Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-03-23
VOLUME XXAV.---No. lGS.

other expedent The maorily Of the friends of the Ad
blsitatinn btlevsd that there was Other alternative,
Han 10 incorporate nnnhpr Bank OF the United States,
10 the highest possible equality OF value throughout
the Union 10 the medium in which the taxes and duties
should be collected TO refer back 10 The practice and
prncipl of The Government, as established in 1850
heir avowed object was. 10 take The custody Of the pub
lie money cut Gf the hands of the Executive where it
had been thrown by The SUSPENSION ito place under
ue custody Of the laws and 10 prevent The renewal
81 connection with the bank. which had proved dis
asTous TO their real interests, well those of
the Government 1t supposed. that Banks cjr-
culaon were from their nature, banks of hazard ard
liable to periodical convuisions from imprudeni
trading which The OF the public monies as discount
fund. WCuld only stimuIaeiha IL not wise sub
jet the Government 10 cCnngen ces which might peri
odiCuIIy deprive the Treasury OF the OF its funds,
and make necessary TO call Congress together great
expense and inconvenience. 10 supply The m-iha al
though there might be greater CaT ge! Of loss, in
leaving The money IN The hands OF the public officers
Tor longer time than Necessary, for lis cole ct0n and
disbursement; yet that by bringing down the revenue 10
the expenditures thus preventing surplus and by the
enactment Of proper alions Con,rou and punish
deiautlDg officers, The loss would be than
small! per cenlage The hole revenue Which could
materially affect The action Of The Government;
whilst the other hand, however sgte ke Bank notes.
paid into the vaults Of Banks Cor the public use might
be- yet their suspension rendered these paper promises
unavailable, and occurring at critical PERIODS might be-
side the ruinOus direct loss, virtually dissolve the body
polic;-that when The specie in The country amounted
~ IoHfls, kHt usS {! or MIL
lions Tor eff cling Treasury payments which would be
Immediately thrown ogaIH INTO common circulation,
would not in the Banks, hot would add the sabi
hiy Of The currency;-ihGt the Increase Cf Executive
patronage IN the appointment oi the few additional off,
necessary 10 carry the system successful ope-
Taion, would be more than counter balanced by deprv.
ing the Presden, Of the political influence TO be exes.
cssd over league Of Opposite Banks, their officers,
directors and sockholders;-and in short that The cir
cumslances OF the times were all favorable 10 peIms-
nent separation OF The Treasury cm the Banking In
Sttui!ons OF The county, for dissolution Of the
ncction between political and trading interests; and
for restoration Of Tie fiscal action of The Government
''to The safe and solid path of the Constitution"
Under such impressions these, The Senate of The
S passed bill al The special session in September,
provide for the collection. safe keeping ard dshurse-
ment OF the public moneys, without the agency Of banks,
and requiring specie for fourth The first year, end
additional oDe-onr'h IN each succeeding year; which
rejected in The House OF Representatives by very
small majority AT Tie regular session, IN Dect mber OF
tie same year, the President again called the attention
81 Congress 10 The subject ard reiterated his former
CONNIE ntalioLs, which again responded TO BY the
Senate, by BILL similar pUst Of I's provisions to the
first but authorizing special deposes the banks al all
places where there place for sae keeping belong
ing 10 The GOreIHn nj, and requiring only onesslh of
the revenue 10 be paid specie the first year, two sixths
the second; urG by sIats, instead oil uuIihs until at
The end OF Six years from January, 1889 the change
from paper 10 specie payments would be Completed
This bill too re cled IN the House OF Representatives
hot considering tbs disagreement at The Two Houses
under such circumstances, Us final expression Of The
vii. OF the people; in his message 10 Congress in De-
mber last thus briefly udvtrts 10 The subject
My conviction OF The tcessiy OF further legislative
pre- visions for the safe keeping and disbursement of the
public moneys, end my opinion 10 :,gaId TO the mea-
hest adapted IL The Accomplishment Of these Oh.
ecs have been already submitted you. These have
been BY recent rs;cH 10 the full convc
ton that i,me Gud experience mus, s farther demon
sirate their propriey srG feel il my duty, with
j' Criul difference 10 the conflicting Of others,
al 10 invite your attention to them " hal has
CURED since, in relation 10 this respectful recommenda.
lcn is Of loo recent dGe 10 make it necessary 10 en-
large upon There being charge of opinion in the
House Of Representatives. rendering probable that any
bill for the establishment OF an IndepeEdent Treasury,
could become law the Senate concnled itself with
erGpavorng sus The public collecting and dshurs.
,rg f.cers additional responsibilities for The due per-
Imance Of their present duties in order 10 prevent
future GtnlC8IIuEs; bot even Tins bull necessary as il
would seem 10 be- received no final action in The House
From this detail, Fellow citizens, you will be able to
iGdue whether the President erred or not recommend
Ing the esabshm, nj Ui an lnGepeR dent Treasury and
helb,r be pressed Too strongly petnacously upon
Ihe consideration of Congress. You must think at
all events ucqut him Of every intention 20 nJure the
State Banks, 10 establish Treasury Bank,
charged upon him, 10 enlarge his own patronage
power II has serntd TO most Of Us in this Convention,
hat lie measures lac nGed were of oil uncGuiyo.
cal, DeuncIac ard constitutional character lending
late IT, "io place and curen-
cy basis Of reliance the natural lass of
lace and Of lnGe nee Of tie perpetual agitation Of
political contests; 10 guard against danger which,
having occurred may occur again, Of the Government
being thrown Ly power ex'raneous from itself upon
State OF temporary bankruptcy, The midst OF the pro-
fusion of q large surplus rvcnur; to Introduce safe
and stable uniformity IN The fiscal operations Of the Go.
vPTDme nj which can never te affected by The Uctua.
10 which all paper money systems must always be,
cuniessedly, liable; to obVIaie The possibility OF the future
acc umulaUn OF redundant revenue, with all The evils
fable such fiscal Dlplrra
" h ubich lately afflicted; surrender branch
OF Executive inHu potent and dnpgerous that but
f. years back, erGuence could exhaust the Ian.
ruage Of tenunciatOn with which il assaIled By
those who most IN opposition To The
proposed REFORM; and ITO cufla and simplify the Fede-
raj action in very material and au'oy degree it's
huence upon the institutions and Legislation Of the
States
II would rot he doing justice, however another por-
ton Of Republic brethren, IT, making this his
torca review OF opinions, did not refer 10 The views
of those who did not approve the system suggested BY
the President acquit in the arguments by which
il has been supported We do hesitate admit that
many Of them have been just horss in their opinions
any Of The advocates Of the lndepe ndent Treasu
~ They cannot doubt, as much attached 10 the
great principles Of The Administrator aud anxious
for the election Of Mr. Van Buren, against his Wing
II suits therefore, neither with their rights
principles TO prescribe them for their
Nor it required by this Convention that they will
change their opinions, or expected they will COM
promise their principles of dsapprobatien 10 the In.
tepende Treasury sysen-reyng their hearty sup
por, of the general policy Of The Administration: !,
was their deliberate opinion, tina, the Independent Trea
sury system was calculated 10 extend The Executive
pow En- and endoDger The safety Of The public funds,
more than we'll regulated DepcsIle system in the State
Banks Most Of them concurred with The President,
ha, the public deposss should be entirely separated
from the discounts and business Of the Banks and where
they Offered they avowed it 10 be single question
Of 11pedeney which would alter their relations 10
their party or to the Administration To such men, we
are most anxious TO extend the right hand of fellow ship
because they believed 10 be faithful 10 the essential
principles Of the Republican party and as ardent as any
portion of The Democracy in The supper, Of Presi-
Dental candidate.
Entertaining, then, very large majority of this
Convention DO opinions coiDcdent with those of Mr..
Van Buren, on The great of independent Trea
&C az