Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-12-18
,tous duty, and exhibi, useful example

e.r, n,omentous duty and exhibit useful example
for imitation. r.
In period of peace and comparative exemption from
pubc debt as we'll as from serious difficulty IN imam
cal operations would hardly proper to attempt
more by assumptions of doubtful powers, and by forced
constructions in favor of measures by no means Ger
TAIN if adopted not to aggravate rather than dnihsh
existing evils, and not to produce others OF
dered respectful either State Rights or the People,
md certuinly not competent in the opinion OF the un-
dersigned, TO exercise such powers oy cIeating mo
neyed corporations among them, which many oil ther
number have repeatedly denounced as
al and the authority to establish which, was oflgl-
nay refused rather than confded TO the General Co
yernment by the people and the States that formed IL.
But some other powers expressly conferred cam without
question be exercised further than has yet been done
by Congress- and in such manner as to produce very
beneficial consequences upon the currency stu, Is
hoped they will never be pushed so as to trespass on
oround really doubtful under the Constitution and pre-
vent the States from continuing to exercise all the
innate authority they possess as TO banks ana oeD
however much it may be regretted that pu1c opinion
has not vet run with strength against the abuses OF
both and led 10 their prompt correction It's not pro-
posed at this time 90 into the consideration of farther
details on these points But the danger to be guarded
AGAINST now seems be rather of an opposite character
from that of oyeracton by the General Government in
the exercise of its express powers On the contrary,
apprehcnsous exist that it may not continue firm in the
support of all which has already been accomplished IN
connecton with the currency. If i should not, and
should thus not aid to correct in any degree the rash
ness of many to force something like formidaDie
steam power into all kinds Of business, without due
guards TO prevent constant and fatal explosions nyrads
of individuals well some corporations and States,
are likely 10 be overwhelmed in still wider rum and
will ere long probably look TO escape except the
application of the sponge of general bankrupt law 10
all private liabilities, and the unconstitutional assump
ton of the public by the General Government, SO
as to tax oppressvely those portions Of the community
who have any thing left pay for the losses and olles
Of the rest.
remedy which has been adverted to by some, and
which consists in the creation of more credit TO cure
the mischief of existing excess OF credit or the lot
nation of larger banks with like power of abuses, IN
order to correct smaller ones, must usually aggravate
the evil and therefore, where 1t IS tree from constu
tonal objections, may, IN point OF expectancy aiohe,
well be dscountenanced.
plan of free banking, adopted by the States, pro-
perly guarded and secured by provisions similar to
those recommendedby the undersigned as long ago as
1886 with such others reflection and experience
NAV sanction, appears far preferable. But independ-
en of that no changes in the present system, as to
banks seem worthy of strenuous exertons except those
whose direct object shall be TO make saer to restrict
control and egulac better the institutions that already
exist rather than to incorporate Above all,
should public efforts be directed TO strengthen the GER
tanty of prompt specie payments as to all notes OUT
and of nearer approach to uniformity in the amount OF
issues in similar states Of rade and of specie on hand
instead of multiplying them for speculation or cupidty
and thus keeping up q succession OF expansions and
contrac,ions, which will only infame the existing dis
orders and render the continuance Of great fuctua
tons in all public as we'll private affairs unavoidable,
endless, and ruinous. With much respect,
LEVI WOODBURY.,
Secretary Of the Treasury
To the President of the Senate Of the U. S.