Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-04-20

tional discretion. War with one of the powerful nations
OF the earth was aYerted without any loss of national
honor and alter struggle Of diplomatic etiquette pro-
traced until it would have been udcrous, but for The
Danger attending such quarrel between nations, the
intervention OF friendly power removed the difficulty.
lie WISDOM OF those who resisted the rash and impoc,
Out spirited and patriotic recommendation of The Execu
tive, was indicated in the result,
ne VIII OF the people having been clearly indicated
mat the Bank OF the United States should be char
Tered BY Congress, it became necessary TO provide
repositories OF the public money-and the Treasury De
pattment according to the practice Of the Government
from i'So down, employed the State Banks for that pur
pose In conformity with the recommendations Of the
Hiesiueht, congress set about regulating the terms
MODE and conditions of their employ ment, with view
al hmitins and restraining Executive discretion The
suggestion OF President Jackson that National Bank
'onhaeo upon The national resources might be establish
eu winch would not be obnoxious 10 constitutional OBJ
]ecuon, was generally repudieled under the odlous
peia'ioh OF an EIchcqusr Treasury Bank-received
no countenancc even from his partizans and seemed
10 0e by himself and those who were expected
10 WAX 10 his footsteps. Whether it is not yet che
rshed ana sought TO be revived in its most odous and
dangerous FORM now we'll questioned In 1884 1895
lo3o, the Administration party with wonderful unani.
miy sustained ny the earnest Of Pre-
sideht jackson and The Secretaries Of the Treasury,
(messrs fancy and Woodbury. urged The employment
OF te olae banks as the safest most venient and
best deposi!ores of the public money. The consian,
pracuce OF the Government from its foundation, the
UNIVERSAL opinion Of all the distinguished statesmen
ana hnanc'eis, whether friends opponents Of the
BANK OF The United States, and the experience of the
government alter 50, were appealed 10 proving
That they furnished not only the best, but the only
alternative proposition made in 1885, TO sepa
rate the Government from the Banks, and employ
individual Agents and Sub. Treasures, promptly
rejected with almost entire unannity, by the Adm
nisraton party, while it received equivoca support
from only about thirty three members of the House
Representatives. From authorized official sources, II
was condemned, a, scheme giving vast addition TO The
power and influence of the EIecutve-as dangerously
increasing the Executive patronage, and "exposng the
public money TO be plundered by hundred hands, where
one could not reach it,, under the State Bank system
/! and lis supporters decred and denounced with
zeal and nenperance only surpassed by what has been
heaped, by the same Official authority, upon those IN
changed Republicans who still entertain the opinion
they did in 1885, Of this revolutionary, designating and
alarming project Fellow. citizens, took an humble and
Jealous part in sustaining the State Bank syslem and
in cooperating with the late Administration, for tina
purpose. have not changed my position am now
where was then.
The overwhelming calamity which has befaen the
country in the unvcr suspension Of specie payments
is under which the Government the banks and the
people, alike suffering. The which produced
it, such all must bear their share of bnme for hav
ing contributed to- think it equally Unjust to mpu,e
it exclusively TO of the Government, of the
banks, Of the community al large They acted and
reacted upon each other The accumulation of vast
surplus in the Treasury attributable exclusively 10 the
fault neither Of the past Administration, nor Of any
particular party in the Government-the stimulus to
bank accommodation, and individual speculation occa
stoned by that surpus-the eager appetite for creating
new bank pila and engaging in wild and extravagan,
adventures in trade and business of all kinds resulting
from series Of years Of peace all over the world-oi
abundant crops and high prices in our country,
cusoned artificial state Of things, which has result
ed in the commercial Ievulsion under which The coun
try is suffering. II jusies no change in the fun
d,mcnal policy OF the Government 1t presents the
most nauspicious and unfortunate Of all periods, for
making upon the actual currency and existing credit
system of the country Never was there grosser injus
tce rcrrcracd, less wisdom displayed, than in
ing hold Of the present caamous condition If things
introduce entire revolution in our financial system
and denounce the banks pertdnus and reacherous
to say nothing Of the other grosser calumnlrs which
have been uttered against them. The banks guilty Of
perfdy and treachery. In what In not redeemins
their obligations in spccie Why who redeem their
obligations in specie; Can the Government No. With
81 millions Of dollars in tho Treasury, il cannot pay
million Of dollars, otherwise than IN promises TO pay OF
Treasury notes There Is scarcely an individual from
Maine 10 Georgia, who can pny Slu0 in constitutional
currency. The States, who have received on deposite
and indebted 10 the rlasury about . millions, are
and have been VIGOROUSLY unable to pay in specie
that the Secretary Of the Treasury did call
them 10 do nd yet nobody "PerdIUus and reach
erous," but the Banks If the Banks would pay specie
il is said, the Government, the States, and The People
would all be able 10 pay specie. But look at il moment
Mr. Van Buren, says in his Message To lie called session
Of Congress- that the peop pie indebted 10 the Banks
about $3.50 600 il is estimated that there is
about eighty millions Of specie in the country, and about
one hundred and twenty millions Of Bank notes in cir
cuiaon. II the Banks are required 10 pay specie
surely nobody will complain, if they require others tc
pay specie 10 them And after nil the specie and all the
Bank notes are paid up 10 The Banks there still remains
a balance of two hundred and fifty millions Of debt IA
be paid 10 the Banks How By the sacrifice of millions
Of property for song-by enchIng the capitalist and the
Insurer upon the spoils OF the industrious, enterprls
ing. honest farmers, mechanics and merchants, who
are trading upon borrowed capital and have been thry
ing by iudciousIy awaiting themselves OF system OF
credit which has buili mp cities-stimuated abour
Of every kind to successful exerlion-led Western
wilds with hardy, industrious and enlightened popula
ton. and made the dcser, "bossom like the rose -
And all for what? Why, that the Government,
may be made against The disorders Of the
cy which aict the States and the people, and tina, Of
fee holders contractors Of the Government may gel
paid in gold and silver, although every body else must
be content with deprecated paper It was the duty oil
the banks suspend specie payments, because they
could not have attempted 10 persevere in them without
running the peop|e-covering the land with universal
the value OF property and TAX
ing the bread from the mouth Of labor II is especial
the interest as we'll as duty Of The banks spe-
Gle payments as they do it with safety to
thcmse IVES and without entang greater mischief than
suspension upon the community. Every State in the
Union whose Legislature has assembled since the sus
pension, has excused and justified the banks-exone.
rating them from the harsh penalties and foptures they
had incurred in some have passed stay laws TO
prevent individual creditors from demanding SPECIE and
have authorised the collection of their revenues in the
notes of even non specie paying banks Most Of them
stl employ them repositories of the public money.
All these manifestations Of confidence in the banks
have been exhibited in Virginia especaily-and yet
there are still men found in Virginia. who vote for and
Justify all these of indulgence and yet clamor
for divorce of the Government and the Banks; pass
judgment upon the RePubcanism of those who wish the
General Government TO submit to the same nconvenen.
ces with the States and the people, and have The as
surance oqueslon the motives and sincerity Of those who
will no, 20 with them in their crusade against the exist.
ing institutions of the country, against the practice and
principles ofhe Government from 1o9to The 9TH March,
iS37 and who will not unite with them in the senseess
clamor about monopoIies odous corporations, metallic
currency and rag barons more worthy of the age Of
Jack Cade and the region of Turkey Algers than