Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-03-30

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,e,,, successful operation and which Is certainly re-
Commended BY greater conrenienees for The coilecon,
safe keeping and disbursement OF 'he Pupi,c io"Ie
than any special organization which Gun oe oevsea' DC
thrown aside 10 try new, nnu 10 say e 'ea'' wy
doubtful expermenE -. ~,
THAT experiment. understand IL, Is 10 discard aihe
the use of Banks and Bank Paper 10 collect and pay
out the whole in GOLD and sver anu 10
distinct official agency for the performance OF these
functions Surprising The scheme 10 be practicable what
object will be gained by ii: Is it to lead the way TO an
c1ciusire metallic currency for the country: Then,
saw the object is visionary; and were not the means
is holly Inadequate and indeed contrary TO The end so
far az the circulation of the metals is concerned
as il TO secure separate metallic medium for The uses
of the Government alone: Then, say, why should
there be one currency for The Government and another
for the peope-why should the public officers and c"nrac
tors be paid hard money when the people are content
with convertible bank paper in their transactions win
one another: Is the object TO place The revenue OF the
Government beyond the casualties which may oeie Inc
currency and 10 ensure IN every event payment
10 it's creditors hard money when possessing pre-
MUM value: Then ask is right and expedIeni thus
10 isolate the Government from The general interests and
wants of the community? On the contrary does no; the
re MUS of our Institutions require common interest be-
tween the and The governed essential qua
ran,ee of good government Letthe Goyernmentreceive
lis dues in whatever constitutes the actual par currency OF
the country, aud then ii will ne interested IN watching
over and guarding the soundness OF that currency One
of the strongest considerations, IN my mind IN favor OF
continuing to employ The fiscal agency of The State
Banks is that, through that connection. The Government
may powerful and sautary Influence on the con-
d,ion of the general currency, which, as being one OF
The highest interests Of the community, ought TO be a
primary care of Government far as 1t has power 10
ACT upon it, either directly or incidentally.
81 have thus under the encouragement OF your request
thrown out the general heads Of reflection which have
brought nv mind decided preference for the system
of hsca agency n!odGcedby Gen Jackson and Mr. Ia
ney with such notifications as subsequent experience
may have shown be useful. cannot promise myself
| q ,,ol,, bot 1
serve al least, show my respect for the wish you
have done me he honor 10 express
After this early and unequlvocul expression OF my op
position the Sub Treasury scheme, no principle even
of party allegiance (at least as avowed by honorable
mem could have required suppress and belle the
solemn and recorded convictions OF my understanding,
and 10 support the measure CT the President when he
subsequently, determined to recommend it, and 10 stake
the fortunes Of his Administration upon IT, My letter
TO the President though written under circumsta
which precluded full examination of the question in all
its relations yet presented it will be SEEN many OF the
objections to the SubTreasury scheme which were al
forwards reiterated and fully developed by me in
my place in the SENATE 1t was, however, confined 10
the financial view Of The subject that was the aspect IN
which it likely to be regarded in the dtlihera.
lions of The Executive But the political objections 10 il
Of grarer character The proposition 10 put
the whole revenue of the country under the absolute
control of The E1ecutire by committing 10 host OF
agents appointed BY and dependent upon him. is
tally question Of public liberty 1t regarded by
the late Administration when through lis official organ,
| Uhe Globe the same scheme in ls35 denounced
fraught with the most alarming dangers "by enlarg.
ing Ereeuire po,ctr and putting in lis hands the
of eorruption"-as transferring the public money "di.
1ecuy into the palms of Executive agents, the friends
and partzans Of the President instead Of keeping il
deposlte Bank, whence 1t cannot be drawn for other
Than public purposes without certain detection, and
thus "exposDg TO be pundered By hundred hands,
| where one cannot reach it, scheme thus cha.
racterzed, and characterized with irresistible truth, is
every thing that is dangerous demoralIzlng and anti.
| Republican; and, while | retain these convictions Of
its character should be traitor 10 my eouztry, (ar
Than being traitor 10 my party, Us am accused
Of beng) could give il, directly or indirectly, the
slightest support And yet for refusing 10 make The de
claralion that will "snk swim with an administra.
ton which has thrice openly urged, and still continues
urge this scheme upon the country (wltness the Pre-
sidcnts last annual message 10 Congress- although 1t
has been five several times, is one shape another.
eced by the Representatives Of the People my name is
hung up in the tables Of prescription, and pursued
with the exlermna,ing cry OF party vengeance.
have however, IL seems, one other offence In answer
for During the late session of Congress, felt II my
duty Ia submit 10 the Senate certain resolutions. enquT
ng into recent Transactions between the Treasury
Department, and the Bank Of the U S, which had ter
minated in renewal Of the fiscal connection between
! that Institution and the Government under which near
five millions Of The public money had been deposited in
the Bsnk-lhe balances deposlte in the Bank averog
! ing during period OF five months from two 10 three
millions Of dollars, and that too time when the
whole OF the residue of the money in The Treasury,
with the exception Of what in the mint, stated
by the Secretary Of the Treasury himself "o have been
sometimes less than $500 000!" It, moreover, appear.
/ ed that the Bank Of tie United States 10 he the
general fiscal agent OF the Government in transferring
and paying these large amounts at various points
/ throughout the Union from Boston TO New Orleans
and from Norfolk 10 ST Louis When the hostile rea-
lions but lately existing between the government and this
institution were considered, and when it recolIected
what long and arhuous conflict had been maintained be-
a.
find again employed the depository and fiscal agcn,
! OF the Government by The very Administration winch
bad dccIarsd uncomPomsing hostility 10 II, was GER
tanly calculated TO excite especial wonder, aud seemed
TO not only TO justify but 10 demand investigation
This appeared 10 me the necessary from The new
and startling doctrine set forth in The Presidents MS
cage al the commencement of the session. in connection,
too, with his renewed ndaiion Of the Sub Trea.
sury scheme, that Banks should be FUSED not in The
financial operations of The government the Erecuttre
might determine 1t 10 be usctm p0ltc cOnrencnt 10 do
vi all the ystems yet suggested for conducting the
finances OF The country, this TO my mind was iraught
with the greatest dangers 10 Ike public liberty Ii would
not only give 10 The Executive tina. absolute control over
the public monies which is the great end Of the Sub
Treasury scheme, but by allowing him to employ banks
or mol in the financial operations Of the government as he
should see ht-to select 10 day and another tonnr
Iow-to discontinue those previously employed and 10
substitute Others oil his own discretion and without any
rule OF aw-"hat would II be but 10 place all the mo
neyed institutions Of the country under the p0mcr md
at tho dcuotion Of The E1ecuire! There could not be
more striking illustration Of this fatal and dangerous
tendency OF the system proposed and pacsed, than in
| The changed relations which had been suddenly
brought about between the Government ard the Bank
change marked that the President of Bank, after
his admission 10 the large share which had been confer
red on him. amounting almos, TO q monopoly OF the
Treasury patronage came forward in published letter
and oscnalious announced TO the world that she had
no longer any controversies with the government Of the
Union that he abdlcated his involuntary power
and henceforward "desired only repose!"
should have been falhess sentinel the watch
tower indeed, if could have seen these things 60.
ing on, (for enough passed under my eyes
firm every suspicion entertaned and have thrown
out signal 10 arouse the vigilance of my coun,rymen
But ii seems made my speech in the wrong place.
That ought to have waited till the OF the ST.