Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-11-13

initial e
rd ne three hundred and fifty-eght millions 10 the
lars Tb. Banks hold the notes OF snnr hundred
mn,nt Of s462 500, 523-upwaIds oi ~ circulation
MILLION. of dollars; their debt ~ a. scycn millions
IS L.,;,as s736g6e57, making tosetnes pi2-i
tn s 40, " U.s. hundred and eigh'y'three mn
, These are immediate Liabilities, payeOe az;
demand The whole amount o. spec. Sha n, are called
nee t,,,as amounts to $36, 52902a, or near ,i'i
trseven misunderstanding Sl45,o5 VI ,"I',;,;,
h,,ndrcd and forty-s.x millions OF immediate ''a 10
80 ,ba;r s,ecie basis Of the whole NUMBER III 80,
over hnn5red and forty.hree banks had suspended
snecie payments entirely sixty-two Par'a,y, :"
Grfnr hundred and FIVE four hundred ana h'ne'y
e;uht kent their faith, including those OF vi sau,h
and Boston, and Charleston, ana inoetu az o S,'aa
I,,rol,nn has Joined the honorable fraternity Va sou
IA hanas, ;rs,tntons OF those suspended, ohiy
fnr,y eight have resumed. All Pennsyivania IS ~ sus
nense This is the true state OF our oAi u ~
nrudent man in the face Of these TRUTHS paseu ~"
lie documents say it IS not .le honest r;a to
Indication of banks and give iar ana hohesl L1a
,be ancient md approved practice OF the hrs' au'n
trat;on That u. s Bank was iorced ON 'ie
,nent during that administration, does not Justly
Now Then a large national debt was pressing tue
nv. commerce of the country was scarcely COM
menced md the habit of initiating England IN every
thing directed the minds of men to her example. VOW
the oubc debt is paid; our internal commerce es.ao,
lished and there is difference between tue 0.e "
This Union and all other commercial states hei.ne!
tho ouestion the same it PRIOR To the eApia.oh
of the charter of the late bank. Other institutions
have taken the place of her branches Inc people are
10 decide what is now the true poicy oi ''e oo.y
The history OF the last few years, proves mat DahAs
viii suspend specie payment. That Presidents ana
Cashiers will speculate, and continue 70 issue more pa
per, ui'i ''' .-cks break The othccrs rae nome
ana the deiuded laborer hnds himself possessed OF
baseless promise. Even the Wings do not pretend to
say that any but redeemabe 60 20 circulate
lie, u.s. then coppare m teH fe%"afs '0-
that il you double IT, you increase prices, you dm-
nsb it, you lower prices. The more permanent the cur
renew them the more steady the prices Let HE lay
down few fundamental rules: Banks do not create
captal The issuing paper money does not render mo-
ne more abundant Ii it be issued to such an extent
that its soundness doubted, produces an effect pre-
csely the reverse If while it is perfectly sound, it be
issued 10 on amount beyond the wants OF the comnu-
ny specie will be exported until the equilibrium is re-
stored Ii but twenty millions OF vale be needed IN
exchange, you employ but twenty m,llIons. ne
only benefit Of paper currency, surprising TO DC
perfectly sound, over metallic currency IS, hrs' us
greater convenience in exchange and secondly that 1t
enables us TO use cheaper instrument, instead OF q
dearer and TO employ the difference in the various oPe
rations of human industry this is all This doc
trne illustrated by the fact that at this moment the
deposes or idle money, in New York, the money cen
tre are enormous. The banks do not care to count
specie for deposte. Ii is simply because the rage for
speculation over, and the currency inflated be.
yond the want OF legitimate business. Now the De-
nocrats propose as remedy, that the l. S. being only
and thus take from those in Office and those who seek
Office all temptation 10 agiiatc the circulation for poll
teal purposes. Next, that IL should collect the
public revenue in the currency over which the
Constitution gave il much control, as to CON
and fix its value. The effect Of this is clear. 1t
requires those who hold the bills OF banks
TO their soundness by requiring them to redeem IN
money much of their circulation as isrequred TO pay
the duties As this is ngaIn returned 10 the crcua-
tion by being paid away the public creditors, gra
dual return to sound circulation, based specie,
must necessarily take place The public money, when
collected being held in trust for the creditors OF the
public instead Of being hazarded by being loaned out
without any appropriations must always be ready at
the call of those to whom Congress has appropriated
it, This is what is miscalled the Sub Treasury law
but what in fact, the ancient, simple, and honest
mode of collecting and paying the pubic dues
As to State Banks not only has not the government
exhibited any hostility them but the nature and cha
racter OF our institutions forbid it, AS we'll may it be
said that the Democracy hostile to bills OF exchange
and promssory notes, or any other evidences OF debt
which the people choose to employ If the notes OF
the bank are unpaid the law is open 10 the holders
besides State institutions under the protection OF
State laws and The United States has jurisdiction
them. The Democracy do no, object to sound
spece-payinn banks. 1t is not that they do not like
banks-they do not like Their faults.
II is said the Democratic Administration have one
currency for the people ard another for the Office hold
e. Dtf, receive the revenue: 1t IS paid 10 III,
soldier who protects frontier and sacrifices his
ofthc Soulful is paid to gallant sailors who bea
flag every sea- protect commerce, and sus
tain national honor in every cline. Is It right thai
these ofthe State should be paid in the pro-
mlses Of fraudulent corporations, for the sacrifice o.
health and all the comforts of home in the public
vice. All the mechanics and others engaged in build
ing, and supplying and stores for the army and
navy. not they the people much as the broker
bank director: The saaried officers constitute but
part, and small part OF those who receive the pubic
The that the Sub Treasury creates
tro currencies, is known TO those who make it, to be
unfoundcd If the bills Of specie paying banks
good specie, and in all respects equal 10 IL how can
bank paper he different and inferior currency unless
is the pape! of non-spece paying banks: And how
does the collection of the specie prevent the
hanks from redeeming their bills, The truth is, the
Wings know full well that the collection Of the reve-
m the lawful currency, must compel every bank to
resume and be honest and hence The outcry against it
They dare not tell the people they want another reign
of rredrcmabe paper, and they know that if the Con-
sttuona Treasury is adhered to- there is chance
for spectators 10 make fortunes out of the aborng
poor, by another foo offrauduent paper money The
hank quite afflicted, too that by the lndepend
cnt Treasury they are deprived of the peoples money
10 bank upon. Government has more moral RICH,
10 loan 10 individuals the peoples money, than any
other agent has to loan the money OF his principal
the borrower fail, somebody must suffer: either the
public creditor must be paid in worthless paper, the
people must be taxed again TO make up the loss. Let,
then, the plain farmer hear the A person is APP
pointed to collect money for others. lie that
banks falling every day, and what is money to-day
is waste paper tomorrow, and when he makes his col
lectons he requires what he knows good and will last
good, specie He is offered bill, and is told is
good godthat it is the bill of specie paying bank.
lie says, So just step into the bank and exchange
your bill for gold; am but agent and wish TO ha-
card nothing do not wish to question the goodness
of the note, but there can be harm in testing it, IF
the bank pay it, you pay mef they do not can I
take it. In this way he collects these trust funds.
Then comes in inancier, who lives in n fine house
and passes for rich, and says, just lend this money
/ viii pay it whenever you called for the money,
and will keep it SAFE only shall lend it out, and viii
take the interest for my trouble But the trustee says
this is not my money, and it may happen that
accident may occur, ha, those to whom you lend the
money may not repay it, and then you viii suspend
specie payment and shall have nothing TO show for
what have collected but your No, trust
myself, at least, safely as can you. am respon
sbie, and have given security, and have authority