Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-17

,horzrd xpcc,aou of this patronage and confidence
except upon conditions which had bpen violated BY the
banks. and had hns forced separation between them
and the treasure Of the country? He of no
such expression The separation exists and has
been forced upon The nann hy the banks themselves and
the simple question Isl shall il? In what
the decision of tina, question, however that decision
mRy be made, be an attack upon The banks? The idea
n mistaken nne. and the objection, in any light in
which it could be viewed, nnfnunted and unjust.
te proposed however, for the purpose Of illustrating
the truth of This conclusion. and making il more clear
To call to the minds of Senators single chapter in our
financial history. During forty years Of the existence
of the Government, under The Federal Constitution,
National Bank had been in existence and he spoke from
recollection but BE- belle we'd the National Bank had beef
for the whole period The exclusive depository of The pub
lie money and the exclusive sca agent Of the Treasury.
He was sure il during the twenty years exist
ence of the last National Bank and he thought il
50 under the old bank Then the Stale banks not
repositories Of the national treasure fiscal agents of
the National Treasury; and had il ever been asserted that
this legislation attack upon these institutions,
that their credit and usefulness were thereby destroyed
But again during The existence Of the last Bank of
the United States, The notes of the State banks not
dsbursed 10 the public creditors at all and not
cevabe in payment Of the public dues hut The plea.
sure of the National Bauk, and then, every bank
crves the notrs Of lis ghbor institution, to take them
out nf circulation. and return them promptly 10 be con-
yer,ed into specie specie funds Did these Stnte
institutions anguish and die under this C"ngresson.
oil legislation Did they not rather take root and H"u-
IRISH, and become sound, and stable, and useful Hus
M, n large and powerful political party in this country
ever commended that the checks snd restraints exercised
by The National Bank, during this period, The Slate
institutions salutary and proper That it was
great balance wheel regulating and equalizing the
ment of the whole complex machinery? What is pro.
posed by the BILL but that to the ex,en of its operations
the National Treasury shall form the same check aud
restraint upon the local banking institutions That it
shall keep the public money independent of them: That
it shall either receive their notes in payment of the
public dueo or receiving, shall frequently present them
for conversion into specie specie funds? The only
difference will be, that the Treasury will not enter into
eempeon with the local banks in the business Of bank
ing; that will leave That whole field to them, ard merely
content itself with sound currency for its transactions
How them ia il pussibc that those who such benign
influences 10 the local institutions from the wholesome
restraints Of National Bank, should such bauefu eff
fec.s 10 follow The same influences, when flowing from
The public Treasury should there attack upon
the institutions prostraon of their credit aud total
destruction of their usefulness:
He was aware that the system proposed was new, and
substantially untried, far the legislation and the
practice Of our Government vas conoerned and would