Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-10-22
FUR F-FHJIKEK
Offices of Discount should BE- sepuIused Bunh, o

10.
Ofces Of Discount should BE- sepuiused fl ON Sunh' 81
Discount
In This Of perple., aud pecunary distress, any
plan suggestion FOR relief will be viewed bg many with
favorable eye. Influenced by this belief, the following
reflections presented In a multitude Of counselIors
there is wisdom and the Press performing the valuable
sometimes valuable, ! offer the following Take them
for what they worth; and should their intrinsic me.
rl equal the spirit in which they are sent, they would
be valuable indeed
That every nation ought TO possess fixed standard OF
value by which al oil times, the products, and values,
ani industry Of that community be measured, ls
proposition that few, If any will deny This IS one OF
The problems in political economy not yet entirely solved
That The following plan would have tendency, 10
qr,at exttnt 10 keep he measure OF value within com
mupi,v would seem undenabe:
Let there be offices Of post, under proper RESTRICTIONS
which should grant certificates OF deposit for specie nc.
tuay deposited. These certificates would beal an agio
in the market: they would sell al premium Let
small amount. for safe Keeping he paid by The person
depo.i,ing Make it the duty OF the Offices of dePosl,
to paw oil certificates of deposit III specie, no matter at
what Office the deposit was Hnde-Aiiow premium o'
such transfer where the certificate was presented al an
Office where the deposit had not beer made,
The test oath suppressed duets in Trgina-enlarge
lbis test oath Let all officers civil military and
all endued with public trusts Of whatever snr,, take the
following oath 81 swear that have borrowed or
lent or used permitted TO be used any public monies
nr dues or securities OF any sort belonging 10 The STATE
aud farther swear that will never borrow or lend or
hermit 10 be used any public monies or cues or ecun
TIC.
cases as The test oath in dues Can any good reason be
gjyen why such an oath should not now, by the next
Legislature, be administered to every otncer or agent OF
the State Let this oath nlso be extended TO all cnsPs OF
the tppose OF money by private individuals Rgldiy
enforce the collection of all public dues IN specie. Per
nit no Bank TO issue note under fifty dollars ferm'
any ossocalion of individuals TO discount ana lena mo
new and give them q summary mode OF coircuon pro"
H. tn hank
nledge BY deed recorded properly real personal ana
mixed TO seven times the amount OF their notes put INTO
circuatiou-and permit amy individual Whrh ms uhu
was exhausted 10 have recourse 10 The private fortunes
or The bankers Make these private bankers deposie
hrir sprcie in The Offices of depose- lei The notes
Of the bankers made payable in The certificates OF de-
pcsite or in specie OF the option OF the private banker
when presented ~,
The suspension Of specie payments by The BANK OF
ENGLAND lasted for upwards OF 20 years DUNG That
oeriod the privne bankers of that island redeemed their
.antps by those Of ihc Bank Of England.
Why should give to money lenders power whch
ave deny to others:
seho meets wh sSPT VIII be is made
farmer is in The same predcament, he must pay up 10
the lost cent. When miller makes bad specuIations
and fails he is not permitted 10 retain any thinG from
hs creditors There is now suhcent caPtai 10 Tue
country carry banking without giving 10
carving il privilege denied TO all TIE rest VI '"e
community.
The power of wealth is great in all countries, ana II
is time that should put this associated wealth. these
banking institutions on different uong from what
they now are They regulate at pleasure the value OF
all articles in our markets. and The value OF real esae
But must conclude. Let money, which The holders
do moi wish 10 be mt nj hazard he put in ocrs OF de.
pose There are many who would gladly depos'e Their
monies in such place of safety Let those who WISH
10 discount, and loan and borrow, have their Banks oi
discounts but do confer on them privileges oenieu
~ our nInners and farmers and merchants, and mers
Much overriding will thus be arrested The depos''e
money Of the country will thus be kept Tor the use OF
lis owners at a moments warning 1t VIII not as no"
be Immediately lent out by BANKS, "h'en s'op u VS.
sn,e in time of neace-at a time, too, when the whole
earth is loaded with The munit:cen faros Of kind Pro
whence The experiment OF The Scotch idea OF Banks
of discount and deposte united IN one have been tre
and are found wanting Let Try The plan OF depos'e
separatey- is much easier to change such plan ihar
The one now in operallon should !. be found auy OF
uial. ia H-'Ai
Oct TO- 1882