Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-12-25


and these useful ramicatons of internal trade, de.
mund mpcratively not only currency satisfactory to
ALL hut the also of easy, cheap, nnd safe dealing
in exchange Aud these two objects assist each other.
good currency enables llIn who needs exchange TO
buy it. and he who has exchange TO sell, 10 sell it
Good currency and safe exchange being thus mutually
convertible and acting together, all under proper limits
and securities, form the most perfect system oil paper
circulation The power to deal IN e*chanse seems es'
sentul indeed 10 any considerable circulation OF ren-
snry notes in the South and West. And may he add
ed that nothing would tend murc TO lie con-
centration of moneyed affairs, at one or few points,
than the ability OF buying domestic exchange with good
paper redeemab.c ut the place of purchase CONNER
cal transactions, and the consumnation OF pecunary
engagements, naturally concentrate themselves III
places where the currency good. There is no rene
DIV agans. this concentration, sovereign as the sup
| plyiny of good currency every where.
/ A safe system Of exchange, though more extern
sye than is contemplated by this BILL will be of great
use TO the Of the country in other respects
besides furnishing the means OF keeping good cur
renew in circulation. The more direct advantages
1owinr from il are not uncomfortable. Although its
object supply capital or credit Tor purposes Of
trade, to make advances, and although tne whoie
system is limited TO exchanges strictly yet 1t cannot
fail afford very important facilities, and 10 De pro-
ductive of much general benefit.
The power or faculty of reaching TO funds already
accumulated in distant part OF the country, ana OF
bringing them home immediately and without loss, IS
power or faculty of importance, in the hands
Of those whose business leads them to form commercal
connex in such distant parts This power or faculty
the under consideration proposes TO confer I'M
partially ALL the extent of its means. And It's Gu
pncity for good, in this respect, is confidently lett to Tie
Judgment Of those whose practical experience has rem
dered them most competent 10 decide
As TO any dangerous consequence from untowara IN
huence in buying or selling exchanges, til 10 ne
again observed, that the Exccquer can lend money 10
nobody furnish capital TO no one to begin, carry
on or uphold his business II only seeks to enable any
one TO place his funds where he needs them and THIS
will be seen, is 10 be done under such restrictions
that all idea of accommodations and therefore all idea
of partality favor to individuals is cecually re-
i PEELED. All real borrowing and lending Is excluded
and bills to be taken such time only as IS neces
sary for ordinary notice. and the usual TRANSMISSION Of
intelligence.
Over operations, begun and completed in so short a
times and which to be carried on in the face OF the
, commercial community-operaton which allow 50
little of favor accommodation to any-l IS not like
y that unjust or partial local Influences tar less likely
f that any pernicous central influences, will exercise
control
IL may be objected TO all dealing in exchanges, that
$ parties on bills will become debtors to Governmen
that in case of any general pressure they Will petition
for relief, and thus embarrass Government, US wen ~
neglect of punctualy Of payment as by importantly
for indulgence. 1t is readily admitted that the delicate
relation Of debtor and creditor should be avoided
as may be- between Government and the people Bu
i'll many it must exist The imposition Of every
. tax creates that relation; every custom-house bonu
Y creates it. and il is found in many other forms But
better answer TO this objection is that the credit 80 ta
as any may arise under the operations OF TINS o VII
be commercial credit of all others the most unlikely
be yola,ed-oi n few days continuance only, existing
g between the Government and each individually by him.
self out of which common cause, common lnte
rest delay, common importantly for relief, can
g well arise.
an end controversies and give repose, IT IS lett
the States prohibit The practice Of private deposits
and dealings in exchange within their respective IL
nits il any of them shall see fit. Of such prohibition
no apprehension is entertained yet the less scrupse
\ has been felt i'll recommending the provision, as u
4 may avoid difficulties, by manifest'ng disposition
3 neither to tread any questionable ground mol
n to give rise unnecessary differences oil OPINION
The plan will present itself to all the States anc
all the People II proposes general benefits to all anc
no fear is entertained lest either the States or the
4 People should examine it with too close scrutiny
The section which an,horses the Secretary OF Int
4 Treasury to issue, if found necessary five miiIon
Of stocks is designed provision against contIn
gences incident 10 the fluctuations OF trade. In al
agent Of Government such as is now proposed to be
created, il proper that there should exist every secu
Il riiy for the maintenance of its credit Misfortune
may fall on private institutions, in the revusions
commerce and business and they may be compelled Il
stop payment; but whatever is identified with the cha
racter OF Government should be placed on the safest
possible foundations. As the of the country are
most ample its credit high and the burdens OF the PEG
pie light there wisdom in giving to the Exchequer h
power of immediate resort, IN case oil necessity, to t
unstaned and unquesoned faith OF the nation There
. should be no hesitation, scrupe, lingering doubt
about the ability Of the institution proposed to b
. established 10 fulfil with punctunl;y all It's engage
ments under any occurrences not OF force 10 disturb
e the Government itself.
Such are the general views Of the important measure
which now invites the consideration OF the Legislature
= The extremes Of public sentiment on the subjects
embraced in this bill are imboded in the system of thu
. Sub. Treasury on the hand, and Bank of The
IS S. on the other. The great problem now propoundc'
to practical statesmanshpis whether repose and recon
n citation of opinion be attained, whether an enc
can be put to distressing doubts and contro
yesies touching the policy Of the Government by Tho
n adoption of on intermediate SYSTEM system excrcis
}. ing no ungranied power, establishing no monopoly
i bestown. no ndeeasibe rights, attempting no divorce
. of the Government from the People, but, on the othe
. hand, converting the most austere though the mos
r indispensable and plainly constitutional duty OF thu
Goyernment-the collection of taxes-into the very
means of sustaining the industry, interchanging the
e commodities, and increasing The gums OF those by
r whom taxes paid.
This intermediate position, the plan struck out in the
Presidents Message proposes TO occupy. On the one
hand it performs grand function which the Sub
/ Treasury could not and did not seek to perform
1t asserts and recognises the constitutional duty o
cherishinc and sustaining the commerce between the
States by all proper and constitutional means, and turns
y away from nothing within the limits OF the Constitu
4 ton which may support general credit
1t admits the mpocy and impractcaoility, without
violence to the business of life, Of coercng an entire
substitution of the precious metals for that convertible
currency which has come to occupy their place.
But, on the other hand, it is not corporation; il
alarms nobody by the assertion of power to enter the
States engross local business, or grasp at local gains
. exemp, from liability 10 local burdens.
If measure may ever be accomplished, as the good
sense the raterna sentiments and the business
sites of the American people must lead them ardently
10 desire, by which existing clements Of discord shall
be withdrawn from national politics, and the country
be suffered to enjoy tranquility in things nearly affect,
ing mems daily labor and daily bread, it is confidently
believed that may be muured by the wisdom Of the
Legislature, out Of the general provisions of the bill
. now submitted TO it's consideration.
W. FORWARD,
Secretaryof the Treasury
. ~ The Bill, accompanying the preceding Report
/ will appear in next. Mr. Forward styles it "a
AZ LIZ