Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-11-05

rency which wouI.i enable Governmen n, IL a.sa uni
.,rm and equal n!.aliin = IS lax iws Ifth;s cui.
Is, simple and innocent in Itself, with lis appu,
nant consequences rqaally simple and innocent, cau
l. made a:alabc in the production Of such i'm
p9ront results surely In, Considerations III favor e
comforting are we:sa,y vel! BE- ima@ined.
1t would seem 10 he mrans 10: only an.c-ss and
proper, ha' Indispensable the due execution o. pow
ers and duties expressly devolycd upon Government
aud The maintenance al rights expressly guaranteed 10
III. people The issue Of certificates Of deposit does
not seem to involve the exercise oil any distinct nds
pendent power. They are but the nppIrtenant conse.
quences-egitimate evidences Of the specie deposits
u transactions already performed and passed aud
winch Involve IN their nature tie exercise ii no dis.
c'cttonary authority susceptible Of abuse or corrup
ton. Their peculiar form would he a matter Of no
consequence, except in 50 far would be calculated
TO afford con:cnieaces 10 the holders, anil by coase-
lncnce 10 accomplish more eiec;na:ly the end 81 the
schene. 10 wit an increase IN the constitutional
der TO be retained and employed in The country to the
exclusion of an sgitimate, spurious, aud de,nora!z.
ing currency If there be such virtue any PARTON.
lar farm Of these certificates, of conrse such form
tnerc'pon, becomes matter OF serious import Now in
the present state Of the country reference its in.
terha trade geographical extent and the habits Of the
Ps"pe-thc result Of custom from generation to gene.
ration IN the Of bank paper-it s evidently true
mat particular form Of these certificates would con
uuce materially and principally 10 the successful
operation OF the scheme and final mplishmcnt
oil the great ends Of liz institution. A form adapted
/ 70 use as circulating medium would create a
demand i"r these certificates, for purposes OF dis.
iaht remittance and general circulation But his de-
maad c0nd aione be supplied Gg u corresponding in
crease IF he pc:e dcposiis upon which he certificates
would be ISSUED; and of specte deposits or
ut constitutional tender the end aimed at The fact
mat such virtue would exist IN particular form Of these
certificates would not affect inrins;caIIy the nature OF
The power exercised in issuing them That rower crit
cay considered would be nothing more .an tbs ora,.
IN" 10 the d'positor c tie cr%necs At has deposit And 10
rely upon the utility Of these certificates rrowin on; q,
their convenient adaptation 10 The oil circulating
medium and their truthful reprcse OF the deposit
as means Tor the reformation Of the curency-ur the
Of the constitutional standard Of yaluc-th
provision oi gold and silver tor the payment of
debts between man and man-the infusion Of lie ans
energy into ?rorisinnS o! the Constitution which might
otherwise become Obsolete and practically extinct and
finally, ~ enable the Government, under all
circumstances 10 discharge efficiently the duties de-
yoved by the Constitution upon il would te legili.
mate mode OF attaining these benefits, il is hulnby
conceived, as any other These great considerations
in their nature both political and moral, much in
ference TO which perhaps the Federal Government
established in reference any other with The cleat
and acknowledged adaptation OF the scheme in It's lead
ing features later TO accomplish the objects
view, the close relationship Of the scheme 10 the fiscal
functions Of Government and its strictly incidental
subordinate character without pretenson or power IL
do harn-all conspre It TO place both lis consii-
tu.lonality aud cXprdiency in very strong hgbt-to
make j; both The anchor oil hope TO the country and Of
support TO the Government |; requires, that Govern
m-n, should recognize currency nothing bu, gold and
silver COINS their in the form Of these
certificates which from It's own knowledge 4. knows 10
be truthful and genuine, and which under s own egs
laon have been made the lawful offspring and friendly
uAiarlcs instead Of competing aning"n,.is 10 those
colns. The receipt and OF those CONS and oi such
representatives BY the Government IS iantamonnt to "a
direct and posre adoption Of srch (thOsa coias as hi
tgciHSiEe medium of all its fiscal dtdtlRgy.
In lis establishment po@er Of regulating the pa
per crrrcnccs Of The States is asserted II under the
practical operations Of the scheme, the local Banks
shcmld be subjected to restrictive or regulating intu
cncc, would undoubtedly he the 10 very great
extent in the course ct lime, such regulating influence
would br the result vi The individual action Of the peo
pie in withdrawing The specie from their vaults with the
vcw Of converting nca! INTO national and micro! ,nto
better currency and not, by any neaas tc result :"
any action OF lie scheme per upon these Banks, was
formerly the ly the action Of til" [ ) Bank Such
influence could he regarded other liyhi, than
the happy consequences flowing from the use Of just
:,id righteous IL rurpor's 10 be "Currency
Agent for the PEOPLE. 1t is d "Curency Agent tor
both the Government, and the people But It is far
from being yGpfr "Cufrcn.y Agent, either for tie
Government The people, in the ordinary aceep,ation
or the term IL would be correctly described ia
The denomination of .Nr,aitte "Currcncy Agent, IN
asinnch as il would furnish currency combining al
the substance srilty, stability and security OF tie
precious metals with the only desirable quality OF pa
per metium-tat Of conye hieGcr and tins, too, with
the risks, dangers, ard instability that belong 10
paper money. It's foundation Is the adoption OF the
precions metals hasS dollar for dollaf. al ali the
certificates issued The furnishing OF such paper
- preventative cannot he regarded creation Of
paper money The purpose and effect Of paper money
syslems is 10 dispense with tie necessity and ni
he precious metals whereas, the purpose and effect
ofhe use Of these certificates as circulating medium,
will be 10 compel the employment, OF corresponding
quantity of those metals III the pnh.io repositories and
thus their retention ia the county. The specie
deposits will precede ne issue Of cercacs- gold and
. ,sl,vr VIII j ~ P'-'"'D III ''''' 'F'Fs'"
Nor vii! thu2 lie confouudng If individual pccu.
MARY Transactions with Governments pecuniary trans
actions. The entries ui the specie dcposes Of indt
yiduals, w'!i he kept in different get Of books from
those which keep The accounts OF taxes levied and dis
burscd bY Government. The mere local juxtaposton
Of the specie Of Individuals and the specie OF Govern
menl, will produce such commxtGre and con-
founding of funds and accounts, rs the discounts
Of proussory notes and bills Of exchange with
the money Of Government by Banks. The hazards
Of individual and Bank inscyencics and fraud, would
not bcse, the public money. Just penalties would
await the pecuiator and embezzler, either Of Tie
public funds or Of The individual deposltes In regard
the sggcs,ioas Of detail 10 the practical form the
scheme should nssuue thrown ont in the projet pub
shed in the hiadsonidn and Globe, no tenaciiy IS lett
Such improvements doubtless cUn!d be made upon them
would materially diminish expense and equally Sc
curc The great object Of safety IL is not impoia'e
that il would b. best to make The mn!s the nacens oil
the schrme. To compensate Gorernmfn 1T fur the es
rrnse TO be incurred III the Of stationery and en-
craving Of certificates, small ago or premium, moi
preceding perhaps e-iourh .. eighth Of one PER
cent should be charged upon the deposits. The ex.
prnse incurred in Tie extension q! liz fiscal agency by
Government so TO Tross for The aseping Of lndiv
dual trpaela, might be voluntarily dciragrl by Go
vernmeni in consideration Of the great benefits which
in all probability would from is OPERATIONS. 81
judcious arrangement Of details this expense might
he reduced TO ncaGsieraa!c item There -. too
slight modification Of he scheme which might be
maze 90 fur as he interests of Government con
ccracd, through the Intervention Of Treasury notes
which would afford Government cnnvsnences and ad
yan:ases that would prove ample remuneration Cor
lie little expense Incurred. THIS would III wise
touch or be connected with the 'airiu:! tePoses or
what might he dcnonihati lie certificate branch Of
the scheme GGt i. j. believed that surh modica
ion would ever be necessary and that the cnnsde:a'
,nn OF expense coud easily 5c provided 'o' under the
operations Of tic scheme.
Suppose That, owing to the higher value and credit