Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-01-10


ell NUMBERED and registered by such person or persons
! The Comptroller and Commissioners shall appoint -
This circulating medium 10 be delivered tn any person
citation Of persons for The purpose OF banking 10
an rgaa amount with the value ot stock or bot DIS Trans
fsrred, the legal transfer 10 the Comptroller, and
Commissioners. !. OF stocks Of the U s., the Stnie
az Georgia such States Of the United States, as
shall BIZ approved by those officers, 10 be To he made
10 be equal IN State stock producing per cent per an
mum, and not 10 be taken al rate above or below par
The bills notes thus secured TO be stamped on their
faces secured by The pledge of public stocks 2 U!
bonds and mortgages on unncumbered lands within tn"
State worth pendenty Of the buildings al
eas, double the amount for wirh they are m"rgaged,
bearing least per cent Interest," annually sem
nuay bills thus secured 10 be stamped sscur
I'd by pledge Of real estate Ofbpnds and mortgages
for lands town property or negroes, 1T tourtod the
value OF the bills notes received provided such propeI-
y be insured, il liable TO injury destruction from fire,
nd provided that The negro property Offered do not
coed half Of the whole amount OF such bills notes
which, when thus secured are TO be stamped securFd
10y pledge Of real aud personal iroprrty The bills or
notes thus delivered 10 persons associations To be
cu'cd aud signed by them, and made obi :aIOry proms
sorry notes payable demand al their respective places
OF business, within the Stale and 10 be loaned and Gil
cuated by them as money according I" the usages "i
banking On failure 10 redeem such bills or notes On
demand the place Gi business during the usual hours
Of business in gold silver coIn of tie standard yanr
of the United States, the holder is authorized 10 have
The same protested; aud the Comptroller and Comms
spug receiving and hiiug the protest; 10 give nU!ce
in writing the maker makers Ia redeem the same,
and If he they emit to do fer 90 days after such
ticr tn. Comptroller and Commissioners (uuless salts
i-d OF legal defence 10 such notes. 10 give notice
mrdilrIv IN the MIiedgcViiir papers, that ell the cIrcu
iang notes issued by such FcIss or associations wall
be redeemed out OF The trust unds IN their hands, and 10
apply the same in payment Of the protested notes with
costs of protest, and 10 adopt such msasures for the
payment IF all circulating n"ics OF such deiuterS
viii in !hr opinion, prevent loss to The h Ccr5. The
dividends stock and interest bonds TO he received
by those pedIIn them, unless default be made IN r.
dmp'nu of their aforesaid the Comptroller
and Commissioners deem the security Insufficient ~"
shareholder III any such association 10 be abc III bis IN
dvdua capacity for the engagements ot Tie association.
unless specified ~ the artIcl,s OF association. No
such association to bc organized for longer term than
70 years each 10 have the right tn organize at lie
expiration Of lis teIm, under any law then OF force on
I!tr sub-c; Various PROVISIONS some of tl9m highly
prEa contained in The act for the examination OF the
affairs OF these banking persons AID associations, ana
for the security of the stock bonds; and property pledged
by them, and the faithful application Of the
cure the circulating medium created by The act
i Plan proposed far Reccriag anil DisJursng Tie Public
RecGnae
During the Debate which took place in the House OF
Representatives last week, MI Nises motion to print
certain public documents, Mr.. w. &. Johnson Ol Md, in
tie Of his speech, boached plan iur the coIec
ton and disbursement of The public revenues dlirrng
in respects from all others that have been proposed
in Congress.
He (SIr J } had not fully devised plan but, from
the remarks OF his colleague, (Mr Thomas he
induced 10 say, that plan had occurred 10 hun which
would meet the point to be attained That h" would
IL when the Sub Treasury urged by Ir Cnul-
OF the Committee vi Way end Means, # no other
member would. II was, III a lew words, ths-that the
Cusomhouse officers and all the public receivers should
not touch dollar vi the public revenue.
That the Jrginia system should he adopted by The
General Government That when an importing m-r-
chant for instance had 10 pay revenue duties he would
FIRST have to hmd trou the custum-inuse officer the
amOunt-lhat then he should depOslc IN such bank ar
institution the State would with revenues,
he amount OF his bonds duties aud then obtain
certificate Of The amount OF d5pIslir That when Ih'S
given TO tie custom house collector, lie would then
give rece pit to the importing merchant That when
the Government mad TO pay amount, 1t would give he
Government creditor draft on the dep"sltOry-so that
intermediate agency would Iouch the receipts dts
bursemenls of the public revenue The system WAS sim
pie and reasonable he thuughl-and he would add nrr
view further. lie opposed to the whole system OF
securitieslhai he opposed 10 any public officers
giving security for two reaSons!he first %aS, you did
no; ALLOW him To touch The public money, there "as nn
necessity for giving security The second was, that If
you dispense with sscun II would lncreAs" the respon
sIbty of the Executive To appoint gentlemen To Office
for sone securities but satellites around Jupiter
the plea If you place degraded or c"rrupIibIe
office. that II OF no consequence for his
curilIes were liable.
lie opposed the pan and usage Of securities, as he
of an executive counc-because II divided TcSpunSlbI
lily. Ii the public eye rested upon the officer aiune.
and not upon his the executive would be forced
by the moral feeling of The nation to appoint wurthy
and we'll qualified for the office.
He would not attempt 10 enlarge upon The ccrruptibi
,y of human character The Divine lesson has taught
US all in carly infancy 10 guard against fsmP'"tGS
There were but few IN these days Z" speculation
that he would eDlrust with million Or hall million
Of the public money.
He would say urlher that he would desire the dePo.
STORIES of The public money 10 be those which The States
entrusted with their public funds IN States or TER
r,ores " here there were State depus;ores-he
would in all require Congress, not tn" Executive,
to designate the place Tor making the dcposilrs. The
plan would work well in the West in the Easi-iur
hen the Repositories banks or institutions OF such
character Us Ght be named were known n purchaser
of public lands would have bat TO drposite the
which lie had 10 inves, IN any OF those Institutions get
certificate of depoSIteand that certificate would BIZ
received at any land office in the nation He would not
trust ira human nature with large amount OF money.
He conld not for the SubTeasTry system because
il placed the public officers in immediate contact with The
public money -lEey had 10 feel aud to h1nds uand
doing co. 1t led them TITO temptation. 1t really scduced
them into corruplinn. He could not trust with
millions, unless those receivers were themselves placed
in .'Safts and such safes have neither door
window 10 creep out at.
(Frnm the PcttrsJurg Constellation
WAsIIrxGToS, Dec 20 1888
My Dear Sir:-ln your paper of Tuesday last see
that you have noticed paragraph in the Richmond
,uI,; I5,h in Gsnor.I Drama ,,s