Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-17
THE CURT3Ly PYTSEO HIGHER

of public sentiment without committing their authors
In word, we have practised little reserve as possible
the discussion Of the qurStion-Now, when the game
seems to be approaching its crisis, necessity
for departing from The rule which we have laid 10 our
selves The Treasury system seems to be on the eve
Of failure The able author Of the following Letter, who
formerly furnished with one OF the most beautiful
ESSAYS we have ever published in support Of the Sub
Treasury systen-evcn he begins to despair, anu doubt
of its Will he US for extracting the FOL
lowing passages from his very interesting letter. though
he has put the seal Of "privatc on his communication:
viii he still further excuse unreserve, in laying his
project Of Bill before readers-Ihe Public will
nike il as it was given to We have all along said,
that the Special Deposi,e system might work we-and
when called upon for the details, i, would be oricom.
inr Well-here is bill which is worthy of conside
ration With some notifications, it might be made to
answer. We have time 10 consider or to anayze it at
islrkes US, that the fifth section should be
enlarged make every provson and as far as pro-
per- allow discretion 10 the Secretary of the Treasury
to case off the State banks, in certain extraordinary
emergencies at the great points of receipt where large
masses Of the revenue may suddenly accumulate before
the Banks have had time TO distribute the money
hand among the Other Deposle Banks by transfer drafts
or among the Disbursing otcersThe 9th clause as it
stands wisely provides for the principle Of Mr. Cal
houns section and Mr.. Wsghts BILL for easing of the
Banks in the Of the resumption Of specie payments
AS they become strong enough 10 bear the daiS
then the entire balances except in extraordinary
emergencies may be made convertible into specie, TO be
be placed in the cashiers vault under his custody and
at the risk Of the Bank-There may be some little diff
fculy about the details Of the 9Th seclon-but some dis.
crelon must also DC allowed 10 the Secretary to manage
them so as to suit the interests Of the Government and
the Banks.-The compensation allowed in the 9th sec.
lion 10 the Banks which will receive small proportions
Of the public money, is too small; and such Banks WI"
scarcely accent the Deposites Recoect the l-oih per
cent on even $500 900 gives 4 commission OF but $40
The compensation might be graduated on The amount Of
the coleclons-One eighth might do for New York.
but for Richmond.
for dscusson and before Congress- for their consdera
ton II perfect in its Details the writer himself
modesy hints may furnish skeleton for others 10
fill up With that view, it is now respectfully submitted:
(ExrEAcTs) "UuShiRg:on, 18Th Feb, le3S.
81 have heen watching in silence the course Of poli
cal events here since the commencement, OF tie ex-
Ira session Of Congress- | perfectly satisfied
that MIR Wrgh,s bill will not pass, and am also salts
fed that its friends are silently giving way-Ihe object
of the Opposition is to keep this question OF The cu1Fen
cy and the safe keeping of the public monies open as
they believe that long matters are in this condition.
the Federal party must gain
''The Republican party is at this moment in difficulty
and danger The violent power Of the Bank OF the U.
S. is fell every whcrc-lt makes converts in night
never sleeps nor slumbers.'
81, would seem, that at last our party will be driven
upon the special deposile system. Permit me 10 re.
mark, that your propositions Tor the establishment OF
and that the generaltes in which you have dealt have
left only vague conceptions upon the minds OF those
who are very willing to favor any adjustment OF this
rcred question
sit might be we'll for you 10 out in the form OF
bin which might unite safety with praccabillty, and
which might be embraced by decided majority OF our
friends The suggestions Of every man, however hum
ble upon this question: Of the safe keeping and transfer
of the public dues, may throw ray OF light upon The
road along whica the Republican Party ought now 10
horn satisfied That WRIGHT Bill must
be defeated in this mailer, have thrown some OF my
ideas upon the paper which enclose, with the single
view Of aiding however little, in bringing tins affair,
which is doing such vital injury, to fair compro
mise"
4 BILL for The Collection, Safe.kecping and Discussing
Of the Public Rcucnuc, DC
Be /. enacted &C., That the Secretary of the Treasu
ry shall select not less than % nor more than Az Stale
Banks as the repositories Of the public money.
3D. Said Banks shall receive such notes of specie
paving Banks may be agreed upon between them and
the Secretary Of the Treasury and which notes. so re-
ceyed shall be credited cash by said Deposte Banks,
and snail also receive such sums in specie, us shall he
paid 10 the collectors Of the public revenue and the re-
ceivers of The land Offices throughout the Union VI
perhaps thus: shall receive the public dues IN SPECIE
or such notes Of spece-paying Banks as they may con-
sent to credit as cashand that they pay the holders OF
Treasury warrants required, in cash, according to the
Sd section.
Sd. Said Deposte Banks shall pay all drafts upon
them by the officers of the Government, for monies de-
them either IN specie or IN SUCH
he satisfactory to the holders Of such dratts7
9TH At the end Of every three months in each year
there shall be settlement between the United States
and such Deposite Banks selected as Aforesaid,
and the balance due 10 the u States by each OF said
Depos,e Banks shall he accurately uscer,ained.
5tb Any balance due on each of the said settlements
shall be discussed of as ilows The shall be placed
in special deposite in the custody OF said Depose Bank
in funds of the following kind three ourlhs thereof,
for and during one year from the lst of July, 1888, IN
,l,o that Inns bPen received by Su0n
Deposle Banks agreement with the Secretary oil
the Treasury aforesaid, and onefourth IN gold or
silver coin and from and after the LIST July, 1882 one
half in such paper and onea in gold and silver coIn
and after the LIST July $780, three fourhs in SPECIE and
the remaining fourth in such paper and after the LIST
1S4 the whole Of such balances shall remain in special
deposs in specie in the said Dcposite Banks. :,
9Th All drafts upon said Special DeposiIe fuad, shall
be distinctly drawn upon such special deposlle funds
from time 10 time wherever such special dcposcs may
exist and the same shall be paid in kind by said Depo
site Banks unless the holders thereof shall choose any
other circulating medium and agree TO receive the same
under any arrangements in the said DePos'te BANKS
9TH The said deposle Banks shall enter into written
agreements to discharge the duties enoned by this law
on the one part and he Secretary OF the treasury on
the behalf of the u. States.
Sh Said Banks shall place at different points through
out the States of the Union such amounts OF funds as
NAV be necessary to the purposes of the Government
which shul be paid those points in gold or silver, or
their eouiyalents-Suc Banks always having given 10
them 60 days previous notice hereot-t requlfeu w
them of the said dmounts required to be dsbuFseo AZ
those several points.
Gin For the safe keeping of the said special dePoses
said Banks shall receive compensation at the rate OF
one eighth Of one per cent. per unnum.
10Th Said settlements shall be made by person ap.
pointed for that purpose by the Secretary OF treasury
on the part of the u S. and by the President OF said De
nos;,e Banks. and the returns shall be in writing and
sworn 10 as just and true by the said person and said
Presidents. ell
It'll Wherever any of said Deposite Banks shall tall
10 pay their notes in SPECIE the Secretary oil Inc
sury shall forthwith discontinue such Banks as Deposlte
Ranks and shall report the facts and The reasons LOT
such dscon,nuance TO the next ensuing session oil Con
and shall select in the mean time other dePosto'
Ies to supply the places of those that may be discount
nued. ho1J G TINT
i- ~. L. &c Lie de nnsiiores of the monies OF The