Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-08-07


p', nav understand the character OF The system
~ ~ wc would prefer. we lay the following sketch
N'",,r paper Of the 18th June:
TO do nothing is not TO do their du'y oy tne c"un
something must be done 10 remove the d'tlcu''es
~ have been created, in the course @" events 'y 'he
N'.C Ipne lS30 That act must be moohed IN some
;1' /, cuts off every bank which has ISSUED notes
E',N :, from, the uses of the Government None OF
''' notes can be taken nor can ihey De used as
'' ns,o,,es of the public funds But as most OF the
ne !, ms nredicament it becomes necessary to
the las in these respects Besides, there are va
a",brr considerations which call Tor the action OF
Congress u H., ~, tho, d,, rb., r,,.,
% rhs disability which the act Of SO now imposes
EA ,bs Votes of the banks. But something more Is
o 10 r.,nnrh the system, and to regulate the De-
'r.s Is there. then, any other alternative, than 10
!,, modified and restricted use OF Inc Slate banks
s,bsr words. the Special DePosite in some form or
" - M, hesitate 10 repeat our decided attachment
,,..I,,na,iye We do not go, either for the Sub
70 S ,nS ny the General Deposite system
rh Srnc,ss Of the Speca! Deposlte DO not desire,
,T. nc,,,s Of the Government should be torthmHh
''N. Wv j.; ,,rie On the contrary, we have express
'', that The deposile banks should receive "the
sv of the people, in the shape oi conVeflibic oank
,ss and such notes they please (nos as the un
i.d dissection OF the Secretary Of the treasury may
rh;cb ibey are 20 credit as cash-tha,at certain
oi saw 90 DAYS they should settle with The Govern
,r, and paw Up the balance due mot The who'e sun OF
,rse received because the disbursements would In
s mean time be taken ouO-that they would pay up
sr balances in special depoSiie either IN specie or IN
v,labe funds to be used elsewhere for pubic expen'
80 s,d paya5e within the next 80 daysor, any other
engagement which is calculated 10 secure The Govern
.at in its fsncs, aud 10 ease oil The banks that
course they would have 10 settle with The Govern
,o, they would have look ahead. and settle with
,,s other banks (on the principle OF Mr.. Riyes billy
40 So notes they had agreed 10 receive We would not
49,. This system 90 foriheih into cfFect-but we would
liner ease off the banks, BY postponing its operation
.. short time and then bringing il in, by degrees,
ne principle Of MIR Cahouns secton-by an annual,
r-adual, conretbi!r OF the balances.
Bu, the Mad!sorisn contends that the Sub Treasury
,,d Special Deposte schemes identical-hat {" the
difference between the two is just much there is
between SIX and half dozen, and We differ
With him, to,o eGio We have shown that the Special
Dryos System obviates all the great objections the
Sub Treasury System, besides realizing peculiar bene
k:s Of its II Slspenses with the stern rrquision
Of h,d money in the receipt of the public dues-lt pre-
ssr;s greater security Of the public money and much
s isgrse OF Executive patronage and influence. We
THINK the system is the BEST ilself-but the Ultras,
90 for schemes Of their own, we have respectfully
recommended it as compromise between the Two
tending parties.
Il. seems, however that nothing will satisfy the Madi
s,n bs, 10 the General Depostie system and
,m,gsmalion Of the funds Of the Government with
lJncs OF the banks. Now, differ in this respect
3d. ircta our Conservative contemporary. We are in
Tfol separating Inc revenue oil Inc country from the
t'.ra,y dscounng operations of the BANKS; and for
4: among other reasoRs, that the Government, the
l,n; OF the people, should not expose the public money
the contingencies to which the banks from the nature
G. lher business, must ever be less exposed
VIA. necessity is there, that the Government should
\ .,-s a common fate with those institutions? Their OBJ
make profits for their stockholders by lending
noney-and the more they lend, the more profit they
make. This is calculated TO keep them the verge
sIcess and danger The object Of the Government is
and 1T oyHey n
w the debts and provide for The common defence and
general welfare Of the L S The Government cannot
l .,5e the public money between its collection and
,suFsement; oush it to allow others to trade on it
l.; their own benefit We do not doubt that many Of
1s banks conducted with great circunspecon; bat
4 Te 0! them aay be nlsmanaged, or may be unfortu.
in their transactions. il is at all events best to have
u. NOME. OF the u S. subjected to greater restrictions
MA the regular funds Of the banks-and rather more
:aGer the control Of the constituted authorities What,
may be the fate of any or all the banks, we wish
credit Of the U. S. to rest upon rmer basis than
,t Of the banks-upon the resources Of the county
there another important consideration; that the pub
deposi!es, il they enter into the usual stream Of dis
un,s calculated 10 stimulate those discounts and 10
sarge the paper issues of the banks, &c
We appeal them again and again, 10 the member. of
fC0nsess 10 consider the subect-f they canno, 90 bet
modify the act Of 60 according to its general prin
pies We invoke our friends TO compromise the ques
do something before they separate and settle
be question. IF the friends Of the Sub-Treasury sys.
HI The General Oeposlte find, that neither they
u heirs then Invoke them to settle down upon some
common ground, give stability to commerce, and
SINE peace 10 our public counsels. What! shall 1t be
$40 that the trainers of the Federal Constitution did not
think beneath them TO waive all their ultra IDEAS, and
secure the Union Of their country by liberal COM
2ymlse Of opinions? Gould the trainers Of our State
Constitution think it not unworthy Of them to save the
CaDmo1wea,h from dscord, and disunion, by liberal
capromiss the white and mixed basis? Does the
II CumD tbsm-AnG
wi gentlemen refuse to pipe all hands TO quarters, TO
nys the shp:'
Such views that expressed before the last
I'LL wes acted on-We are still Of the opinion that If
the Su5TrsssIry friends Of the Administration had
N!'sd ca the Special Deposite, it would have been
''''en The Globe Of the 9th Of July shows, among
"7 Results Of the late session Of Congress, that
-h was carried by the casting vote OF the Speaker
' nc funds d tie Gorernmest should not be used IN
u-Ft"s-a hundred and one voting each side" 1t
&os s OF names OF such Of those who were absent
H. hao before voted to separate the banks from the CO.
S's'nnent as sca! agents. and known 10 be fixed in
H'sty 10 the design of the Opposition 10 convert the
h7'nue into bank capital" The Globe enurnera,es
E and then concludes, that "if the House had been
Inc vote against the re union of the public money
IA The rotIe Of taRss, would have stood 1917 to 10
H'S'os nessrs Jackson Of Georgia and Edwards of
RH-w FORK as uncertain"
The II. o: R have decided, that the public funds
t'H De Kept IN The State Banks, but USED for bank
" BUSINESS. as Banking "capilar-"to be used and
3f"'d upon las The foundation of bank toans'-for
Ne ncips OF Banks the various synonymes Of
ne "IoOe seems TO think in its article of July 25, that
Conservative members have voted dow the Special
p''Re; and that there hope Of its here
ws. ,-ns' We calculate differently. Not only were
ROBERTSON, Thompson, and perhaps other Wings
'a'"f oil 1t, bu; know that some Of the Conserva.
E|'s were also for 1t. Mr. Gran,land of Georgia has
.osne' letter from Washington, July 9Th" in which
"asone of those who preferred the keeping
wy p9olc monies on special dspOsite, in The soundess
' .! '"e counTy-not allowing them TO use IT, but
mem proper compensation for their trouble. -
C'nsetSauTe member from Virginia writes 81 re-
81 w. WIKI pleasure, that would unite in favor Of a
Dges'ed special teposite scheme. would readily
ay humble aid to crafty what am satisfied is The
" {" lie people of Virginia, in establishing such
'i,m, and as far as in me lay, give it fair trial"
We have doubt that of the other Conservative