Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-03-24

.,,,o Little or no difficulty on the subject; and
& ommunlty has not hrmness 10 do this, nisidie to
A Inc sound currency consider the authorising
ISIS Of specie payments by the banks, as ars'
he ,be same weakness that produces stay la~si
Nt " nmever it may tend 10 relieve atihe moment, it
saa ,, and must in the end prove in furious. In
Hnn like ours, founded and enforced by pub
G'on where many are interested, or think them.
h interested, ia giving it wrong direction, II IS
10 keep arm; but we have seen correct views
.bsc, Of stay laws sustained BY public sentiment
ch is the character Of people, that when once
; len he made to understand their true policy on tins
t subject there is no fear of their not having
as to pursue it, If they have not is useless
nc III Of the stability of the currency, or the stability
u 'ar,bins else, under such Government Suppose
S,nks and The facilities they afford should be destroy
In j, be believed that at time when the restraints
ecd by governments upon the restless and variable
oer Of man relaxing, and when the divisions OF
,S, no; only among individuals but nations are De.
,g more perfect that the facilities for transfer could
''I%sssnsed with: They could not Thanks could be
y, down representatives OF value would be created IN
,housand other modes The necessities OF the COM
CITY would require them, and expedcnts would be
"d 70 procure them; and whether they be furnished
hanks or other means, their stability must be ensured
T. the frmncss of the Government.
n m,y be necessary for US to inquire into the nature
thanks and banking operations 10 enable us 10 come
correct conclusion cs to their fitness Tor furnishing
- currency They are said to be monopolles But II
hsr be- they are monopoes common to the whole COM
nnny as any who can raise The price Of one snare
IL lhsr stock, may secure an interest IN them: iney
m said to be aristocracu: the reverse OF this Is 'he
fart The advantages enjoyed BY banks. could be reaPeo
onr bv the immensely rich and extensively informed
whereas by the invention Of banks, the men OF small
brtuue the weak minded, the widow and The orphan.
have been enabled TO partake in these advantages It's
,,jd they live upon The community. They are open to
The competition and are actually enjoyed have said,
bc men of moderate means and moderate minds, the
ridow and the orphan. And If the money invested IN
hanks was greatly, at all more prohtahy employed
h, in other calIinss, is it not clear that the value
W The capital in the country must be enhanced BY
,hsu, more especially tina; Of small capitals? They
rrnder the currency unstable. 1t IS generally sup
posed, that the capacity OF the banks to make is
eaes depends upon their means. But does not the
ornt of currency necessary for the community, de-
SanS mon laws entirely independent Of Bank capital
pa Rank deposites' And if the Bank capital and Bank
s,o,es should be five times great they ever have
been could the Bank issues exceed certain amount,
uess disposition should be FIRST engendered in the
community TO transfer property more rapidly? Should
The currency be increased beyond certain point, it
would fall below gold and silver and would return upon
the Banks and they would be compelled to cur,ail The
currency is always abundant as the community will
permit il TO be- and when things are in their ordinary
condition. the State Banks have very little influence in
inducing the community 10 extend its TRANSACTIONS there
byenabng them to increase their issues If from any cir
cuns,ance the community should extend its business,
tbe banks would no doubt Immediately afford the faci
lilies: but this would be the consequence whether The
currency was furnished by banks or Otherwise What,
them under This view of the subject the duty of the
GoreInmen II ought 10 compel both corporations and
individuals perform their undertakings promptly and
certainly II may be asked, what the duties Of the
General Government: 1t can and ought to do nothing
bu, maintain the standard fixed by the Constitution
and if the currency of the country be equal TO that
cere it, fit fall below that refuse 10 take it, If it is
more convenient for the Transactions Of individuals, why
Isl equally convenient for transactions with The Go
rernment Is there any thing in the situation or man.
ner Of ansacng the business OF the General Govern.
ment that peculiarly fits it for specie payments Its bu-
srsss is more extended than that of the States nd
rduas and therefore less adapted 10 specie payments
It has been said, the General Government should al.
ways be ready to NEE. its engagements So ought the
States and individuals The General Government
should be independent of the Banks-So ought the
States and individuals. Such is tho love of indepen.
denee that any argument based upon il, is likely to
have more than its due weight. 1t 10 be indepen.
dent Of Foreign nations that brought upon US the Ia
rd Absolute independence, if possible, would neither
contuce to wealth nor happiness. But the Banks may
suspend specie payments Is not the General Govern
renl more capable Of sustaining itself under suspen
sion Of specie payments, with its unbounded credit and
ample unncunbereo by debt, than even the State
and much more so than individuals IT. then bank cur
renew is better suited to the condition of the General
Government than to the States and individuals il must
follow that they ought to it, or ought to be destroy
ed It is also said that the deposites Of the public
ney with the Banks is worth thirty or forty mons-if
so why hurry them, unless this thirty forty millions
be saved to the community in other way' We
suppose the Banks dragons that would devour
them. But on the other hand, their profits difused
far and wide only directly by the amount paid 10 the
stockholders but indirectly by the increased value Of all
The capital of the community. There are others that
y the General Government ought not, and cannot give
The regulation of the currency This is true, far
the fixing of the standards of value is concerned.
The Constitution has fixed that and it cannot be given
up or altered Has it not been shewn that the
g is of nature, and dependent upon principles that
the General Government cannot reach? flow could
The General Government alter the number and amount
Of transfers of property, and the by which they
shall be transferred? 1t has legitimate mode of doing
it, and ought not TO have IF to have uniform
currency, it must be regulated by commerce-and if
stable one it must be established BY the rmness of the
Government. MADISON.