Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-12-15
.,,oxn Va, THURSDAY, DEC. Is. 1912,
IL rr.L.nuer Aratmc.

i oxD Va. THURSDAY, DEC. Is, 1912.
- The Errhtquer Sras'nc.
,,,..,,;,n has been pleased 10 devote nearly
! Ire "'" ,dpr The head Of ''IAe Richmond En-
,so 'o''I t Ty.hccucr. to our special ed'hca,ion.
4 art "'' mn, 10 complain OF the tone OF Tie ar,i
I W. ia" - Ibe very few remarks we saaii make oy
;'e~an0 " nc shall repudate all specuul and
vs. l: language We have no feelings TO indulge
s;'uL;,c, ri the Exchequer, or OF the comlDen
90 iae 90 ~. u,,l,sonan upon It, We know the whole
t"s' % c.a,c. to be one of the most complicated,
'i'sc - .,,s The attention of an American States
rH'e" enly very difficult per Set 6eing one,
Il El" H..u ~ the whole Banking system, IS the
VIE" yri,L the mos, distinguished economis OF
25H> an, i IS made difficult by the complex
h1'. ofnrr own lnstl'nt'ons "hn' power nave 'ne
.,rb sb Banks, 10 regulate the mixeo cur'eh'
safes 10 ,,,,a Government paper; What power
g. Z. .,,n,.d States We would enter then upon
h''s Us .es;,n with some feelings OF ioroeafance
'Ie' ,,roo, very wiling TO indulge IN mpas'
iaI ,r,,ion-and neither unnecessarily 10 give
~. 'as, the two c-eat problems to which We
j" F''o''."S us b,ye enc ray of light to guide our
| tons The States, so tar Us the o"cu S''..
!""'f a.,.J can exercise any power when IS MOI
s'e,ssn no the redcral Constitution The onleo
s on the contrary, hre limited to snch powers a'
ts, expressly granted, or are necessary ana essen
,,,-, them out Now, have The uniied states 'ne
-, - issue paper money-"a Government c''cu'
'nsd,n,n. call il what yen wi!i-or, have ihry Tue
"H- IL" =, N .he specie &C individuals, and give
~, - lisn ,hereo. paper money Tor inc use VI '"'
-; WE can see neither Of ,ae:e powers III XIX
y ,,,,,.r-nor are we satisfied hy he arguments o
L Mad ,oa,an-lhat any such powers may oe eAS'''"
W. ,se,; tia. Congress may pay Ms ceh's- OUT w
,,, ;bs, as an incident 10 this power " may '''
~, Treasury notes, without interest," ~ s'''a'
Iu An other Qualities intended 10 supply ""fe'"
mont .,psr money They may draw drafts upon .tS''
an iuuds. and pay their creditors m snch drafts
IA. ,h.v NAV issue Treasury nnics Win interest," te
erstl for their dues, or payable az suos'f"
r,s N specte) They may do this, 10 pay .he eieu'
80 or To- raise the necessary loans-but nos o' ''e Put
$500 If making pager money, like the Cohtihshtai n'"
t or,rn,sh general currency for the county ms
;ts cls.r distinction we draw II We mad time 10
H., 81, rho archives OF Congress, we could idrtiy our
s',,ns be several Reports and Debates, when were
s,.d on. ON various Treasury Note bills ihese
veut suffice 10 disp.ove most OF The gunenS
= the Nadsonaa Ba let US descend 10 The ce'ai's
Of iisarsamant;-
, gsI ,ealer. aud can compel lis creditor to take
n, -, vet II the creditor consents 10 take some
t:n, Use Which answers for him telter purpose Than
oo et s.ysr what there TO prevent such an agree
mon. t,cm beng carried into etiscu we have learned
"a -s.ard ias condition Of consent, with some it'e
srs,'e,ou Some months sEce, We were told, that
v,Hoo.p Bank lnInht be indirectly established by
inns through, = mother ba,k IN Washington, and
,y.b branches established IN the States with Asr
,,.sn, Aad now We are told, that Congress may
establish great ~ys;em of paper money! 'noiv'ouais
y i! consent to take u. Bat we hold 1t 10 be general
80, Congress can take no power, not gwen, by
., ,ifsr oflhe States or Individuals unless by tie
,,,. nj The States t. enlarge the Constitution 1t
,,y ,,,ue Treasury notes 10 be taken with the consent
.s r,ed tors: because Congress IS authorized to pay
IL det,. ana make l5ans-but not TO engrait upon
these the r,ea; substantive power OF making Govern
,oeD papet moGey, Of any form, and to any amount
The other eases put By the Ma6isonian, admit OF
.iaar solu.icu. Admitting that Congress might take,
for is duties tenth of every yard OF cloth imported,
sd pay over 10 their creditors; but would that transac-
ion Show th-i Congress may establish paper money
Admitting too hat Congress may take State Bank pa
YET, which the States may be authorized 10 sstaost'
4nd should propose 10 pay II over TO their creators
and ye, world !: follow that Congress would also have
lhr power ii establishing great paper money machine
o. is own; This may be very good logic al ashihs
ter bu; very apt to pass current IN ''rgnia.
The Madlsuuan asks US, whence Congress nave the
power issue Treasury notes bearing ntere ST. BECAUSE
salF There no grant IN t0t1dem rtTttS IN the on
,;al.on 10 do this Bu, there power TO make
onsfi,hcr by funded stocks OF Treasury notes, run
au. Tor time, and both bearing '.erest-Ne Know,
tina, "l'reasury notes have been issued under almost
al he administrations but not for the purpose OF m
Directly establishing great Government money paper,
limited 70 no amount, and susceptible Of any variety
Of form
RG: the Madisonan refers 10 the authority oil Mt
ys,i-fsoa-.ciarrm q rtntrdbie no1Htn' It's unneces
s-y for us 20 say that we consider Mr. Jefferson as OF
lsh,. authority than CHER; but yet we must re
poet tru as CHER than even Plato himself We were
nnil. with the passage to which the Madisonian
refers In December last, read the letter to Nr.
Eg2es n the I;h volume Of the CorresPondence)-
sn4 :ead i. wj,h more surprise than conviction And
sat bta mai e.
iia scntured 10 express the same opinions about
.la Ex::efGer, which has just provoked the CRIT
cisn OF The Madsonian In that letter. Mr.. Jefferson
Iiro.ss out tie scheme Of Treasury Bills, bearing
&, ii's SIX per cent. interest, &c, to supply "the
isd Of circulating medium" But this suggestion
"as 10; probably considered by Mr. Jefferson with
al the dap:h al elaboration, to which IL wa,
en,'ed. He does not examine it AT all, as a con.
sutcnal question The suggestion, indeed, was mace
raae' circumstances which were the least favorable
20 sound CELEBRATION II made under the pressure
81 war, which had unhinged oil our hnances-aho
when The Government was IN want OF resources, 10
defeat an eneny, who pressing upon our borders
Bot tie Madsohian asks US for our own Pryd.-
What nc is for" What species Of logic is this =
Because We could not furnish better plan, would
"rieo'e follow that this plan is agreeable TO the Con
'l1ior: Whether the powers Of the United states
t'e 10 be enlarged the banking powers OF The States
De restricted, by amendment To the CONSTITUTION
'cre the besiwoud it follow ,ha, this power is 10
tepuF!ed by The urtcd States; would IT not rather
'oN hat the powe. ought first to be asked, before II
.a>eXefcsed'
The Madisonan is displeased, that we have give
VIZ "ebs'era gentle trap over the knuckies Really
We o"e Mr. Webster no very grea. forbearnnce we
Aho%, whether he be tile author of tie scheme or not
lie deeply interested in it's success. In fact, d'a ne
mol intimate IN h Boston speech, that this is one OF the
sr'e, ot-c's, for The accomplishment OF which ne
%ood fenan in The Cabinet And TO speak our mind
rly, think il does snit his school better than Mr.
i!''Fs or ilr Jefiersons The aladisonIan will do us
NE justice 20 admit, that have no great disposition
10 carp ., i,r Tyler course HIS Administration ls mol
a.ogeIheS "afer our own heart" But, we cannot
io'-e, his I'etoes-and we will cheeruy support h''
measures whenever we can, consistently with our prn
eplrs
he iladisonian reads lesson upon the condition
ard prospects Of our party. 1--WE say To the Demo
crate fafy-tc,ror You are victorious aud triumph
an aecause the People have hata Wing majority
N Congress haze done nothing for their relief Folio"
!e N their footsteps, and the same People will arise
'nce re in The majesty Of their strength" We ough
perhaps thank the Madisonian for its warning. Blu
nearly twelve month, ago, and ling before our recen
n