Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-11-20
POLITICS.
TIE CURREECY-BANk OF THE UNITED STATES.
panes the Address of the Charlottesville Convention

LIE CIRREACf-BANh OF THE UNITED sihiEs
The following is the interesting Paper which accom-
panes the Address of the Charlottesville Convention
Money being used as the measure of value bes'veel
Interchangeable commodities it is deemed essentials n al
well-rcgulaed Governments, 10 keep it and IT'S Tte
sentative steady and uniform As in the of weiyht
and measures, it would be inconvenient and even I'm
practicable for the community to calculate accurately
IN their dealings with another, the value OF wha
they sell or buy, without fixed standard. Iht
Congress OF the United States lneir duty, have
fixed the relative values of gold and silver; and The
paper currency should at all times be made TO cog
form to the standard Of those metals When, from
uhoWnrd circumstances, the paper currency becomes
dePrecintcd, by becoming inconvertble, the pro-
Queer, the merchant, and the consumer, who have
their separate emPoyments to occupy their time and
attention. cannot be informed of the various hucu-
atons winch daily occur, and they must consequently
NC SUBJECT 10 great Inconvc and often positive
loss and The dealers in money and exchanges whose
business It IS to understand this matter are the only
persons VINO proht by the inequalities in the estimated
value OF the circulating medium. Nnmatisr 'ha'' nay
DC the depreciation Of Bank notes other paper cur
rency from the specie standard, II would be VI uo i,n-
portance, if il were fixed and permanent; because
prices would conform TO the degree of that deprccl-
alton as in the OF dcbasemcnt of the coins but
against luctuatng and variable currency, no pru-
dence or precau;ion guard According TO the State
Rights doctrine, the remedy for the evil is, that the Sc
yerll States shall insist that all issues of circulating pa
per under their authority shall be kept up 10 the value
Of gold and silver, By lis immediate converbllity into
coin and until that is done and permanently and
universally established it is unreasonable TO expect
the Federal Government to forfeit its credit by re-
ceiyng the public dues III any other than the legal
currency, which il bound to pay over TO the pubic
creditors Those who hold this doctrine maintain that
the Federal Government has authority, under the
limitations Of the Constitution, 10 grant charters ar
acts Of incorporation to any set OF individuals, for
their own exclusive benefit, and that there is abun
dance Of gold and silver in the country TO defray
the necessary expenses Of The Government when Geo.
nomicaliy administered without interfering with The
rights Of the States to incorporate banking companies
with power to emit convertible paper medium on their
credit. There s, however, another class OF po-
tcans IN the country, who III favor OF extending
the powers Of the Federal Government over all and
every subject OF domestic concern as 10 render it to
all ntcnts and purposes, unlimited and consolidated
Government, and the OF this clan Is Mr. Daniel
Webster, who TO have taken the currency OF Tie
country under his special protection. THIS gentle
leaves the impress talent and ingenuity every
thing that cmanates from his great mind As a dialec-
cian he is not surpassed BY any OF his contemporaries
either at home abroad. lie can tuke either side OF
question, and make the worse appear the better cause
He can conoCnd his auditors by his sophlsry or per-
suade them BY his FEASIBILITY. The abest speech that
appeared against high Tariff was made BY him whilst
he was member oilhe House Of Representatives, from
the city Of Boston 1t abounded in the soundest max
inns Of political economy, and when he was translated
the Senate he took the opposite side OF that question
Whatever may have been the motive Of his CONVEX
sion, his ability deLater was equally conspicuous IN
both cases.
Party predictions and preiudces produce wonders
as is fully cxemplifcd by the political movements OF
the times and probably feels their influence
strongly than MIR. Webster. Nurured and steep
ed in the old Federal doctrines of the staitest sect,
par;izan of the Essex Junto and Of the Hartford Con-
vcnon, he has adhered to them with pertlnacity not
bc exceeded. Attached TO concentration OF power
in The
CIR of great National Bank: but when MIR. Madison,
in 4 moment of alarm about the arrangement OF The
currency 1916, yielded his advisers and abandon
ed his own unanswcrablc arguments against the con-
stitutionalty of such corporation, so strong was the
hostility Of MIR. Webster TO the then administration,
that he actually opposed the establishment OF Bank,
and, for the time, became hard money man as 10 te
revenue, according 10 the true reading OF the Consttu-
ton; and now as an offset to Mr.. Van Burens recon-
incubation, he lauds Mr. Madison for the only weak
act Of his political life.
This gentleman is the Atlas who is 10 bear on his
shoulders "thc Hero Of North Bend from his seat on
the banks of the Ohio to the Presidential chair on the
banks of the Potomac and them doubtless, as re-
ward for his abos, is 10 be made General 1Iarrisons
Prime Minister. Yet Of the Wings of Virginia
are extremely sensitive and get angry when 1t is
ntmated that their candidate is FederalIst. 1t re-
qures great prophet to toretcil what VIII be inc
course Of the new Administration under such aus
plces should the political storm which has been raised
by the active political leaders Of the Opposition, drive
the people to seek for safety under their protection II
will realize the fable of the sheep and the wolves
Mr. Webster, in his Saratoga speech, says: "There
are those who think these vast popular meetings got
up by effort but say that no effort can get them up
and no effort can keep them down. Why then, are
such wondrous exertons used to get them up by the
leaders of the party? BY whom are they planned and
prepared: Who traverses different States TO attend
and harangue at these meetings: With whom did tie
convention at Harrisburg originate: The great meet
he'll ofI rtlac
ali their PROFESSIONS pomp parade, and pagcantry and
lavish expenditure ofmoney IN feasls flags, einDiems
notices and badges; Were all these the spona-
neous risngs the people: MIR. Webster may say So
but does lie believe il?
After fine figure about the human system, the
blood the head, the heart, the hand, and all the mem
bers-about paralysis, numbness, and death, he says
the main cause fthe disasters of the times s the DIS
ordered state of the Treasury" Has not the orator
mistaken the effect for the cause: How stands the
case in reality After the payment OF the puo!'c aeo'
under the administration of General JACKSON the Urea
sury was oyerfowing, and TO prevena waste OF public
money on useless objects thirty millions surplus were
distributed among the States, which no part has peen
repaid The failure Of some Of the banks to pay ther
debts to the Goyernmcnt-the inability OF many oil Inc
importing merchants TO discharge their bonds-the great
Reduction in the receipts from imPosis-thc diminished
sales or The public lands-these combined causes GRIP
pied the Treasury and rendered il necessary to resort 10
the credit of the u. S. 10 enable the Government 10
carry on e s SrdnarGS dR2ps SEa'2Ps
hpp midst of this difficulty, for which the Admins
ration were in 10 way responsible, the banks ~ con-
snnencc Of the excess of mportnons over the eS
SoI, The great Indebtedness to Great Britain and the
ondnct Of The Bank of England in suddenly destroy
;n@ The credit of the great American houses atehu
ed by continual drain of gold and silver were com
pellsd to suspend specie payments under .hsse c'i
cums,ances, President Van Buren, very properly con
vcned Congress provide the ways and means 70 con
duct tho operations of the Government In ms mrs
MESSAGE lie detailed all the circumstances
an emission of Treasury notes to meet The uehc'ene y
the revenues and oreseeng the danger oil correcting tbs
public dues through the agency OF the bahEs' Mnos'
pauer began TO deprccate from the moment Of suspen
SION he Committed the objectionable SIN OF recommend
inc scparaton of the funds Of the Government iioN
the funds Of the Banks The Government. was o'ui's
by every principle of honesty and good iatn 10 us
CHARGE the debts had contracted, and was
in medium equivalent to specie and now was ens -, :.
be done without maintaining sound currency of .n'
purposes Of the Government: All payments 'n.o li'
Treasury must, under the express terms OF me oonss'
tut;on be uniform throug hout the Un'ted Sales, an
what other medium than specie, or pubic seculues
the u S. would be uniform while the Banks were 10
s,a,e Of suspension There eight or nne hunore
| Ranks of circulation in the country, ihe value
whose notes was i'll continual state OF deprec'auoi