Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-09-24

l
I'D nnbiic DISCUSSION We invite an nVes'isalo"
&c The scheme; without meaning 10 co"",' -, as,;,n
rho propositions il embraces. We We" IL =, la ,;s
nal hearings as well as its Praetifn Results ~ :.
a /, Is due to lis able author 10 sia'e' ,nd' va"
,uor ,,as written before he had ever seen VI n,4
lev ..tane WHICH has been published IN The ad'So
ran and the Globe, on the same sunlec'' aiu ~
o,r readers in our next paper III compliance WIN
H. sngresons Of the writer, that "Edtors throughput
The Union are requested to give the above place ~ %
columns" 1t is signed by III MEMBER .. Tue - :"
G.nr.ss and is entitled "A Fiscal Agent Tor the 90
vernment, and Currency Agent for the feoPic.
letter 10 n gentleman in Uashi"gfon
Goth September, ISL.
Dear s;r.-Recent events have directed my thoughts
towards the of the Currency have hothlhS ne"
~ communicate on the subject; but deem II TO be me
duty of eyery good citizen throw in his mite 10 sun
Tho troubed waters You are well aware oil my op,n'-
ons on the Independent Treasury system; out as Il nds
been repudaled by the constituted authorities some
other scheme must be devised 10 collect, Keep ana as
burse the public revenue OF the country, @bich ihaS
lend 10 improve the currency and iacii'ae Tue q
changes The establishment OF NatIonal bahk' W
any form seems 10 have received lis que lus rom te
last Veto Of the President or the w. - ana u IS oie
| Than questionable whether 1t will meet win Tue up
nroh,,on OF a minority of the people, when the issue
shall be fairly presented 10 them. resort once more
10 the agency of the State Banks cannot THINK Tor us
wan, of uniformity long find favor either with me 90
The merits or demers of these several systems lhey
have all been examined and examined, until the pup
lie appetite is saated, and we must cater iof some
variety. What ! may propose has no novei'y III H.
Statesmen and political economists have served up III
| their own way, and yet IT has never had iar tria
The treat desidcratum -, to possess circulating me-
d;um other than gold and silver, which may have an
uniform value throughout our widely extended couh-
try II is clear that can have meme sGch, uhdef our
Federatiye system of Government, unless It carries
/ u,l,, Of nattn
- whether it shall emanate from partnership concern
between the Government and an Incorporated associ-
alton of individuals, directly from the Government,
through its public unc:ioaries who are chosen by ahd
are amenable the people Tor their acts. Nihout any
reference TO The constitutional power OF Congress 10
grant charters FOR any purpose, u can arGy Ue cohs
dcred compatible with the dignity Of Government 10
enter into such a partnership IN money making OF
soecua,Inu IoL There nothing III reason or III Inc
Constitution that warrants the Government, either
mr. 81 or through The tally OF corporation
10 lend uu the money OF the People for any purpose
M money can leuitma,ey be drawn from tue Treasury
but under regular appropriations by la" Tor specic oo
iects: vet in direct contraventon OF tins PRINCIPLE Sc
ven millions Of public money was loaned out 10 ind
yduas and companies for specuiatng and commercial
purposes by the Directors OF the la'e 'ank Oh lhe y
S. over whom the Government had llt'le or no con-
troll To the direct operation OF The government, w
collecting keeping and disbursng the revenue OF lhe
country by its own officers, discern no reasona
Bile obicction and am convinced that the operation
may reasonably furnish such circulating meaiuh as
will give Il sound currency, ana contribute nuch IN a'u
Of private bills towards equalz'ng Tue domestic e1
CHANCES II the revenue be collected IN SounG cur
renew as il always should be-, 1t would seem thert
would be no great difficulty IN paying II out Tor ies'
mate objects and TO admitted claimants IN any quarter
Of The country. For the convenience OF the colmu-
nitv and In facilitate commercial exchanges 'the rca-
.,rer minht saws Mr. Jefferson +" give his notes or
bills for payment at any particular place, where mere
Is public de posite any sum, which ought 10 have
as much credit the best private bill or BANK hole.
II these Treasury bills of low denominations,
wbv should ,her not circulate freely i'll every part
S az The Union: !" In the war Of 1913, MIR. Jetter-
son adds, this State, (virg;nla,) issued paperHmo-
ney. bollomed on specific tax Tor It's renemp-
ton, and 10 insure IFS receipt, bearing an ih'e-
rest of five per cent WIthin very s"o'' '',e, nv
/. bill of this emission was 10 he found IN Circulation.
They were locked up in the chests Of executors,
guardians widows, farmers, &c We then issued bills
botorncd OH redecming tax, but PayiHs no interest.
These readily received, and never oepfec'aeu
sin gle arihing" Why then should not the notes or
bills of the Treasurer, Of all denominations bottomed
on the actual receipts Of the revenue not now pass rs
currently every part of the country, as 1.-The best pr
. vate bills, Bank notes OF the highest cbafEc'e,
that would be required TO maintain them IN crcua'
t;on would be- To make them redccmable at the great
minis q: commercial operatons-such as New J ork,
The oreat mporng and New Orleans, the great export
ing point OF the Union, and at such other lar &C COM
mercia depots Congress might designate. As hoe
4
don only has universal circulation throughout Inc
whole Empire so would Treasury note or bill, redeem
able al New York, have universal circulation through
out the United States, and be more valuable 10 Tue
most distant States than specie or local BANK NOES re-
deemable in specie II is well known, that the notes
of the country Banks in New England are increased
: in value, and have more extensive Circulation fom
being redcemable at the Suffolk Bank in Boston,
and perhaps, it would be good policy IN me conn-
try Banks Of other States to make Their notes pay
allie at the most commercial points of their respee-
tive States Whenever the Government has 10 pay
i,cney on the Frontiers, or IN any OF inc h''lant
Stairs or Territories, the TreasueFs notes or n'is
made n.yabl. at the larger Repositories would tie the
mos, acc,o.tle mcde of remittance 10 the pubic CLAIM
ns IN those oua-ers and would save the cost and rIsk
of transporting specie where II was not wanted. y
circulating medium thus botsomed on me cedit Oh
Tho ACKNOWLEDGEMENTS in all dues TO The Govern
mcu and convertible into specie at the most convenient
non,s would certainly form sound currency rs any
counirv could boast Of; and il is p7obao.: taal an
: amount nearly equal 10 the annual revenue Of :''e
country might be constantly kept IN circulation u ID
ci!tate and cheaper the domestic eSchanges. ne
doctrine or Mr. McDufe, in his celebrated Report on
The Bank of the u. S, that "te object Of furnishing
National Currency could not be accomplished w!ih
nm approach to uniformity without the ard oil Branches
N various parts Of the country, Is not now admieu'
RI. ,ches are important in giving accommodations III
,h ~ of local discoun;s but Ter the convenience Of
.unpvinu specie for distant rem,ances, they are OF
incrnsidcrabie saiue.
On the first view - the scheme here proposed, an
objection will arse that il vii render thus paper "a
ther than u hard money Goveri.H'cni nut hue con
sdera,ion will convince the stronge- opponent, mat
such is no, the design will such be the t.ct he
beneficial result VIII be, that inferior c'rcu,'cn Of
Bank paper viii BE- substituted hy the better onr, be-
toned no, only the faith Of the Government, but
On the hard money actually III the public tisc tor re-
demp,ion. u.
Another objection will be made, that il will increase
Executive patronage. As scheme for collecting.
keeping and discussing tine revenue can he carried INTO
operation but by The power oil Congress- u w''i De LOT
Congress so 10 regulate their measures, as 10 retain all
the control in tins TINT is practicable under the
forms of the Constitution They may dictate how The
money shall be raised where II shall be kept, ana under
what appropriations II shall be csbur>ed. The APP
pnintment of the officers To administer the law belongs
IN this case as in every other to the President by and
with the advice and consent of the Senate; tu, II Is
competent Congress 10 impose whatever penalties
they may deem proper on the officers thus appointed