Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-02-15

incur the very same risk of having them converted
into irredeemable paper by an explosion OF the banks,
as it they held them general deposItc.
f The Senator commenced his speech by presenting
US the most gloomy picture Of national distress t'
predicted that this distress would continue ~ I"fra-c
during the present year, and thai II would affect ali
classes Of the community. The suffering, he thinks,
will be pccaarly during the approaching sum
mcr. | might say to him,
"Tly wish father, Harry, TO the thought
do not believe, however, :e would desire that ito
people should suffer IN ORDER to accomplish any pou-
cal purpose But il, without contributing to this re-
suit himself it should be tie will Of the powers above
to involve US in pecunary distress between this tune
and the Presidential election, he would doubtless bear
the dspensaton with Christian iort'tnde. II woo!G
furnish political capital for his friends, and might coz
tribute greatly TO verify his prediction, that General
Harrison will take possession of the White House on
the 4th OF March, 1911.
In my opinion, the Senator has greatly exaggerated
the extent of the existing distress That all classes
the community have suffered in degree ccrt!n:
but intense suffering has hecn chiefly confined 10 -.
large al cities and those portions Of the Cnon
such the State of Mississippi where the banks haze
evidently ruined the people as to place all doubt Of
the cause Al defiance Where is there the country
under the which boun'ifu Providence has
poured out more blessings than mississippi No po
pulaton on the globe, in proportion to their number
produces larger amount Of wealth from the cultivation
Of the soil. And yet the bounty of Providence has
been councrar,ed b. her miserable banking SYSTEM ard
her people are Injected TO intense suffering. II
this instance the effect flows pa pably from The c1Us",
that every and feels and knows It. VIVA! an
astonishing fact that stated by the Senator from
| Mississippi mir Walker that in those counties If h.s
State where banks do not exist, there suffering
even at the present moment II Won wanted an iius-
;rttion OF the pcrnicous effects Of the banking sis",
wrn il tcmps farmers and planters 10 abandon t!eic
own proper business and embark the ocean q! '"id
speculation, could not have more striking than
that presented by Mississippi a. the present moment.
am not aware that there IS much individual! distress
among the Of the people IN the interior " Penn
svlvania. There il is chiefly confined TO those wiz
have been tempted, III the day Of ospcrlty 20 be
You'd their means By the facility OF obtaining bank ac-
communications.
| But il read the signs of The times Alright the crss
has passed, rather is gradually passing away. va
return TO state OF prosperity before the PF'si.
dental election; but the condition or ndrvdun gong
rallv will not be of Intense suffering. The re-
sources OF this vast country are great and the ''o.
ductvc classes INDUSTRIOUS that with two years
of fair play, they produce as much wealth =, the
spectators have been able TO suu1ndcr in There
will be great suffering during the next summer, IT.
] less Il may be III our large commercial cities.
After presenting in glowing colors Tie distress OF tie
country, the Senator asks what measure OF rccI have
| we proposed. might ask hm, III return, where Hr
will find any clause IN the Constitution conirrrnG IN"
powcr upon Congress TO regulate the banking and Gre"
dit system OF the respective States and thus strike at the
root of calamitics aud embarrassments The pre-
sent Administration hav not had the slightest agency
arrest II, or prevent It's recurrence lh!S IS duty
which drv0lyrs upon the States. Sill we have pT"
posed measure which w believe VIII produc" tais q
feet 10 a limited extent. Our chef objects n adopting
the independent Treasury, are 10 dISconns"t the TO-
vcrnment from all banks 70 secure the people raCit"
from the wreck of the banking system, and = have i
always ready 10 promote tho prosperity Of the country
in peace and defend in incidentally, however.
il viii do some good IN checking the cxrayagant spirit
Of speculation, which is the banc Of the country.
In the first place. by all
and expenditures Of The Government, you Will Great.
additional demand for gold and silver TO the amount
Of FIVE millions of dollars per annuin according the
estimate of the President large portion of tl!s
will be drawn from the banks, and this Will compel
them 10 keep specie in their vaults IN proportions
TO their circulation and dcpostes, and 10 bank css
This far as MAJ 80, Will strike at the root 81 the
existing evil. fear, however, that It will prove 10 tr
but very inadequate restraint upon excessive banking.
In the second place, this bill will, in some degree,
diminish imports, especially after June;- i-i2
most heartily concur with The Senator in desiring this
result. What is the condition Of the importing bust
ness tho present moment; 1t is almost eXclsve!"
in the hands of British agents. who sell all the
features they dispose OF in other portions Of The
world, and then bring the rcsiduum here to giut our
markets. According 10 our existing laws they receive
d credit from the Government for The amount {" ~
duties. They sell the goods for cash; and this credit
becomes much capital in their hands 10 enable :cnl
to make fresh mporatIons. The Independent Tea
sury hill requires that all duties shall be paid gold
and silver and after june l>I2, the comprorl=c Ia"
will take away the credits altogether. We shall then
have system Of cash duties in operation, which will
contribute much to reduce the amount Of oar nPora-
tons, and to encourage domestic manufactures.
In tic third place, this bill viii make tho banking
interest the greatest economists in the country, ;nr
the Government ~ concerned. heir nerve ~ sell
interest VIII &c touched IN favor u economy, and TINS
Will induce them TO unite with the people IN reducing
the revenue aud expenditures OF the Government 10
the lowest standard consistently with the public good
bnr.o n,orp luS nS
as they delighted IN it formerly, when they used !os
banking purposes. Any surplus which may exist II ia
turc will be- locked up in gold and silver in the vaults
OF our repositories and IN proportion to It's amount "l
deprive the banks OF 50 much Of their specie T!;ey
will, therefore, become the parsans Of reducing tho
revenue the actual and necessary expenditures Of Tho
Government; that the specie may How out the Sch
Treasures with rapldty corresponding with IT'S lr!uE.
Nothing but large surplus seriously nl"r" tie
banks. This was demonstrated TO me by orc OF the
dstng u;shed nancicrs which ourcountry h1sr"cr
Produced not himself believe, friendly 10. the Indie
pendent Treasury. These Treasury drafts, in the M
tura course Of business, w find their way either iHo
the banks al the very points where depcsarics are
situated or into the hands Of individuals there ayug
duties TO paw to tho Government Take, for example,
New York public creditor receives such draft on
the receiver general in payment of his debt "iI he
carry it 10 New York, receive payment, and transport
the specie from that city: Such instances VIII =" rare
He will generally dePositc IL TO his credit IN the bana
with which he transacs his business, wherever tina,
NAV be- This bank, If not in New York, will transmit
j, for collection to one OF the banks there; aud thus
these banks will draw the specie from our depostary
rapidly as ii drawn from them for the payment Of the
pubic dues Thus the equilibrium will be pseser"ed,
80 long as the Government is withou, large surplus
In other instances these drafts vii! be sought after
procured by individuals having duties TO pay AND they
will be presented the receivers general and accept.
ed by them instead Of gold and silver
now come to another and the most impor;an: pcg-
ton Of the entemans argument. If the Presiden:
had taken the Senator from Kentucky under his um
brea, and wrapped his Inda-rubber coak around him,
and made him his Palinurus steer the ship OF Stale
Here Mr. Clay said this was not possible case
Mr.. Buchanan replied, that all things are possible,
and wonders will admit that such an
event is very probable; but should it ever occaT
direct for National Bank Ths is the Senator'S
reign panacea for regulating the currency Of the coun
try and restraining The extravaganza ofthe State banks
admit taat the true Issue before the county