Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-03-07
Volume XXEE.---N0. 9J.

7
eaed 10 consolidate all monIcd power and with il all po
!iiCai power in favor of great central institution, M
rependen, OF The States and able, b. lis own avowal to
crush the State institutions al its pleasure. He said this
spirit against the State Banks impulsion OF mo-
Gern origin unkn"wn 10 the fathers of he Republic
and 10 The early history OF the country strongest
where the spirit of consolidation strongest and
| where the defence Of State Rights weakest. At
the CONNIE ncement of This Federal Government said
| Mr. Benton, there Federal Bank, and all Of
| the public moneys kept in Stat" Banks drawn
direct, and fast rs they received. of the
hands Of receivers and collectors General Hamilton,
when Secretary Of the Treasury, kept the public
moneys far the first year of his administration, in
these banks and kept them safely there When the
Federal Bank proposed in 1891 and the keeping Of
the public moneys 81 the services attributed 10
II, AIR Jefferson, then member Of President Washing
tons Cabinet denied the necessity q; Federal Bank for
any such purpose, and openly declared himself in favor
Of the State Banks. II" said that these banks had al
ready done this business for the Government and done
It well, and wrud no doubt enter into arrangements
with The Treasury for daingit permanently, and bet
ter terms than it could be done by lha Federal Bank
[M read extract from Mr. Jefferson cabinet OPT
MON, delivered General Washington a, the creation
Of the first Federal Bank, to sustain what he said Of
| his opinions After reading the tX!raru. Mr. Benton
said that what Mr. Jefferson affirmed ~ 1871 was after.
wards proved under his administration and that Of
Mr.. Madison. During The whole OF their admnisra-
tons large portion Of the public moneys Ike pt IN
the State Banks and safely kept there. Mr. Gallatn,
in 10 call made by the House or Representa-.
tIycs time befre The expiration Of The charter Of
the first Bank showed thai the public moneys then
kept in twenty different backs, of which nine were the
United States Bank and It's branches and eleven were
State Banks. Mr. Bcu'oa then proceeded to give a list
Of III. Slate Banks, aud nued--"Such said Mr. b.,
vas The distribution Of tn: drPoses of the public moneys
in the mc of MIR. Ga!larin; State Banks employed
than the whole number Of branches and the Mother
Bank OF the United States put together In several in.
stances, State Bank employed IN the same place in
which branch vi the Federal Bank situated, and
some Of those employed then were employed now. OF
this class Mr. b. !nslanced The Manhattan Bank Of New
York. and stated that the stock Of this bank al this
day about twenty dollars in the hundred higher than the
stock of the United States Bank! And this, after all
the Efforts which had b, made 10 shake public con-
hGrnce in tie State Banks, and especially III those
OF New York TIE Bank Of Alexandra, which
he sad had lately STOPPED with small amount of
public money IN il, and the payment Of which is
cured, also in the list OF Mr.. GaIaiins depose
banks, and double much money in it in his time as
when 1t lately stopped. That bank had been Gepo.
site bank for yivc years, and the Government had
lost nothing by II, notwithstanding the attempt lately
made 10 drnGe The pubic with bclc that it had just
been sci'cled hy Mr. fancy and had Immediately ihIled
with an immense loss 10 the United States Mr. Benton
said, it thus proved by experience Of twenty
years-an experience running through the whole OF
the administrations Of J-ltcson and Madison and part
o. their predecrssors that the public moneys may be
safely kept in State Banks and that Mr. Jefferson
rih in his Cabinet opinion OF 1871, when he gave 1t as
his SOLEMN opinion to President Washington, that there
Necessity for chartering Federal Bank, TO act
The fiscal agent Of the Federal Treasury, and that the
State Banks would enter into arrangements Tor that pur
pose. and do the business well
MIR Benton IN another part of this speech says that
in defending the State Bank system, "he stands upon
Jri2rsouan ground Mr. A. asked, If he had not pro.
duCcd conclusive evidence that the State Bank DepOslte
system had been always supported by the Republican
party since the ioundnon Of the Republic? Yes, he
bad rdduced the authority Of the immortal Jefferson and
Madison themselves t!r great founders ii The party;
ltI ,i fhatt Re-, llpa,
of this Sub Treasury scheme should have escaped the
expansive minis OF these great men, ard all Of the
statesmen which have lived prior TO 1884, stretching
through period Of upwards Of forty years, and that
this important discovery should have been reserved
!or the sagacous mind of the Wing member Of Con-
GrcSs from the Abemalr district. lie is certainly
tItlcd TO the patent righl.Mr. Anderson said, that
having established beyond doubt, that Gen Jackson
and his party and the whole Republican party since the
foundation of the Government have been in favor of the
Stale Bank dcroS,r system he would proceed 10
certain what this SUB Treasury scheme with
rom Gen jackson and his party It made its first ap
pcarance under the auspices OF Gen Gordon, Wing
member Of Congress- in lS3i who offered II as SUBJ
slitue to the Stale Bank opposite system, and il re.
ccved only 3 votes III the House OF Representatives,
Of whom but unr was friend Of 6. neral Jacksons Ad.
mlnslratun. The Globe, General Jackson's organ,
speaking hy his authority, las undPrstC1d IN the
year 1881 condemned the Subrcasury in the strongest
terms Il said that it would increase the Executive
power to dangerous and alarming extent; it would
place the public money where IL hundred hands could
get it, where could not reach H. and that II
General Jackson had recommended it, he would have
been Justly denounced by the Wings throughout The Old
Dominion at the Elections as yrant and uSnrper-as
really attempting TO unite the purse and the sword
See they would say how he has put the public money
in The palms of his friends Such was the language Of
the lobe about this Sub Treasury scheme, the divorce
the Government from the Banks; and yet, strange 10
tell this very modest and consistent Editor in less than
years roundan supports this very scheme and has
the enouncr all Of the pasy who could not
wheel about with Inn al the word o! command as re.
ncgadcs and dtserltrs. But this is not the only evi.
dsncc that have that Gen Jackson and his friends
were opposed the SubTreasury His Secretary ofthe
1'r asury. MIR Woodbury., WHO Is now al the head OF
that department, IN his supplementary report oil DE.
cenber lo3I, discussed length and with more than
his usual ability the two systems OF individual and bank
arency or in other words the Sub Treasury and State
Bank dPposite system, and came 10 the conclusion
that the former Cha; is the Sub Treasury will probably be
found less responsible SAFE convenient, and economical
nd the report he says hat tins kind OF per-
son5! agency (n Sub Treasury 10 the opinion OF The
UNDERSIGNED to be avoided IN all practicable and safe
cases under present system OF selected banks Be-
cause IL would render The system less less Sc
cure aud more complex, II not mole expensive One
of the most remarkable circumstances o tins age OF
sudden revolutions and elastic sumrrscts is, that this
sage Secretary and Chancellor of the Exchequer has re-
Gently in his official report, over bis own sign manual
upssd all that have quoted from his previous reports,
and has made very elaborate argument TO prove mat
the SubTrcasury system is safer and more RESPONSE
bic convenient and economical, than The State bank
deposiir system, when he acknowledges, In all o.! ms
renons that the Government will not lose, in all
probability, one dollar by the drp"se banks; and,
unfortunately for his candour and sasacy. disclosures
ba &c been made he expressed the first Sc; of OPT
inc n, ,h,s subject Of losses 10 the Government Of
rn three 10 five millions OF dollars by The defalcations
NJ collectors aud receivers Of public moneys What a
Milan, and accommodating minister this Secretary is
lilo is always ready to write report 10 suit the parcu
lar taste Of his master. What is his authority WORTH?
TIE friends Of the Sub Treasury must calculate very
largely the ignorance of the people they think that
il can be sustained by such
Mr. A. said that he would not detain the Senate any
longer this subject No candid man can now ques-
ton the consistency Of Mr. Eives and his friends
They occupy precisely the ground now, in support
inc the State Bank Deposte system, which Gen jack