Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-11-12

- ,Le business of every community. ha"As m',
= h., ans; often d., hy int'r i"isnl"' ..n hn
a;, confuse, or emaarra*s 'he o!''" no..
H., ,hsy arr compri!td yield ohe'!'cncr 10 rs avs
=, Lo s,n,os.,, that The Bank @hci' II - ~"
oJ :, establish IN consequence "l lie sfea't w.
fn mud higher credit OF the paper u nay i,Sue
enabled 10 force the paper Of the Sla'e "a,'' ~,
cmIa,,on. and substitute lis own But Or, u VI" W
precisely for that reason that Tue D'"S ,h no;cs
otemnt lifts paper be more valuable 'han luz IVY.
or State banks in the South aud West IL ~" DC oVah'
nm rs rep;dly as II may be issued, JUS, a' OILS VI ~
change are By merchants, brokers, racers ~" ''u
hanks for purposes of remittance TO ilr N"f'n anu
~ ,,,,.,, of The commercial debts and bank balances
~ :; ~. ..ctoos Of the Union. II can never CIR
.o,e amon., the mass oil the people III Inc sou'n ~
West, or any other section ns the unl"n "h.'i ''e "
ven, local banks in those sections Resume r.. ~, |
mems When they resume specie P"yneh's, t"'I
paper will be at par, or nearly al par, wiz ~ iih |
Inc National Bank; and then both VIII c'e",'e
,hn same channels, until change uSes P'ee
rendering The one more valuable than tie o''er ~
which event the circulation Of the more valuable oi
the two uW diminish, whilst that OF Tue ou'ei '' e'
crease. =, at tho mag
m, t,u. Jeuoud dispute, that there can be no
restoration of the currency OF ,e country uh'i 'e
State banks whose paper no" ms inc e''uheis VI e
cula,ion, resume specie payments or hhay VIM up
their affairs, and make room Tor oeus' currency W
ao, in, SURELY, Sir, surely such is Inc truth. but
Tho State hanks cannot resume specie payments nnt
,ha; debtors are able pay the debts Due them nose
debtors cannot pay the immense mass W "eot aue '
bnnLs until by dnt OF labor, industry ana economy,
md lie coecton Of debts due themselves from others,
- aro enabled to realize the means OF liquidation
Thus we tecur again to the only available remedy Tor
all The evils of the day-to wit ms taoor, '""uSu9
and .conomv The rigid exercise Of Those pans s the
,r;ce of our redemption from the curse oil spurious
currency and the Illuminating oonuase u us ,,.;o,,
But. Sir, we need guide, standard around vine
thu honesty the moral virtue, the irusa!'iy, i9 in
economy and sound credit Of the COUNTRY may here
conducting the grss, work Of del ls' a Whose
shall we find il: Where shall We -vaht.e standard
duty is il to rear mp and maintain ts ST the peculiar
Of yaue-to iiy tue specie flag: Is nj to recognise
constitutional duty Of this GoyerGlver? Gold and
nothing as currency but gold al tic Currency Of ME
silver is made BY the ConsttEder The payment Of
peopie is The only legau,y Of this Government to
debts. Who can deny snd it, by all The means With
protect, preserve, and ,mlls of its power And how
else permit me exclusive use IN N Of lis fiscal ope.
charged than hing itself? Sir, 1t Is idle to aispne
ra,ions, OF HIT time that should lay aside The
upon th'sensiby the tmn liars ann ma n ,
wittnd heretofore been alarmeR in relation TO, Tins
liect. Let the truth be told, and i,rmly told, with
dut concealment or disguise
Ii is impossible that the Government can discharge
itself from The responsibility imposed hy the Ionsllu-
tion by transferring to bank directors The high soSe
reign authority of making currency "r the people, Oh
exoellng the gold and silver CONS OF the Constitution
from circulation, and substituting IN Their stead iran
and uncertain paper standard. direct ana poSll'e
adop,on Of those CONS os the conclusive medium OF
all is fiscal deallnrs-as the preferred and better cur
rency-is required By the IN Junction Of ine eost'u
ton and the interests of the country he eiect OF
such policy will be to increase The stock OF The pre-
cous metals retained in the country for permanent nse
TO enlarge the basis OF sound cfe9t ana increase e
sol.dity OF solvent banks. =
The rcquiston Of specie from the wealthy import
ing merchant, in payment OF duics, VIII cause nun 10
reject all paper from the wholesale merchant, IN pay
men, OF goods sold to him, but such as may be equIva
jpnt 10 and convertible into specie Tins viii cause
the wholesale merchant 10 refuse the receipt Of all but
the paper of sound specie banks from The oDber
or retail merchant and, turn. cause hn to refuse all
but the same kind OF paper from The country merchant
Finally the country merchant Viii receive noth'nE pu
the paper of sound specie paying banks from his Gus
toner and those customers, composed OF 'hc mass OF
the people will soon find il to their interest to dIscr
inmate between good money and bad money, between
solvent banks and nsolvent banks. Such, Sr, Is the
tendency of things at tins moment ne dIrrence 10
value between the paper OF specie paying banks and
non spece banks is already established in the
market-places Of the country. The producing classes
w soon ascertain that il is OF advantage To them to
receive high nominal prices IN the deprecated paper
OF speciepaying banks, for the products OF their
labor when they are under the necessity OF paying IN
the scr, OF paper the same sort OF prices Tor every
thing they buy.
], is true iha. TIE depreciation Of The currency hns
ope.aled heretofore and perhaps at this time operates
as very considerable relief to the debtor classes IN
many parts of the Union, and especially in the State
which have the honor in part 10 represent here The
cotton planter in Alabama who has SlO,GoO worth OF
cotton for sale in Mobile enabled TO sell IT for SILL,
600 in conss quence Of the len or twelve per cent de-
preciaop of the parer which he receives IN payment;
and This puper viii pay MS debts in tank, and, for the
most pa.t amongst his ghbors n, par. lis means
OF on ymeut il his debts thus increased ten per cent
or tn the extent Of the depreciation Of the paper re.
ceived BY Inn for his cotton. The same may ne SAID
in regard tobacco planters sugar growers, gram
growers, and all others simlurly sualcd. Bat these
old debts will be iiqudated, and then there Will
cease he q motive Tor the iurthcT continuation or
countenance Of this condition al the currency. III
deed it NAV be sad, that there are but few Sec
tons of the Union in which the deprecated condition
Of the currency this time operates as belief or be.
nef. in anywise 10 any portion o The community ex-
cept the banks and therefore, before tie contracts or
trade Of the community entered into, or predicated
upon the basis Of deprecated currency debascd
standard OF value il bchooves all parties 10 unite in one
grand universal effort restore and maintain The sound
ness Of the currency.
Blu, il is said that the practical operations Of The indie
pendeat Treasury system will create demand for the
precious metals TO supply Government purposes, and
administer to individual wants and uses, produced and
encouraged By such policy on The part oi Govern
ment, which the existing stock of precious metals
throughout the p0Td would not BE- sufficient to supply.
And, SIR The adroitacSS ana perseverance "lln winch
this of the subject has been pressed, has not fail
ed to make deep impression upon the public mind
The truth has not been told proper efforts for the diff.
fusion of information, Of matters of common statistical
knowledge, have not been made hy the press, any
class OF politicians Of the country enlisted III favor Of
the syslcn, to csabuse the public mind, and conn.eract
the effects OF such an
With view to the commencement, merely of the
discussion of this branch of the subject, and with the
hope tina, those with whom il has been my pride to act
upon this great question, may discover villa, las here
tosorc been Of omission on their part and,
verify believe the most potent cause of their failure To
enlist The support Of overwhelming majority of the
people in favor OF the Independent, Treasury System,
propose submit TO the consideration OF the country
an t7pasc of facts, drawn from sources ct undoub,cG
4uheniiciy, which dare believe cannot fail 10 inter
have 6sie,60fe Been Tic @ ic' most ns '
ing imposure and dslnson. Thrsc facts are drawn
from McCullocl's Dictionary of Commerce and Com.
nccia Navigation The great standard authority Of The
day for correct information npon all subjects connected
with tie commerce, exchanges naypa,:an, trade and