Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-02-24

lsrJ
which by the debtor owing their present oep'ec's
value affords 10 HIM no adequate means Oh pay"e't'
What alone Congress can directly 90 III 'n's p.t
has done, by the passage oi a nan"'"p' '", ., ,ha
whether righfu or not ~ IT'S PROVISIONS ls' , 800
in,nlye nj debtor settle these deo,s WIN SUI" '
Of paymept as he possesses. For the res anu 30 M as
this Indebtedness general evil nhecnns tne WIZ
country .heren the patent must Wnisee l" "''"'e'.
The remedy, aud the only remedy Is ;,on,.s IF
nv and prudence, and return 10 proper p'i"ePes :"
trade. nv means of which, and with the 'hhitse anu
various productive resources OF the county 'u .e
productive energy of It's people, with no eA'ane"u
cause of war; or the like, To waste and e1haus' '"e'
the speedy return to our accustomed P'"'ps!'
"a certain as any thing in human affairs can ne
Il cannot, by any direct legislation, PfeSe"' u""'
exclusion OF credit in time or ain"nn', oVerraae' r
cuation, The excessive Importation ana c"hSu'"p. 49,,
foreign luxuries and the consequent excess Va 't
over ex ports and displacements oil com 10 pay WY
balances. What alone II can do IN thus respect
;sef sett;np an example oil integrity and tfugah'y !"
its own affairs, is to regulate ITS own ysr' VI a,
and finance SO as rate not To inlure 'ie uo" so
PRODUCTION Of the country, md, If 1t mays lncaena'y
10 foster impart,ay in all ills FORMS and d. equa JUS
tce to the rights and interests alike oi all paris VI W
Union -. H. "a;
Ito assume and pay the debts which Inc 'no.'
1;dna, States have contracted their own account
All that in this relation i, assume I" 90 II IuS VII"
Their rightfuy or n"i) done, by crong u" '',r Inv
annual nett proceeds nf the public lands Ut .,e ''
the peoule of the United States VII" are also tux Peo
nile Of The States have the remedy i this evi IN thef
own hands BY the regulation OF their own
and the imposition Of taxes to pay The interests" XIX"
public debts u. ;sI,
tnres 10 cease To authorize The suspension OF cash pay
ments by their banks prevent those oanKs from 10
suing bills Of credit accommodate the present "a"',
and postpone the final pay day ct ,no'v'a"s r,n
the States. Ii cannot BY ts own o'tecl ac, ts''.e
circulation their bills, the cur'ency"i VINO"
il the greatest evil Of The times But 1t can act on ~.
subiect.mat,er by the refusal To receive nr use
but coin or eouiyalent paper in ito -" oea'Ss, w
:, oe;ys pas o,ris oy exacIng payment OF them al
frequent specified periods. And IN Tue op'n'"h "
manv who are conversant with the SUBJECT, ana WHOSE
experience and judgment are entitled 10 cons'oefh.'u"
il can, 10 degree, remedy the disorders o' .'
currency by applying 10 legal or arthca pc fsohs '
same laws for The immediate distribution oi iDer asses
and discharge of their debts, winch apply 10 natural
persons. - =;
the bills of an incorporated j"ntstock nank OF Ptl'
vate ders for The constitutional opinions oil Tue
President Of considerable part oil the members NJ
the two Houses and of the people at iarge cohs'lue
at present an insuperabe impeachment to the incorPora
tion Of National Bank and fit could De incorporated
il would be impossible, and # possible, would aggravae
rather than tighten existing evils TO collect the stocA :"
such institution. i can, however, prov'ae y ma
tional paper currency OF adequate quah''y a"u % 's
ter quality, BY other means -.
II cannot equalize the exchanges throughout lne
country, so long the currency ct most paris OF
consists Of rredeemable bank bills IN various degrees
and selin is transacted in part OF the country ny
means Of specie values and in another by specie values
Most of the existing rate OF exchange between
parts Of The country is not The difference IN price oe
tween LEGAL coin in place. and legal com IN anothe
or of the cost of transporting 10 settle balances, bu
the difference between the price OF the com currency
and of the paper currency al the same pince- nr'
Congress cannot prevent But 1t may PROVIDE sait
end economical medium Of exchanges, correspondent
tie true value Of exchange regulated by Inc course
of business according 10 supply and demand IN spe
Gle medium Of payment.
I, cannot, by nuy act Of lis own whatever, proceed
Immediately to fill the channels of commerce win .
paper currency equal in rate Of value 10 gold and Sill
YER neither by means Of National Bank nor by any
fundamentally whatever. For the same reason 'ha'
in the market of deprecated paper currency con-
cannot be kept circulation, but becomes at once ar
article Of merchandise, and bought up as such ano
disappears Just will always be with specie value
paper currency alongside Of deprecated paper cur
Yency. Until State Governments cease TO autnot'zs
or sanction the issue of irredeemabe bank paper IN
given community, that community cannot have any
better currency. But the Federal Government car
adopt the means To furnish a paper currency oi pal
value be ready TO take the place OF ,he oePfeose
oaper currency, so that shall be driven o.
Withdrawn from circulation by the direct action OF I'M
4sRr hs Aps o.ndEsall raSeRr Fl u
To reach the to these questions, let conslde
the advantages and the disadvantages Of the plan
heretofore used in the fiscal business of the Treasury
Leaving out of the c.sc a dpbstabie constitutions
questions involved in il, and regarding It pfacica
matter only the considerations alleged in favor of Ma
tional Bank
]. It's convenience in the collection safe keeping
and disbursement of the revenue.
Its utility 10 certain degree) as an sgcn. Of eS
change.
g. It's being the means Of furnishing paper curren
ey to circulate in all paris of the United States.
4 It's instrume ntaty, by the prrodical settlement o
balances regulating the paper currency Of the States
s. Its being the of utilizing the public depo
sites by discounting on them.
On the other hand the practical objections TO it are
in substance
J. The peril to the public welfare of taking from TIT
Government itself, appointed b, the people, and RI
sponsibe to them, all this vast power the public
funds and the currency and exchanges and placing u
for long period Of years the hands of private
poraon and OF bank directors having interest Of their
own, and irresponsible and inaccessible TO the people
themselves
2. The chances Of Encouragement and corruption
the part Of such corporation, in the ratio OF It's
g. The possibility that it may itself make exces
sve issues or suspend payments in specie and nsteso
OF aiding regulate the Of the Staes become
itself the great cause of arrangement.
4. That It is part Of the proper business of the
Federal Government 10 carry directly indirectly
the business of discounting notes bulls otherwise
lending money, to furnish funds 10 BIZ So lent.
Concerning The adoption oil the State bank. us the
fiscal agents aud drpostnrles Of The Federal Govern
ment the main consideration for il IS
That if there be no National Bank, it is necessary
to employ the banks of the States, unless the GOVERN
ment chose TO discard all bank agency.
And the main considerations against it are
l. That the Federal Government ought not to be
dependent the legislation of the Stale Governments
for the of conducting the business Of the Trea
sury.
g The perpetual liability Of the State banks to excess
Of issues, and to suspension Of specie payments.
g. The difficulty of giving national unity Of action
to institutions which essentially local in their
and uses, and in their currency
~ ,h ..g HI nel.t. a,l
The system OF an Independent Treasury is recon.
mended
l. Because Of its independence of oil agency not the
Governments, and especially because Independent, Of
banks.
g Because it holds the public funds for the public
use only.