Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-03-01


,.a, thu, day ill the la'e extra session o; Congress,
I ,s:cG as much concert and harn"ny among us,
49, =, any ,i.Ie desirable. Al thatne the President
r.< message, proposed 10 institute new system OF
- Cos for the Federal Government. AS might vel
h,.n iorrsren its principal adversares would be
,,- tosr. whose plan OF government was 10 oe in-
I'D IN the greatest degree by it-the Democratic
,h;cars It is true, the head OF that party hao re-
teusd the measure; but 1t Is equally true, that l
''", ,f !, demanded as condition precedent, The
ri,nG,en, Of many paints OF their iavo'itc doctrines.
r;;sy OF ali governmental power and especially OF
r.,o,ye power: the preservation oil the sovereignty
nicIce OF the States IN all their rIgor constituted
" lhe most important maxims Of the Republican
r.,v These leading rules OF action were assa1icu ny
' Sub Treasury Scheme, 10 which were superacdeu
,s,a and conclusive objections 10 The plan, IN Ftsatu
. ,r,rng unpn the currencies and institutions OF Inc
S,,s aud upon the great interests OF the people COL
lively and individually considered.
nm, abiccous. thus honestly entertained TO Tins FTGe',
.s r-cssned by Mr.. Kives and other gentlemen, Al
~ ,,,ra session Of Congress- and within The last lort
49,, h.. has with force and ability rarely surpassed,
r,r ,cuailed, the floor of the Senate, de'nonsTa'
- ~, erncious effects of the scheme and the healing
crimes of his plan OF tlnance plan, oy 'ne Wy,
srb commanded in the close of Gen. Jackson s Ad-
,r,ra,ion the almost unanimous appreciation OIL the
rb,Ie party, Congress and people thus we stan"' Il
,%yied people: Shall this family difficulty settle down
INTO u permanent rud and shall we thus do within our
.es wha, the hosts of the Wings have va'nly attempted
for nine wears: Shall subdue ourselves, conquer our
own cause abandon the citadel OF kepubcanlS,' vi Inc
face of our eager and vgllant enenles or sha We u"
tho altar of our counlrvs good adjust differences re-
o,;oin our broken ranks and the position we
have so LONG occupied in the face OF the world: may
mol, then invoke you and all who approve OF Inc SUD
Treasury scheme, 10 abandon nueh OF inc an.f'ru "a
rn.a proposed to be made on the most difficult ana
sca,e subject in charge of the Government, the re-
nIa,cn of the finances and currency in ot
he bsnecent results TO be attained BY the continuance
ri the administration in Republican hands:
Has the scheme they propose been tried and approved
l., the country a, large Has its adversary been fairly
TIED: No; not so, not Look, with the ifankness
which has marked your life, upon the operations Of the
State Banks when disconnected with the Treasury, anu
then upon them when stimulated BY the mlsdTeced &C
ton of the Federal Go7ernment and tell me, whether
YOU can believe in your heart, that The pocy OF Tue
banks has had rs much influence IN producing the pre-
sent state OF atlirs the policy of the Government
From the REMOVAL Of The depostes TO the passage OF
the distribution bct the purpose Of the Government was
10 supply throu the State Banks on e bass OF the
putc deposi,es the discounts and circulation formerly
furnished BY the Bank of the United States. Indeed
the pocv Of the Administration unless have been de-
csred u my opinion Of its foresight was, ALSO 10 dis
engage public dependence aud public confidence from
s; Jank by supplying ihroug The medium OF the State
BIAS all the accommodation for which they had there
,oere TO depend on that institution. To the extent of
he public deposes employed capital, this desidera
tan was attained The Object Of the Executive was
c,arly announced in the circular of Mr. fancy, in the
I,orunce and conduc. Of Mr. Woodbury., in the mes
s,ces OF President jackson, and finally eni"lned
asa fortified by khe Representatives OF the people in
legislative enact men; Which left the State Banks no
alternative but 10 refuse the money or to conform 10
the views Of Tile President and Congress. by the
act Of Ccngress passed when the derositcs amount
eli 10 about fifty millions, in order 10 Insure tier
trpioyment by The banks, and thus to uphold The pa"
Lev OF the ADMINISTRATIVE, the banks laid under
he ecuision Of = per cent. for the deposltes held
BY them. The Banks then, in seJdgtnce, were com
relied employ the depostes in their genera! business
Treating the fifty millions of public deposites as capital
according 10 the wellwarEaned and Legitimate usages
tIpvN mil rj1-ut In
dollars. certainly tso for every dollar oil deposile-
But for greater certainty, will say they only issued
Ire amour, Of The deposltes fifty millions. But what
Id the tspostos consist of-gold and silver, o. the
Notes of the State Banks. The notes of the State
Banks were deposited The deposites, then, added
rec capital on which to discount 1t was the former
Of The Stale Banks their o'rR notes, which bad
been received by the Government, and deposited by in
tie Banks BY which they had been issued. On their
notes plain Engsh the amount n their tnat6t
edaess to the Government they were by law required
10 discount upon actual capital. II is obvious TO
all men. that virtually there not dollar added
10 The chartered means of The Banks, which to
extend their business. and yet, it peremptory
required Of them. They obeyed the wishes OF The
Goyernment-ihey executed lis designs, ard to lis
policy, not in greater, at least IN an equal de-
gree with the spirit of wild adventure in commerce
and speculation, which pervuded the county and the
whole christian world is TO be attributed The present pa
rszed condition Of The banks This condition is their
cne and upon it it has been attempted 10 bottom the
serious charges The people have large stake de-
pending their preservation, and The truth must be told,
let il strike where it may.
For my part, care not what becomes OF lie
banks. have no inercs. in of ,hem-l owe them
not cent in truth, they have invariably refused me I'M
der circumstances which have left with impressions
unirendy them. But this is not an affair." in which
al liberty to indulge feelings or considerations oil
private character. They the institutions of the
States, which the wants Of the public ccaed-wtich are
indispensable to the community, and which must be up
held against al assaults, SO long as they fulfil The Pur
poses for which they established.
II have disembarrassed our bosoms OF the preudi-
invoked against the Banks we have settled essen
tally the only difficulty between US. We have no
ground which to condemn them 10 public distrust
and dispeasure; hare concluded that as as they
resume position which will guarantee the redemption
Of their notes in specie demand they will be entitled
public confidence and should be the repositories Of
the public money Allowing, however, something for
your views on general system Of finance, and some
thing for my own, can difficulty whatever in
the way of fair and satisfactory compromise Of them
propose, then
lst That the Government shall receive the notes Of
specie.paying banks.
I'd That at the end of three years. ,sirh of the
venue to be paid in gold and silver, if the Government
choose and the remainder to be paid in notes Of specie
paving banks.
3d. That the revenue shall be deposited in the State
Banks
i!h That they be restrained by not to trans
ac business on the deposes to greater amount than
average depostes hand at the end of every
uTee months in addition 10 the discounts, DC, author
ned by the usage of Banks their capital.
9TH That the Banks be required to report their bust
ness and condition weekly TO the Treasury, by whom
books shall be kept, in which the condition Of each
S.nk shall be weekly entered, and who shall, once
month or otener, publish The condition Of each Depo
Etc Bank
Lastiy.With view to establish and secure good
currency throughout the U. ST. propose that the Gene
I'd Assembly. as it is within the power Of the States,
eennmend 10 the other States to concentrate the capt.
va al: their banks into the capital OF one bank, which
snail 'e"r e Of The State ind locate its branches
'sn''ccied by law.
Inc popre,y Of This the part oflhe States,
especially Of those opposed 10 grand National Bank,