Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-06-18

aaa oeeh more In once tired. But he referred gen
| ,emeh 70 me decision gwen IN 1872 Had there ever
been popular issue clearly and distinctly tried
and had the friends Of Bank dared TO nut il forth ne
party measure from that day 10 this: lie knew that
now and then isolated ndiv, had openly declared
her preference Tor such measure, but the party as
party, had iorborne present IL before the puhlic
eye, and had avowed that before DOM So hey should
wait TIL the popular opinion had had time to change
TOW had II been in regard 10 the State Bank system:
/ Ina, Question had never been submitted 20 the Peo-
PIE But the failure OF the banks in 1857 rendering
nome legislative action Indispensable, tie issue had
been made up between Sub.Treasurv and a National
Eank aud the People had decided IN favor of III. for
iler and against the latter.
And how had parties stood since in reference 10 the
Bank: The friends Of that institution had been few
indeed, whether in the halls Of the Houses of Con-
gross or throughout the several States Then rs the
j resident IN his Message had truly and manully SAID
all three Of the great fiscal systems Of the country had
n"en condemned by the People and, if So could il be
sad That the necessliywas laid upon the Senate in
obedience to the popular voice 10 sweep away one Of
these systems and 10 put in its place one or other Of
those remaining, each Of which had been equally repu-
dated and condemned: But no lie ought not 10 have
saiu f3uaiiy rcPudiatcd and condemned for that was
not the case The country had been during forts years
i uncer Bank of the United States. OF this period
inc hrst twenty years expired IN -l when tie people
pronounced their verdict against the proprety Of
extending lis charter In 1872 four wears hator.
| the expiration Of the charter Of tine second Bank
that mammoth cano 10 Congress aud demanded q
renewal. Congress voted 70 allow il. The Prcsi-
dent put his veto the decision and on that veto
! the question went down 10 the people, and was h.
them distinctly adudged against the Bank. M. lad
Mr. w until last November, heard that the par-
~ in favor Of the Bank, vcnurcd to throw II for
ward Al an election Under tins Of circumstances
/; would surely that there existed imperiols
necessity 10 destroy the Sub casury IN order IL make
room for Bank. II the ground seas not wanted for
the erection Of new building, where the necessity
4 Tor such violent haste kuug tllp
structure.
But destroyed il was to be, although, as an expert
mcnt, II was almost unrled, having been adopted hut
eleven months ago. What lis prominent features
and what lis tendencies in reference 10 the Sfea, ques
lions now in agitation in the country, when compared
with those of lis substitute, National Bank !; What
sart Of currency that which the Independent
Treasury law provided, would, when is acton
should be perfected, provide for the country i.
was currency Of gold and silver, the only currency
known 10 I'll Constitution currency Of inherent
intrinsic value currency not exposed TO contraction
or expansion at the will Of any private association u
men currency whose value dad no sillr rise Or
depreciation but BY the fixed and general laws Of trad.
currency which the standard OF value for the
world, and which governed only hy those laws
which govern the trade Of the world. VIVA; currency,
on the other hand, would Bank Of the Y 5. establish
currency OF paper, the manufacture of the Bank IT.
self; currency which 1t could manufacture al plea
sure; currency OF no intrinsic value Whatever
rcncy which the representative Of money;
currency susceptible Of and depression, Of pan
sion and contraction, at the pleasure Of Government,
and according 70 the interests OF the stockholders;
currency not subject 10 the laws Of trade alone but 10
the interests and caprces OF all vino concerned
in issuing it Which Of these two descriptions Of cur
rcncy ough. Congress, setting aside the question Of
constitutional power and duty to prefer promoting
the permanent interests Of great and growing
try; The currency introduced BY the Independent
Treasury was stable and Interchangeable the
tional standard of weights and measures The power
to establish It given IN the same clause OF the
Constitution which gave to Congress the power 70
,ablish uniform standard Of weights and measures
The one was rs equal as stable, and as uniform as The
other. Itrested on the arm of Government alone, and
not upon the luctuatlng interests OF set Of private
stockholders
Another grsa, interest Of the country incident.
ally affected BY the question before the Senate
He referred that Of public debt. This was a
ter which in ,her talk here and elsewhere they
a! wont t. escsaw one .! the greatest national
evils, and thing ever 10 be avoided II T. avoid II
possible. Now what were all the natural tendencies
Of the Independent Treasury system; What must
they Of necessity be i'll reference 10 the contraction OF
permanent national dett' They must from necessity
be against such measure. The public officers
neced with such an institution had possible ntc
rest the existence Of public debt large, It would
become unwieldly in its management, and none OF
their transactions we're such 10 render desirable.
How was il in reference to the people: II must fell
upon them in an increased burden. There nothing
to favor such debt and every thing repugnant 10 lis
creation and continuance Bat how did this question
stand in regard to National Bank There was no one
thing that The nation could do which essential
10 the existence, the profits the security, and the
troll of such Bank the contraction Of a national
d.bt. Through the creation Of such debt, III Mr..
w q opinion, and through il alone, could National
Bank be sustained for any considerable time IN this
country When the Bank became the fiscal agent Of
the Government, and the Government owed a great
foreign debt, the Bank could no, be shaken oil by tt
Public stock Indispensable 10 the INK as means
of foreign remittance, and il returned from necessity III
the precious metals The paper Of the Bank could not
30 out of country, but the paper Of the Government
could and would. Through such debt National
BAN; was able 10 control the national credit aud
,hronrh the national credit i able 10 control the
Government itself Every impulse of such an nstitn-
ton q vorcd the and continuance of large and
permanent public debt.
Again the independent Treasury-and this sir.
v. .as considered as Of It's highest merits-was
directly opposed all taxation any form.
ANY accumulation Of taxes beyond the wants Of the
Government an abuse uf trust injured Tire
and the injury would be promptly felt
and rcdressed. There never conG be any dancer
Of surplus revenue under such institution. On
The contrary, its existence Of the most power
ful checks which could be conceived TO all such
Bu, how it with bank Tho
bank the government depository aHda ,agSeh
was the use Of the Government money surplus re-
venue was therefore among the very first ot rs desires
Every dollar Of such surplus was permanent de-
pnse and vert 10 sustain permanent oank'nS ihsu-
tu,ion This must Of course be lis natural tendency
The head Of such institution knew iu!i as wen as
the Secretary Of the Treasury when there vas to be
surplus Of revenue in has hands IL was ms constant
endeavor to make capital for the bank ~th the m'nFy
of the People aud for such as had lately ocen as
closed to The public view; not for the far purposes Of
trade and commerce. but for those OF MAD speculation,
for controlling State legislation, II not Congressional
legislation, for welding the press and coF'uPlng ,ne
ba i Woad gentlemen take money from 'ne
pockets Of The People tor The purpose Of carving On
- n s,itn,ion Ike this: Mr.. " would not say mat
smcb woulI he the course OF bank II no" created but
Ls,a,v ,d him that such had been the course OF other
banks, and declared that snen were ,ne na;Se
Er-,hsr The Independent Treasury system had
,ean and was from nature and necessity, regulator
"- credit and a res,rant upon III excess Cs'ng no
o..dt rsvIl'-conent.ng itself with holding out to
~, banker the merchant, the broker, the business man
n every description, tue and stable standard OF
y,lne-it stood IN the community as guaser and
70 thar frtIn and