Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-12-10

ract;n, and overcoming IFS effects Between Tic Jea'
sS end 1888, additions were mace 10 DAMN e'Pa
b,n sspes in The form OF notes desiybeh Tor ceuia
ton n an extent enormously greet The question
seemed 10 be- not how the best currency couiu DC pro-
yded but in what manner the greatest ahcuh. u '"n
Manor could be put in circulation thus, VAST amount
Of what was called money-slnce, LOT the ''he pe"e
!, answered the purposes of money-was thrown upon
,ho nountrvan ever issue which was attended, as
necessary consequence by an eXravagant increase u
tho prces of ell articles of property, Tie spfeao OF
speculative mania all the country, ano mas ha'y
ended in general indebtedness on the part OF 9id's'
,d individuals the prostration of public and private
credit a depreciation in the market value OF 'ea'
and nersona estate and has left large districts Of couh
lrv almost entirely without any circulating Heo'u'
In view Of the fact that, in lSo the whole hank no'e
circulation within the United States amounted ~ oo
SGI 3o3 sGs according the Treasury statements ana
H., an ndd,;on had been made thereto Of the enormous
sum Of ss COO 900 in years, one circulation on
The FIRST January 1897 being stated at Sl4o leo o9ol
aided BY the great facilities afforded IN ootan'n9 loahS
from European capitalists, who were seized WIN me
same speculative mania which p'eVaeo IN the Ohi'eu
Sta,es-ond the large impor,atlons OF funds IRON
ah,od The result o. stock sales and oans-no one
can be surprised at the apparent tut nnsuostahtai
state of prosperity which every where p'eVaeo o'ei
the land while as little cause oil surprise sho"ia NC
elt at the present prostration oil every lhhs, au M
ruin which has betal!en so many oil our ieiio"
zsus in the sudden withdrawal from circulation oil so
arye an amount OF bank issues, since e3
as is believed the added to The paper currency
for similar period antecedent to lej'- ceases 10 ne
matter of establishment that such extensive shp"iech
should have been made of private tor unes, or tha'
difficulties should exist in meeting their engagements
on the part of the debtor States. Apart from WHICH,
if there be taken into account the immense losses
sustained in the dshonor of numerous banks, 10 less
matter of surorise that insolvency should have vise
many of fellow citizens, than that SO many shouo
have escaped the blightng influences oil the tunes
In the solemn conviction OF these truths, and WIN
an ardent desire to the pressing necessities oil Inc
country felt ii TO be my duty Ia cause u oe SUBMITTED
10 YOU the commencement oil yonr lae SESSION. lhe
p!an of an Exchequer the whole power and duty oil
maintaining which, in purity and yigor, was TO De ex
ercsed by The Representatives OF the People ana Inc
States and therefore, virtually by the people item
selves Ii was proposed 10 place IL under the control
and direction of Treasury Board TO consist OF three
Commissioners whose duty il should be 10 see that the
law of its creation was faithfully executed, and That The
Great end of supplying paper medium ofexchaage, nj
all times convertible into gold and silver should DC At
tanned The Board thus constituted, was gwen as
much permanency could be impaired 10 II, "hnou'
endan .erng the proper share Of responsibility ~hen
should attach 10 all public agents In "rder 70 isue "
t!:c advantages OF we'll mstured experience, The Com
mssiancrs we're 10 hold their Offices tor the respective
periods OF two, four, and six years, thereby securing
at all times in the agement of the Exchsquer, Inc
services of two of experience anu 10 pace t"en
in q condition to exercise perfect independence Of
should only take place for actual inraPac'y or nde
~ TO the trust and 10 &c followed By the President
with nm exposition Of the causes OF snch removal
should i, II proposed TO establish suoofo
nate boards in each of the States, under inc same re-
strictions and limitations Of the powe- oil removal
which, with the central board, should receive, safely
keep and dburse the public moneys and, ~ order 10
furnish soGnd paper medium OF exchange, Inc IN
chequer should retain OF the revenues OF The u'V-
rrnlnent sun no; exceed five millions OF dollars
L.
lions, and TO pay the public creditor 1t his own OPP
ton either in specie Treasury notes, OF demo-
limitations not less than five, no: eSceed'ng one
hundred dollars, which notes should he redeemed al
the evea places Of issue, and TO be receivable al all
times and everywhere in payment ct Government
dues-wiih restrain; upon such issue OF bs 'iat .he
same should not exceed the mo1imnm OF $io,oco,ooo
N order to guard against all the haz1Ids incident 10
fluctuations in trade, the Secretary oil The feasufy
was invested with authority to issue Sa,0oU,ooo OF
Government stock, should the same at any time
be regarded IS necessary, in order to place De
yond hazard the prompt redemption OF Inc Oils
which nigh; be thrown into circulation ihus, ~
fact making the Issue Of Sl3,GO0,OG0 Of Exch' quer
bills rest substantially Sl0,0o000o, and keeping
in circulation more than one and one hail Dol,
lars for every dollar in specie When TO TINS IS auoeo
that Tie bills not only every where rece'veaole m
Government dues, but that the Government iseH
would be bound for their ultimate redemption, 10 IA
tonal ouh can exist that the per which the Exche
cner would furnish, would readily enter the general
circulation and be maintained at all times at or above
par with gold and silver; thereby real zng The great
want ofhe age and fulfilling the wishes OF the feopie
In order 10 reimburse the Government the expenses oil
the plan j, was proposed 10 invest the EZcheGuer with
the limited authority deal in bills OF exchange, unless
prohibited by the State in which al agency might be su
aed having only thirty days and resting on lar
and bona fdc basis. The Legislative will on tins point
might be plainly announced, as to avoid all prele1tor
parali;y or tavori,sm 1t Furthermore proposed 10
invest this Treasury agent with authority TO receive on
depose, TO limited amount, the specie funds oil indqi
duals and to grant certificates therefor, 10 be redeemed
on presentations under the dea which is believed 10 be
we'll founded that such certificates would come III AID
of the EYchequer bills in supplying sale and ample
paper circulation Or, ifn place Of the contemplated
dealings in exchange, the Exchequer should he antho
rzed not only exchange its bills for actual depostes
ospecie but for specie its equivalents TO sell draits
charging therefor small but reasonable premium,
cannot donbt hut that the benefits Of the law would be
.needy manifested in the revival OF the credit, trade
and business ofthe whole country. Entertaining this
opinion, il becomes my duty to urge It's adoption upon
Congress- by reference TO the strongest considerations
OF The public interests with such alterations IN Us de-
tails as Congress may in its wisdom see Fl 10 make.
well aware that this proposed alteration and
amendment to the laws establishing tie Treasury De.
parment has encountered various objections and that
among others il has been proclaimed i Government
Bank of fearful and dangerous import. IL is proposed
to confer upon it extraordinary powers itpurpors
10 do no more tnan pay Inc ueots OF iHe oo'elHheHt
with the redee paper OF the Goycrnmeni-'n
which respect it accompshes precisely what the
Treasury does daily at this time, in issuing to the pub
lie creditors the Treasury notes which, under law, II
is authorized 10 issue II has no resemblance 10 an
ordinary bank, il furnishes TO profits 10 private
stockholders and lends piia TO individuals II !,
be objected to as Government Bank, and the obj c'"n
be ayailabe-then should all The laws IN relation 10
the Treasury be repealed, and the capacity of the
Government 10 collect what due 10 II, pay waa,
i. owes, be ab'oga,ed
This is the chief purpose Of the proposed Eschequer;
and surely if, in the accomplishment of purpose so
essential i, affords sound circulating medium 20 the
country and facilities to trade il should be regarded as
no slight recommendation of ii TO public consideration
Properly guarded b. the provisions Of law, il can run
into no dangerous evil can any abuse arse under
it bu. such as the Legislature itself will be answer.
able for if lie tolerated. s but the creature o!
the law and is susceptible a, all times of medication
amendment repeal, at the pleasure Of Congress.
know tina, has been objected that the system would be
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