Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-22
THE REPORT,


We shnll commence in next the Report, submitted
by Mr.. Wright TO the Senate Of the u. S. Mr. Cays
resolution 1t is very elaborate, and makes than
IS documentary pages, and about Is columns of The
Globelt is marked with great ability and extensive
search into the revenue laws Of the IT, poin,
it is concusvethat it will never to receive for
the public dues all the notes ofa the specie paying banks
which scattered throughout the u. S.-We certainly
would never advocate such propostion-but the best
mode, as it strikes u.s. TO prevent such consequence,
without al The time allowing too much discretion
TO the Secretary of the Treasury, would be 10 authorize
the SpscaL Deposite banks, 10 Take such notes only
they may agree 10 credit eash-nnd 10 settle with The
Government and Of with the other banks at not
distant neIiods The hanks Of S"c,.-d ...'l~1
S every week. The settlement Of the Special Deposts
banks with the Treasury might be every GO or 90 days
and he balance might be adjusted, by specie placed in
special deposite in such available funds as the Co
yernmcnt might want for its own disbursements. IL
might even be permitted to me Banks 10 ENJOY 'e pr
yiepe of qualified convertlbhy, on the principle oil
Mr. Calhoun graduation that is to say only third,
fourth or fifth specie &c The first year, and SO on,
until the Banks shall have maintained Inc resumption
which they have assumed.
II ia NOT our purpose to anulyze this Report-bu there
is one passage in H. which cannot hesitate to say
wish had been changed. 1t makes hong and ingenious
defence Of the celebrated Specie Crcular-and 1t con.
cudes with the following passage:
he suspension OF specie payments by the banks and
the provisions Of the deposle law ct 1896, have, since
the month of May 1887 rendered the order in question
practically dead letter. and 1t remains, 10 tins moment
| in that state, unrescnded.
"The Senate has, during its present session, with great
and paten labor dgesled passed. and sent to the House
Of Represe natives, BILL such as met The appreciation
of majority of its members, covering all these points,
and calculated 10 make the rule for The currency, coec
ton safe keeping and disbursement OF the public eVe
nue. in all its branches, uniform md Identical AS has
been before OF the sections OF thai bill was
in its supposed purpose and object similar to the first
clause OF the resolution referred 10 the committee and
now under consideration The vote Of the Senate, which
introduced that section into the bill does not leave room
for doubt that the body decidedly friendly TO The prin
cipe contained in it, the principle OF uniformity IN the
CURRENCY or media Of payment all branches OF the
public revenue. The question is one which, so far as It's
present agitation is concerned has originated in the ac-
lion of the Executive Department of the Government,
but that department has repeatedly referred IT, with al!
the attendant consideratons 10 Congress, that legisa
ton SO far as Congress should think wise and exped
en, might take the place of Executive regulation and
Executive discretion. Whether under these crcun.
Stances the Senate will consider 1t incumbent upon 1t
to net further upon any branch OF this great subject
until il shall be informed of the final disposition by the
House. Of the bill il has sent down. covering the whole
ground is question in relation 10 which the committee
DO -ued upon for the expression OF opinion.
If shall be supposed this repetition action may
involve considerations of parliamentary -nle or para.
mentary courtesy they will appropriately address Them.
selves the Senate ITSELF and motto one OF It's commit
mTte committee will therefore, leave this branch of
the resolution, with the single remark that, should the
Senate be disposed adopt in its present orm some
execution be required 10 ne maze IN relation 70 the
VIRGINIA land scrip expressly, by law, made re-
ceyable for lands but not for any other public dues
This part Of the Report was varously construed by
Messrs Tamudge and Grundy on its presentation TO The
Senate. The former considered 1t as IA distinct annun
ciation that the Executive, after the unequvoca and
expressed dsapprobann Of the whole country, would
moi interfere TO rescind it," Mr. Grundy "lhough the
Senator from New York Inexperienced the argumen,
of this report in regard to The specie circular IL argued
tha, il had been beneficial but that had done lis Office
and was now by as important as II had been
MI g. had voted for resembling it when the currency
bill was under considerations and he had also voted ior
the proposition Of the Senator from Massachusetts hir
Webster on the Sub Treasury billy TO resclnd 1t at TINS
session; and whenever the proposition for resembling
should come before him, he should still vote IN the SAME
4 way.
Il were desirable that the Report had been more ex
plcit; and had recommended at once the resembling
tho Circular upon the ground that it had done as cTec
There are no gentlemen in Congress more devote
10 the Administration, than lessrs. buchanan ana poo
! But both Of them have substantially taken gtou"
aua;nst the continuation Of the Circular Mr. Buchaha
ARMED conclusiyely, that the Western Banks coui
scarcely resume with this Specie Circular hanging owe
their heads Letter before Us, from OF the most re
snectebe members Of Congress, AYERS, that "a pane
cosp cannot be presented TO the mind OF rational oeine
hanks in The States where the lands are situated
ne befor. the Order revoked, every dollar may, an
obaby will be take from them for the purchase Of iano
But if the Order be revoked before their resupl'h' "
- dollar of their paper can he received ~ pay
nnblc lands until they have resumed how easily d"
rracousIy nigh, Congress have been spared the ne a.
pearance of forcing on the Executive the eea Oh III
4 obnoxious Order.
:. Another amendment was pressed upon The commute
which we still hope to see incorporated with the proceed
- ;nps of The Senate-vr engra on the trst par.
n M Claws resolution an amendment which directly an
IS explicitly excludes the reception, Times and ever
d FORM of the notes of The Old Bank Of me u oa,fs III
10 One point more-The Report meets the obIec'on IN
tho Administration is hostile the State banks ana
e friendly to their resumption In this part OF .ns arg
- -, IL enn,mitiee give the following inlormatoh-