The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-10
COM MUNICATIONS.
To The Editor Of The Richmond Enquirer.
In one Of the latest numbers of your paper find
the follow ing article ....' w. h"#

In one Of the latest numbers OF your paper ma
the following article
1--WE are satisfied, moreover that nearly the
whole p; ry in the State would be satisfied with a
wisely regulated system Of Special DepoSite. Il is
the Presidents ncla best me, sure-and the whole
parry in Virginia light rally around it, 1t would
preserve US one and ndivisble--the other system
! will not. ."....> .... \"
But the Madson,n is Of opinion, that the Special
DepoSite will not answer; End refers to the opinions
of its correspondent Valerius PubuS, Mr. Reub,n
| M. Whitney, we prsume) We adm, the abilities
and experience OF Mr. Whitney; bu, .nno yield TO
| them ON the present occasion. On the contrary, we
have avaied ourselves OF lights, equal and superior
To his and we are persuaded, that if the system be
wisely organized and properly carried into execu-
| ton, il will work well" ."..
This appears to have been called forth, by re-
gus made BY the editor Of the Mldisonian that you
| would repGblish an extract from one of my essays
explaining the pracica operations of the special
opposite scheme, which you strenuou>ly advocate.
This request you did extend the cour esy to CON-
ply with. In that extract attempted TO show that
The special depose plan if attempted would operate
when reduced TO practice, as injuIiously upon the
interests of the country, the independent treasury
scheme itself; in fact, that ii was the thing,
under another name. That ! still maintain. Had
you undertaken TO show that the positions have
sumed are untep BILE, in rl; ce Of COME curing who
the &C ul writer of The essays signed Vaierius Pub
iins is you might have furnished arguments either
to have convinced me that am in error, or have
reflected ck upon yourself proofs to convince you
that your scheme is wholly impr; ccabe.
Whether am Mr., Whitney, or Mr.. Anyone
else is a matter of no consideration whatever; and
ought not TO have been brought into the question.
The feasibility impractic billy of your nlan is
the only thing which ought TO have been brought
into discussion
do not claim even mediocrity in knowledge of
the science and practical operations of finance, bank
ing and currency acknoN ledge myself a mere
novice in each.--But such views as entertain, and
in the manner in which the Limited bilies whichl
possess, have enabled me 10 explain them, have
communicated them TO the Iubl:c, respecting The
practical o; err tons OF the SPECIAL deT0Sih :cttme.
If the grounds which / have liken are nn,ent bic,
why do you not refu,e them Why not comply with
the request of the M.disonian and lay them before
your readerS? Ard ;bove al, why not give all of
us the benefit of those superior hghts' which you
have availed yourself of, and which satisfies you
that the scheme will 'work well" il it "Le mi@lg ar
ganizcd and property CARRIED into creept0n"? Give
us the details Let us see how it is 10 be organised
and carried into crccntion No measure of This i'm
porance should b. venured upon until all the prac
torily explained. Are you going TO sea without
chart2 Will you embark on voyage ard trust
yourself entirely TO the current, the winds, and the
waves of empesuous ocean II not, give us the
details, that my all be enlightened by the sape-
ri0r lights which guide YOU. .s.
As inexperienced as acknowledge myself 10 be
in finance, | find that those whose acknowledged
abilities in that science have elevated them to The
dignIied stations Of chairman Of the Finance Com
muee in each branch OF the National Legislature,
coincide with in opinig as TO the special depo-
site scheme Mr. Wright declared in his place,
thai IL tcould operate more disaSopsy Po" ne tanks
tsnn he Sud,trcasury Itself. And for the views Of
Mr. CambreIeng in relation to your scheme, give
you the following from his report made few days
since, on behalf of the Committee of Ways and
Means
Numerous plans have been proposed for making a
partial OF banks, for the mere purpose Of keep
ing The public money, under some special deposte
system with an obligation not to employ il IN loans
to trade n . such deposte can be eftctual bul ene
which secures 10 the Treasury the control over lhe
money specially deposited, and leaves ne NY re-
ceipts and payments to be made BY pubic ohecfs