Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-02-26

CITED causes. Ii Gamers no dscre; onary powers by
which paitiates may be INDUCED in behalf OF cyso-
nal or political favcrr. Whoever presents his specie
notes or bills Of exchange at maturity is entitled 10 hi.
specie and whoever presents his specie is entitled to the
PAPER which he sec's The rights Of every applicant
are defined BY law, and his Transactions IL lie accncy
arc OF The simplest charac The laws OF trade, and
not any experimenting boar public agent decide the
ancun, Of Gcpcscs bills # exchange and paper cur
rcncy. The wants and means o. individuals comlo,.
ING tic community vii best regulate The proportions o.
paper and specie the absence OF al! artificial restraint
and supervision OF the govcrrent. Another Important
consideration mhrh the committee .oul add 10 these
is that whilst the operations OF the Exchc9u'r
would tend promote The real interests of the sound
banks il would, al the same Time tend 10 DIVE INTO IL
quotation The unsound ones. Banking capital, which
has enormously Increased within few years ia>t
would be reduced. There would, eventually, only
enough remain the commercial and other hu-
sincss wants Of the country. The large surplus OF
ttal wc! sought investment III banks for tie cgori-
tan profits OF those nstiuons under an inflated and
unnatural state vi The currency would retire and per-
form the more legitimate office Of permanent loans
bond and mortgage 10 the agricultural nlercs, Of the
communitv One great evil which the country has tx
prrienccd has been from the withdrawal ii caj ai from
the farming interest 10 nves, It in banking OF eratcns
That interest from the very nature Of their business
ought not to be driven 10 bank accommodations They
should be able to command permanent instead Of tenn
VNdTy ludHS my SNslc'i, tHtAS'A''S NHNl
aid The retirement OF the srr lus banking capital would
greatly benefit the substantial producing classes of the
country
From what has been said, it will bc seen that the Ex
chequer will furnish uniform currency and eecualiy
cqualize exchanges |, has discounng power, like
that of the late Bank Of the United States: power
which was the principal source of all the difficulties and
of the subsequent disasters Of that ins uon. In or
Ter 10 make dividends, it necessary 10 employ It's
enormous capital in the shape a discounts. The great
portion nfthose discounts net based upon legitimate
business paper Taey were long loans stock looms ac
commoJalion loans permanent loans And ono reason
or this was that within the sphere the operations of
the hank, there was nor enough of legitimate business
parcr 10 employ its capital There was, therefore
kind Of necessity of employing it otherwise; and that
apparent necessity the otherwise disastrous state Of
the times has led 10 lis final overthrow.
The Exchequcr will possess alt the benefits of Bank
OF he United States without IFS attendant evils 1t is
powerful to do good, hut powcrless 10 do harm. The
immediate effect Of he adoption OF the measure will be,
once more t, restore the confidence of the country That
confidence is every where impaired impaired in in
dvduas it is impaired in hanks It is impaired i'll our
State Governments, and even shaken in the General
Government. The People require some action on the
par, of Congress which shall re.torc it, That can only
he done by the adoption of system like the proposed
system which in its leading Gestures is perfectly unas
sal able twill lay The foundation Of public confidence
80 bread ard so dsep that j, cannot ba shaken That