Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-01-04

pose of less public land, and order all over two or five
millions in tie Treasury to be invested in such public
securities of the different States as proper commissioner!
appointed for that purpose shall select, as was formerly
done with regard to the public debt of The u. States
This would put the excess of gold aud silver into circu
lalion-ond in the event OF any deficiency IN The Urea
sury, the stocks might be disposed Of abroad or al home
10 meet il.
One strong objection 10 the receipt Of the paper oil
the State Banks, IN pa yments TO the U. States, is. that i
implies 4 curEelalive privilege on the part of the Govern
ment 10 prescribe conditions 10 those Banks, when The
regulation Of them should belong only 10 the States which
chartered them. The Federal Government, without the
receipt of Bank notes in payment, could have no desire
10 interfere at all with the State Institutions, and would
rely merely on their fidelity 10 receive, keep and pay out
the public mpney-As that money would be paid in gold
and silver, an abundance Of those metals would get into
circulation, and The proposed restriction by Congress as
10 The denominations of notes 10 he issued by the banks
acting as public repositories, would be unnecessary.
The notion entertained by some, and induslrionsly cir.
culated by others, who are opposed to the Sub. Treasury
plan, that that plan would create two currencics OF un-
equal value-the one for the Government and the other
for the people, is hardly worthy of refuta,ion. 1t is
founded entirely on the idea, That the banks do not mean
TO redeem their paper with gold and silver. II will be
in their own power to raise the value OF their paper 10
that OF specie, by paying specie on demand, as they pro-
mise to do on the face Of cvcry note they Issue. When
ever confidence in their ability and willingness TO pay is
restored, their notes become preferable for general circu.
Iauon TO specie, from The greater convenience Of them.
1t might just as fairly have been said, that two currcn.
cies existed before the suspension of specie payments,
because the balances between the different banks were
l~lquldated in specie, as now TO say, there would he two
currenccs when the Government shall receive and pay
only in specie.
There is no new ideain this article. A compromise
was spoken Of, and it becomes desirable 10 ascertain in
what il consists-and such thoughts as occurred 10 the
writer as he went on, have been put down without any
regard 10 form whatever. y.
(Er0m the Charlottesville Js FcrSoniau Republican,
THE SPECIAL lEPOSITE.
GAS this plan seems TO hold out the sures! prospect,
at present, oil restoring harmony to the Republican Par.
ty, and heulins The disscnsions attending our fiscal EN-.
barrassInents, il becomes invested with much public in
terpst. At one time, we feared, that the unyle'dlng te-
nacity of Tic hard money men TO their favored project
of SaG. TredSaritS, would ever prevent this middle scheme
from becoming a practical question but we are now
pleased to believe, from The conciliatory indications Of
the Presidents message, that it may be- made by judi.
cious notifications, 10 furnish common ground Tor the
final and anicahle adjustment of conflicting views
among those who unite in the great practical object of
now and forever, from our fiscal arrange.
mcnts, the agency Of any National or Treasury Bank
whatsoever.
"Under This point Of view, we regret, that SO much
vagueness and uncertainty seems 10 attend this plan =
that SO few Of its prominent details have been fixed in
any subslantiv &c proposition, which night be appealed to,
as the common standard Of its advocates, and, indeed,
so little even of it's general features definitely ascer.
tanned, that there is 10 small ~perPleIily to be encountered
IN SenluTIUg upon lis ulST.uSStOD dIlllu sum
of doubt and confusion. Nevertheless, it is time that
the Press of the country, should be coming up 10 its rx.
and furnishing all the aids i'll its power, to the
public judgment upon this dlstracting question. Though
we may nUw soon expect to see 1t presented IN some
tangible form before Congress, there can be no impro.
priety or presumption in noticing at this time, the differ
ent phases under which it has been presented, anu IN
10 our readers, our reflections touching the
"a preliminary question of tho utmost Importance,
;aJ.,.oI,b1, n,no, J,,itt tIic nc trnll n c ppSrV Other
fiscal project, arises as TO the media of the public col!ec-
tions and disbursements. Upon what is this plan based,
the reception of convertible bank.notes, or OF gold and
A mere abstract, notional difference, may be
made between the mode of the deposlle, and the cha
racler of the collections, but no practical man can be
turned away from such a question by the evasive asser-
ton of such n difference. Before he can proceed 10 the
Of any opinion upon its merits or dement's, he
TO know-of what shall these special %deposites
consist? OF convertible paper, or Of the precious me-
tails? We ~designedly omit 10 extend the enquiry, so rs
10 embrace, in the terms OF MIR. Calhoun S amendment,
{ such notes, bills, or papers, issued under the authority Of
the United States, as may be directed to 6c rccetUed w tae;
for we presume, of all Imaginable currencles, none, on
the experience Of our confederacy, and of all other coun-
tries, should be more truly odious TO the people OF this
country, than the ineon0crtiMe government paper content
plated by that amendment. And, indeed, no adequate
provision could be made for the conversion oi SUCH
paper, without introducing 4 financial machinery, tam
lanount in every important particular, TO that other obi
Gus scheme Of a Treasury Bank. Hence, practically
recurs at the threshold Of all enquiries on this subject,
the alternative between the exclusive reception oil The
precious metals on lhe one hand, and the reception Of
the notes Of specie- paying banks, on tile other.
elf, therefore, the special dcposlle is 10 be proposed
as a compromise 10 such of MIR. Van Buren, 8 trends as
cannot sustain the Sub-Treasury, il must, we presume,
be based on the reception in good JuiM OF convertible
notes; we say IN g0od tiih,' in conlradIstinction TO Tic
mere liberation Of the receipt Of such notes TO be held
for 4 limited time, viz sixty days, and then returned by
the collectors upon the banks that issued them, for re.
tiop ~ eucrte Such n nlan rs this last succession
would be palpably u Legislative trap set for the banks,
and would convert all that might be idly caught in 1t,
into mere ignoblc brokerage shops, 10 furnish Tie Govern
ment with its better currency If The receipt OF The
notes Of specie. paying banks, for public dues, Is TO be
sanctioned, we take il for granted. that it will be done
bona fdc as Il mark Of confidence in these institutions,
and a measure Of relief to the people, and that no room
will be left for The Administration ii it should, perchancc,
feel the desire, which we will not, and cannot believe,
{ TO paicr rih Mtm in this doHbtc sense
'lf, in The spirit of compromise, this plan secures tho
reception of current, convertible bank paper in the pay.
nent of public dues, one prominent, fundamental oDJec-
lion 10 the Sub Treasury scheme, Is avoided, and It's OPP
poneEts, attain one of their cardinal points in placing
the currency of the Government, aud Of the People on
the same footing. 1t, also, adequately guards against
the deprecated misclliefs and corTuptlons arising from
enlrus,ing the treasures of the nation 10 the custody OF
E1tcuiiuc officers, wholly dependent upon, and only re-
sponsiblc To-, the Exccntirc ac:N.
The next enquiry in this connection, concerns the ma
lure and extent of the liability Of the Deposite Banks
under sur O system. The common import OF the term
'spcciaL dcpositc,' implies Il mere delivery Of some va
luablc article into bank--for safe kecping'-lts custody,
until called for by the owner, and lis re-delivcry in the
same state it was when originally deposited. In this
sense, however, it is clear, that the practical operation OF
this system would be injurious 10 the public service
The special ~dcposite might often consist Of notes, sub
iect to a discount at the place where deposited, and,
therefore, not available 10 the creditor, who might have
u check on the Bank, having the custody OF such notes,
and hence, too, far more, Instantaneous than the &C
neral dcpositc, which entities the holder Of n treasury
warrant 10 demand for it, gold and silver, and leaves en-.
lireIy at his option, the receipt OF bank notes.
'slhis obvious difficulty has led TO the proposition 10
couple with the plan Of special deposites, the provisions
of the Currency Bill, VIZ :-'lhat tine public revenue,
shall be collected in gold and silver, or in such notes of
specie. paying Banks, as the deposite banks may ngrce 10
pass 10 The credit Of the Government as CASH and a re-
QUESTION upon the Banks 10 pay such deposites IN
suecic. il demanded by the holders of treasury warrants.