Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-02-09

and soerdd scheme OF league Of State Banks, 10 De
connected with The Treasury, and under 'he u''s''io
If the Secretary OF all The projects LOT
the finances this in my Judgment, vas the most u""
aus and alarming The plan was, TO recharcr ana
take into the service Of the U. twenty hVe OF 'he
ard most respectable OF the State cofpofauo"s' " go
them the entire monopoly OF The revenue 10 au'"o
,h.m T., supply Federal currency 10 be received "' "I
,ubl,c dpes and to circulate throughout the Ch"h, Nv"
TO cIulhe them with power 10 regulate anu e'"'i,;
entire currency ri the country, uhuel .e suP -.
md direction of the Secretary "i I've i'eas"y ~.
WAS n cnm,,urd engine of National bahh anu i,s
~ p,,L or IN. t. orst and most dangerous chatac.e''
The combined power Of these twenty hVe large oatN
with the revenue and credit OF the Go'erh'e"''
under the direction and c0nto! OF Inc Iec,e'"if "
,surv with authority to cocrce and regulate the n'he'
Stat. banks would have been ceiilra!'H'''," VI Wv
,rnrcved power and a union Of that power with me 10
yernmept in a form Of all others the most dangerous
II s scnrcely possible Tor The imagination |" conceive
Of an engine more formidable or more dangerous '"'
This would have had the possession anu con''o' "
a., rrb,c ,svenue # public credit. and, TO great eA
lent, of the general currency and credit oi te country
What IS centralized authority over lie the c"'e"'!
and rrcdi, Of the Union hut power over co'''e,Ie
manufactures over imports and exports over 'e Puoc
revenue and The entire business OF the country: anu
,b,, &c coutruI Of The business OF the country tut
power over the politics OF the country; hut u - "'
my uurpusr examine this splendid sch''e {" cfnHa
,,ad moucycd power united with The Government. J
a,,rssspd my views Of IT al the time, and nave no"
only rIiuh,d 10 one of the many wise hnanciai
schemes OF the future Secretary OF the Treasury,
in case The ccmbined forces of tie Opposition Should
sucrred-an event which, when viewed IN connection
with Il scheme like this, National Bank, am re-
ioced to say not very probable II Is The aH'hn' u"
This scheme who is so constantly filled wIih app'ehen
SION at the increase Of Executive power and tie col"
ripping and dangerous influence ut the pubic revenues
Mr. President, | have come down 10 the present We
and what is be the great financial scheme OF The no.
norabe Senator the present session. Is perhaps too
early 10 determine. So far opinion can be derived
from the speech which have had occasion 10 COM
men, nearly third OF which devoted to the gene
raj the Senator seems now 10 be- IN iavnr q" the
depose system. solely the ground ol It's being The
most oc and coursaisnt and without regard 10 It's incl
dental power, 10 which he once attached 80 much I'M
porance Gi restraining and regulating the general paper
currency In urging It's superiority over The lndePen'
dent Treasury pan he relies on 'hese Two CONSIDERATIONS
alone.
In regard TO the question whether the Independent
Treasury or the State Bank dePosle system most SAFE
for The public revenue it has been July discussed here
luiurr and an mol disposed now to go into 1t. NO
lbinu pctiaps can be addd either side 10 what has
been already said; and will only remark that the argu
menls which have heretofore been urged our side,
have in the least degree been weakened by any de
aiCaliunS or other events which have occurred since
tbs subject before the Senate al the last session. on
the CONTRARY, they have received additional strength
aGd force
have now. Sir, concluded what had 10 say, in eS
aiming the financial opinions and views ot the hon.
Senator from Virginia have endeavoTed |" present them
aItiy and If have fallen into error, II Is not nt"nton-
al Whether he is disposed TO do justice To the Admin
isralnn or not, am DESTROYS 10 DO justice to hun. In
the notice taken Of his opinions and public acts, really
hope la We been candid and impartial aS liz has IN
examining the official conduct of the Secretary OF the
Treasury. As in The contingency supposed, the Sena
Tor is TO be placed the head Of the Treasury have
deemed it important that the country should know what
his financial principles and policy have been nj different
periods that he s0ud stand before the country as he
has been and as he is, in his ne'o Posi0n at the
head OF the EARNED neu!Iay, now allied with the OPP
position forces
regret to have detained the Senate so lorg, IN De
bate OF this description, and thank gentlemen on both
sides of the House, for their attention.