The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-01
THE RICHMOND ENQUIRER SPECIAL
DEPOSlTES.


The last Enquirer contained an article from
which we have extracted the following. We
do indeed, go against the special deposiie sys-
tenn with the same fervor that we do against
the odious Sub-treasury project. To our
mind both are. equally Objectionable and equally
fatal.
The Madisonian goes against the Special Deposite
system, and abandons all hope, and all struggle for com
promise We differ with that paper in both these res
poets We cannot despair Of compromise and we
still 90 for the Special Opposite system Notes Of such
specie-paying banks the Deposite Banks may credit
as cash-a warrants to be paid in cash, at the option
OF the holder of the warrant--seements to be made
between the Government and the Banks say every sixty
days-and balances to be paid up after such time and
under such regulations may not nnronsly affect the
interests Of the Bankshe specie to be placed in spe
cal depositeand the Banks be cut off entirely from
dscountug upon the public deposites We see no tea
change the opinion upon this last point, which we
originally expressed We 90 for the separation between
the discounts and depositesalthough we know, that
one of the first political economists III Virginia. who has
distinguished himself alike by his opposition to the Ia
riff and to Abolonism well as his respect for Mr.
Calhoun decidedly Of opinion that to take this step
is march backward into barbarlsm"--that the Go
vernment ought to hoard its but that its
revenue the appropriate fund for lending back to
the people. We have considered these with the
respect which is due to his eminent abilities, but we are
not satisfied with his opinions his reasons At all
events go for the separation and for wisely regu-
lated system Of specie depose. The Madsonian is OF
opinion that such system will not work well--We
think il will and do not entertain this opinion, with
out some consideration, and after due Amusement.
The following, we extract from an article of
our correspondent "VALERIus PuBLIUs,"
which appeared in our paper Of the l4th De-
cember last. That writer has had much cxpe-
rience in finance and banking, and is well ac-
quainted with all the PRACTICAL details. Upon
his opinion we are willing TO rely, to sustain
ourself in opposing the special deposiie
scheme.
We ask, as favor, that the Enquirer will
publish this article, that its readers may see
what we think Of the plan.
"Those who are opposedio the Sub.treasury scheme,
and advocate the special deposite one, have made
variety Of suggestions TO obvate these objections to
the former. One is to unite with il some limitation,
about bank currency which shall not carry with il
the Objectionable features of two currencies the bet
ter for the Government and the baser for The people
Mr.. Dawsons amendment submitted on The last day
of the extra session, proposes this That each
bank shall receive special deposites all moneys OF
the U. States which should be paid into the same,
and the same keep special deposie and as specie,
to the credit of the United States and not use or bank
upon the same" And that such bank is, ito credit
as SPECIE all sums deposited therein TO the credit OF
the Treasurer Of the United States except such
other notes or scrip Congress has or may hereaf
ter specially direct be received in payment OF the
public dues not being bank notes. and TO pay all such
deposites in specie If required By he holder thereof"
compliance with these acquisitions would be near
~ as impracticable BY any bank as for i to under
take 10 convert iron into gold. Certainly It would
be for any consideration which could With propriey
be allowed for The sacrifices which would attend
such an undertaking, as will point out and eluci-
date.
Should any bank have the rashness to venture on