Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-11-06

The movement against the National Bank was
made early several years before the expiration
of its charter, and made early purpose that the
revived currency might take the place of that which
going out. The preparations for both events went
together The error in the gold standard was cor
rected and that has already given about thirty mill
lions Of dollars in gold which is about three times the
amount of the annual average circulation OF the bank
of the United States, during the whole period OF It's
existence The act of 1919 against the circulation of
foreign silver was repealed; and that Immediately
started the Mexican and other dollars, and French
coins into general usc and has raised silver cur
rency from about twenty to seventy millions of
dollars The mint of the United States was branched,
and sent into the gold region of the South and to the
city of New Orleans, the proper place to coin for the
Great West All small notes, all under twenty dollars
excluded from the receipts and disbursements of
the Federal Treasury.
These four measures taken and they accom-
pishcd much; but other measures remained behind
10 complete the great object One of these was to es-
tablsh Constitutional Treasury for the Federal Go
verHnent; and that has been done. Another was to
suppress all paper money under twenty dollars, (my
own limit one hundred, and this has been attempt
ed, but is yet accom- pllshed A third apply
Bankrupt Law to bankrupt Banks, as 1t is in Eng
land, and every other country where LAWS, and not
BANKS, govern.
All the MEASURES for the revival of the constitutional
currency hav been adopted except and these two
may be accomplished, substantially by the State Co
vernments well BY the Federal Government. Let
every State suppress within its limits the clrcua-
ton of all paper under twenty dollars any State
pass its Banks into the hands of Commissioners TO be
wound up if il fails 10 meet lis obligations specie
Our for the revival Of the constitutional cur
remcy far successful, that there is way
teract tem except for the banks 10 make suspensions
and stop payment: there is way for them to make
temporary and partial Distress but by closing their
doors, and setting the community and the Government
at defiance THIS they have done twice III three years.
but without accomplishing their man object namely,
ttal ruin of the currency and the reestabshmen Of
National Bank. These objects have not been accom-
pished. The 100 millions OF specie which we have
brought into the country have sustained prices; the
conduct of The Bank Of u. S has opened the eyes of
many the folly and the danger of making KING
BANK in the country to rule other banks, aud to make
and break merchants and TO regulate trade and CON-
merce and the prices Of stocks and property according
to its folly or its wisdom, its interest or It's caprice.
repeat it, said Mr. b., the currency the great ques
ton OF the uge absorbs and swallows up every other
The Democracy must purify and protect it. They must
labor industry, and commerce from the depreda-
tons of deprecated paper: they must stop the banks
from suspendIng when they please, and resumng when
they please they must reduce corporations we'll
individuals to the subordinaton of the laws they
maintain The specie circulation: they must do these
things, surrender the reins OF government both State
and Federal. They will lose all power if they do not;
and, what is more, they will deserve to lose it.
MIR. B. would say few words upon the Constitutional
Treasury, its nature object, and effects and first, he
would premise that all the predictions of lis enemies
have been already exploded by the test of time Their
predictions were, that this was TO break all
banks to ruin all prices TO destroy trade and commerce,
absorb all the specie for the Federal Treasury These
their predictions; and what are the facts: Why,
that the Constitutional Treasury has been in operation
nearly four months; the premium on specie is becoming
less everywhere the price of almost every species OF
produce is rising, trade and commerce revvng and the
solvent banks all mean to resume IN January. Here
the facts; and without ascrIbng to the Constitu-
onal Treasury the whole merit Of these happy changes,
do say that they contradict the predictions Of its cne
perity are perfectly compatible with each other. go
further and say that what time has began to prove it
will continue to prove while that great measure remains
in force.
And to the question what is the Constitutional
Treasury To this answer that this Treasury is no.
thing but the Constitution of the United States such
written in the book, and such il was practice
in the first years Of Washington Administration and
before General Hamilton superseded it by the Treasury
Of the Banks. The Constitution of the United States
gave to the Federal Government an Independent Trea
sury-one independent of the States, and consequently
of all inferior insttutIrns-a treasury out OF which no
money could he lawfully taken by any human being,
except npon warrant founded upon an appropriation
law. General Hamilton set aside this Treasury and
made Of the banks, where the officers OF the
bank could the public money their own, and re-
fuse to return It TO the government when demanded
The Independent Treasury now established super
sedes this Hamltonan Bank Treasury, puts the pub
lie money where no one can touch It except by law;
and puts it into hands which are bound to surren-
der it on demand, and where suits are necessa.
ry to recover it back. This is the Constitutional
Treasury. 1t also requires the Government to use
the money of the Constitution, to wit; gold and sill
yer, and after three years excludes all paper money
from the receipts and disbursements OF the Federal
Government. This is the Independent Treasury: And
now who object TO it, unless il IS the banks and
the managers Of the banks, who want the peoples mo-
ney to speculate on, Who object TO il, unless the
banks which wish to make their own paper nation
al currency? Who can object TO it, unless il is the
political banks which wish 10 make revolution III
the government by shutting up the National Irea-
snry when they please, refusing TO render back
the public money, setting the government at de-
fance and telling it to sue for its own revenue:-
Who can object to it but such as these, and such po
cians as are leagued with them for the overthrow
of the Democracy, and the enforcement of the Fede
raj party: Who say that the public money ought
be applied 10 private uses-that 1t must De paced
where be withheld from the government until re-
covered by law? The money of the government IS
wanted every day. the public service requires 1t TO be
paid daily and it absurd and suicidal, after collect
ing revenue, to place it whore you have to sue tor IT.
No should have to sue its own treasurers;
no treasurer should be allowed to shut the doors upon
the public money, repulse the government warrant,
and tell the holder TO bring SUIT Yet TINS IS what mas
happened twice in three years at our bank treasurers
Many of them refused render up, and told the 60
vernment TO sue: and suits the money is not
recovered yet and large issues of Treasury notes have
been made supply the place OF these withheld reye-
vernment say tina, all the public property and build
ings were be in hands that not bound to rem
der them up-wo could hold possesson and tell the GO
vernment TO Apply this 10 ships and FORTS TO guns,
and cannon, TO provisions and munitions OF war,
to horses and military and naval stores how would
it be if the government had TO sue for the pos
session of all these things when it wanted them!
How would it be for the government to bring an ac-
ton ejectment the possession of the capt.
toll when Congress was 10 meet? of the Presidents
house at The change Of the President at all the Gus
tom houses and different Offices when the ncumbenis
were changed This would never do. All will agree
this would never do Certainly would not, and still
less with revenue than with property. Revenue is the
sinew of the government il is its daily food, without
which it cannot live day. 1t may collect its debts
BY suit but await the slow process OF suits to
get money out of its own Treasury So of citizen.
hands, his crib and sokehouse, and dairy, must be in
his ow keeping: the family could not leave their daily
provisions in hands that could retain them-which
could suspend the deliveries and tell to
Mr. commented upon the cry for cbanpe-the