Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-18

the for ready money &c, BE ii further enacted
That the Commissioners of the Treasury his Mars
tvs behalf may from time time, enter into any con-
tract for obglng any persons, bodies polite corpo-
rate, who Will voluntarily undertake this service 1t his
or her cost charges, circulate and exchange
at some public Office IN London Westminster, for
ready money, all such bills shall be demanded such
public Office during the time of such contract by pay
rng in ready money all such principal, SUM and in,e
rest, Nc
''sec. IA, -, IG, Il, Is, CONTAIN details)
''Sec. 10. Every E1chequer bill which shall be dis
charged and paid off, shall he cancelled and made void
"sec 20 declares tie repealabilty Of The = even
during the session al winch il was passed"
| Here, resumed Mr. b, is the original Of carhe
ques scheme here is the original OF which united
Administration has unanimously sent down a faith.
iul copy. In all that relates H. the eaclequer-s de
gm-operation-and mode Of action-thcy are one and
the thing idcntically the same. The design Of
both substitute Government credit for corporation
credit-to strike paper money ior the oi the Go.
vc!nment-to make ths paper currency as well a
Of raising loans IL up and h;Ge NATIONAL
drbt-to AVOID present taxes order increase them
hundred fold in tutureio throw the burthcns Of The
present day upon future day; and 10 load posefi;y
with our debts N addition 10 their The design .!
both i tie same, and the structure Of both The same
The English Board consists Of the Lord Treasurer
for the time beng, and three commissioners To be
apFpoIntcd by the hlng oCt board 10 consist OF the
Secretary Of the Treasury and The Treasurer for the
l'me neng, ana 'hrce commissioners to be appointed
| ~ 'hc iIeSi"eh' anu senate, Inc Ehglsh Board
IS TO superntend and direct the form and mode OF pre-
paring and issuing the e%cheqner bills board IS to
do the same by orr Treasury notes. The English bills
are 10 ne feceVabe III al payments 70 Tue pGnl'c; our
treasury notes are 70 he received ~ IKE manner III all
re"eFai payineh's', He I.Si'Sh oD1iu appoints pay
~ az" = ''.e'' " w W."
with officers ard clerks 10 assist them m tue work.
The English PaymastcrS are 70 give bonds, and Be sub
ret % sPeaoh' OFT u9eAts arc 10 - ana suoiHt ~
inc same me La-.sh e&c"cqel pis are IosefSe Tor
currency ana Tor ina, purpose Inc board may con
tract wt persons, bodies poc anc corporate, to take
and circulate them; our board IS TO do the same tim.
through It's agencies IN the States anu Territories The
ngsh eScheqner b'1is are 10 oe exchanged Tor ready
money ours are 70 DC exchanged III te same manner
In short the plans are tie same" one COPIED from the
o'her, Identical III design, ~ structure ana N mode OIL
operation IN! wherein M! o'ri Us tley % ~ some
detals) the advantage IS On the side OF the British
For example J. The British pay interest on their
oi!lS, anG aise the interest when necessary 70 sustain
them III Inc naIHet Ours are - pay no interest and
wil dcpfecate RON tHe cay iley issue = lie
british cancel ana destroy icT Bats when once PAD
We are to reissue ours ',c common bank notes, until
worn out with use. ) Inc Brush make no small
h'!is-none less man 1ioo Sterling, (r"u, we hcg'n
with hve dollars IKE the od 'on:'Hen'aIs and Ike
hen VIII soon Ne down y one dollar ana 70 smiling
T. The british Beard could issue no bl except as sPc
cially authorized, from time to lme by act Of Pr
lament ours IS 10 Keep out q perpetual issue 't III
teen millions thus creating perpetual dcDt to that
amount . Inc Bniish Board was 10 nave no Gep'.
site 81 Government st'cA ours are 70 nave deposte
81 i've millions, to be converted mo money "hen
needed, and 10 constitute another permanent debt 10
tia' amount. y lhc Bi!sh gave True tile 10 their
Eychealcr act: We give Is,r 10 ours. They
titled theirs ".la act teuiqag Messaing and Pay
iaY ~ Of Ercaequtr jaS. sc en,tlc ours, "a hill
onenGatoyy n tie ssrerat acts esiahtag lie Treasury
D,Pa5tmea" In these and = few other particulars The
two Exchequcrs differ bat IN III the essential features
-design--structura- pcra'ion-thcy arc the same
Having shown that our proposed ExcLcquer
copy ofiae British system, amd that we are having T.
course I" under lie same circumstances; That II both
countries Is transit from corporation credit deceased
folies and cxtravagancrs: having shown tins,
chrquer system has worked in England, that from it,
workings there, may judge d rs workings here.