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

ylunUe and
ed in the mere shape of propos"ns Tor The acceptance
of the public 1t not his habit 10 speak dIsrespecl'
fully here of the actions or the motives oil any anu ne
certainly Gid intend the remark he was about TO
make to express any want OF charity lowaros ie cos
or opinions of any side Of The House, any individual
in it, He Welded 10 all that credit for purity OF pur'
pose and sincerity Of inlen,ion which hs wished them
to award to him. but nc must say that r had never seen
more active jealous, and pcTseverng rlnrs TO t"rrsh
public opinion upon any measure Of rgislali"n than
had been used towards this, from the appearance ct 'lr
Message of The President at The extra session. To tie
present hour lie had seen this with The more dep
regret cause of the most respectable inicS mt
and influential OF those who had been friends and sup.
porlers Of the Administration, and who ne trusted were
YET So among the most active in opposition 10 Tins
measure. They acted, because they irt nnl so
thought and if they used efforts to PIE utice the bill IN
The public mind because they deprecated ills pas.
sage as in their Judgments injurious to the public inter-
| ess.
lie would cn,rea, them however 10 pause and reflect
Experience had tested The imperlclions Of The SIne
Bank depos,e system, of which they advocates,
while experience had done little 10 approve condemn
the system proposed by the bill II had been in snbsian-
al operation since the suspension Of specie payments
By the banks in May last 1t forced into operation
by that enson. |, found the currency of the c"un'
Try deranged the credit Of the country depressed and the
business of the country PROSTATE and nt stand lie
would say that these the consequences oil The
Stale Bank depuse system. He had said upon that point
all he intended say; but it was matter Of history that
these disasters had upon the country under the
practical operation Of that system. What had been the
effect Of the operation Tor two thirds oil year. OF The sys-
TEN which it was supposed would destroy credit depress
property discourage enterprise and exrrtlon and senn
the country back 10 state Of barbarsm? Foreign eS
changes had BEEN for some line. dawn IN and below
par in our commercial markets. thus afurdng conc'u.
sve evidence hat foreign debt had been reduced
within ordinary limits; domestic exchanges were rapidly
approxuang healhiul state, furnishing The same evi
dence that internal trade gradually and steadily
equazing ITSELF property retained fair value, and
FINN slp NV lpf.
ing strength and the banks general remark were
recovering from their late and preparing tor
speedy resumption of specie payments Such seemed
TO be the history of business prospects al Inc pre-
sent moment lie did not mention these things to as.
cribe them 10 the operations OF the National lreasury,
or to the manner in which those operations had been
conducted since the suspension OF the banks, hut 10
| prove that the practical operation OF system Tor the
management Of finances, such as Is substantially
provided for by The BILL had not had the effect to retard
and defeat these great and beneficial business results,
10 repress The immense energies, and 10 cripple the
vast resources, Of our extended country
| Surely then far experience has nia1ded EVIL
dence, it offers for discourage 10 the
friends Of the measure, and nasmuch as opinions be-
yond that whether favorable or uniavorahle are little
than conjecture the oppusers OF the bill should not
| demand Of us 10 surrender favorable Judgment,
though thus slightly tested, in favor Of measure which
repeated experiment. both in adversely and in ProsPer
~, has proved to be drlusive aud dangerous.
The next 80 rcon he proposed TO notice was that The
from the people, and to sound currency
for the public officers, and base currency for the coun
Try.
This again, startling objection, and required cx
animation Its first assumption was, that the tendency
of the under discussion would be 10 separate
the Government of the country from The people oil The
country; 10 elevate the former and dePess the latter
and the second was that the separation would be marked
by difference in The value Of the currency to he pro-
vded for and s; cured each Had either Of these
symptoms any foundation in iac. even in fair appre
! hcnsion
He had already attempted 10 show, and thought he
had succeeded in showing that The financial system pro.
posed by the bill preferable 10 the State bank tepo.
site system in the following respects, namely III the
safety afforded the public moneys; in the expenses
and risks attending its administrations; IN It's sautary M
iuences upon the banking institutions themselves IN
the limitations IF patronage added TO the Executive
branch OF The Goyernment in the independence 1t Sc.
cures The Government financially, and The exemption
it coners from injurious impuatInns: and III lis endcn
cy to the full extent OF the operations of the National
Treasury and Of the exer,on Of all the constitutional
power Of this Government, 10 produce and maintain
srund aud stable currency nr the whole country II he
had succeeded in establishing these positions, would 1t,
could it, be said that system possessing such advanta
ses calculated to produce separation and alienation
between tie people Of the country and the Government
Of their choice' He could not believe it.
But the objection assumed that this separation was TO
grow Of the different cureDcies produced ior Inc 20
vernmsnt and the people, by the necessary action OF
the system That the effect of The bill would be- and
intended to be, to produce and maintain uniform
and sound currency for the National Treasury, and fnr
all vino might have demands upon 1t, as well The 9th.
GERS of the Government others, most freely nd:
mtied Indeed, this was claimed as one OF The principal
merits Of the system But did it follow that, because
the bill had this tendency il would therefore tend To dc.
basc general currency of the peope Certainly n"
No such consequence followed On the contrary, ii had
been ALREADY shown that far as 1t should exert any
influence upon The general currency, that influence must
be raise that currency to level with that secured TO
huyn h1SD
rcncy they a it, not in consequence oil the BILL
but defiance of il; they to receive II, not from
the public Treasury, but from their own State banks
from the evils Of the legislation oil Congress- but from
the evils of Stale legislation. Did any pretend that
The bill could exert influence tn debase any portion Of
the currency upon which it had no direct action: lie
had not heard commended, and he felt sure that no
such position would be assumed If the currency upon
winch it did directly act and the standard OF which
regulated be busH, then it light be well appe.
hended that indirect influence would be 10 draw down
the general currency TO its level; but MS the g's OF tr
complaint is that the standard OF currency II assumes
for The Government is higher than that ni the general
currency il follows, by partly of reasonng that lis
indirect influence must be 10 raise the general currency
to It's standard.
In oil this constrained most respectfully to ask
where the ground OF complaint, unless gentlemen
ready take the position That sound, uniform,
and standard currency cnuld not he sustained IN he
country. and that, 10 avoid invdicns distinctions BE-
tween the Government and the people, the National LIE,
gisatue possessing the power TO fix the STANDARD oi
Currency should adopt base Standard ant thus
conform The currency of the Treasury TO that which II
might be the interest of the local banking institutions TO
maintain He did moi believe that any advocate tor such
doctrine 10 be found here; but II such an one
should appear, he had only FIRST to deny the position
wholly, and TO assert that sound currency coui be
sustained in this country, without Infringement upon
The powers granted Congress by The ConstitutIon for
the means Of accomplishing the object; and SECOND, 1t
tue position should be granted to deny the inference,
and contend that il the constitutional duty OF Con
gress keep the currency Of the National Treasury up
to The standard of gold and silver, in any event.
The and only other objection he proposed 10 no.
lice that the tendency of the system provided tor
by the bill would he 10 withdraw from circulation and
use and hoard in the several repositories, too grea,