Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-08-16
VOLUME XxNsI.---No. 90.

bed. il such fl ct could be pfoduced if such EN-.
barra:sre' CO ui be- uccasicrcd b. The Banks in tin
OF peace what could they not do. WHEN the country
was involved in dangerous and perilous war. WIN
me treasure OF the nation wb.ch are its very li:s-
blood 9nd lis sinews III pence and in war, in fher
custody, c"nd they not compel it TO submit, 10 dis
graceful and ignomnious peace? IL not 10 that hnmii
ing condition. could they not compel the Government
to sustain lis credit end lis honor the expense of
vast pecunnry sacrifices. which would ultimately il rot
immediately, fal! upon The people,: Should any class ~
Corporations b. entrusted with sGch Tremendous pow
I" do evil And should he Government in any cir.
runsances BE- placed under The influence and WITHIN
the power of class nf corporations which being sou..
less, feel no patriotic Impulses and exempt from Tie
sngs oi conscience end the OF shame aud being
b"t'iess. beyond the reach Of rorporeal penacs
and loo frequently under the control Of individuals hos
tie u not 10 our institutions. 10 those with whom the
people have enius The administration Of their Go.
refnmeht; Would II not be tar better in peace or IN
war mai the treasure al HE haiiOn should be kept by
the officers al the Government, ever subject liz
troll, and within lis reach when want,c "r Gsburs"
msn On THIS point The committee can uo I,om
10 doubt.
Another prominent feature in the lrdependcn, 1rea.
srry system, regarded III is political bearing is lie
adoption ci Gu;d end Silver as The medium winch
all payments Ia the Government ard all disbursements
by tare To be made. The committee regard THIS as orc
"a! The most important and salHary reforms which
he made IN The financial system The nation II would
have most favorable cIct upon the paper currency
now IN u-e go generally IN tie community. By cstab-
IshiNn Hx'h permanent standard II would render
The currency furnished by The Banks more Stable aud
solid and check 10 great extent, its tendency those
ruin"us expansiuns and conracons which unsettle the
nuIn1 van" al al species q; property, aud operate
with such injurious EJECT upon The interests Of The Ia.
hnriEg and producing classes oi the Community. and 80
favorable Tor The uana and Specializing Classes besides
the committee regard Il metallic currency as the only
medium recognized by The Constitution Tor the use Il
iii. Guvrrnmsrt.
The committee are awa5r, that this feature Of the IN
dependent Treasury system regarded by the friends al
the Banks as very obnoxious IL The Interests Of those
c"rp"at"ns and through them 10 The people: While The
committee deny The latter clause OF the objection they
cannot admit that the interests o The Banks 10 be
sIcerd nor In haze any weight IN connection with this
qnrsitcn Yet they would insI. that the adoption Of
metallic medium in the receipts and disbursements of ihe
revenue would not he act OF hostility Of injustice
those Corporations They all bound by their Charters
10 make the currency hch they issue equal IN value
gold and silver. il they tail 10 do it, uey in spirit, and
IN effect violate their charters, and their duty 10 the
community II They do make their currency equal 10
geld aud silver, tins prc"tsIon in the Independent.
Treasury s. stem cannot them Nor that por
iun OF tie community who, from caprice, or an 10.
nest conviction o. lh" superior value nnd convenience
prefer The notes pi The Banks TO specie, com plain Of
the Government Tor supplying Itself with better
curftncy than il would give 10 the people For then
he currency Of tie Government, aud The currency Of
The Banks would for all practical purposes be Of squal
yanS - h ssc t aB lS H tai * pake hS5 RY
or any other act ducr rhe value ten or twenty per
cer,um below the constitutional standard they are not
10 regard such depreciation ts an effect Of the ho.it'
liy Of the Government, which ajhercs 10 the metal.
lie ~, dunn. but rather MS just penalty incurred by
lI m rr their neglect, violation OF cuty, and II
that class Of The community no their currency suit
fer il ia i'll consequence Of cnnhdIng III corporations
hich sometimes break their promises, aud sci anaEg
the restraints Of law, and The obligations oil honesty and
thus njure those whose interests are connected WIN
Them II the Banks al oil times required Ia make
their currency equal value 10 The constitutional sinnG.
ard The community could suffer from lis depreciation,
and there would be no Prele1 for the sensress and hypo
critical clam0 against the Governmenl raissd lur party
feet for establishing zone currency for itself, and ano-
Their for the people In connec elton with this branch 81
the subject the committee would consider briefly The pn-
icy Of permitting such portions OF The public treasure az
nav not be wan Tor immediate use 10 BE- Loaned to 80.
,:Iydmus computations, 10 be used IN business OF Tor
purposes Of speculaor; policy, which IS urged WITH
considerable vrhemencr, by those who favor National
Bank or the State Bank Deposte system The COM
mirttc perceive that The Banks or any class al
Drrosilorirs have my claim 10 loan the public money
and receive the interest on such l'Hns; nor can ih1y
perceive hat right individuals have 70 claim its use
If the Banks are PERMITTED to loan It, and receive he
interest accounting TO the Gnvenmen for IT, II 10 ia
ynrsn # any class Of individuals permitted 10
erjny the privilege, ], s equally II The public mo.
ney lee loaned al oil must be 10 comparatively few,
ard therefore must be 'uvori'ism II il be loaned !or
the benz tit Of the Government, il presents the Govern.
ment telnre the people in the ocIous character OF al
Insurer Such policy cannot be susolned ether Oh
principle expectancy
II has also been urged rs IN oh;rctcr against II"
nte nj Treasury that there is sufficient spec.
IN the Country. supply The for psyng Tie pub
! llc dues in u metallic medium The ccmrlttee cannot
perceive pausiht!Iy in this bl'clian. The &c.
vernment is great deb&r 10 well as creditor ~ ilc
community; it IS constantly Poying out, % we'll IS re-
rpiyng. Ard in ordinary limrs there Is seldom over
81 900 900 in tr0nsHU btlween the Government ard The
community which would he a, such iimes all the specie
distracted from active circulation. But in extraordinary
times in periods Of oveitradng and speculation. wien
] cnI, hn
more extensive Than usual specie would UNIQUE snnaby
accumulate in the Golfers Of the Government. But such
accumulation such pends would be SOLITARY IN lis
effects By Withdrawing from use the pfcnnafy means,
IL would operate che upon overtTaGng, aud soon
bring the business of The country back sgan 10 sound
and healthy condition.
| The committee cannot forbaar 10 make a single
mark in eiann another Objection. which is urged
villa considerable prrlinaciiy against the independent
Treasury VIZ that il will increase 10 considerable eA
Icut the power and patronage OF this Executive the
Committee belle vr TINT when the oh"runn 10 examined
II will Ike al nhers vanish into Tim mir statement
Of The PIE fact that II The system proposed IS adopted
il would become necessary 10 appoint but four Receivers
I General and not more than twenty Clerks. and mat
The increased expense canno, exceed SloOW Is
| sufficient unsaer 10 the rciIon Inc t1isht I"
which the patronage Of the Executive would be nuG.
! me nlpd cannot therefore be very alarming But NE
cnpm,ee be !;e ve Eat If the connection between the
Government and the Banking Cnrpofalohs were 10 10
continued. both being under Inc c"hH"i OF persons
aGt,rinp in sentiment and purpose, 'he power o. NE
G,ve1nme nj would be increased TO degree sufficient
10 excite the appretensions OF every Pa'!oI and Ucco"S
| in tine truly Formidable and dangerous
" H. ororr;on the committee would odd, that in their
te r lie independent Treasury is the Only system for
sceiv;ng keeping and t.shurslng The public revenues,
which i authorised By the Constitution They can find
M ,r,,r, IN ,, sacred Ins'Inntr', Tor the establish.
, ,r R,pLi nr corpora'cns Tor that purpose;
H., find in any warran. Cor the reception Of The tues
1 r. 10 Government in 5ny other than metallic
~ They rfore should regard the incorporation OF
Ss,innnI Bark by Congress usurpation Of power
M, conceded % that body by the People
Much stronger their view are the objecons rganst
employ ing rhp State Banks as repositories Of The public
rpypnccs The claim in their behalf made by The enos
o those corporations, has no Constitutional i'nhoaon,
,rd ia y;,b,r, .hsd nv of right The only ground
which their employment be urged, IS Their convent.
Ia (ny depip