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

tr ;he,r redenp,ion" These Treasury notes then,
notes 10 be redeemed al the Treasury Of the T. States,
are IN reality 'bs Of credit Now there are certain
mowers in the Constitution which prohibited 10 the
States and Conferred the Federal Government; and
there are powers prohibited to The States and not con,
lerrcd on Congress, tie Government Of the U.
| States.
| Take examples
| No State shall coin money. Congress has power TO
com money.
| No State can enter into any treaty. The President
by and with tie advice and consent OF the Senate can
| make treaties.
| No Stale shall grant letters Of marque and rcpr:sa
Congress can grant letters o: marqne and renrisal
These are instances Of powers prohibited 10 the States
and expressly conferred on the Federal Government.
The following instances OF powers prohibited ia
the States and not conferred, and, therefore, not pos
sessed BY the Federal Government:
/ No State shall emit bulls of credit. Nor is the power
conferred on Congress 10 emit bills of credit, And are
not Treasury notes. resting upon the faith of the CO.
yernn,sn OF tie United States for redemption emitted
on the credit oil the United States; Congress may
borrow money the credit OF the United States--5ut
there is no authority employ the credit Of the United
States in issuing and UNFOLDING paper currency.
No State shall make any thing but gold and silver
coin tender III payment Of debts
Nor it contcnded b. any body believe, that Con-
cress can make aay thing but gold and silver coin a
! tender in payment Of debts
| And why did the trainers of the Constitution deny
10 the States the power Of coming money of emitting
bills Of credit, and Of making any thing but gold and
silver CON tender in payment ofdebts and why con-
ter Congress the exclusive power OF coming money,
and of regulating the value thereof, and OF foreign
cun and ofbear 10 confer the two latter powers proi
hricd 10 The States; Because they had scen, al TIE
close oil the Revolution, the evils OF the paper system,
and intended 10 repuaia,e IT, and make "a simple,
I hard money government" And with the OF giving
uniformity 10 lIs metallic and constitutional currency,
| they conferred on Congress the exclusive power oi
coming it, and regulating lis value.
I In addition 10 these Treasury notes. issued for CIR
cuating medium, TO which we positively object, tie
Presidents 'pan 81 finance 'cun,emplates the ISSUE
vi certificates 10 individual deposllors such
they may desire. For these certificates OF deposit, n
small price is be paid 10 the Government, and these,
contemplated by the plan, are 10 constitute portion
of the s'sound paper medium OF exchange to be sup
piled. Under wnct provision OF the Constitution tins
power is to be claimed, | cannot even conjecture. -
Congress have much authority to receive cotton or
tobacco sloehouse for safe keeping to grant certi-
cates therefor, aud TO receive small premiums for the
same they have to receive gold silver Gepose,
to grant certificates therefor, and to receive small pre-
NUNS for saie-ksepins. And why mol: Tobacco notes
were circulating medium III Virginia. And
suits could and be maintained, and Judgments
obtained bonds given for tobacco we'll as
| bonds given for money. But by what authority,
ask, can Congress build magazines ana vaults Tor
the purpose of receiving money tor safe keeping, and
for the insurance Of Safely receiving stipulated price,
or build warehouses, receive the products oil the soil
on deposit and for the insurance OF safe keeping,
ceive hsed compensation There constitutional
authority 70. eierlooking at The operation simply
bament Of goods with the Government by the ndi-
vdual citizens But when the plan proceeds step
further, aud in addition the charge for safe keeping
makes the certificates Of the bace part Of the
l,tng medium OF the countTy, 1t becomes Goubly
cor, tilul,onal. And if there was no constitutional OBJ
lection; the policy wisdom OF the plan could hardly
he justified OF inviting the citizens to withdraw specie
rir q
latnn of paper composed Of Government certificates
| Does Mr. Tyers "plan Of finance he asserts,
by wise regulations keep plainly apart from each
other private and public funds: Are not The private
and public funds placed common treasury: Do they
not Jointly, and common, furnish the basis of paper
currency When thus brought together n;o the treasury,
any eurinarks put on them, by which they can al
any time be distinguished and separated? Can The
dollar deposited by the individual citizen, be d,scrimi-
mated from the dollar collected from the cus,oms:-
Tie torm OF the evidence Of their being in The hands
oi the Government varies little. In one case, GER
tcate Of deposit given in tho other, Treasury notes
ATE issued But the MONIES are thrown into common
heap as fund tor the redemption OF both; and far
rs paper circulation is concerned, or its redemption
cured perfectly nmaerial whether certificates
Treasury be delivered out in lieu OF the monies put
lin Whv YOU might well tell mr. that metals, put in
n common crucibe for fusion, by different individuals,
are by vice regulations, kept plainly apart from each
other because each has certificate, varying only i'll
FORM she wing the amount which lie put in The amount
certified in each paper is TO be paid demand By the
Government
The limitation Of the amount OF individual dcposites
is uneanal unfair and unjust. Ii tie Government I'M
der,ascs receive deposit, for premium 10 be paid
the gold and silver OF individuals, then should lie alike
and al all times ready 10 receive the depositcs Of al the
citizens Of the l.. States otherwise, tie Government
stands in the predcamcnt OF receiving for safe keeping
the marcy 81 one citizen, aud refusing the same ac
COMMUNICATION to his fellow citizen. And tie
signed for tins limitation is wholly lndeienSble. "a
restraint upon the amount of private dcposites has
seemed to lie spcnsublp necessary frcm appre-
henscn thought to be well founded that, in any
gcncy al trade confidence might he so far shaken in
the Banks 10 induce withdrawal from them OF PR
vate deposites, with view to insure their nnqueston
able safety when deposited with the Government, which
might prove emincntly disastrous 10 the State Banks.
IL The Government then to receive from individual
citizens their gold and silver dcposite and to insure
their unqucsonabic safcy then ought in MI justice
and equality 10 become alike 10 all and without excep-
ton or Limitation, Bank OF Depose. And if the
son assigned be good for limitation or restraint on
individual deposes, it ought 10 operate with equal or
greater force against the reception OF any deposcs OF
gold and silver by individuals with the Government
II the policy be induce the withdrawal Of ndi-
yidua! deposes from the State Banks IN emergencies
Of trade when confidence III them is shaken, for the
purpose OF nsurng their unquestionabe safety then,
surely that policy best advanced By declining, on
the part of the Government OF the United States 10
receive any individual depcstes, and absainlDg alto
gether from Offering any nducement their with
drawal. Blu, such such policy
abide the test Of close and fair examination /; At
time when trade is III condition of emergcnt
unccrtainiy-when confidence i'll the State Banks is
. shaken, when the individual citizens doubt the safety
Of their depostes, amd desire to insure their unqucs
liomable srcnr.y with the General Government, which
has converted itself by Mr. Tyer's plan Of finance
into Bank Of deposl;,a tcpo, for the reception Of coin
on baimcnt, aud insurance Office, this is the very
time when This General Government refuses 10
S receive depostes from the citizens and 10 insure
their unquc,,onable security, except 10 limited
amount. And tins refusal md this limitation Of
I. amount, is based upon wish, unhlnshingy avow.
ed TO continue the deposi!cs OF the hard earnings Of
honest industry in institutions in which they are in
daily jeopardy Of devastation, insttulons which, by
their deIiuquencics and misconduct, have forfeited The
E public confidence. Yes; these rotten and unworthy
4 corporations 10 be preserved from nmncn, disaster
By The policy If Mr. Tyler plan, attempting indirectly
To secure them, Deposit portion Of the gold and