Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-01-05
rOI.sTlCS.
CHARLESTON. Dec,

LsgislHtipc-We make room to day Tor The Report oil
the Committee on Federal Relations, which accnmpa
MED Col Hunts Resolutions. We shall follow it in
day or two with the very able Report Of Colonel Mem
Ringer accompanying and explaining the bill providing
against Bank Suspensions These papers are highly
credtahe TO the talent OF our House of Representa-
| tves.-.ucrcury.
soUTH CAROLINA LEGISLATURE
Report Of The Con,ahtce on Federal Relations
The Committee on Federal Relations, TO whom was
referred much Of the Message of his Exceercy the
Governor, No as relates 10 the election o: Presdent
the U s., the construction u the Constitution, and tht
future arrangements TO the Tariff OF duties on IN
ports have had the same under considerations and thu
subjects may be dvistd and considered into the fol
1st. The proprsfy Of South Carolina uniting in thu
election Of President and Vice President especial!
when by doing, she will give expression to her tra
principles
ID. The causes which have led 10 the overthrow o
the ADMINISTRATION 1t Mr Van Ruren, whose polio,
end avoMed principles of action are in accordance witl
the doctrines maintained lay this State This head vii
properly embrace an enquiry into the pecuniary embar
easements which have induced the people 10 lend vii
ling to those misrepresentation which have contri
buted 10 the of the Opposition The policy
and cons,tutonality of Bank chartered by the U.
The cau,es of that combination of the different elc
ments wach united TO produce 4 change Of adminstra
ton TIE discordaut character Of those clements
The security which the avowed policy 81 the Admins
tration Afforded 10 the peculiar interests and institutions
of the South and the strange dclus;on which has dis
traced so many Of the Southern States, and led then
to unite and make common with parties, whost
avowed principles at with the best interests o.
the South And lastly, the confident expectation thai
development of the inconsistent interest and views
this coalition Will, in the end, vnd!catc the wisdom and
policy of the Democratic Administration.
Sd. The growing corruption of our Federal Elec'
| tons.
i,h. The Resolutions f:om Connecticut relating to
a Tariff of Protection.
| Upon tie first matter, your Committee, concur with
his Excehncv that every State in the Union is bound
10 unite in the Federal Elections, without regard 10 the
fact whether the successful candidate agrees with
or not for candidates always be found, whose prin
cplcs and character will well meri, such expression
fapproval and the conduct Of the STATE at the pre-
sent Session, has illustrated the propreiy OF such
course.
| Second. The complicated difficulties which embar-
rnss our monetary affairs arise from the perverson of
Banks, 10 purposes wholly incompatible with sound
circulation and an utter disregard 10 the elementary
principles of Banking. No idea is more iallacious
than the belief that abundant circulating medium
increases the real value of property The kindly
fruits Of the earth and human labour, bestowed IN
ptng materials in their original state to The use OF
man are the only sources of wealth; and trade or COM
merce, consist simply in the exchange OF them Bar
Ter is rendered more convenient By liking on some one
article exchange as universal property, exchange
able for every other, and ,hs Is called money Cola
and silver, have, BY general consent, become that
universal property. 50 that he who has u, may ex
change it for whatever other property lie wants
Thus il man has 10 spare, and wants
horse he sells his OK for gold silver and then he
exchanges that for Il horse. This is trade and the
nsc of money II is clear, then, that money must be
itself valuable II costs labor to procure It, 1t IS use
full for furniture and the arts so that money only TACT
,at.s barter by being exchsngeabe for all articles No
more m,pay then is needed, than is sufficient for that
uurpose alG TO thus facilitate all the exchanges vi com
munty Wherever country has more money than y
= fSomc omission IN the c0py.l
OH 9Th October, 1-29,
, ,,o.t OF IL. PanL= scrfA md West did the
same The statement of the situation of The Banks on
lst January, 1910, will prove that this general sus-
pc nson can be traced to total disregard OF the rrInc
pies oil safe banking, and the most unjusllhablc rse
made o: Bank capital. On that day the whole Bank
capital Of the Union was 1906 1869, Of which but
$50 lOj los was in coin; yet their Immediate iiab-
ties were for their circulation, S06,J6S, 572 dePo-
sites $50, CSC, S57, making an aggregate OF SlS2ooo
422. Il is not astonishing that they suspend spe-
Gle IA yments when they owed Sll9,66o2I1, more
than their SPECIE yet the public owed the Banks at
that time S462 $50 522 If the public had paid their
debt, the Banks would have had ample means 10 have
redeemed their circulation and deposites But no
small part of this enormous debt due 10 the Banks
was for loans to Governments and 10 Corporations
who were tryinr experiments and individuals who bcr
rowed money buy property on speculation, al prices
sweed out of all proportion by these very loans winch
augmented the circulation beyond the exchanges, ana
thus gave fictitious value, not BY making property
dear. 6ut money cheap. These fictitious values have
r;ven wav but the notes of the borrowers from the
bank must he paid in specie or s equivalent. encc,
that pecuniary embarrassment, winch, ny lcig laise
Nv ascribcd To the measures OF the benerai Govern
me nj enabled the old adversares of Democracy under
the new disguise OF Wings 10 delude the debtor portion
of the community the belief that change OF Ad-
mnst.aion would restore that redundant paper crcu-
laon which sweled the nominal price OF property ana
cnabr them 10 extrcae themselves from Their enibar-
ne cd l,tn, Pan.
rassuens.-They are PROMISED Z h''ed STATES BANK
measure which, if it was possible 10 carry il into cf
feet would not fail bring every State Institution and
all their debtors TO immediate bankruptcy. But
shor, time is necessary TO expose ms imposition, anu
bring down upon its authors me bt'er aenuhcao''S
of lis victims There but two modes OF crcatinga
L. s. Bank The first is uew subscription, whch
would if taken from the specie capital OF the present
Banks about S3 000 900, efectuay destroy their abb
lily to continue specie payments. Inc mex. IS oy
spccies of Legislative Galvanlsm, to resuscae the ora
Ban;, give il Federal CHARTER anu nv
depository Of the public revenue, under some qua
rantee to be furnished by its foreign stockholders,
for tho safety of the public monies. ms necessarily
supooses the resumption Of specie payments by that
Bank and her control all State Banks ms lnea
sure will give the control of all the Revenue OF the
Union t The foreup holders oftha stock and thus per-
petuatc the Fedora! dynasty who have SO suocessuy
e,npoyed the means placed in their hnnds. IL "oulu
enable the wealthy capitalists to bring TIE P'"Pe,y
the debtors ofthe State Banks to the hammer at
cIafpQ
the exnense of the public Such institution is SO Ut
terry at variance with the whole nature and provisions o.
the Cons tuon, that is to ne hoped the hep1esen.a
yes of the people will resist H. IL IS cleal t"' e e
dynasty must stand fall the Bank question If there
is created U S. Bank, the Independent Treasury WIZ
be abandoned and the people must at the
decide on the justice of its fate If no such Bank Is Gre
ated the only alternative is to dep'se the revenue IN
The State Banks; measure repudIntcd by majority OF
both the great Federal and Democratic parties or 10
continue the very measure of Mr.. Van Burens Admin
sraon in opposition 10 which was rallied the ceiepaI,
ted coalition called the Wing party proceeding whicn
would at once place in bold relief the fragrant injustice
done to that statesman. While your Committee auiy
appreciate the value of Banks when properly condoc.
ed they consider any connection between ,nen anu
the ordinary and n
onsste Mt with the purity and independence OF notn'
The true objects Of Banks should be known as on
their conduct depends the future welfare OF our "noe
country, and right understanding OF the subject WIN
p prevent unounded prejudice the one side, which
may refuse the public the benefits which properly ,e
guoted they can bestow and, the other hand WARD
those evils which their abuse has already spread over