Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-09-22


flames Among hose who plotted the deadly designs
OF the Hartford Convention, there IS not one Nv
ing, who is not now opposed TO the present Admins
traton. Among those who opposed the war, who de-
med and means 10 carry on, who were most ac
tive in counteracting the Administration Of James Ma
dson found The great leader Of the Wing party-hc
who Is now proposing an unnatural alliance between ilc
Federalists Of Massachusetts and the Republicans Of
Virginia, and who If there be any truth in the signs OF
The times, is contemplated TO be the leader OF new
Dynasty. These men, however, failed IN lSi5, they
probably will fail in lc40 The triumphant conclusion
of the a fatal blow 10 the party by which it
had been opposed, and opposed too by such cupablc
and for such criminal purposes 1t retired from
the contest IN shame and confusion
Bat the conflict with the colossal power of Great
Britain had enailed great evils upon the country
The confusion OF its finances, and the difficulties Of the
times, IN an evil hour, induced the party IN power
again to charter National Bank Even Mr.. Madison,
ia" priest Of men, and the most enlightened of states
men, was led 10 sanction institution, OF winch he had
been the consistent and perhaps ahest opponent. This
was fatal error II was adoption OF the master he
rosy Of Federalism, whose par,sans hang the new
dawn emerged from their ppl;tica! caves and hiding
places, and throwing aside their distinctive name, Goa
Icscet with the ruling party The evil consequences of
THIS false step more exhibited The old land
marks of Repubcansm began To disappear; the loose
doctrines of construction and implication revived
and received but too general All assent Appropriations
avishrd upon objects not authorized by the Con-
siitulion an unjust Tariff for Protection, esiab
lIshrd, and from 10 time augmented, untrlt reach
ed oppressive height almost To drive the South
TO the brink Of a cv, During the Presidency of
the second Adams, these evils reached Intoerabe
head, when fortunately, reirhni.e reaction COM
menced and signazcd itself by his election from tie
exalted station Ia winch he had never been elevated
by majority of The people. AS the usurpalonS ut the
elder Adams had been arrested by the cir Revolution
OF 800, and By the election of Thomas Jefferson, the
ma. administration OF the younger Adams trrmi-
matt ed by ppr nf he wed re
Then commenced long, and at tunes, doubt
tu war, against these various uSnrpations the system
OF unconstitutional Improvements, the mscaslcd Anne
rcan System, and finally, that patron or creature of
every abuse, the Bank OF the L. s. which srove, but
in van for are-charer, by every species Of corruption
and intimidation.
The heroic chieftain, who had TO contend with
mics more formidable than those whom he had
Iuered III the field, succeeded by the genuine and
tried Republican, who now graSps the helm of State
with mild but steady hand 1t has been his fate TO
bear the combined shock Of these accumulated evils, or
rather of their formidable consequences. The very
commencement of his administration embarrassed
BY difficulties the most complicated, and assalled by
dan gers the appalling TIE entire commercial
system of the country suddenly prostrated and
doubt and disnny paralyzcd for time the energies OF
great nation The State Banks, which, in default OF
better order o things, and before the country
prepared for radical rctorin had become the deposit
aries of the national income, universally suspended,
and thus legally disqualified the msrlves for performing
the trust which had been rcposed IN them. he ca
tastope pcrplcx no, az it pervadng. After
anxious reflection and mature deliberations the PresI
dent deemed that the occasion had arisen TO return
the system utemplatcd, and indeed, established by
the founders of the Government by Withdrawing from
all connection with institutions not recognized by the
Constitution, and which Congress could neither create
nor control He saw the mmncat hazard 10 which
such proposition would expose his popularity for, The
cnmity Of eight nine hundred banks, with all their
officers stockholders and dependents, was more to be
dreaded than the hostility of institution however
great. Yet he did not shrink from the responsibility
imposed upon him By duty and circumstances.
The measure encountered the sincere doubts of some,
the faclcuS hos, lily Of Others, and the hypocrcal OBJ
ectons Of those wlrbut sought an opportunity 10 unite
with opposition which every day growing more
formidable to the Administrations The event proved,
that the President had not exaggerated the difficulties
which enrr0ned the path of duty. Whole common
wealths, following the example of his native State,
withdrew their appreciation and support, and he found
himself for time in most dsconraglng minority
These are trials The character Of public man,
and the principles by which he is governed Mr.. Van
Eurcn was true himself and 10 his carIse-Sustancd
b. clear conviction OF rig and stern Of DUTY
he adhered calmly hnt firmly {" the dictates OF his c""
science and reason al the time declaring his Will
ngness cooperate with Congress in any cons,ltn.
tona system which il might devise That body, seve
ral times by small aores in one branch, declined 10
adopt the proposed reform, yet Offered no substitute
The President therefore, thought himself justified III
pcrseverng in his original recommendation Soon the
banks which had resumed, suspended III great number
second time and il became obvious 10 every can
did mind that the connection which had snbsStcd be-
tween these corporations and the Government could
not be with prudence renewed approximations were
quietcd prcudiccs removed, objections disappeared,
the public mind gradually rghted itself, until free and
unbiased majority Of Congress- fresh from the people,
adopted Ike Independent Treasury.
We will not say, that this much Controvrrted system
may not have defects, ike every thing Of human con
rivance o execution that IT has not points 10 l'r
guarded and tendencies 10 b. watched checked But
it is free from Constitutional Oh pctrons Even those
VIII" opposed it, must admit, that it has become ncccs
sary under the circumstances of the country, and
trust, that IT wisely administered, IT Will exercise
salu,ary influence upon enlightened and udicions en-
crprsr, and prevent the recurrence of the manifold
evils TO which the opposite system has given birth.
Although established chiefly, if not solely with a
view to the financial advantage and purity of tho
government, would fam persuade ourselves, that
its incidental effect will be 10 curb mildly, yet eff
fectvely, that reckless spirit Of adventure which
has tempted our people into such perllons straits, and
that il will do So By sustaining and enlargng the me
tlllic basis of huctuatIng currency maintaining
prosperous sicadneSs of prices and wages, checking ~
the excessive ngrcss of foreign productions, ana
serving ballast to the buoyant bart OF credit which
NAV hereafter unur it's sails to every breeze, with
greater confidence and security. Notwithstanding the
many evils, which it predicted would immediately
follow its adoption confidence has begun to return,
prices risen and business become animated; and
we have good reason to hope, Ghanks to abundant
crops and the rrepessbe energies of great peoplcD
that we have already passed through the darkest hour,
and tina, the light which IS beginning TO break IS the
dawn Of a brighter and longer day Of prosperity.
To show the fa.iacy Of the objection that the indie
pendent Treasury will depIess The rewards Of abour
need but mention the fact, that there countries
with exclusively metallic currency-whchit IS not
the object the effect of this bill to estabsh-where
wages higher than they have been here; and
paper money countries Ireland for example, IRE pro-
verbal for the poverty and restitution Of the working
classes. In fact the rate Of wages depends much moro
on demand and supply, than upon The character OF The
circulating medium They The last TO F'se with III"
expansion, and the first to fall with the contraction ri
the currency, while their nominal increase - delusivc,
when the prices OF The comforts and necessares OF life
increase in equal or greater proportion
The great questions which have agltated the pahc
mind during the late and present Administrations, hav"
revived the conendng principles and questions which
divided parties at the origin of the Government. A.
they arrayed then, they are maTsha!led now; and