Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-06-11

treat interests of the People, if constant and UNIFORM
their action they give to those interests confidence anu
stability. = ,Lo
Since the removal of the public depostes from the
Bank of the U. S., in 1888, the Government mas na'
no permanent fiscal agent and definite hnancal sy
tom All has been experiment, transfer md change
The business Of the country has yielded 10 'i.e vi
steudy impulse and moved forward with "'iu .l.es
larty al one time stimulated TO excessive ue'''
another sunk into lehargy And, in provIo.he ~ ol
wants of the Treasury, II is surely important immunity
also. 10 the wants and the welfare OF the coliiu";
c ,s nroduc,, If whose industry the Treasury IS
supplied mn find the tes
And as regards those great interests we mo '''e =
tinony of past years no less nislihe. 'u (.no
favor of a moneyed institution chartered W M ~
"a. Coverpm, nj and possessed OF It's confidence a'u
credit The period embracing the last Ten years "
the existence Of the Bank of the u D as ie sel
pgeui is fire. sh in the memory OF us ALI anu 10 i -
10 az n neriod of great public prosperity ana thousn
o,ha causes did doubtless cooperate TO produce mat
favorable condition of things, yet one OF te
nrnciples on which depended the steady au'unoe u
the country in commerce, IN industry anu :"
taI wealth. was the existence OF fseai agent
ed by the General Government ana chalseu WIZ" ~, ,a
equalization of exchanges and the regulation oil Inc
currency. rc ..
he anticipated from such an institution cannot oe ne
dia,e but must be the work OF time Inc business
&C The country would, however, in the OPINION OF 'ne
influence.
In whatever point of light the undersigned Is apie
to view this subject, he rressllby led to the con-
cuson that such fiscal agent, so framed rs 10 possess
those important functions is alike essential 10 Inc
wants of the Treasury and of the community such
nm institution should be framed with deliberations Tor
il must have high duties TO PERFORM ana extensive IN
cress protect and promotes and 1t should be grant
ed with care, for il will be liable to great ana danger
Gus abuses AS the fiscal agent Of the Government
md an effective regulator of the currency IN WIDE
spread community it should be steady and uniform IN
its action and fixed and stable in ltscharacter
The undersigned has doubt of the power OF Con-
press TO create such an institution Experience has
nroycd its necessity carry out other expressly grant
ed powers has been exercised and recognised by the
Legislative and Executive departments oil the Govern
men during four fths of the whole period OF our ma
tionn existence and it has received the uniform sane
ton of our highest Judicial tribunal.
Yet that power has been questioned by many wise
and patriotic statesmen whose opinions entitled 10
consideration and respect and in measure like tins Of
high political import, which, if wisely conceived and
cordially concurred in must have great and enduring
influence the prosperity Of the country, it is import
ant, as far possible, obvate objections and recon
cile opinion.
If such an institution he conceived in prlncl-
ple and guarded in its details to remove all scrupes
touching the question Of constitutional power, and
thus avoid the objections which have been urged
against those heretofore created by Congress, u will IN
the opinion Of the unders Gned produce the happlest
results and confer lasting and important benefits on the
country.
The undersigned, therefore, respectfully recon-
mends the creation of such fiscal agent and the repeal
of the of July ilh 1910, providing for the colec-
ton safe keeping, transfer, and disbursement Of public
revenue" except the penal provisions thereof, which
will probably require revision and notification
All which is respectfully submitted.
T. EWING,
Secretary Of The Treasury.
Treasury Department. June ., ISL.