Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-02-29


They attested not only by his speeches and letters
but by his public acts lie has staked not only his
political reputation, but the Of his adminisra
ton upon Them Yet we find men i'll the community
and Southern ne too who profess to entertain all these
opinions, uniting in support of Gen. Harrison, who
four years ago, offensive to them upon these
subjects, that they threw away their votes upon Judge
White.
We have already said, that Mr.. Van Buren, was the
firm and nhexble friend Of an Independent Treasury
and sound currency, resting upon broad metallic
basis 1t is well known, feowcitizens that this great
question has occupied large share of the public at
enton for the last three years; and that whatever d.
versy Of opinion may have heretofore existed upon
the subject, t is very generally admitted, that the
American people called on TO decide between the
independent Treasury and Bank of the Y. States.
These the great competing questions upon this
branch of our public policy. Mr. Webster himself ties.
titles the fact and the recent suspension of specie
payments by almost every banking institution South
and West of the City of New York, not in season
of commercial embarrassment and difficulty, but be-
cause certain great institution, the U. S. Bank Of
Pennsylvania had become embarrassed by its overrad.
ing cotton aud public Stocks proves 10 all rejecting
men, the utter folly Of looking 10 the State Banks as
the proper repositories of the public money and the
absolute necessity of providing for the safe keeping of
our own revenue by our own means if we desire to
preserve the independence of our Government. We
cannot better exhibit this view of the subject than by
quoting the following extract from the last annual
Message of Mr.. Van Buren,
Nor is it to be overlooked, that there exists chain
Of necessary dependence among these institutions,
1.-THE Banks which obses them, to great extent,
to follow the of others, notwithstanding its
injustice to their immediate creditors, injury
to the particular community in which they are
paced.-This dependence of bank, which is in pro-
portion to the extent Of its debts for circulation and
depos,es, is not merely others in its own vicinity,
but OH all those that connect it with the centre of
trade-Distant banks may fail, without seriously at
tectng those in principal commercial cities; but
"the failure of the latter is felt at the extremties Of
" the Union.-Fhe suspension at New York, in 1887
was every where, with very few exceptions follow
led, it was known; that recently at Phila
delphu, Immediately affected the banks Of the South
(" and West in similar manner. This dependence of
our whole banking system the institutions in few
large Cities is not found in the laws of their organi.
F." cation, but in those of trade and exchange.
"The Banks at that centre to which currency flows
and where it is required in payment for merchandise
hold the power of controlling those in regions whence
g it comes, while the latter possess means of
straininG tl.em so that the value of individual pro-
pcrty, and the prosperity of trade, through the whole
interior of the country, made to depend the
g good or bad management Of the banking institutions
g in the great seats Of trade on the scaboard.