Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-15

Ia hy the Federal Government, our own State
a,,no,cnt dcnicd US even the humble privilege oil
'ri,n- ourselves. We were not permitted to ex'
'".s cur natural right TO regulate the amount OF our
no c,pitai. The State Government usurped this
msn. and we were only allowed to employ about one
=; the amount necessary TO sustain our own credit.
III ,hc exchanges of the Union. When our periodical
,,.,cns came, the pressure OF our credits did not fail
~, the point selected by the Federal Government,
IL, whole commercial system Of the United States
J." a n,on New York, the naturalcentre Of exchanges.
80 no banking capital adequate to the pressure, and
:, vas Frustrated. We are now free. Banking will
later keep pace with and regulate all other trades;
Ar ;,rrrase in a ratio TO the accumulation OF wealth,
81 y! c,lorrement Of commercial credit. Prepared at the
raj centre Of trade with a broad foundation OF oank.
c,,,,.t, We shall be ready To receive the pressure OF
s,nr-cisl credit, aud TO moderate the shock OF every
8.rni.ion. We need no chartered regulator, Stale or
ir,Ir,,l. Our own banking law, the perpetual charter
-. trade, is oil we require 10 bd defiance TO all hostl'
&C. rro;sct ourselves, and regulate exchanges. IL is for
H., interest and the interest OF the country that the re-
L. Governments should never again unite banking win
1, ,s,,,iop, and that it should contine Wseif 10 its consli'
j-Ioral duty Of regulating the coinage, ard preserving
broad and solid basis tor the loca! currencles OF our
81 rtc6eracy. =,
n W,h such evidences Of a revival Of confidence, and
,as. and an increase Of revenue, and with outstanding
Resources more than equal to any AMOUNT we now re-
3rrre. we are not authorised to resort 10 loans, or 10 MAKE
.3,ry other than a Temporary use OF our credit, by carry
- lUlO NV eNNN
Il The sale of the two bonds OF The Bank OF the Z. D,
slyen if practicable at all to dispose Of bonds OF The de-
Examination of two millions each, 1t woald not answer
h. purpose Of this bill; nor, at this tine, afford any re-
N of whatever to the Treasury. The treasury VIII nave
4. olccteG a sufficient amount Of its postponed debts 10
of all The Treasury notes, before the amount could
H. realised from the sale OF these bonds: lhat propo'
4, non i, not Designed, however, TO inteIiere with tins
for /, is admitted not to be the measure the Trensu.
IT, now requires. Should such sale be authorised and
4 ,s.c,sd. i, will, however, so fag diHirisii the amount o!
II Treasury notes TO be issued.
. The measure proposed is the only one applicable to
4 10 actual condition Of Inc Treasury. l am aware OF,
md r,srlr appreciate, the general objections 10 Treasury
.,s: concur with gentlemen, that where there Isl de-.
&s.i.ncy Of resources, Treasury notes ought not TO be SUBJ
\ .I,,,,d for a direct loan. We are not, however, in that
q t,pdtien, and are not, therefore, justified in creating a
y ,,5Iic debt. Treasury notes OF no denomination should
issud 10 raise money, when there are no immediate
sources existing TO redeem them. They never should
;ssued cs small denomination 10 circulate as currency.
These notes are not designed for either Of these purposes.
II, have resources in hand TO redeem them, and notes
=; Sfr dollars and upwards, cannot iu,erfere with the
circulation Of our current coin.
Our case. Sir, is simply this: we are 10 receive before
3ns close of the year, a sufficient amount from the banks
RI nd the merchants, TO redeem all the notes we may au'
r ,o,l2e. and we propose 10 make a Temporary use of our
81 ..edi,. 10 avoid The necessity Of a loan, for which we
H. Treasury Note act of October last. Upon a question
III such obvious e1pcdiency, | shall no longer de,ain the
4unmittee.
Mr. Cushing said, he rcjoiced to perceive that trade
zs rcviving, and that the banks were resnmins specie
nymenls; and he deprecated the action of any banks to
8r:s. the resumption of specie payments for political or
shsr purposes. He referred to the observation of Mr..
8C,nbieleng that the measures Of the Government had
n ,,o3uced this effect, and inquired what the Government
81 bad done TO promote a revival Of trade, or 10 aid or en-.
Aor,age the banks 10 resu1le the payment of specie
T. he said that after the Government had found itself IN a
g ceplorable minority, the gentleman from Ohio Mr.. Ba-
3rt.I had offered a resolution declaring thatlhe Govern.
2nent would give aid TO such banks as should resume.
ane MI. G had offered a similar resolution, but both
I'D been rejected by the votes of the friends of the AID
8riais.raljon.
He referred TO the action Of the State Of New York
Ind especially 10 the private banking act Of that State,
nd commended that the final effect was doubtful. The
-sasure might be prosperous-he hoped It would; but II
aairh, be adverse, and no one could yet tell which; and
IL scued, that the private banking act, so far from be.
TO-. a separation of the banks and The Government, was
GnIrely the reverse. The Comptroller was authorized
u issue Government bank notes 10 the private banking
, dm'pora,ions, upon a pledge of security 10 the State Tor
qba; redemption; and if the banking company failed to
, Redeem them, the Government undertook TO do 1t, out
. the securities placed in their hands; and that act con-
: gtuted the Comptroller The greatestbanker, and the great
J.. b. Government banker, he had ever known. The Comp.
= boiler was allowed TO issue these notes of the State, to
= be amount Of millions, under his own sole control, and
q e considered the act a reunion, a remarriage, under the
rctest matrimonial bands, between Government and
RNhS ~ ClCtl ~ wv Stlo " w
a issuing of Treasury notes, and expressed a desire to
u how what was to be done with them. One OF them
Z Es intended to authorize what he called loan certificates
y Ryaoie at a future day; and, while they could be issued
. . ! a legal tender 10 public creditors, they would be re-
q aed in payment Of duties and for the public lands, which
Eghl, at the anne time, be exacted, and, in fact, collect
&e IN specie.
Mr.. Cambreleng said these bills had been recommit'
y b and abandoned by the committee as not necessary IN
y BE present state of the country. The committee had
mme TO the conclusion that the bill before the commit.
s Was all that the exigency now required.
. Mr.. Cushing said he was glad TO be informed Of thai
. 3it; and then went on 10 comment upon The remark
q q bat the present bill was simple. He said 1t was sim
. e, and that was an Objectionable feature. Some things
( appearance simple, were found in their operation 10
+ exceedingly complex. The Secretary of the Trea'
. Try was 10 be authorized 10 issue ten millions OF Urea
. 8g-y notes, and he could not understand under what II.
. 6hia,ions or restrictions. He wish.' the bill 10 be ex'
lett and guarded, that he might DE rble TO understand
!. knel limits Of the power of the Treasury. He commended
. . Plat the measure proposed had always been considered
: "a a douet1ui and dangerous character by all the friends
q { Democratic institutions. and that Madison and other.
ad always been opposed 10 issues of Government pa
PEI, founded not on funds or specie, but upon iaitl
= 4 credit, and only consented to lis exPediency IN re-
= @arssSie exigencies. He considered that the notes
y fculd be a currency, as much as bank notes. They
!. fou!d be issued TO pass from hand TO hand, IN the
. Yment of debts, and would, in effect, be money
ID would enter into the system OF exchanges. Blu
objected 10 such issues, because they would always
ND 10 dePrecIate. Experience had shown 'hat what
!" rr interest they might bear, whether one mill Of
: per cent they would not be above the value o
= e notes Of good banks. These notes would be usefn
!" The payment Of duties and so were notes OF specie
!. !ing banks, which would be equally as valuable. The
= asrest, he commended, would Tot enhance their value
!" Il e had also doubts whether the Government had the
. Institutional right 10 issue bills Of credit for he main
Ened that these Treasury notes were bills of credit
8 hey were not a loan, but only an issue of paper. founded
!. ~anolhing but the faith and credit Of the Government
!, buns, which the constitutional objection holds good.
= aJ. c. said he was not prepared to decide that thi:
rs not the best e~xpedient in the ~exigency Of the times
!. :wished for information, and trusted it would be givei
. Ii in the course of the debate. But there were othel
' sns 10 relieve the Government from its pecuniary EN-
y EHassment; and he alluded to the proposition 10 sell thu
: fnts of The Q. S. Bank, which, he said, would yielt
. 70: millions of dollars, and would fill up the gap in thu
kNurces of the Treasury, which would render it unne