Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-03
Banks and are endcayorng 10 establish circulation


Banks, and are endcayorng 10 establish circulation,
exclusively metallic.
The next parngra phi sanctions wi,hou, absolutely np
proving, the receivaby in the first instance, OF the
notes OF specr-paying banks, and it explains what is
meant by the employment OF banks sptriul dcposo
TcS. They may be thus employed, If the remain
ing after paying The current drafts Of the Treasury.
whether they remain in The hands of COLLECTORS in pub
lie treasures or in The banks themselves (whenever
II is thought cxpcdient under any circumstances to
authorize the Receivers 10 keep their monies in bank)
be converted into specie at short intervals and specially
deposited III tnt farm, under such regulations Us Con-
gress may prescribe 10 prevent them from being EN-.
ployed Jr private corporate pu poses, from affect
ing in uously tie interest Of the Banks. These con-
templied regulations to the funds from Bank
officers public officers that The money shall not be
lost loaned, used till it is ordered be transferred or
paid outby the proper department the Government and
the details properly left to Congress- The clause that
they shall not be- such TO njure the banks
that if it should he found the demand for specie will IN.
jure them, it shall not general regulation be made;
for this would contradict the previous part of the Reso-
luton. 1t obviously refers TO The time when the regu-
alon is 10 60 into effect and 10 the of extra
ordinary circumstances Which might make II prudent 10
vest in the Secretary Of the Treasury the discretionary
power Of suspenaing The application Of The rule Thus,
al The very period oil resnnng specie payments ngnt
operate Inur"usy 10 every interest conceEned to call
| Immediately fur the balances in specie; there might
be so great an accumulation Of balances al particular
point (such New York y eyond the current demands
OF the Government, render il unsafe to convert the
full amount into gold and silver at single operation
Some discretion ought 10 be vested in the Treasury De-
pariment on this subject and it ought not 10 be made
The imperative duty of the public officer under all cir.
cumsances and at all times, TO press the banks for spe-
Gle. Col. Watkins probably thought il best to submit
this matter TO the wisdom of Congress, to whom It pro.
pcry belongs, and, having inserted The qualification OF
his principle, TO withdraw it now, might as if he
would exact specie under every possible that mi ght
occur not only to the injury bu, the destruction of the
| banks
The third Resolution ongh probably 10 be abandoned
BY introducing it, Col. Watkins has attained every OBJ.
ect he could hope for from its adoption. lie has sewn
| the motive which induces him 10 propose conciatory
Resolutions and he has exhibited the consequences OF
disunion IL it is not proper 10 allude to these conse
queues in Resolution, il becomes the friends OF the
Administration 10 ponder them seriously. The time ap'
proaches when they will require ell their forces TO make
head against formidable and determined Opposition
The passage of these Resolutions will give strength 10
the principles pronu gated by the President in his two
admirable Messages, and will rally many friends of his
Administrations who go far Mr. Calhoun, or
Mr. Servant, in opposition 10 the Banks Let us
not, by attempting too much lose that which we may
reasonably hope 10 gain; and let not above all things
forget that our strength lies in our UNION.