Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-12-25
,,o d,rrer from the adoption o

.,sxis,, unless the danger iou' '
oa!'a " be equally manifest. ~. r,od ourbt
'.s s!ssem ".,;c,l and important public gooa ous"s
?hp' ,,r 10 dangers OF doubtful oce", 49,.
.speTe wy -, ~ decree, if they should occur.
ntey 70 !" h. run whenever any thing '''p'i'" ~
SJTe ISL in re gard 10 revenue anu as,,n must
. st,smp i;,ess oil life: and the true ques'o" u
. n other her The danger oil loss be so clear a''a
sUsys &C. =, overbalance the evident ana cefu'n
;, grea', ;, "a 10 be borne in mind also, tha',
nsi;s a a r,easu,e has not profit to Gosel w." an
N: rtsei 80 revenue for its object, YET tna' .ns
.s.aeR'a., 40 rschequer are expected 10 ieSu's
s;i'hsvn of earnings; SO that, u 'rnnd
soes ".cnr. such earnings may nun .osn1cd will
,a'ui n'. ..d of Exchequer, it is to be presul' ~
The Beard Oh character, known TO the coun-
o'P assessing its confidence. I'D which over
~ and Po, ,ns,r duty to supernend ana wa'c over
..a''i w ,,osa who pay out and receive naoney
IL toal", dav. and TO demand from All sucn ~,
:aa %. Ids with responsible sure'es a"u ,s,"n, ~
Pa ny, also, to prescribe ana ;ah sh.u Ioow nei
,.lar ana PIN" ~ delay. At the principal Board
,hs; Hda assrcv The business of every day may De
,ai eaen 80, Subordinate officer called on 10 ac
,,d, sau before the day itself closes over
soln p he secretary OF the Treasury WIZ exercise
the bos,sndnr power, By the r'got OF caing -, o.
psi"raI and particular, as often Us ne pieases,
accounts, se"..a hsoIu,. authority Of Congress Will
A; nna". ,ho whole Congress will have crea'eo no
ss over will have conferred no privileges o, De-
te2''a'o" N The public; it will have granted no
nsa's h,s 10 individuals; 1t will nave paru,eu 49,.
sSed 10 ,owers, but its authority WI, remain
- p"d 70 supervise throughout OF 10 aoo.sn
the sysem a, all times accoto'Hs ;ns,;tnt;on
gs;os rus, may not be reposed IN ah
i e n".s i can only be because human oe'nso
thus ~ the objects of absolute confidence nor
ca Am ,lways adequate TO the Accomplishments "
snr1n sH'i ''"'
hat
il me olan Justly liable the objection 'oat II
W. unon Of the purse and the sword ~ sntI
s. Executive the custody or controi Oh VI. p n"h
N'"s Far otherwise The President cannot 'oueN
son.!. ,ha nnbl,c money by his own authority, nor
ssoia' ~ ~. 10y The Secretary OF the treasury
ea''Ee "s Joilar. nor change lis custody, except
eI'n'' ~ occasion OF the pubic service, a y
N-,' o;cal act Whoever shall come " tue i-Aene
;r money, must show the law OF Song's' ~. u.o
aas' ~ l., oomrs and no payment can DC mace ou' !"
Saon ~ Win such law. Until appropriations are
:onpla, ,he President will have no more authority
nas - o,he, individual in the country to take lar
,bnr from the Exchequer. N. .,ro-od from, ,be
The Executive power is conhned 10 It's P,opei
'..,,,o of executing the laws OF Congress- anu ...
b..rns its other high constitutional =. e
,nds will be IN their proper place, entirely DE-
fa',Ih each or control until Congress snail apPro-
YOU" hs 4, their destined purposes From that time
p''A ~ into the hands Of dishursing agents, as the
t. service may require protected sun oy oiiie'ai
fnsb,ty and adequate bonds, ana sun oeyonu any
t,a.1s,snce by the Executive power. In the h1cae
~ ,hs,aore the public treasures Will be saie-sae
.ranst the usua! CAUSES y WV
RIM Executive control. A.
o.. ,bs Eychequer is expected to do more than
,,.,slv 10 keep safely the public money.
l., scopd object IS 10 furnish Sounu paper circu-
,,.n in which debts to the Government may DC pau'
.d WHICH NAV also be useful TO the commerce ana sc
60 g.,
l business of the country. The hrst OF these iunc
~, !. purcly fiscal and the ins,rume ntaiity OF such
W. ps;nn, !, certain exiuences of the country,
.nsr ba come indispensable TO the exercise OF the
i: hest duties of Government
il % reasoning upon this subject as to come 10 any
PRACTICAL conclusions it necessary TO cohs'oer so
bn,s as settled and certain. Among these, one OF P
mary Importance is that paper circulation exists III
% ,i,v and that there is not the least probability
i lie ceasnp 10 exist The States possess the power
!, creating banks Of circulation; they exercise lh's
power: many of them derive not unimportant le'e
mes from It's exercise, and some OF them even nave
s,5l;shed banks, of which they are themselves pro
p,r,ors No can reasonably expect TO see 'he
t.y when they will relnquish this power, or reiraiI
t:om its exercise. .
In the next place, experience has confirmed The
ruth beyond the possibility Of doubt or question, tina
,,oer of State Banks cannot be Of universal Circulation
and credit there has been, and there not now
.ny one State bank whose notes pass readily from han
10 hand equivalent to specie, over all parts OF tn
country Many Of these local institutions ms perfectly
sound are we'll administered, and their credit in thei
ownaeigbborhood entirely good and unques,oned But
fen the very nature vi things their credit IS and mus
De local. only. 1t be universal The People ar
acquainted with the institutions of their own respectr
States, and generally understand the grounds OF tn
Gains Of such institutions TO confidence and resPec
They pay attention also to whatever established by tn
General Government, because they have an interest
,ielaws which tpasses but the People, that is 10 say
the great mass of productive carners OF one State
cannot, generally speaking, be acquainted with tn
noneyed institutions of other and distant States II
most cases, they do not even know such institutions b.
name How, then, can they give them their conhdenc'
We see they do not give il, even where II might b
NOS. safely bestowed They prefer the paper Of thei
own banks, though they know it TO be deprecated
to the paper Of other banks, because they have conf
dence in the institutions of their States, and be
they know the amount of depreciation IN the pa
per Of such banks wherea Of The value of note of
distant bank they are wholly ignorant But this know
ledge, which the great OF the community does no
possess brokers and money dealers do, and they
ssilfuy 10 their own advantage. A farmer OF Virgi
n. will hesitate 10 receive in payment New lor
He will prefer Virgin paper, although he know
not equivalent to specie, because he can form som
opinion Of its value, while Of the New York note h
snoxs nothing. But the holder Of the New York note
the time, is able to dispose OF 1t at the hrs bro
ssts office at large premium.
Every man in the habit Of observing what passe
aoand hin, must every day the existence of hi
tli;e Of things; and its inevitable consequence is, L
:h:ow the loss of depreciation the laborous and pro
d2ctive classes. Wherever bad paper, circulates, it
he Industrious and the Woodworking who suffer first
and suffer longest and suffer most But il is not in
tended pursue this part of the subject further than
Illustrate and confirm the TRUTH that no State bank
founded whatever capital administered by whateve
tsg.ee of fidelity and skill, can obtain that fama
cha,acer and that established and well-known credit
which shall give its bills circulation through all classes
10 any amounts, and in all parts Of the country.
Now, another most important truth, equally well set
lied by experience, is, that paper issued for crcua
Ion, under the authority with the sanction of tn
Government of the U. s., does acquire and retain thi
advantage of known and unquestloned character an
universal confidence. No matter whether the note o
OIL present itself in Maryland Missouri, Maine o
nsorsa, If II promise payment in specie, on demand
and that promise be supposed to be guaranteed by tn
Character and credit the Government it springs i'm
hst'a.ely to value equivalent to specie. The i'm
press Of the National Government, connected with tn
:aci Of lis immediate convertibility, stamps the pape
~ mark Of perfect and universal reliance, becaus
- he People in ali the States, alike interested il
'ae General Government, alike acquainted with il
proceedings and have like faith in paper 10 which
s'es rs sanction. We seem to be called upon, there
oe 10 on this subject with three important truth