Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-06-01
YGi5SSFi XXXy.--So. 2.


this uniounded prFsumPon OF hostility; TO make the
notes OF the eight or nine hundred banks Of the country
legal tender, 80 hs as those banks shall specie
payment Sweeping remedy. truly, for imag nary
disease. The Congress OF the Un!td States asked
change Its whole policy to abandon the hope OF extend
ing and rendering stable and hfm specie basis Tor the
pnpeF currency OF the country 10 thro" away the occa
sion now offered, when coin is i"":ng into ports;
and 10 adopt and legaZe bank paper the standard Of
currency for the National Treasury; and for what -
Simpy TO rshut the susucivn that the Government is
hostile to the banks
Il NAV be said that the paSssye Of this clause of the
resolution is not made by this snuly but
that the Involvement, j, will hold ou, 10 the banks To- re.
sumo spece pavnent renders lis rass,ue prop.r and ex
pcdien That etprn TO specie paym,nis nv the State
banks is desirable and i'm 10 every interest, pub
lie and private the committee know and feel; but can
it he safe or proper for Congress 10 pass a law which,
far as its action can 90 shall make the currency Of
the country exclusively paper us inducemenl to tho
banks TO nay specie or rather To arr,e TO pay specie
when specie will be no longer demanded; Is IL incum-
b n, upon Congress sri ppisse as necessarily 10 drive
all specie from the country by int rnosing egal sub
slilue OF bank paper as mean of enabling the banks
to nav specie; win the Senate 90 further in hodiny
on, Inducements Ia nroduce rerurn n specic navnens
bv wav of epdorsirp the pnncr of n. hanks than the
Si,,ss wb ;ch have coated ,iem will copa.,, n ,o -,
The copnur,ee blieve that some of The Sta,,s have
mad. tho nnes or sucb oC ,b.i- bapLs receivable nv
law at the State Treasury as are owned in part, or prln
cin,lIv Inv IN. STATE itself thus doing in his respsct
cha, onor.s. did do ~ reference to the two Banks of
Ire United States. bul Is not believed hs, any Stat.
has made tho noes nj is hanks in which the State has
no interest leoal tender in paymen, of debts dn. 10
s.,.: and vol n,s, r IN. States n, O.. sgsl,ipd wiih
e,,ros r.fyonce n be, bankina n.,u,inns since tbs
.n.,epsion of spec;e r,ym,r,s i1 Nav lS37
Arn,her ,,cr,nen u!rd fnr tho ,doo,ior nj this nro
,;s;n IL h, tho times recr;,a the e,,sps;on of nusu
n f,vo, towards IN, b,nLs rbe committee have r..
;rod tho cnrd;,;, NJ nrr n,nr.,,ry affairs in ISi6
immediately after Tho close of L. Int, war with Great
Britain and also the y,reme indulgence which Congress
could then he brouyht 10 extend 10 the Stale banks Of
tia, d,v md Will # he preerd.d that the State banks
no STRONGER claims upon the patronarp nd ia
yor and indifference a, this Government than did those
Of Icl6? There IL q wide and marked difference in the
relations existing be- ween the Government Of the u S
and the banks in lSI6 and At the present time Then
IN. nr,ncnaI cnbor,s.,eps r the banks were BROUGHT
u,or them he ,hci- advances o III. (oysrnmen, to as
s,, !, ,hrnugh rho y,, which money The Government
could no, nav Now tine pripcpal embarrassnen,s of
the Goyernmcn, are brorub, u,on il BY having advanc
ed Nancy n the hank far safe ke.pro which they can.
no, nav Still in 1-l6 if the construction of the rcso
luton Of ,ha, year as given by The committee be cor
rect Congress would ,yn|y ptilsu the reception OF The
notes the banks At he Treasury Tie option Of the
fiscal officers of the Government after they should have
resumed specie payment II Congress not disposed
90 further favor the banks than II went them
it sufficient tina, the resolution then pissed IS
still in force and applicable" to banking Institutions
It was them # they will bring themselves within
It's provisions and 10 aay all cause " Apprehension
upon the subject either the undo standing OF the
collecting officers Of the Gnvrrn,nent To the
else of their dcre ton under that resolution proper
10 s,a, that information has already reached this city
that in the few commercial towns where resumption
ia known 10 have taken place the notes Of the rpsum,ng
banks freely received payment of duties posages
and I'LL other public dues
is i, desirable for any purpose. that wider crculn
,inn should br given n the OF these specie paying
banks by the action Of this government? That they
should be made legal tender in the pa yment Of debts
10 The United States in all paris If The Union The
commj,,ee think This s not desirable and would not be
nsrn to the hanks themselves and they are certain it
would be immineny hazardous To the Treasury tn give
them that currency II won.d almost certainly lead
nnan Ia DANGEROUS cxpansiors on the par, Of the banks
and to a repetition of the present scenes Of revulsinn
and were these again
To he repeated, and under such law, the Government
might not escape az il has lately done.
Take an instance as an usraiion Suppose the re.
sumption 10 have become perfect and that The banks ne
lrved be 'sound The provision of the resolution
then acts upon their notes with the force ut law, ana
compels their recent in all payments TO the States
Some one amonu In whole number gets into Inc hands
of bad and unpucipei managers. and It's powers are
rmnloyed in the purchase Of the public lands Nothing
- te Gore I'm, ~ s ~, and siTn snfic;enl amount of
its no,cs and rresen, Them simultaneously at the va.
rous land Offices aud before the fraud can be discover.
Cd ar coun,eroc,ed INV cnan,y Of the public domain
NAV he received in EXCHANGE for the PAPER even 10 the
last acre omen for gale This the committee are aware
ia supp,s;np an extreme case but it is by presenting
such to the mind that tie facility with which frauds may
be prac,sed similar in charactrr but less in extent
made apparent And 80 extensive is the public dpman,
and the banks whose notes are to be made
a legal tender payment for them, tina, all must see the
strongest grounds for apprehension under such a sys.
tenn I'm the other great branch of the public revenue,
The frauds of this character cnnn" be practls.
I'd hut by the aid Of much real capital u afford
a very safe protection against them The goods must be
purchased in foreign countries where capital or solid
credit only will procure them. and the paper will mere
~ pay the duties; while in the purchase vi the lands
there is other limit than the quantity of the paper
made rg" tender or the quantity OF the lands IN the
market
In every aspect in which The committee have been
able 10 view this subject they toe nothing but evil like.
10 +, fIow from , uassare of This par Of the rpsou