, ]udic!"uFiy Sc
pced and properly ncatcd. would be competent !" no
the whole business of the Treasury Department, win
much less danger of embarrassment 10 e banks ana
far nlnc easy and eflrclua supervision the part Of
the Secretary. The substitute therefore provides li'al
The number Of Banks 10 he employed public drp"si
,nrrs shall in case e1cecd reny fcc to be- chosen
from among The solid and respectable banks IN the
respective States and their ocatiou well NUMBER
o be determined solely with reference ln the wants aud
convenience oflhc Treasury in conducting lis fiscal ope-
ratInns
The substitute also proposes important change in
The mode of selecting the depose banks Heretofore
they were chosen by the Secretary Of the Treasury ut
his will and pleasure alone. This snIr agency q! the
! Executive will, in designating the repositories ri Tie
public money. exposed the late sys:r; To suspicion at
tavOrilism aud want OF confidence IN general when
greatly impaired lis neral force, and admitted pnsSIhl'
lily Of abuses which, is ccrtnn!y proper, shnnld be
guarded against II this which caused il 10 br char
aclrrized US the ptt funk system propose TO drest
of this character by nbeclng the selection Of the Sc
ion and control Of Congress IF the selection BIZ mace
during the session of Congress- il Is 10 be Immediately
submitted for The approval ut thu louSes-', during
the recess il is 10 be laid before them at the commence
menl Of the next session. to b. in like confirm
ed or nnnullcd by them. The ftrc, OF this provision
w be 10 bring rrlry thing, relating 1" he public mo
neys under The direct and ricIrnl control OF Tie ite-
representatives. Of the people and the States aud IN g." de-
licate aud important matlr 10 leave as tle as posi-
! bic 10 Executive discretion.
Another leading provision III Tue substitute Is one
which REQUIRES the drp"sIle banks |" have weekly ST. Tie
mrnts with the banks, in their vicinity, with which they
have business trasacns and 10 call for balances IN se'
Gle chcncrtr and to kdtc1er eIte II may be necessary
check ovrssurs and tn preserve the sonndntss al
the currency In the adoption Of this practice by the
lae Bank OF the u. Slacs consisted lis boosted power
and influence regulator Of the currency here is
no reason why the sauary control should not be
exercised by the deposts hunks md with even greater
effect nnsmuch their aggregate capllul and presumed
amour, Of transactions with other banks would, no
duuht exceed those Of The late National Bank. II Will
BE- perceive, from the of this provision in The sub
slnle that is not contemplated 10 en"in on The depo.
site banks Erfd and inrror0ae rtqmsifOn Of balances
from the other ba'ks in specie under all circumstances
wIalrye.; t considering The large balances that would
| lie hahiluay accumulated by them against the other
banks tie process OF collecting the public revenue,
such QUESTION would be destructive in many cases. 10
institutions Of unquestionabr soundness 1t c"nten'
plated therefore, that this power should he exercised un
der proper safeguards, and only 10 The tItent that may
BIZ necessary restrain mprutenclrs ur excuses en-.
Gargerng Ih, general currency. II 10 this extent
"uly as | have shown in previous part OF these re-
marks that the p"wcr exercised by The late Bank
of The United States
The substitute like wise makes it the duty Of The Sc
clc,ary OF The Treasury 10 his influence 10 bring
about an arrangement las doubt is entertained lie
could do amnrg the several derosIie banks to receive
and credit cash The notes Of each other in pay.
! mrnt of the public revenue whtrerer so rendered.
! The effect Of this arrangement would be to put the
notes Of the deposie banks practically on The same
futnu the branch notes III The late Bank OF the IT,
every here receivable in payment OF public dues
and enjoying consequently, general credit and clrcu
a,lnn throughout the Union Ii would give to the coun.
try. great extent the advantages nt nn0rni pa
per currency, the preceding provision would SECURE
to il sound and the Two together, in suppl ing
prnc'icaHY. the benefits promised by National Bank
would smprrsede the strongest arguments now urged in
favor nt such an Institution.
In regard The kinds Of money. in which the public
revenue be collected, the substitute adopts, with
slight qualifications, the provision of the currency bill
Of the last Session Of Congress il declares that the
public dues nf crery dcScrip0n, Tor lands as well as
customs shall h lived in gold and silver Treasury
such u"rs Of paying Banks, (under GER
restrictions intended To promote the suppression OF
small notes the drpcsile Banks, sub 10 the super
vision and control of The Secretary Of the Treasury,
shall agree to credit to the United Estates as enh. 1t
will be- perceived that IN the proposition now submitted,
have postponed for one year the exclusion OF the
nnrs of Banks which issue bills or notes under hive
d"llas. 1t is known. that many OF The States an-
who have heretofore prohibited ihem will it is sup
posed authorize the issuing oil them under exist
ing circumstances and for limited period II is evi-
drnt that the Use OK this description Of n"tCs in sup
pyinr the place Of, and consequently diminishing The
demand for specie in small dealings. would tend mate.
rally facilitate the resumption OF specie payments by
the banks This considera hos induced me- under
the peculiar circumstances of the llmes to adjourn Tor
one year the period for excluding the n"s Of banks Isl
suing hills or under five doars and The
sida,ion has prevailed with me- oc the present. I" limit
ll- farther exclusion of bank notes to The issues oil such
banks shall alter the expiration OF Two years. cont.
me ISSUE bills notes under ten dollars. In dung
this under the rxigpncies of The times wish 10 be
dersood not abandoning my gInal opinions, (Which
remain unchangrd) in favor of extending The proiibI.
tim Of small notes ultimately to oil under the denon.
of twenty dollars.
TrnniIy the substitute in furherance Of the great pc.
Icy Of fixing period The present disastrous reign o
irNdrrmabr paper, pr"Tidrs that after lie Isl day OF
luly next, thr notes U! bank which Shall not then
have huna dc resumed specie payments shall al any
time thereafter lie received in payment OF The public
dues. This IN connection with the liberal provisions
made by the substitute in other respects for establish
ing he credit Of convertible bank paper, WILL am per
snadrd, bring about general resumplon ct specie pay
payments at the time designated. The mere hXann of
a day by Congress will exercise powerful moral lnin'
encr; and not the less the day fixed corresponds
with that Indicated by maturity of The banks in the
Bank Cunrennn held in New York in November last
! These. Mr. President, are the leading provisions Of
the measure have submitted which distinguish It from
the syscIn heretofore adopted for The employ OF
State Banks as repositories of The public money In
many respects, they make it system. obvinting
Of the strongest objections which have been hlher.
urged against providing guards against abuses
and continuing provisions for extending lis useful
md efficiency. Under an able and not unfriendy
direction. feel every confidence that il would meet
both the wants Of the Government and The wishes OF The
country.
! SHALL doubtless, be asked what arrangement pro.
pnsc regard 10 the banks discoun!ng the public de.
pnsiles There is absolute intcrdictiOn Of their doing
So in the measure propose, (or To this think. shall
be able show there nsuperable obstacles but il
carefully wiiEdaws the stimulus The Of that
which has heretofore been applied. and it fur
nshes Josi'ire security, of important charac,er
IN, uf he oil