Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-12-09

II proposes Ia liiiit tie issues 70 al amount not IL -.
coed Sl5 ,0Oo, U0D-wIihout the express sanction o. ~.
Legislative power. II also authorizes the recein, I.
individual deposits of gold and silver 10 a limi,si
amount, and the granting certificates OF deposit. Iiy,.
ded into such sums IS may be called for by the Gr,os,
tors. 1t proceeds II step further, and authorize H..
purchase and sale of Domestic Bills and drafts. RESIN,
on a real and substantial basis, payable at sight, or ha,s'
ing but 4 short time 10 run, and drawn on places ~,
less than one hundred miles apart-whiclI AUTHORITY
except in so far as may be necessary for Goycrnm.n,
purposes exclusively, is only 10 be exer,ed upon H..
express condition, that lis exercise shall no, be- nrob,
biled by the State IN which the agency is situated.
In order to cover the expenses incident to The plan
it will be authorized 10 receive moderate premiums ,,r
certificates issued on deposite, and on bills bought ana
sold, and thus, as lar as lis dealings extend, TO turnisl.
facilities TO commercial intercourse at tile lowest pos.
sible rates, and 10 subduct from the earnings of indus.
try, the least possible sum. II uses the Stale Banks Al
a distance from the agencies, as auxiiaries, without
inparling any power TO trade in lis name. II is slJ.
jected to snch guards and restraints as have appeared
TO be necessary. 1T is the creature Of law, and exists
only at the pleasure of the Legislature. II IS made IL
rest on an actual specie basis, III order 10 redeem tar
notes at the places OF issue produces no dangerous re
~dundancy of circulatinn-aflofds 10 temptation 10 spe.
cula,ion-is attended by no imitation Of priests equa.
bic in lis operalion-n makes the Treasury Notes, wEich
il may use along with the certificates Of deposit, and
the notes Of specie paying bamks-converubl- Al lie
place where collected, receivable IN payment Of go.
vernmPnt dues-and without violating any principle
OF the Constitution, affords the Government and thr
people such facilities as are called for by the wants Il
both. Such, il has appeared 10 me, are It's recommen.
Jalions, and IN view Of them II VIII be submitted, when.
ever YOU may require it, 10 your considt ration.
am not able 10 perceive that any iair aud candid
objection can be urged against tile plan, The %pfincipa!
outlines Of which | have thus presented. | cannot
doubt but that the notes which II proposes 10 furnish,
al The voluntary option Of the public creditor, ISSUED
in leu Of the revenue and its certificates of deposit,
will be maintained At an equality with gold and SILVER,
every where. They are r~edeemab!e IN gold and silver
on demand, At the places OF issue. They are recciv.
able every where in payment Of Government dues
TIM Treasury notes are limited 10 m amount oil one.
fourth less than the estimated ANIMAL receipts of lie
Treasury and, in addition, they rest upon Tie faith q
the Government Tor their redemption. IL al! these q.
surances are not sufficient 10 make them available, then
The idea, as il seems TO me, Of furnishing 4 sound paprr
Medium of exchanges, may BE- entirely abandoned
II a fear he INDUCED that the Government may he
tempted 10 run into excess in lis issues, AT any future
il seems 10 me that no such apprehension can ra.
be entertained, until all confidence in The rep
rcsen,allyes Of the States and Of the people, As well
- Of The people themselves, shall BE- lost. The wriel,
liesi considerations Of policy require that the restraints
now proposed To be thrown around The measure,
should not, for light causes, be removed. 1" a.
que against any proposed plan, its liability 10 p"'
abuse, is 10 reject every eSped'eni, since ever!
HING dependen. on human action, IS liable To abns"
: Fifteen millions Of Treasury Notes may be issued
as the marimnm, but 4 discretionary power IS 10 b
gwen 10 the Board Of Control, under that sum, ana
every consideration will unite ~ leading them 10 lee!
their way with caution. For the eight first years ~
the existence of The late Bank Of the Jnltcd State.
It's circulation barely exceeded = ,000, 900; AMI f"r
five Of lis mos, prosperous years, II was about tgH4!
TO sit, 000, 0,D; furthermore, the authority gwen 70 -
ceipe private deposits 10 a limited amount, and To 'sste
certificates in such gums as may be called for by the d..
positors, may so far I'LL up the channels ofcircGlatton a.
greatly 10 diminish The necessity Of any considerable
issue of Treasury notes. a restraint upon the amount
Of private d. poslts has seemed 10 be lndispensably ne.
cessary, from an apprehension thongltio be wen found
ed, that III any emergency Of trade, confidence m'@htbr
so far shaken in the banks as TO induce I withdrawal
from them Of private deposits, with 4 view 70 ensure their
unique stionuble safety when deposited with the Govern.
ment, which might prove eminenily disastrous 10 the
State Banks. Is il objected tina, It's proposed to author.
ize the agencies 10 deal in Bills Of Exchange: It's IN
swered, that such dealings arc 10 be carried on al the
loves, possible premium-ure made 10 rest on an IN.
ouestionably sound basIs-are designed 10 reimburse
merely the expenses which would otherwise cc'oiNc
upon the Treasury, and are in strict snbordiaai'on y
the decision of The Supreme Court IN the case Of Nc
Bank Of Augusta ugains; Earle, and other reported
eases and thereby avoids all conflict with State ~
risdiction, whic. hold to be Indispensabiy requisite
1t leaves the banking privileges OF the States without
nteriercnce-look To the Treasury and The I nion,-
and while furnishing every facility 10 the first, -
careful of the interests of the last. But above all,
il is created BY law, is amendable by law, and - re-
pealable by law and welded as | ain 10 no theory,
but looking solely TO the advancement Of the public
rood, | shall be amongst the very first TO urge rs r.
peal, lift be found not To subscrye the purposes anu oh
iccts for which it may be created. Nor wall The plan
be submitted in any overweenlng confidence, IN tue SUI
iciency of my own Judgment, but with much greater
reliance on the wisdom and patriotism Of Congress.
cannot abandon this subject without urging upon you,
in the most emphatic manner, whatever may be your
action on The suggestions which have felt il 10 be my
duty to submit, 10 relieve the Chief Executive Mags'
trate by any and all constitutional means, from a con
trolling power over the public Treasury. II, IN ue
plan proposed, should you deem It worthy oil your con
sideration, thas separation IS not as complete as ycn
may desire, you viii, doubtless, amend it in that par
tic nlar. For myself, disculm all desire TO have any
control over the public moneys, other than what - IN
dispensably necessary, to execute the laws when -"
may pass.
debts which many Of the States OF the Union have con
tracted abroad, and under which they continue TO labor
That Indebtedness amounts 10 a sum not less than
5000 900, 600, and which has been %retrlbnted TO tle'n'
for the most part, in works OF internal improvement,
which are destined 10 prove of vast importance ~ u1li'
mately advancing their prosperity and wealth. fortdc
debts thus contracted, the States are alone Responsible
can do no more than express the belief that each state
will feel itself bound by every consideration OIL honof, -
well as Of interest, TO meet It's engagements with pune.
tuality. The failure, however, OF any one State 10 80
should in no degree affect the credit of the rest; and Tie
foreign capitalist will have no just cause 10 exper'enc"
alarm as To all other State stocks, because any one or
more Of the States may neglect TO provide with pune
tuaiity the means Of redeeming their engagement
Even such States, should there be any, considering III"
great rapidity with which their resources are developing
themselves, will no, fail 10 have the means, al no very
distant day, TO redeem their obligations TO the u'sermost
farthing nor viii doubt but that in view oil that
honorable conduct which has evermorc governed lhr
States, and the people Of thus Union, they viii each
and all resort 10 every legitimate e%xprdlent, before they
will iorego a faithful compliance with their obligations
From the report Of the Secretary of War, and other
reports accompanying il, you viii be iniormed OF "
progress which has been made in the Notifications d''
signed for the protection Of our principal cities, road
s,eads, and inland frontier, during the present itai
together with Their true state and condition. lh'y
Will be prosecuted TO completion with alIihe eSpedit'"n
which he means placed by Congress q, the disposal
Of the Executive VIII allow.
! recommend partic ,larlY to your consideration, t.'t
portion Of the Spcreiary's Report which proposes ~
establishment Of a cham of military posts, from 'on".
Gil Bluffs, to some point OIL the Pacific Ocean, VIII"
mr. limits. The benefit thereby destined 10 accrue ~