Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-06-01


EXTRACT Of letter from "WAsHINGToN, May %.
"Fhe political almost here is still agtated and stormy.
When IL will blow over and calm succeed is beyond
my power Of representation. Whenever il shall, the
American people will have great of rejoicing, for
in all conscience it has endured unreasonable length
of time.
"1he great financial question is the absorbing topic
Of the day, and upon which the attention Of The whole
country is directed with deep and anxious solicude-
There three great schemes before the country, by
which ii is proposed to heal its present financial disease,
and restore IL TO soundness and health neither of which
| will command majority of the House OF Representa-.
tiyes preferred measure and probably not
Diary. With the National Republicans great National
Bank; with branch of the Republican party and the
NulIfcrs, the Sub Treasury scheme and with another
branch of the Republican party the State Bank system;
and what is extraordinary among these, there
is diversity Of opinion 10 the form OF de-
| posite in State Banks.
"ro all these schemes there many strong oblec.
lions, and think it would puzzle Old Harry himself to
devise 10 which there would not be- and the only
question to determine is, 10 which, both in political and
financial point of view there the tewes National
Bank organized upon Mr. Clays plan, would be infinitely
more Objectionable and more dangerous, than the late
Bank; for, although it excludes foreigners from being
stock holders yet makes the State Governments share
holders and thus interests them in large central mon!ed
institution, TO an extent which would draw of that
wachiuncss the part Of the State Governments, 80
necessary 10 check the usurpaton of the Federal CO.
vernment The Sub Treasury scheme by destroying or
|
moned influence OF the country in the hands of the Fe
dera Government, and enable it so 10 operate upon the
business and property OF the country as to dis
able the State Governments from offering an efficient
check 10 It's abuses and usurpalioDs. 10 both these
schemes, in my humble opinion the objections both Fl.
nancia and POLITICAL are nsuperabe-To the State Bank
systems many strong and plausible objections may be
urged but they sink into mole hills compared with the
objections TO the other schemes. Being responsible to
The States for their charters they would totally dis
regard the value dispeasure of the State Govern
ments Holding the Federal Government funds, they
would feel some interest in its confidence, and be dis
posed to afford all the facilities in their power, without
the time ioreIting the confidence of The Stale
Governments.
| The Federal Government should adapt it, action 10 the
condition Of things they are, and leave ii to the States
themselves TO apply such corectyes to the existing sys
tenn time and experience prove TO be necessary and
proper, afiordng them all the aid in its power. The
people should he sensbly alive 10 every thing which al
ecs their domestic Institutions; and while they should
be ready either 10 put down. correct any abuses
which inherent in have cIept into their State in
stiluons yet they should permit this Government
10 impair the exercise Of their clear constitutional pow
eis destroy impair the character standing Of
these institutions. II they permit it in relation TO these
Banking institutions, they but establish precedent and
acknowledge power by which, in the of time,
the Federal Government may reach and destroy all State
institutions and control all State legislation. This will
be that consolidation 10 which system tends, and
which the principles Of the Federal party would long
|
lican party in 1900 think these things should enter
deeply into the consideration Of all who really strict
constructioniss and State Rights men, and weigh much
in their deliberations. Our State Bank ysem has been
in long exslence-mony Of their charters have long
time TO and think that policy bad, which would
destroy their value impair the credit of their paper
a circulating medium, inasmuch as are doomed 10
have it for years 1t is admitted all hands, that not
dollar will be lost the Government under the late
Deposite sysem-while millions at least will
be lost by individual holders Of itself sufficient test Of
the superior safety of the system.
| "You will have perceived that the 'New York Times,
Conservative press, has taken ground for MIR. Clay
President, and Mr. Tallmadge Vice President. This
think illjudged movement on the part Of that
PRESS and those of the Conservatives no advised it,
| The Wings themselves have not yet determined who
| their candidate will be, and whether MIR. Clay will be a
candidate not depends upon the determination of a
National Convention which is yet 10 be held; and thus
the Conservatives Of N. York have precpitaed Wing
candidate into the field, before the Wings have deter
mined on for themselves. In this act the Times
identifies lse If with the opinions of Mr. Clay in refer
ence 10 those great questions Of national policy whic h
he has ably ardenty, and so necessarily urged
and which the Republican party has been strongly
opposed and in opposition 10 which the late and present
Administrations came into power. ] do not know, what
are the views of the Northern Conservatives upon this
subject. am sure, the Southern Conservatives will
abide their principles, into whatever position it may
throw them =