Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-06
TIE ALTERNATIVES.

Question Of Finance We have laid the las: Sub Trea-
surr Bill bein:e resders-ad have pressed our
unylelding opposition IT, We uovy lay before them
| the Substitute submitted hv NJ Rlres On Friday last
II becomes our duty again 10 declare. that we must
hight on our own hook. We GO neither for the Sub
Treasury nor its Substitute The latter TOO much re-
sembles The late Deposite State Bank SYSTEM 10 com
mand our assent and our support.
We have too frequently and recently laid our views
before the public, 10 require any specification al The
points which differ with the Substitute. We have
gone for the Special Opposite System and for the sepa'
ration Of the funds Of the Government from the dis
counts of tie Banks. The Substitute does not suti
cienty, If 20 any extent recognize these features we
agree with il perfectly, as TO The employment OF the
State Banks repositories Of the public noney-and
also TO receiving such notes OF paying banks
as they may agree ''rass 10 the credit OF the as
casrnd 'to pay all checks warrants, or dra!ls craWn
such deposites in specie, if required by The holder
thereof"-But We go further. We will not extend Inc
same privileges 10 the State Banks, which they have
hitherto enjoyed We for cutting oil the Bank dis.
counts from the public deposi.es-and with view OF
contributing 10 this object. in favor of stated sell
Elements, and Of converlbli,y Of these balances into
specie TO be placed in special opposite We are mol,
however, Tor rushing into extreme upon tbs SUP
lect. We not in favor Of an immediate, absolute,
inheSibe converbllity-but, 10 use the worcs OF our
enlightened and liberal Correspondent Il Union -
I" The clause lin Colonel Waiknss Resouuons) thai
they shall moi be such TO njure the banks, cannot
mean that if it should be found the demand for specie
will inure Them it shall not general regulation be
made this would contradict the part OF the
Resolution. 1t obviously refers 10 the time when The
regulation is TO into effect. and 10 the occurrence oil
extraordinary circumstances, which ght make il pru-
dent the Secretary of the Treasury the dscre
onary power Of suspending the application Of The rule
Thus al The period OF resuming specie payments,
it might operate nuousiy 10 every interest concerned,
10 call mme daley for The balances in specie there
might be great accumulation Of balances al par
,cular point (such New York; beyond the current
demads OF The Government TO render ii unsafe to con-
the fol! into gold and silver al single ope
To p int he
Department., this subject and ought not to be
made the imperative duly Of the public officer under all
circumstances and al ali times, TO press the banks for
specie
How then stands the question: Mr. Wright has sub
mited his prolect-Mc Rves has submitted his subslI
tue. They antagonisical, end we humbly think,
both extremes. Mr.. Wright in his last speech in
the Senate is said have presented the Sub Treasury
scheme and the National Bnnk cs great alternatives
Our worthy friend of the Albany Argus falls into the
position, when he declares at the Threshold OF
this discussion that the question IN his judgment, can
present no other issue than THE SCH REAsuRY PLAN,
OK NATioxAL BAyK.''-Genilemen must, Of course.
this subject under different gh!s-But for our own
parts consider the National Bank entirely OF The
ques,Ion-ceriainv with every friend OF The AdmInsra
tionand we consider The geht alternatives 10 be- the two
propositions before the Senate: viz the Sab Treasury
bill Of the Committee ofFinance, and Mr. Rvess Subs,i.
THE o: The Stale Bank General Depuse ysem Iii
impression, that neither ought TO pass. What
mains: Is there point OF ad usent between
the friends Of The Administration, is there common
ground which i, possible for TO meet Is there
nothing which The spirit Of Cancellation compro
mise this agitated question: Clearly there is. We
again propose the receipt Of specie convertible notes
TO be passed 10 the credit Of the United States cash
the Treasury 10 be paid in specie, II called for
the 6eposl,es BE- separated from The dscounls-reGu
lar settlements, and balances TO be paid and deposited in
specie at such times and under such regulations Con
rress prescribe, iniuuuslv 10 affect the
interest Of the Banks. whilst they prevent the public
monies from being employed for pirate or corporate
purposes
In word, we throw ourselves upon Col. Watkins S
Resolutions. We take Them for the basis OF Com
promise We repeat. that his Resolutions embrace the
great elements Of the COMPROMISE of Mf Edmundss Re
solutions though in different and happier version
And il is o: these last resolutions, that the last Win
chester Ercinian thus discourses:
1.-The Baltimore Republican in copying Mr.. EGmundss
resolutions. and noticing The EnGulrers general appro
baton as understand them, glad 10 hear
this ehnugh do exactly approve Of the third
solution. For ourselves consider SAID resolutions
penned the happest spin; OF concllal!on and cover
common ground upon which all the friends OF The Ad'
ninistraton cannot fail 10 unite. Without pretending
discuss the subject consider that they secure
The government all that is impor!an in relation the
revenue without discGed,ng, to any extent the inst
tuiions of the States respectively his pre- judicial IN
uence upon the credit OF State Institutions we feel
sure the bill before the Senate would have, though
tainy intended by the committee. In this region
consider the party seriously divided upon the
subject, and very thai nneienths Of the most
sincere friends Of the Administration expect nothing
else taan finally. the adoption OF bill based upon
, thing like Mr.. Els resolutions.
The W. Fi:gnian will. we have lille doubt. agree
with Us. that Col " atkins Resolutions pro
positions acceptable FORM than Mr.. Edmu nds s.
and therefore: canno. but hope for lis concurrent
probation. Al all events. We worid take Col. wat.
kins's Resoutions-uDchanned uamodIhed---(e xcrpt
as 10 The third Resolution. which touches the
harmony of the Republican pary)-and we cordially
tender them both 10 our poiltcs! friends. Messrs.
Wright and Rires-to him who reports the Sub. TIen.
sury well as TO him who reports the Substuie-as
the grounds Of Cancellation and compromise. What,
though they have hitherto failed 10 compromise the
uuesllon-Whai though Mr.. RIves disappointed in
carrying his liberal feelings and his coaciIiaory
views in December-W hat though il may be true. what
the Poughkcepse Journal says, that The support Of Viz
GINA might have been secured By slight mochcation
That the Representatives Of that Stale have been exceed
ingy anxious for compromise, and have exhibited
throughout willingness 10 make very great conces
sons, in order 10 secure concert Of action among the
friends Of the Administration and 10 promote harmony
in the Republican rnnks'-What, though the dstin
gushed Senator from New York might have been pre-.
vented by the force Of circumstances from yielding
anY such compromise-iet IS II TOO late to reconsider
the subject and reconcile The differences which
list between them: For one, We have this object
dear heart. We say again with the au-
thor Of "Union ::
The question with the real friends Of The Admins,ra
ton ought be. what each considers best in the b
sract but what is alanabe wllhou, sacrifice of prn
ciple, by uniting some common ground in the
struggles that about TO ensue tor political power, no
thing essential! rs unon and Will any sincere Trend
Of the present Administration encourage distinct
ganization OF parties in reference 10 the currency ques
ton when there are many others OF infinite moment
on which its fate may depend: This would be zeal with
out discretion, defeating ultimately its own ends
We therefore, submit 10 both these gentlemen. and
10 all our political friends, The Resolutions OF Col Wat
kins. We do offer them because they emanae from
Virgina-athough Virginia God bless her has never
been tue last to shrink from The port Of responsibility
Her voice has been often heard with respect in the pub
lie councls-Why should it not again be heard on The
present occason-if she should 10 speak peace,
bar mony and union, to Republican brethren every
where:-If these resolutions deficient in detail still
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