The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-06-19
THE SPECIAL DEPO SIT sYsTEM--THE
RICHMOND ENQUIRER.

RICHMOND ENQUIRER.
II was our intention not to have touched
on this question again. We have expressed
again and again our full belief Of the utter
impossibiliiy Of reducing it 10 practical and
successful operation. Both ourself, and our
correspondent VALERIus PUBLIus, have en-
tered into all the details, that must be resort
ed to, in carrying il out, and shown that it
could be accomplished only, in the most obi
GUS form, viz. By prouidiag and keeping one
currency for the Government, and another for
the People We have both given the broad
challeng, to the world to show TO the contra
nv. The gauntlet we threw down found no
one to take it up. We have asked Of others,
who advocate the system, and particularly the
editor Of the Enquirer to give us the details.
No one has yet done 50.
The last Enquirer contains long article,
in which our respected contemporary again
urges the special deposite system, and re-
marks I" we are not astonished that the Ma
disonian has again come forward and arrayed
its forces against it" and, then says, " the
Madisonian has frequently not only disaPprov-
ed it, but reprobated it," Until we can be
convinced by practical details that we err in
the views we have taken, and the opinions
we have expressed deduced therefrom, we
must continue both to disapprooe and repro
bate it. ..a."~
The Enquirer, on the supposition that the
Sub-treasury bill will be defeated, and con-
sequenty is " out Of the question: expresses
the opinion that the General Deposite State
Bank bill, is also, out ofthe question. There
never has been but one such bill, and that
one, of the % June, 1886. 1t subsequently
says, =" that act must be modified in some
respects" Now we agree with our cotem.
porary that bill is altogether out Of the ques
ton. We do not believe a single sound and
reputable bank in the country can be found to
accept the public deposites under it. The
most appropriate title that could have been
given to it at the time Of its passage, would, in
our opinion have been; an act to break up the
State Bank deposite system Had that been
the object sought to be accomplished, bill
better calculated for the purpose, we hardly
think could have been framed. The exaction
of interest from the banks on the public money
and the limiting the amount which any bank
could hold, were suicidal and, the manner in
which that bill was carried into execution was
destructive. We object to continuing that bill
in any modified form whatever.
The Enquirer says, " we do not 60 Tor the
Sub-treasury or the General Opposite sys-
tem" and remarks
We have shown, that the Special Opposite System
obyiacs all the great objections to the Subreasury
system, besides realizing peculiar benefit OF It's own
1t dispenses with the stern requson OF hard money IN
the receipt of the public dues-t presents greater Sc
cury Of the public money, and a much less degree Of
Executive patronage and influence. We think the sys-
tenn is the best in tself-bu the Ulras who go for
schemes Of their own, have respectfully recommend
ed it as a compromise between the contending par
ties.
We too are uncompromising in our hostili-
ty to the Subtreasury scheme. Until the OBJ
jectons we have urged against it can be re-
moved, we shall continue equally so, to the
Special Opposite System. We cannot dis
cover that it will dispense with the stern re-
QUESTION Of hard money in payment of the
public dues But if that were the case, there
is something quite Of as much, and in our
opinion, of far greater Importance to be taken
into consideration, which we will point out
hereafter. In regard to those ultras, to whom
the scheme of special deposites is recon-
mended " as compromise between contend
ing parties" we have to remark, that we SIRE
nuously strove to bring abouta compromise, I'M
til we discovered that our object was spurned,
and our efforts ridiculed. We stand uncom-
united TO the cause of any man. We stand
forth the champion Of no individual. We
90 for PRINCIPLES, which are immutable, and
can never change We stand now precisely
Enquirer, General Jackson, Mr. Van Buren,,
Mr.. Benton, Mr.. Wright, Mr.. Rives, and most
of the other prominent friends of the late and
present administrations then stood. That po-
sitlon we shall continue to occupy; and shall
neither be drawn from it by compromise"
nor be induced to abandon it by concessions.
PARTY TO US is NOTHING, COUN-
TRY EVERY THING In its cause
that Of the people, and in preserving our own
consistency, we will "siak or sum"
The Enquirer says:
The Government as the agent Of the people, should
not expose the public money to the contingencies to
which the banks from the nature OF their business
ever be more or less exposed.
Does the editor expect the Government can