Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-07-24

lln
sword" but reserved 10 Parliament, the power to lao
taxes 10 support it, or the power Of 1.-The purse lw,.
the attempts of Charles the First to raise taxes for The
support of his army without the consent of Paramen,
thereby uniting "he purse and the sword j." which prn
duced bloody revolution and brought him 10 the block
Our Constitution concrdes the Executive neither rs
these powers He can neither raise army, nor col.
lcct taxes support it, without the consent u Conpps,
In their hands both 1.-The purse and the sword and
the Executive is hu. instrument To carry their deter
limitations effect He Yields neither the purse no,
the sword otherwise than the Subordinate Of the e
gisjaye power.
Hence it win be perceived that the union of .th.
purse and the sword very different thing from the
custody Of the public money by Executive officers IN
every Government under The snD the free as we'll
as the most tyrann;cai, the keeping and paying out Of
the public treasure under the authority of law has bee,
considered an Executive function. When before was IL
thought 10 be dangerous 10 liberty; Do find trace
o. such danger the Republics or the r1oders
among the Greeks, in Rome, in Switzerland or IN FIN,
land: Was such question raised among ihe iea
patriots Of England; is ground Of jealousy
alarm in any other Republic of America or IN ooy
limited monarchy Of Europe; No such danger was ever
perceived, no such question heard Of TO orr
climate required the inventive faculties uf our own in
genlous cOunrymen stimulated by those lively princ.
pies of human action political AMBITION and rpcsniary
interest il 10 not extraordinary that those no wish 10
pruht by the OF tire public money pronounce /, I'm
safe in any other hands, that those no aye IN eager
pursuit ct the prize Of power join in the cry But an
impartial people who have interest in being deceived
the motive in which il originates
What w"ua be sad in England II some sensitive On.
trot, to prevent an 'unon OF the purse and the sword
should propose keep The money OF the United King.
dom 10 the treasury Of Belgium Hanover or o!lsnc3
Those nations are scarcely indie pendent Of the r.
ti,h Government and nation than banks are Of the
Government and people Of the United States nnr aye
they, some occasions, more hostile than portion Of
the banks. Is ii possible that's Government which puts
lis means completely beyond lsown control can all
occasions perform lis keep lis faith, pro.
tccthc people by whom established and whose
supports III II has heretofore heen Geeed enOprh that
the legislative power can al viii diminish the am00n, #
money be collected and prescribe the regulations un.
der which it shall 5e kept 1t has not been considered
necessary TO establish independent, branch Of the Go.
vrrnment fT that purpose, and least of all TO introduce
foreign powers totally irresponsible she people often
strong for the Government and always devoted 10
making money out OF all circumstances and vicissituIes
To make keepers Of the public money Of such ma
terias is IN character with those kingl notions which
would give State hanks monarch corporation for
MASTER upon the plea thai the people cannot control
them.
1t is objected tho. this Of hostility 10 the
banks The Government is not to be hoarder OF mo.
ney. What II collects IL cSpends; ana has sell
dom occurred IN history that has had hand o.
the time, than Six eight millions Of dollars
1t ought not to continue any system OF revenue which
will enable il To hold regular surplus exceeding tive
millions. This is not more than a large bank Snfs Il
necessary 10 retain carry a safe business The las
Bank ofthe 5 frequently had from ten to 6itcen mil
lions For wears come il is probable that the whole
amount of money the Treasury will average three
millions, and will scarcely he equal 10 one week
importation of specie II is idle suppose that this
materially ahec; the operations Of the banks
The only rnude in which their operations will b.
effected s that they will longer have the privilege
of lending money which Is not their Is the
withdrawal from them Of this privilege necessarily
of hostility: farmer has been m the habit OF de-
posting his money in bank, bot he could not g"t
TO pay his hired hands when he wanted it, the bank
having stopped payment he concluded that it
safe and Just his creditors, to keep it hmst
Was there any hostility TO the bank in that II Is lust
with the Government. The bhnks had lent on, the
public money, and could not cOllpc! H. With millions
nominally in the Treasury the Treasury Department
could scarcely pay dollar in the legal currency of the
country II does not desire 10 be- again placed such
situation. u does wish be dependant those
whom its experience has tau ht not always 10 be
depended upon.
The Government only desires to manage its bn.
sness its way; 10 let the banks alone, and TO be
let alone by them 10 them when the public interest
and safely require IL but not 10 be compelled 10 use them
the public deinent. Is 1t inst 10 charge every citI-
zen with hostility to the banks, who does not keep his
money in them; The idea is absurd, but not more SO
than that Treasury independent Of the banks IN hos.
tilIly TO them.
Iii objected that it is of hostility sound
currency. The reverse OF this proposition Is true 1t
will prevent the imitation OF our paper currency, which
arises from the Of the public money, and, in that
degree tends TO prevent fluctuations and suspensions Of
specie payments. BY exhibiting intfexibe determI.
nation the payt OF the Government 10 recognize
thing but specie lis equivalent will inspire
the banks with a sauary caution, not by the Of
their issues cndanger that standard In fine, II will
leave The banks be sustained by their capital aud
prudence, without tempting them with the uncertain and
dangerous aid OF tiucu1Iing public depose.
1t is objected that this is hostile 10 the rights
of properly ana essentially cvelling in its character
The reverse Of this is The money Of the Govern
ment is the property Of the people. The object Of
Independent Treasury preserre This property jorhs
Of the true owners, instead OF handing il 10 those
10 whom it does not belong, to be lent out for their
ument. Its tendency 10 project individual property
also Nothing destructive TO the rights of pro
perty than fluctuations in The standard by which its
lue is measured The tendency of this measure is. 10
prevent those fluctuations, BY preventing in de-
gree the expansions and conracons produced By The
issues Of banks and TINS give stability 10 property.
1t is alleged that this Is part Of scheme 10
force on the country currency purely metallic THIS
is unfuunded specie currency for the ordinary daily
transactions OF life and such specie basis for paper az
will always ensure its converbilty into specie, when
required by the holders is what commended for and
such the only tendency and real design Of the measure
proposed, so far the banks concerned. purely
metallic currency part of the Independent lreasr'
plan proposed by the Administrations and support
ed by its friends. In fine, with the exception Of very
small number. who IN favor Of deposng the puo"c
money specially in banks, the question at issue between
and those who favor dpposIte in The banks. may %
stated thus THEY 'csh tobare The puJiic mOn'y dIos!
cd in banks not 10 be Kept by hsm Int 10 be lent o~
PIRATE We opposed to landing ont tie pune
many for prieots uses; 0nd cgeciuay 10 prsrrn a. 0T'
in tarOr IF hariay kpt by pudie oeers, undT h,ary
bonds and securities MT 10 use svGch 10 be usd !"
any prea purpose ehatsOertr, and TO pay out only N
pursuance OF appropriations made by law as Presceu
| in the Constitution.
We do not think that to furnish the banks with money
to lend accommodate the customers of banks win
the of the public money property, is one OF ina
purposes for which the power lay duties and taxes vas
delegated to the Congress of the United States.
On the contrary, we look upon the employment o II,
knowingly and deliberately for such purpose where
such is known be the natural and necessary result as