Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-01-17

jns,r;on is attended wi!h serious Gaigcrs, hy COLI
IN the hands Of single cur "rn"h'a 'o'
dabc moueyed power, which may DC o'I'C'eh W pun
noses of prea, mischief, affecting both the Pecuh'afy
and The Liberties OF the country lis FfcSid
ing authority being Of necessity c"nhn'u 10 Pa''I"'"
portion of the Union, could M" be expected 10 consu't
alike the VARYING and sometimes conflicting interests W
the different spcllonsan It's local branches being a"
controlled by that authority acmg by command and III
phnIanx Mr. Jefferson says III his often qu"ed r'''
TO MIR GaiIalin would carry into ih' r respective au-
the bias Of the mt INSTITUTION, az" Il"
unity and combination of movement which would give
powe riu efficacy that bias whatever might De ia
ne Renee too has shown that whaicrfr c"nTrnsncrs,
in some respects may attend such II "ou
almost inevitably expire al the close o lis 'ef"' III
political conyulsiUn agtatIDg tar and "iue, Tue et'"'s
of society and giving OF necessity an injurious SHOCK |"
the business concerns and Industry OF the county
TIE Conservatives, iEcn are decidedly opposed l"'h
TO National Bank and the Sub-Treasury scheme They
90 for the system which, till has been invariably ad
vucaIed by the whole Republican party as le Une p"r
teal substitute for National Bank-'o wit the employ
mcn or the State Banks public repositories AMI lis
cal agents. believing that, under proper regulations
they are capable OF affndng. substantially, all the fd-
vanlages of National Bank both 10 ihe Government
and the country, without ncuring the radical vce OF
IFS uncuns,ilutionnlity the danger OF lis pnca s-
denotes This the system proposed by MI j he'-
son and Mir Madison, aud all the Repub!can opponents
Of National Bank, in 1871, and was again embrace ny
the whole Republican party ISL al the expiration Ut
the charter OF the first bank ofthe U. wien r. Italia
tim then Secretary Of the Treasury, bud who had been
Mr. Jefferson Secretary Of The Treasury and intimate
political friend and associate, during The wh"c tenn {"
his administrations emphatically declared in an official
Report to the Sena,e-"in case Of The nonrcneWal Gi
the charter of the Bank of the United States the Stale
Banks may, aud must be used by The treasury nose
Institutions present every guarantee that could be tesh
cd for The safety o! the public scvcnuc-he! weekly re-
turns che Treasury of the amounts OF public money
in their possession furnish the most tclua check on
any mal(rasance infdcly Of The public coiccl"rs-
the time. from the separate drectOHS and me so
yereign State supervision I" which they subjected
they neither enter into political c"hnaon nor nc
made the medium the instruments Of any influence t."
the Federal Executive adverse 10 The public liberty he
creatures Of and under the constant control OIL the Stale
Legislatures, if they should al any time, forget thr
duties lend themselves 10 an improper purpose, Inc
abuse would be instantly detected and vigorously re
dressed by those Jealous aud wachiu guardians OF me
public liberty, and Of the rights of the people aud tie
States In short, the Conservatives hold, IN the Ian
ruage Of what then considered as an authoritative
exposition Of the creed Of the whole party by The organ
Of the Administration in November lc34-' that The
system of drposites of The public money in the State
banks regulated by law, it will be- good for SHE
", aud tie IeaS lutte 10 abuse by The EzceniHe % any
,chich tie mit IF man Gun c0nccirs
This system, however, is now said by those who, TIL
lately, stuIdiest champions. to have tn"ed -
How taued? Was it tni'nrc TO have accomplished,
land often under circumstances OF the greatest diihcul
ty) tn. important ends for which il instituted IN n
manner So sgnalIy successful that the President, Gt
neral Jucksuu,) and the Secretary Il" the Treasury
me, year after year. from lc3to 1887 in Their official
messages and reports 10 Congress, celebrating as com
ptite sUcccSS-app"alirg irumphany Ia the experience
Of each succeeding year demonstrating beyond he
POSSIBILITY of controversy, "the capacity at the State
Banks to perform the diles Of fiscal agents for the Gov
eminent" aud "tu supply all The wants of The commu
nifty in relation currency and exchange, in manner
Tie mOst pcrtccuy sjdctorys Do the facts, scduouy
brought forward and with such just applause, by Gene
raj jackson his very last annual message TO congress
tina, Tie drposIte banks, in little more than year proceed
ing the date Of his sage had 1ch Tic gre1test prowp
ttuds and reg uary and free Of all charge TO the Gov
eminent made transfers Of the public money for il to tho
of $50 los e4. (more than fifty nine millions Of
doars) while the whole amount tnnserrpdby the Bank
of the u in c22, only $40 00O 600 (s1crn mi!
ons) and that The amount Of domestic exchanges pei
formed by them was, al least oneIhrd greater aud done
lower rates than had been negotiated by ihe Bans u
The L. S and its t,reaty fire Branches during equal
period Of lme-do these facts shew fixture of this
much isrcprescnted system: Fdr-very lar otherwise
But in The month OF May, 1897, under cxIraordi
nary combination Of adverse circumstances, the Bar
throughout Tie whole Union, suspended for time, lh
redemption Of their notes spec' and This suspension
is said by those, who take counsel Of their passions
prejudces, and appeal TO the passions ard prejudice.
OF Others, much than they consult their owl
Understandings address the public Judgment 10 con-
slitulc Il fragrant future Of the Stale Bank Drposit'
System If the Deposile Banks, in common with al
The other banks Of The country, under The peculiar cir
curnslaDces above mentioned deemed II measure boil
Of prudence and safety TO suspend spetie payments iO
time, their real solvency was never, Tor moment
doubtiulihey continued 10 meet their responsibilities
to the Government by payments to The pubic citd'or'
in entirely satisfactory 10 those who were l.
receive lhem-,he balance due to the Government ha
been reduced by these payments To The mefes rle
il is row well understood that The Government ut will
sustain the loss Of cent by them.
With what fairness, then, ii be said That The Sair
Bank Deposite System has tniitd?-Thc Bank of Eng
land suspended payments in specie, for trcnty four
t'Ssire years, through period both ct peace and wal
Dad it enter into the mind Of any person TO con
tend, that account that the policy at Bank ha'
proved itself failure England: On the contrary, it,
charter has been renewed, by general consent, since
and il The full vigor OF renovated existence IL
regard TO the suspension OF specie payments by ih'
Banks in this country in May, 1887, run no risk II
saying there is rejecting mind in the nation
versant with such subjects, which does not now adm
that al the time i, eiuined upon and IN the cir.
cumsiances both foreign and domestic which then sur
rounded the Banks IL wise and necessary measure
aud that its operation has been beneficial TO the whole
country in aveIrg far greater calamilies which must
Uheiw isr have fallen upon It,
But the State Banks have now, BY general and
spontaneous movement, resumed specie payments -
Within fifteen MOHfhS alter their suspension, lhry come
forward, aud proclaim THEN readiness all ihcir
liabilities in the strict iegal currency Of the country
So speedy and thorough recovery, in spite OF all The
difficulties thrown IN their way, furnishes The best proof
Of the general sourdaess Of their condition. and ard>
have sought to sustain reasonable public confidence il
them, md who q" for their employment. public depo
siInrics decided preference either "f the other sys
tens proposed This resumption deprIves the ndvrcae'
Of both o the rival syslensthe Sub Treasury aud thu
National Bank-oi the strong ground on which they
have hitherto stood The parlisnus of each have rrlr
mainly upon dsirust Of the Stale Banks. 10 susIa
their respective schemes. II reference lee had 10 the dis
custom which Immediately preceded The establishment o!
the late Bank OF the u S. in 1916 il will be tha'
the main argument Of It's advocates and almost the su
one, with lis able and distinguished prcjf ctor (r Da
las waslha without boi Tie aid and coercion ofsuc
institution the Stale Banks could not be brought back
to spocic payments They have now resumed specn
payments without il. and have shewn such regulator
TO he, so far unnecessary. In like manner the Iavnr
and most efficient topic urged by the Sub TreasurgisS
in recommendation of their scheme has been derived
from the alleged uhlessness, corruption and cufl
Of the State Banks Their prompt resumption oil specie
payment in the face of all the dscoura and dli-
fcul;ies which have been opposed 10 Them is signal
refulaon Of these charges. and levels at once the