Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-08-31

ed. The effect in Englsnd may be inferred from the
following statement ct the exports Of manufactured IL
to tie U. s, at different periods:
Yards Declared Value.
lS33 q SO 3C7 ESQ 2-5
1854 25.el0Gj6 9J7 Ge2
1888 37.f7c Oh ] 50I g4S
l-a6 80 $4,000 G39:i3
lS3T - i.iJ i.5 5u277S
How remarkable the contrast between the years 1850
-'G and 1887, although gentlemen 10 think
there was distress 1887 In 1886. the average price
Of these lnens was II 2d; in 1857 l0d The depres-
sian in the cotton market III England, by which the
planters sustained loss OF about so 0GU eco, is concu
sive "i the depression OF that year.
Mr.. Chairman | have heretofore stated that credit
cannot exist without confidence beth as II relates to Sc
curity and punctualv-a doctrine particularly true in
reference To banks believe if the confidence of The
Government the banks had not been withdrawn, that
they would long since have recovered from their tempo
rary embarrassment, and been restored 10 their proper
credit and activity When the Bark oi England, in
l191 brcane embarrassed account vi the pauic pro-
duced by the threatened INVASION from France, 1t was
sustained hy the Government; first. in an order OF coun
Gil recommending the SUSPENSION and next 10y an act q"
parliament, !egnIzing IT, The result, we al know was
The recovery OF the bank. and The restoration OF lis
DIT find, as early as the year 1850, the following re.
solution Of the Congress Ct the Confederation avowIng
iis determination TO sustain The Bank Of North America
in certain emergencies, with as much oil Their current
muney could be spared the resolution reals thus:
"Rcsoirrd That npon representation mnd', th"t the
Bguk siaudS mtd ct 0rcns'oral assistance, C"Sgre!S
,cW ndeance much IF Mtr current monty as eaR DC
sparcd trUm Othrr seIriCrS
When the emharIassments ol business aud commerce.
and the advances made 10 the Government caused by
the late produced suspension of specie payments
Mr.. Dallas and Mr.. Crawford sustained the banks by
the coun,rnance of the Government and The aid U lis
funds The result resumption Of specie aymrn's,
and the restoration of the credit Of mos, Of uIe banks
This course the part Of the Government, the pre-
sent occasion. would have produced Ike resrs. The
Secretary Of the Treasury 1t is true was performing
duty required by law. in dIscDn,inuing the rece rt OF
their notes, aud their dCrositores hut The rSscu
ton Of the law accompanied by recommendation
In discontinue them repositories and The receipts Of
their in payment, Of the public dues-and II is this
which exrrted such disastrous fleet upon their credit
for it distinctly avowed an entire want c! conhdsnce
this aroused public suspicion and produced dsUst in
the capacity Of the banks 10 redeem their liabilities
which disastrous in lis effects. The uns,eadness
in the Of banks. has not been unequal
as those of Franc" England The loans Of the Bank
nf France in lsc2 $50 Millions Of francs in lc3G
go millions; those Of The Bank Of England in ls23, IL
millions If pounds; in -2G 33 millions There cannot
tp found in four Of cur banks such great
extension Of oans.
The ale banks have bern selected as exclusive de-
posorcs al unfortunate periods Of time. TO make fair
unl Of their utility and value. The first selection was
made in 1911 md continued al lcl6 period of en-
barge, non intercourse and The second, in The
midst cf panic and The efs of the Government 10 put
down the i 5. Bank Yet, Sir, upon both occasions,
they did we'll for the circumstances under which they
power Of the national bank on the sT>i OCCASION and
that Of the Gnvernmsm, the second. Sir, there ia
nothing II nature that is not sometimes dsoTgan!zed ara
dcrangcd Tie lightning 6 blaze. and the thunder 8
roar hat the result Of disorered atmosphere The
rapid Hhirlwnd. and the raging storm, which sweep
the forest and tho plain with such desolallng and
desrnc,vc fury. are but tn" production Of the disorder.
. ed elements. Yet we never wish their dcstrncon.-
This, Sir, the fact Of all that is natural and the pro.
Guctl"n n every Thing tina, il human. These disorders
which have happened in banking system only twice
in half century, should prove their value rather than
their vCluuSnrss.
Mr.. Chairman il is an admitted fact that an adequate
sprcIe medium cannot Ie thrown into circulation TO
meet The demands of exclusive and increasing COM
merce both i"regn and domestic Strike down your
hank circulation and how is it to be supplied? ndiv!du.
al paper will not do. What then Government ncon.
vcrlbie paper founded Government credit alone; md
thereby lay the foundation If the most obnoxious and
dangerous OF all banks, Government bank This is the
end which this deusvr gold and silver scheme is drv.
ing; and who is prrpored for hiatt France had her ncon.
verlibe paper system founded real securi,yit laed
The of many Of lis holders Austria had her in
convertible paper sYsrem-it failed We had our CONT.
mental paper nundedo on Governnen credit and how
ii rcdee Let the surviving soldier OF the Revolution,
it there be remember his sutterngs and look al his
scars. and then his paper dollars and he can tell how
aIIhlcSs has been the Government We had our rrea.
sury note system during the war. ii appreciated on our
hands 1t never has ard will succeed. But, Sir,
such system in the hands Of Government would be
mast dangerous and pernicious, and hence the power
not delegated 10 this Government 10 establish an in
convertible paper money system, and such Of the
Treasury note system wculd be perverson Of thai al
ready bOched and blurred instrument Give tis
to The Government and you place in lis control the bu
sncss property and commerce Of the whole country By
which il can suhjec every thing TO its tomnCn There
paper system not founded specie basis. and
convertible al pleasure. that will command general
idencP and perform without de the functions
Of money. England and France have temonsr rated this
fact by their aysens. beyond all doubt Mr Crawford.
while Secretary of The Treasury in report 10 the House
Of Representatives. July H. lo20, says There be
doubt, that metallic currency, connected with pa.
per circulation convertible into specie and not exceed
irg the demand for fsce transmission Of money the
most convenient that be devised" trust this Co
verninent will be entrusted with The power to
make and circulate pure paper money whenever that
shall be the case. the people have surrendered power
which will end in corruption, and the most odlous despo
Mr.. Chairman, ! shall not discuss the general
principles Of banking are not establishing
bank; leave tina, duty 10 The State Legislatures which
may be called upon to act upon these subjects. will
simply remark, that while favor the "cretil sys.em
du not approve the present organizations much less do
approve the corruplions and abuses which have been
paciised by of them but yet they in tie
man, they are safer places OF opposite for The public
funds than individual agents.
AS 10 The mode of deposie, have but single word
10 say. am free acknowledge that with proper re-
slfcons SURPRISES and general experimenting
control of the Treasury Department, should prefer the
general deposlte plan, most convenient most econom
cal aud equally sale but am willing, secondary |
choice, and 10 accommodate my views far Us can,
those Of Others for feasible special deposite
plan, although do not profess to have entire confidence
in its success do perceive The necessity Of taxing
the country with the costs of keeping, discussing and
transferring the public money, when all that expense
can be saved by the temporary use oft Again. by the
temporary employment OF The public money by safe !
. 10 10