Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-10-11

w. ~, ns,s.s,,y fr TIM, purpose. Again, 10 collect
the re-ernp SIP, is more cxped'rot 10 every ro''
of view, .han 70 collect II ~ The PAPER o' 'uh"s' o'e
ar Ss.r;7. xur, institution, 'here"fH, 's hFhef
necr.4, M, ,yap,r ihs degree ut necessity cnhc ~
plated ~ ,hp Constitution I" warrant the exercise ci
sny rray not expressly desasd is absoGte necessity
There is q, rgared power in the Constitution "
regulate the currency The duties Of G"vefnn'n;
relation hi, subject. prpssy confined 10 inc
age, which proves that specie was The n,an, 80
currency intended TO be used by tue uo. Cove. Ther
understood by The trainers of the hnnmb cencs
~ere hard money men, They had passed.
similar 1, those ib,nnph which the country 10 M" soP
ing its das-ned way They comPfenehot" Wv o.. y
the paper system aud did not ineno 10 con'e' On
press the power make paper money, e'oe '"e' 0
have coupled il w,,h The coihage. :,
The onposition are not agreed among themselves
hcb ss, he adopted cusndians OF the pubic MONEY
N.,,,sl Bank or select number OF the State ranks
M CLAW urges a National Bank The Wing party 10
New York not long since repudiatcd Nallnnai oahR.
and in their State address denied th;t me "n'g parry
was pledged 10 lis support, The wing CohVrn'.on "
this Safe, through its organs recnnmehoeo 'd'"a,
Bank their candidates for Congress canvass as bank
men while the hig candidate TO-. Governor, Mr. lur
per is sad TO be eeciuneerng as an avowed anioank
man Such are the dIscordant materials o which mus
ps,y i composed and little have they any principle
in common except deadly hostility to the Republican
measures OF this Administration Their only bond Of
action IT, turn out The present lncumeeas ana lhrus
In themselves. w -,r
PLANS.
For The safety Of the money the D. s Bank could
offer its capital security the integrity OF the various
officers and the safes and strong boxes OF t'r bank
The money would be kept BY the mother bank and some
twenty. five or thirty branches with from two hundred
and ity three hundred bank officers and clerks, who
be trusted 10 greater or less degree The number
or State banks and their officers would not vary much
from the lbnve estimate, If the State bank plan should
be accepted. In addition TO The risk OF the dishonesty
Of this number Of bank officers there is The additional
Of all the hszsfs hch attend the banssitom te
.,hau Ihp
of commerce, and the fiucuat;ons Of paper money
These although not easily calculated: are always i'm
mensa. The National Bank might fail, or dssipate It's
capital stock, and then the Government, having no sc
CURLY whatever would lose all its Nor s this
supposi,ton al al improbable The U. ) Bank was on
The verge nf bankruptcy in 1919 and the present bshk
Of Pennsy vsnia although declared by Mr bods !" De
stronge, than the former ban6 suspended specie pay
M mis- in 1897 The risk to the Government as wei! rs
TO the banks always BE- considerable from The mis-.
conduct of the officers and clerks for almost every na
brings ,idngs Of robberes and fight by some one OF
them In employing Stale banks, security has hereto.
fore been required
The constitutional Treasury proposes ina, the officers
of the Government, who cole The revenue. shall keep
and pay when required For the faithful dschargp
Of this duty they under oath; they give heavy bonds
are punished by imprisonment il the p-npn,iary II hey
cnbezzle the money For The security OF The
money they have the safes and chests The banks
II bank enbszzles the money il cannot De punished
penalty.
Will tie money not BE- safer in The hands Of individuals
selected for probiy and honor under such guards, than
the hands of banking institutions which defy alike
the hehets of the law-the preceps OF morality and
coSamoa honesty? When banks daily violating
their contracts and good faith with inpunty, and com
hitting Of fraud and pedy that would for ever DIS
grace private citizen il absurd To say that these
institutions are trustworthy than the h"nest free
men OF the country? Such assertion is Insult Ia
the intelligence, honesty and patriotism of the people
and yet IL Is the common argument OF our opponents
The Chairman of the Committee who reported the
atpd of ten
dollars tor the preparation OF two buildings vaults &c
at ST Louis, 10 be erected and The custom house
TO be fitted up at Charleston. BY the Sub Treasury bill
the present officers keep the Icuney without any
additional compensation. To these the bill proposes 10
add four officers, whose combined salaries are not
10 be lees Than eight nor more than twelve lhousard
dollars Fton six to twelve clerks are also 10 be added
whose aggregate pay VIII be from SIX 10 twelve thousand
dollars Thus twenty four thousand dollars annually is
the whole permanent expense of this much abused Sub
Treasuiy sysec 10 suppor, which the county grave.
" told will !mpaverish The Treasury!
The National Bank and The pei banks: receiving The
money on general dspos,e charge nothing directly but
the q: lie money for keeping it But VI hat is this
twenty four thousand dollars compared with what The
country Loses By the disorder OF the currency and bust
by The bank using the money banking operations
and producing continual hIoes and convuIsions hat
is compared with The loss deprecated money; and
the time has cen been when The notes of the United
States ark worth much less than spece' What
is this sum compared with the millions which the Go
vernmant is compelled 10 he DOT Of and lose in of
suspension Of specie payments The present U. s
Bank did suspend, and would have been compelled 10
suspend even had her charter been from Congress
Another advantage Of the constitutional currency Of
gold ans silver, furnished by the Sub Treasury, is lis
uniformity in every part Of the county This uniform
ity is possessed by the notes OF the U. Bank =
Their value fuctuxes and the notes of the branches
much local paper The issues OF the State banks
This proposition was uttered by the Bank itself. In
1921, the Bank presented memorial to Congress pray
ing several in ills charter which contains The
character Of its currency, described as follows:
"From the middle Of December TO the middle Of March
Apr! the Of the United States Bank md the Nor
iern Offices will generally be at discount in The South
And there viii be many other instnnces OF their being
nnder their nominal value They are, however always
only commodity where they not payable. and their
price will depend on the quantity in market and the de
mand for them; the demand for them will depend the
amount OF payable in The place where they are
held compared with the quantity in The market They
will serve purpose Of general currency against the
current Of exchange: will they ever, under such
circumstances, the purposes of currency, in
correct sense, where they not payable They will be
at par bear premium, be below par, according To
circumstances Even the spot where they issued
they will frequently bear premium, unless they are
freely issued In Ohio, for example, they said TO
have commanded fifty per cent premium 10 the curen,
money of The State But the overriding difficulty will
be- that The bank in its Defence will net issue lie
notes where they to be used substitute TOR ex
change and is only when they be thus advantage
ousy used that they supposed TO the purpose
Of general currency
The above extract, furnished by the bank ITSELF prove
four things
LIST. That the currency Of That bank is mol uniform.
I'd. That il 10 not national, but ucal.
Sd. That the currency of The Stale Banks were at
discount Of fifty per cent during its continuance, and
tina, i, did no, therefore remedy the evils Of the local
currency.
4h That the notes Of United States Bank cannot be
substituted i'll the puce of exchange without great in
convenience and loss.
Ito be concluded in our nszt
m