Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-11

wopld sanction the exercise the part or tie Gene
raj Government orany control over the private business
or money transactions OF Individuals is Suggestions,
,rd those OF the bill NOW under consideration, dbl
fercd widely inLeed. This bill proposes that Govern
ment shall! furnish the IT, S. with paper currency
He denounced anr scheme for issuing Government
,,per currency. This proposes that The Government
Shall deal in private exchanges. lie dscaimed any
power TO apply the public money to any such use Strip
,bs bin of its exchange clause, and Of the clause au-
thorzing nm of paper currency, and what would
il be but what most gentlemen present would agree to
accent, as far as it went, proposition TO the
constitutional powers TO safely keep and sburse the
revenues of the Government
1t was also said that this plan originated in report
from the Treasury Department in 1857. There not
Tho sluhirst resemblance between the suggestions OF
that report and the propositions Of this So far
from ctioung the idea OF the Government dealing
Exchanges that report repudateS, IN the most express
and uneuuyocal terms, any application Of the public
funds 10 other purposes than those OF the Government
itself And with respect TO currency, the idea that any
species of currency should be created even as Treasury
notes. BY the General Government no, based, dollar Tor
dollar gold and silver, never was ntended nor could
il be deduced from that report
1t was also asserted that the main principles OF tins
plan were shadowed forth by distinguished Senator
from S. Carolina, Mr. Calhoun in 1869. But II
was not pretended that that distinguished Senator had
then said any thing in favor OF currency not based on
specie or the right of The General Government 10 deal
would, doubt, at the proper time, give ms views on
currency, and what he then and now thought on
the subject. He, MIR. W. would not, at this time, enter
upon discussion of any thing but The report and The
bill under consideration. And IN relation to these,
was said at the outset By his friend from Pennsylvania
Mr.. Buchanan and what he said was concurred in by
others who followed in debate that this get vas no
thing but great Government Bank, supplied with
By the Government, and controlled by the Co.
vernnent. 50 far from questioning the definitions
nrI,a ,ar th.
views expressed by those Senators TO the banking
features of the But, at the time that
he conceded this he felt bound to say that lie should
be deferred from adopting any sound and constitu
tonal plan for the receiving safe keeping and dsburs
ing of the public money, merely because it had attach
ed 10 il the oil i Bank any more than he would
if il was designated By another
The b, proposed, first system for keeping the pub
lie money. II next proposed system Of exchanges;
and Eext to create public paper currency. Blu, IN
der all this there is fourth system, concealed and
kept Of view but no less part of the whole plan
system of borrowing money-a system by which the
proposed Board Of Exchequcr can effect loan Of ten
millions i'll the FIRST instance BY an issue OF Treasury
notes and five millions afterwards BY an issue Of scrip.
SO that, fact, there III this PROJECT an assumed
power TO keep and disburse the public money-to
deal in private exchanges with that public money
10 receive and keep private money on deposlte, or
having received IL and owing II 10 individuals, 10 -.
sue three times its amount paper currency; and,
the fourth place, TO borrow fifteen millions OF dol
lars Here, then, four colossal powers With re-
gard to the first although he might have differed from
some of his friends in 1887, It what he conceived
good grounds, and those grounds he favor OF
separating The power OF the custody of the public money
from any possible connection with the currency OF the
country lie then and he still remained, favor
Of plan indsputaby constitutional and safe from con-
tact with The currency-t OF an Independent lrea
sury. And had the Of lS37 been confined to those
legitimate functions il would stand the statute
hank lpu Rut hlp and raised
it, and il made unpopular that it was repealed,
Of the very features TO which he had at first
objected.
Now as far the mere receiving, safe keeping and |
dsbursing Of the public money goes the plan under
consideration is in accordance with the Independent
Treasury system, which the gentlemen, who have the
majority III Congress, repealed last session-he would
not say whether wisely or not lie had the same
faith in that plan now, he had in l-31 and he be-
lieved it the only and safe system that could
he devised. lie regretted It's repeal al al and particu-
lary that repealed without enactIng some law
equally constitutional substitute. lie could not
hope, lie feared that the act repealed last session
would be reinSatcd on the statute book. He opposed
lis repeal then, because he knew that ought not 10
he repealed without a constitutional substitute was
ready TO take its place.
A false issue had been got up the pretcnce that
The various interests Of the industrious classes of the
community were affected By the manner of keeping
and disbursing the public money. 1T is merely poll
teal question. The manner OF keeping the public mo-
ney has nothing 10 do with the agricultural interest," or
the manufacturing interest of the country except ~
the relation which the whole community bears to the
faithful exercise Of trust given to the General Go
yernment. He was in favor Of doing something, as
suggested by the Senator from Rhode lsand-of IT.
ranging, If be agreed upon, those provisions OF
the proposed bill the great principles OF the act OF
1889 Not because he believed that under that act the
Executive, any time, or even now, could take a
dollar out of the Treasury not appropriated by Law;
for lie considered that this thing Of The union Of
the purse and The sword which was dwe upon so uni.
versny By political orators was merely theoretical and
not practical. No President can extract dollar, or
even the value Of pin from the Treasury, without
legal authority 10 do IT, II was not the mere custody oil
the money that constituted the real union OF the purse
and the sword; it the power of the Executive over
the appointments and removals OF bank directors, hav
ing possession Of tine public money-and the act OF
$50 gave such power to the Executive; but the bill
before the Senate certainly did lie had no belief that
the committee 10 whom this bill might be referred
would recommend enactment of the law of 1886
And he could not help regarding the proposition to Gre
ate Board of ESchequer, with from one to two hun
ded officers and having agencies IN every State, as an
alarming increase 0! the Government patronage. II
any plan could be reported back from the committee
as simple as The plan Of 1886, and free from lis imper
fections it would be desirable; but lie would prefer
| restoration of the Independent Treasury. These
things perhaps, were hardly TO be expected from the
committee; and therefore he anticipated no result IRON
The report which may be made. The gentlemen on the
opposte side no doubt tously, believed Bank
Of The IT, s. constitutional He and his friends be-
lievcd it was not. The gentlemen opposite had no
scrupes doubt OF the constitntlonaIity OF indie
pendent Treasury. He and his friends stood by 1t rs
the only constitutional measure for the fiscal operations
of the Government Nosacrfce of conscientious scru
pies was required from the other side to adopt that
sure but nsuperabe objections existed the part OF
himself and his friends National Bank. 1t evi
dent, therefore, that concession should come from the
opposite side, because nothing would be sacrificed BY
il, The Senator from Rhode Island MIR. Simmons
had inferred from the clause in the Constitution giving
power to the General Government 10 regulate com.
merce that it included the power to regulate exchanges
and currency This, he (Mr W. denied. He denied
that any such princple had ever been acted upon oy
oven the most despotc Governments of the old world
And as long the project submitted to Congress con-
tans this feature of assuming power in the Govern
ment TO deal in private exchanges he feared nothing
could be done IL was proposition SO utterly uncon-
suonal that il could not receive, under any modii-