Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-11

specie payments by the Philadelphia Banks had been re.
Tered to 4 committee at the last meeting ofthe delegates
OF those institutions ."-The only recent sign we have
from Philadelphia is the following paragraph from the
fhlladel phia lnquirer:-"The Bank Of the U. S. on Sa.
tnrday last, paid specie for all demands and balances IN
der one dollar! The other Philadelphia Banks will no
doubt toIow the example in the course of the present
week. This is but the beginning Of u more general and
permanent resumption"
ne shall commence in our ext the four Nos. OF "a
CitIzen, which appeared in the Boston Courier, on MIR.
Biddles Letter. The structures which they furnish are
aole ana severe-Some have attributed them to q son Of
MIR. Adums!)
WESTERN E.3NKS.
much discussion prevails al Washington, and some d.
vers'ty OF views, upon the resembling of the Specie Cir
cuiat.-liis SAID by some, that Mr.. Wright will report up
on Mr.. Clay $ resolution, n measure substantially repeal.
ing The Circular; by doing away oil distinction between
The payments for the customs and the public lands 1t
Is believed again by others, tina, if the Senate itself takes
no measure upon the subject, The President will rcscind
II OF his own accord. We should hope he would not
hesitate 10 do II, even If the Senate fail to act Upon it
On tins point, the views which Mr.. Buchanan expressed,
on the "a INST upon the motion TO commit Mr.. Clay's
resolution, are so appropriate and so just, that we can.
not iorbear laying them before The reader:
INT. buchanan did not rise to prolong this debate, but
merely to state the reason, without entering into any ar.
gunent, which would induce him to vote for The refer
ence oil TINS resolution 10 The Committee on Finance
lie was anxious 10 place his vote upon this question in
such Il light that it could not I've misunderstood. II he
had been successful in obtaining the floor al an earlier
stage oil The debate, he thought he could have demonstrat,
ed, that inevery statesmanlike and in every practical view
oil the subject, the resolution of lolG, in regard 10 the re.
ceiPt OF Inc notes Of specie.payingb banks, was better than
the resolution proposed by the Senator from Kentucky
If his resolution had merely proposed to revive the re.
solution OF 1916 in regard to The public lands, and 10
place Them upon the same footing with the customs, II
should have received his [Mr. d 81 support. The pur.
poses for which the Specie Circular was called into ex.
istence, had long been accomplished. No reason any
longer existed to continue the discrimination between
the currency receivable in payment Of the public lands
reason why this discrimination should cease. How
could il be expected that The Western banks would re-
sumo specie payments, under the operation Of that cir.
cular? IF all the puhlic lands must be paid for in gold
and silver, land extensive sales had recently been ad.
yertiscd) whilst the customs were paid in bank paper,
would not this produce 4 run upon the Western banks,
aud drain them Of all their specie, in case they resumed:
He would place The Western and Eastern banks precise.
~ on the same footing; he would ~interpose no obstacle
in the way Of assumptions; and then he would call upon
them all 10 redeem their notes in specie. Had the re-
solution of the Senator, therefore, been confined TO a re.
peal Of The discrimination which now existed, he must
have voted for il, or abandoned his fixed opinions, which
had already repeatedly received the sanction OF the Sc.
nate.
"As the proposed resolution was not confined 10 this
object, he hoped that il might be referred; and when the
report of the committee should be made, he would then
undertake TO prove that the resolution Of lSlG, the cor.
slrucIion of which had become settled by a practice Of
more than twenty years, was better for The Government,
better for the banks, and better for the people, than the
change now proposed TO be adopted