Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-09-28

CURRENCY AGEST FOR THE PEOPLE.
Let Government establish repositories for the safe
keeping of its moneys at all the important commercial
| points throughout the Union. Call these repositories
agencies Offices, banks Of deposit, subtreasurles, OF
any thing else fancy may suggest. Place each o!
them under the care of three different individuals one
Of whom shall BIZ called receiver another cashier, and
the other teller. The receiver should receive, the
cashier should keep, and the teller should pay out all
moneys deposited. Let each o! these officers be ap
pointed by the President, BY and with the advice and
consent Of the Senate. Give TO each one Of them,
when necessary, an assistant, who shall act as hrst
book keeper in his department and who shall also re-
ceve his appointment from the Executive and Senate
If deemed necessary wse after full discussion let
the Constitution law be amended as to secure to
the President in relation those ofeerS, the power OF
Temporary SUSPENSION but not OF final removal without
the consent of the Senate.
Let the legations of duty resting upon each and al! OF
them be of such character and prescribed as to make
them answera5e, some measure, tor the misconduct
of each as will compel them to watch supervise and
check each Other and report denquencies when disco
vered TO head quarters.
Thus far, the interests of Government alone would
be provided for But the necessities OF the people re-
oure the agency Of scheme which will furnish them
with national currency, or medium OF exchange oil
undopbed substantial and uniform raue In order to
accomplish high benefit for the country 1t is pro-
posed that Government should cause TO be prepared
suitable quantity of certificates of deposit or Treasury
notes in denominations Of twenty dollars and upwards,
and in convenient forms and with suitable engravlngs
for circulation amongst the people. Let these certI.
6ca,es of deposit or Treasury notes be distributed
amongst the different Government repositories in such
pronor,Ion as NAV meet fully the demand Tor them
Let every citizen through bout the country have the
privilege of depostng any amount ot specie IN these
repositories, and the right accrning thereupon 10 de-
mar d in exchange for the these certificates or
notes of Government, payable demand at the Ptaee
Of depos in specie and receivable erery rere IN pay
MINI of Gorernmen dues and for public lands. THIS
privilege would place il in the power oil every ndi-
yidua 10 convert his local bank notes. when payable
in spece into the national currency, based dollar for
dollar on the specie deposited receivable at ali points
for public dues and endorsed by the highest autho-
rty and best guaranty known to the PeoPle-that
of their own Government. The quantity OF such ma
,onal currency which would thus be brought INTO
circulation would be precisely commensurate 'sh Me
demand for i-no less, and probnbiy no more The
regulating power oSSS,ate banks exered through the
voluntary action of the People in Withdrawing the
specie from Them and converting Il INTO the national
currency would prove 10 be abundanty sunlcent Po-
tent bevond resistance The tendency OF THIS process
would be To encourage the introduction and retention
of the precious metals and sustain practically the god
and silver standard of valne-a line OF It's duty when
the Government seems studiously and purPosey 10
have avoided from l79l to ls37 commentator 'he
most and decisive IN favor oil such scheme
nj furnishing national currency is, that 1t totally ex
cludes the use Of the public money BY public agents
or individuals the discount Of promssory notes, or OIL
hills of exchange or any other act OF loan'ng money,
or granting facilities Of credit. lwouid have no socK-
holders lenders, debtors nor borrowers Newspaper
editors, politicians spectators, sockJoboers OF any
other class could get accommodations from i. It's
;ssnes vonld be confined 10 the specie dePositor-
would be predica,ed upon and limited by The specie de
nos,, The specie deposits under the operations OF
trade and business, would be fully equal 10 me Jusf
,cants of the country for currency, especially va,
tional currency When deposited, the specie woulo o
be represented in the business of the country BY the
verv best and most truthful representative that couio
be devised. -.
Under such system, the productive labor OF the
country would be the money-creating, the money
making power. The money power would De sepaia'eu
from The political power The money power grows
opt of The righ, the po,cer to use money and The use 81
money public or private, is totally prohibited and ex-
cluded from the ope rations Of the sys.em The 90
vernnent would simply become the keeper OF the tea-
sure of the nation, and in its issue oil cefunca'es u
no,es !, individuals would incur other obligation
tan such would be incident to bank oil oepos' VI
70 i,s character of keeper Of such moneys.
This relation to the public would afford the most ei
fc,ve facilities for borrowing money in war and all
nublic emergencies. Proposals from the Government
to exchange its stock, bearing reasonable rate OIL III
eres for its certificates or notes IN clrcuiaon' "ouio
he readily embraced by money holders The resul'
would be- the funding Of such certificates or notes by
the Government and the immediate possession and use
Of the specie originally deposited in exchange fer them
greater facility and more prompt mode OF realizing
cash in any emergency than could be ahordeo oy any
other scheme yet devised
An Indispensable feature in the scheme would be the
collection Of the public dues ezelusireiy in specie and
the certificates and notes OF the Government issued IN
exchange therefor Any connection with local banks
or the banking system is totally excluded from the
scheme No other banking operation would be neces
sary than the transfer from poin, to point for Govern
- Al
men, received in payment for public dues Or If Go
should be Ss ,S,s s"a ea
aao; M t,an,fer Of such funds would be necessary,
pasmuch as checks drawn by Government upon 'pe.
the ssmns sn",b Ro ,ban Of H.. me se ssae
.ss and consequently readily received in payment OF
sS debts by creditors In this
scheme, all constitutions, objections are avSdsdnT
Fiscal Corporation nor Bank Of D.sso,.
seent for the people is provided with unlimited capa
city TO do good and no power to do harm: -,