Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-04-27
FOR TIE ENC UIRE2
THE CURRENCY

affairs Of the country absorbs The attention Of the think
ing men Of all parties, and affects the interests of all
classes from the day laborer TO the owner OF Millions
hope it will not be deemed presumption in any one to
offer his mite in aiding i'll the restoration OF our credit
system.
The writer will not consume his time or your
space-both Of which Of some value-in discussing
the various schemes that have been proposed for the col
lection and safe keeping Of the public money which all
know to be the first step necessary to einatae credit
Four systems have been proposed The United States
Bank-lhe Pet Scheme, with amendnents-the Special
Deposite and the Sub Treasury-to oil of which
rous objections have been nude, which, whether valid
invalid deemed good by those making them, and
of such force and entertained by such numbers
will for the pesen. all probability defeat each and all
Of them.
1t is an indispensable prerequisite 10 general and
real resumption Of specie payments by the Banks that
public confidence in those institutions should be restored
and renewal of such confidence need not be expected,
long the mode Of collecting and keeping the public
money remains undecided, is left TO Executive dis
cre,on The public will never be willing 10 hold the
notes Of any Bank moment longer than they can be
converted into specie, while the Bank that issues them
is hourly liable be drained OF every dollar in her vaults
by the Government So long as the Governments eagle
like hanging them with eye that never wlnks
and wing that never tires, so long must they protect
themselves by the Of suspension Before that
BE- len with safety, the Imperial Bird must be caged-A
day Of resumption mig ht and should be named
But 10 the collection and custody of the pub
lie money The writer Will premise what ne mas 70 say
on that subject, by stating that the opinions he
ler,ans were formed and expressed within ten days al
ter the suspension took place; and he has seen nothing
to change them but very many things that have added
strength 10 bis CONVICTIONS
If we would preserve liberties, it indspensaby
necessary to withhold from our public iunconsres OF
every grade all power necessary for the proper per-
formancc of the duties respectively them by the
Constitution and Laws. Ii this be true as general
axiom (and doubt it) how infinitely more ne
cessary 10 withhold from the Executive OF the General
Government all such power-wben II 10 admitted on all
hands "lhut this power and patronage has Of late most
rapdly and feernllv Increased, increasing and ought
to be diminished" On this-he stone Of Repub
icanism of all honest hues, OF States Rights, and Of
even liberty itsef-is the the system which shall pro-
nose based-l propose that Congress should pass law
recurring the Secretary Of the Treasury TO receive for all
debts due the Government the notes OF all banks receV
able by law for State lakes and should provide that the
dpposores of the revenues OF Tie States, should be
nlso the repositories Of the money OF the u States IN
the proportion of the capitals Of such repositories The
Secretary should have control whatever over the
new except for The payment Of the public credors-le
should no, be allowed TO make any transfers but for that
object md them from banks having the largest deposc
moi wanting place Of location; md such transfers
should lie made by the banks themselves could easily
be reuuiated by The details OF law He should have
mower whatever 10 money even from one depo-
site bank to another, but for the above purpose.
By this scheme all The patronage OF the Government
from this source would be al cnt OIL which is the
rea, beside ,atu on This subject and which not effect
ed in the slightest degree by any other scheme There
would he but little danger OF loss to the Government tor
the revenue is insufficient TO meet The expenses ana
yi no, for wears exceed hem and The interests OF the
states will keep them faithful, and economical guardians
of the public Treasure-n guarding these institutions
for iher sakes-!Dr the NOME ut one OF them becomes
unsouud or is suspected OF unsoundness IL VIII cease 10
he State depository, and their notes will no longer be
,ten for State taxes and consequence is no Ion
deoosirory of the General Government or her notes
SScceyabIe for the debls due to il This system would
rouaize or very nearly the exchanges; tor note Of
Bank in Virginia would pay duty bond IN New Or'
leans and vice versa and would consequently be nearly
nc vnu,be in Maine Louisiana al It's place oil issue
SO with all the Banks whose notes are by law taken
for State taxes and there are enough OF them and Sood
and solvent oo TO eqaze Inc balance 80 as 70 Keep
EXCHANGES down to least bearabe and moderate rae
This sys,em would strengthen The States through their
Banks and consequently tend 10 the protection and pre-
sprva,ion of State rights which would be laid PROSTATE
at the feet of the General Government by either oil Inc
four schemes that have agita,ed the public mind.
II may be objected, that it would be iavoring one set
f o,ots at the expense Of all others So will any sys
tom of Bank posite whateyerThs IS redeemed by The
fact that you fayoring the BEST strongest ana most
worthy. and the favor,sm does not, al IN all olher
schemes tend the increase OF patronage ana conse
ouent power of corruption of the General Government;
br States in whose strength the people safety,
liberty and happiness are all lhVoiVeo'
Apuin-it may he urged. that some OF The BANKS WIN
issue so largely that their notes II taken LOT the PnoC
ues would never be redeemed Inc interests OF ai'
be;ou decply the States would exercise H.
Gid Surveillance over their Banks and all OF those insti'
,utions that held the deposes would make each DINER
settle frequently, and it need not be leafso ne couP
inu mower Of the General Government being remoVed)
that any Bank would wiIiuiy 60 an act oy WINCH she
ond not only not be benefited but be rendered bank.
,unt The patronage of the General Government being
removed. and the surpus-if any-a mere bagatelIe,
when distributed among so many banks-no lear neeo
be entertained Of the runous excuses which, very
different circumstances have recently witnessed.
/, NAV be- asked. whether the Government should un'
der any circumstances pay lis debts in any less valuable
medium than specie, They certainly should not e1ceP.
in an emergency like the present, ana even now, ~
should not be done in any case where Inc cfeo'' WIS
unwilling to receive it, For the interest que on
whether by Treasury notes otherwise specie sn1ua or
novdad IL, the cost be what it msybut no pubic on'
cer auenl or CONTRACTOR should be retained moment
who was not satisfied receive in payments rom tne
General Government the money tne H'a.es u'e "'.."s
TO take for their taxes, which lndiViouaiS HeeS 'e '
the States and from each other.
law like the one suggested, and the banks may
,a.,r,s snecie payments; for, there is no demand
, tho rpvcrse) from abroad for specie-the Govern
49,, I'LL p,nt none and individuals Will have comb
Ie,ca "a heretofore in the banks-or lhey (!he Drinks,
,-c Individually and collectively more aoie 10 reoee
their notes in Specie at this momen, than lhey nave
haon FIR mo,e than twenty years Why, then, it may
oossibv be asked do they not at once, 1t they are
sa ,bl resume, Simply because their credit has been
dsroved BIZ the unnatural and suicidal policy OF thelf
own Government-and without ciedlt-in "hicn III
ssts much the larger portion Of the wealth Of ino'
md coroora,ons as OF nations, no bank, puo'c q" pr
cats l,roe or small from the Bank Of England Gown
"a The peest bank Of Rhode Island, has ever oee aoe
10 hold its head above water, or ever Will unue W
any other Government, under any c1nce.va2e 'on'na
ton of circumstances It's not my VI sgn " 'e uPo
an elaborate argument this SUBJECT ano were