Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-05-07

The year lcN will long he membpred as Constituting
one of the remarkable epochs in the political hts
tory of this country Alter series OF the most extensive
and Gsirou, specualions which ever beiel any nation;
after long OF the unboubdsd private extra
ragance and commercial gambling and enormous expan-
SION Ut paper money with which the American people
we're cursed this Republic suddenly found it
self in the Spring Of that year beset by embarrassment,
excitement and real exaggerated distress from the
Gulf Of Mexico In the shores nf the ST. Lawrence. 1t
Is MOI necessary Tor Ia dwell on those scrnesthey
are trns still green and Ireh in the memories of us
all suffice il, however, 10 say, that TING nj pro-
found peace-unburdenei by any National Drht-wIh
our commerce unslachIed by "d'ous legislative enact
menli-the Government al our country found nseN
without RESOURCES although nominay III possession o
40 millions L! surplus reveHue-and people found
themselves without a currency nnrding standard uea
sure OF value; or rather, they found themselves over
wheimed with spurious and mischevous currency,
worse than no currency at all. When say this. ] OF
course auhe moi neyey 10 the cbaara OF The pager OF
the sU0 Stale Banks Throughout the Unnn, bat also 10
the millions issued under the denomination 81 "Shin
paateTs, by every individual responsible or N7espoTs,
bic, who took into his head 10 practise on The Ignorance,
cfeduty. or necessities Of others. How many are there
among the aboring and industrious classes DO remain
loseis TO this day. by having received such worthless
trash in exchange for the sweat Of their brows!
la this state oil the body puc. every intelligent mind
throughout the country naturally turned and IN
tenssiy attracted 10 the subctas well 10 ascertain the
nature Of the disease 10 suggest remedy against ST.
mar occurrences in future, SO far as human prudence
and wisdom could avail. AS usual, public opinion was
much divided: sill, The most ingenious OF all parties
seemed generally to ngree thrs POSITIONS ls That
even waving all constitutional scrnplrs National
Bouk likely TO fec, The Grsired end, because
EXPERIENCE had proved its aetScisncy in aver'ing
Ut il did not rXacfrbaP) similar carosrorhes in 1919
23-2S34 I'd That espcdency nolcss Than the prrsrr.
walton of Republican simplicity and habits ira?eiiousiy
required, that the money voluntarily contributed By e
people Of The U 5. Tor the support Of their Government
OughSn case, contingency 10 be made The basis o!
Barking discounts 10 minister and by const Tnence,
unduy and rg'imatey To favor rertan classes al The
expense OF others.
Among the mos, prominent Of those who al this lime
for n thorough divorce Between Bank and State,
stood the Senior Editor Of The Richmond Wing. his
gentleman had retired fsr time from the active
arena OF politics. ard 10 n long and very able letter
September, 1879 approved of, and took strong sides
for the Sabi teasnry system. fe took II also Tor grant
ed, that MAI ona Bank oat OF the Gesllon-si cd
fully his obiet,Ous 10 hr State Bank system, and said
among other things"W print upon ,ch'cs am so nm
fortunate 10 differ from my eDHsuguss, IS hr ehgly
c adpting rat is kaonrn as HE SUB. Treasury system
IN The coicct,0n sas kerpiSs transfer and disbursement
Of the pubiic TCrcnHc
II am an odrocate for Tie ndoption Of that ss.ern not
Tie best possible, srsn 1t may be g0Od in amy
IF he arord, BUT AS TIE BEST FOR THE
SECURITY OF THE PUBLIC TREASURE, and The
FREESr FROM CUREUFr TENDENCIES Of any
lctt pi'kin The choice Of Congress-
Meanwh 10, Congress met. Three facts seemed IN
denabr: LIST. Ii National Bank had been tried an,
jaicd; I'd, the State Banks Rad been hird and jaild
Sd, The independent Treasury system bad nercr been
iei, and consequently, lis ln,eIsst and most un
reasonable enemies could not say with ecr"'"!y or "t
that il u0nid fail ia the sequel, The other Ac!na
tves had iarariaGiy done.
The Republicans, PARTY and in The nn!n, went ter
the Divorce; did also that portion OF The State Rights
party, WIN hg' been ifmp1rargy alsEllrd from their
Democratic brethren. At the head Of this party stood
Mr. Cah"un aud, for once, ~ dad justice 10 his ggan-
TIC intellect. The acis 81 tins gentleman aud his prn
cirrs have o';Cn been in-rrpTrsr ned and m'suTde!
stood Muck Injustice kds 9JOGbtraiy been done him.
There can be no doubt that Of his life. he
suffered lis feelings (mu4 ch.ttd IN hHkl TO misIead
and carry him too is; but such IT he be warm in
his TrStmintrs, is equally warm III his inagnanimily
vixen he .xclt.nrn Of lJe hour ana the sway Of the
passions nav. passed away la!red ko,s COa' Ibis dis
,ugus!ed Slatrsililn. wi!h his noble and gifted mInd
his beau ui mai sc genius, his warm and ciYacuS
sentiments. his early devotion 10 the institutions q" Tie
s:uaii hls enthusiastic and a:"st Goa'rCas aacnn"nl
TO -" ne WEhls kotc cexid .nIh man, ask, remain
long with a parry which numbered, among lis LIous
Ingredients, the ne!!ah!r ssY!'ica! m"7rness 81 an
ADAMS, and The no less cxecrahe dsmonias ard
fana,ca Abnlillunism 81 4 SLh De; Accordingly.
he blurred the loirahawk and exhibited The III.
stance of Il rising above his old dsiErrnc.s and
private ,sr,, showing himself superior To The
cnvFnomcd ru"annrsS Of E,.e minds nn' he struck
for his cGuniry and for that alone, lis alliance with :r
Opposition holly unnatural and esiraneous lir
iir Van Buren, pursuing coH-Sc that every patriot
.t bound approve. lie h'u p!n'ecling The IN
s,itu;ions of he South. Tie him a'srasnag from
claiming EXERCISING. ths ras; doubtful powers He
say him ad,rirg strictly 10 tis ieter Of the ConS!iiu
ton. He saw HIM exhibiting the phenomenon of
the Executive Of cnuntiy seeking TO divorce Itself from
the imucnsr patronage and influence which s a"nnsc
tim with The Banking interest has nrrer yet failed tnen
gender Mr. Calhoun all lbIs-hs heart was always
in The right pIscr and hr, with his great name and IN
fucice threw himself into The br,aGi, and devoted all
his energies ,prhe o! Delancracy he iorc
bly, expressed it, ito the support II" l" cause Of Es youth
his ON old Republican party oil lr2I.
On the oil er side, The Wings as party together with
few no proessed ~ be fricaS ii the Democratic hd
minis,ra,ion went fr Ery?ai t." tho exploded General
D-posilc Stale Bank system. Bu! Mr.. Clay even at
h time boldly and frankly declared, that he went Tor
that sys,e the condition and with the understand
inv OF It's being cOrsidGfcd "a halfway house on the
road to Il National Bank" Mr. RrpPs heard this; he
saw this SPACIOUS pDlllcar ready To CO operate
with him such tcfms lie heard his cacriatIons-he
heard HIM sa that another failure ni that system would
inevitably end IN the re establishment of the States
Bank-ard yet, wonderful 10 say, mr.. Rves persisted
IN his unl.nable of atherng 10 system. Thtch
crcn admitting IL 10 hare Geca go"d IN lol. most CON
elusive EVIDENCES and MIGHTY DEVELOP
MENTS combined now 10 prove 10 be most viciousIy
and utterly inefficient
At this stage ofthe argument, one is orcb!y and IRE
sstIby led inquire "Whal had Mr. Rvrs done at the
Extra Session, eDe hI;L 10 The confidence and re-
spec or to win lhr favor and support of the Editor Of
The Whlg;" ! readily onswrr-Nuthlng literally no
thing. On the contrary while the Editor Of The Wing
was exposing, in NEST mastery manner, Inc Inrhl'
cheney and evil tendencies aud corruption Of the Pet
Bank system, Mr. Rives was hugging that system to
his bosom with greater ard"r Than ever; and while the
former expressed his reaGln to accept the PRESIDENTS
pIan "ns hc trrest from corrupt endsHes Of any tcR
ir;fh.a the chuce IF Congress-, Mr. Rives moving
Heaven and Earth IL persuade Ike people Of The q.
S that the Sub Treasury system would prove fatal 10
Liberty i,scll!!!
am. however aware, that the Editor of the Wing
has recently made attempt 10 explain away his former
suopor of the Sub-Tr ssary But, he must e1cnsa mr.
for saving, that his o,ieppt bas been perfect failure
His argument falls far short of the mark-it does
no. cnrlr the mhvie gyOuRa And as do not leel The
slightest inclination 10 do this gentleman The least IN
ip.,ice will quote bis words in this behalf, and
l., him speak himself. lie says IN his late letter to
Mr. Rchie II have considered the Sob Treasury
n very vital matter. have notT spoken ot or u!'HgM
of IL as an alair which 10 disturb the balances
Of the Constitution, any dssyse as n"dnme"%i