Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-04-07
POLITTCAL.
(FJon the Nelo York Times ,oo,
WAsuISGroS, March 18TH, leoo.

Hos. RICHARD RiKER, O., Te,surv
hill az il passed the Senate will give 1t as oreny
possible w A., %. s.c,;on oripi.
ually introduced by Mr. Cal houn, and commonly cateo
the Spceic clause, stricken out Mr. Upon 'n.
moysd 10 insert section in its place requiring Inc nov
of specie wing banks to be received IN ymeht Oh m
,ubi;c revenues under such restrictions and egua''os
as Congress should provide, which was IeJeG. t
section was then adopted on motion OF Mr.. webster.
taxing from the Secretary of the Treasury The power Of
discriminating the kind OF funds 10 be received 10
the different branches of the public revenue In 'hs
shape the bill passed the Senate
Now as to its practical nperaaon-by us PROVISIONS
tho Government is thrown back upon the JOINT hesolu-
lion of under which the Executive claims the fgh'
o nrescrbe the kind of funds to be received wn, lnf1
specie or the of specie paying banks Chdef MS
construction of this Joint Resolution the late President
issued the specie circular by which he required specie IN
the payment of public lands, whilst the notes Of specie
having banks under certain restrictions, were
Tor cusou,s-Mr. Websters amendment takes away ihs
,gh, of discrimination The President must, therefore,
ether REQUIRE specie the OF specepayng BANKS
in all the different branches of the public revenue, aho
cannot receive kind of funds in one branch ana
different kind in anoher.-We must Of course, rescnd
the Snpcie Circular which relates to the public lands or
he must extend it 10 the Customs. ,
Which will he do' Some have supposed lie woniu au'
tborize the receipt of The notes OF banks
and dsburse them the public seryice-tls under cei
tain restrictions, might be done and might perhaps De
made 10 operate bene6ciay upon The different interests
TO be affected by t-Pobaby this was Inc expectation
of some of those who voted 10 strike out Mr Calhoun
specie clause for ough Mr. Upton amendment was
rejected still il was avowed in debate that it was opposed
on the ground thai it implied distrus in the President
as 10 the proper performance OF his duly
The question then recurs, which oil tie Two oescrP,
lions of funds will he direct 10 be received: should
think he would hardly direct the public dues 10 be paid
in specie after the expression Of the Senate against 1t
by striking the specie clause, he must Then, dfect
the receipt Of notes OF speciepayng banks, under suc
h. rIlpd AS N
hs those will be- we left infer from The facts be-
fore u.s. The President in his Message at the extra ses-
sion said lf at short and fixed periods they (bank
noles were concerted into SPECIE to be kept by The OH
GERS of the Treasury Of the most serious obstacles
TO their reception would perhaps be removed. To re-
tain the notes in the Treasury, would be 10 renew I'M
der another FORM the loans Of public money to The banks,
and the evils consequent thereon
| took the ground, at the extra session, that II Inc
bank notes were 10 be converted into specie, as above
suguested by The President, il was mmalerlal to me
whether specie the Of specie payn banks we're
be reccIvedthe practical effect would be The same
in both cases .
MIR Wright in his speech al the extra session, said,
For himself he agreed with the view OF this matter
which he understood his honorable colleague to take that
in case the deposes confined 10 the safe Keeping oil
the officers uf the Government il was question OF much
less 10 the banks than seemed 10 be generally
supposed Il the banks not made the repositories
il could be- supposed their notes. II made receivable
would be retained Tor any length OF time IN safe keeping
public funds that all tank notes rfcseed must be presented
at short intervals payment and he could not see that
would he any very valuable favor to the banks as per-
system, 10 receive their notes merely or the Pu
nose Of Immediate pTsSenimtnt and payment AT the
present session MIR Wright said, "lf the notes Of the
banks continue 10 be received in payment Of the public
Dues and the repositories are directed as IN that case
they unquestonably would be, TO call frequently ana al
short intervals for the balances against The banks and 10
demand syscc for those balances this must operate as
powerful check upon all the banks in the vicinity oil those
Repositories where The collections are large.
From the above quotations, and from the sources from
which they come, trust there be no longer any
doubt on The public mind, as to the manner IN which
the Sub Treasury BILL il it shall become law in its pre-
sent shape, will be carried into efect-and leave 1t
to the Judgment Of every rational man TO say whether
the receipt of tie notes of speciepaying banks under
such regulations, and under The discretionary power
claimed by the Executive, is not far worse than the
positive and absolute receipt of gold and silver on
v In the latter CASE the banks would only suffer in
consequence Of their specie being drawn from them
and deposited in these Sub Treasury vaults by which
they would be disabled to extend those accommoda
tons 10 which the mercantile community IL entitled. In
the former would subject them TO the same lnconve
nience by the presentment Of their notes for SPECIE and
put il in the power Of the Executive to pull down or
build up any bank he pleased from the manner in which
he could accumulate its bills if il continued to do bus
ness and suddenly present them tor specie. The same
remark is also applicable MIR. Calhouns proposition
(whsl bank notes received) by which oneslxh was
10 be received in specie the first year, iwo-sixths the Sc
cond and TIL the whole receipts OF the pub
lie revenue should be in gold and silver Who can fail
to see that under such asysem, every bank throughout
the country may be destroyed and all those evils which
have been fully depicted, during the discussion Of
this question, inflicted on the community 1t is in fact
establishing gold and silver currency for officers and
contractors of Government, and leaving the people at
the mercy Of the Executive the Secretary Of the Tea
sury. The banks cannot resume nor continue specie
PAYMENTS if they continue to do business under such
system Nay they cannot live but by Executive Gle.
mency.
The great evil consists in the adoption Of the Sub.
Treasury system in any form That done all others fol-
low. There is no way in which the objections to lis
adoption can be II is not capable OF being
made by any amendments either useful or harmless.
hope the country will not be deceived by the present
form Of the BILL II right 10 strike out the specie
clause if we could, because that was giving a blow
which destroyed that little congruity it had, and left it
in shape in which it hoped none would seriously
think Of passing It,
It contains powers which lead directly to an unm.
gated despolism Of opinion You have not failed to see
in reference the progress Of this measure the danger
Gus extent OF Executive influence. You scarcely
imagine the evils which may follow the exercise of The
additional powers proposed 10 be conferred by this bill
on that department OF The Government Away, then,
with the whole system-away with these vaults and
safes these bars and bolts Let the Government depo
site it's funds in sound Institutions and let there be
ceived the Of such banks, the deposte banks
will agree 10 credit 10 the Government as cash. Let
The Government then make its drafts those deposito
RES and let the holders draw such currency they de-
sire.
am utterly astonshed al the manner in which this
measure attempted be forced upon Congress and the
people If the collection of the in gold and sill
yer be so nlia for the General Government why is
it moi equally so for every Stale Government The
argument would apply in the one case as in the
other. What would he said to such proposition in the
State of N. York? believe il was entertained at Tam
many Hail. But what would The people Of the State
sny' What would the Legislature say 1t could scarce
" command a voice or a vote with the one or the
other Who is there that would require canal tolls
our auction and salt duties, and taxes 10 he col
lected in specie Such law if it were passed, could
not be enforced. The remark is applicable to
~ State in the Union And suy, what is good enough
for the States and the people of the States good enough