Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-04

Ee.~s o. >e--.c.-. s.e4 -
,sSs: 49,
RICHMOND. TUESDAY, JANUARY l, 1912.
The Orler If the Day.
On returning TO the post Of duty find our table
covered with the speculaons of the newspapers end
the proceedings of the Senate, upon the Fiscal agent
Both parties appear have waited for the Bill and the
report of the Secretary Of the Treasry-and both par
ties are now rapidly defining their position. As far as
we are advised, 1t seems To receive the support al no
party. Some of the Wing politicians decided in
their opposition, as the Democrats are. The hide.
pendent (Ar. Clay press at Washington, the New
York Courier (of Mr.. Webb,) and the American (of
Mr. king,) out against it, The Courier pronounces
it to be San Ultra Federal and Alonarchca bill, tlch
us Alexander Hamilton dared not recommo nd. The
New York American ssrepeats, now That its details
before us what on the appearance {" the message, we
said of the sketchthat II Is most powerful ins,ru
ment-the most powerful ever yet proposed 10 be put
INTO the hands OF any Government. 1t places a the
disposition of men appointed hy the Executive and his
Secretary Of the Treasury, important control
the business ofExchanges, and circulation of the whole
country II adds greatly 10 the patronage nj the Fede
raj Government, aud ncaculably TO lis power the
industry othe people. Ii IS, in short the most perfect
| union yet devlsedso il strikes us-ot the parse and
sword and the passage in the Report accompanying the
bil-iprcsscd that Report in every line with the
mind OF Mr. Wchster-whch seeks 10 establish that II
is separation and not junction oi the purse and the
sword seems 10 most ialacious and inconcusre."
We shall present TO readers hereafter, Of
the most important extracts from the Republican Press
all Of whom seem, without exception, to III Ike war
upon the Fiscal Agent Far tie present. we ~ before
chanan and Calhoun Wednesday and Of Mr. Alangum
our readers the very decided speeches of Messrs Blu
on Thursday Nothing can be stronger than The op-
posi,iou of these three Senators The latter "a Wing
Senator from North Carolna declares openly ihat che
would ncomparably rather adopt the Subj -casury
than this monstrous Juggefnaut whose murdsrous
would make lis way the necks Of PROSTATE pco
pie.
The Projct seems indeed TO find little favor with any
party. Mr.. Clay Clique will not greatly Ike il; be-
they want ont and out old fashioned chartered
Bank.-Somc few OF the Wing p.lcrs were willing 10
accept it, because they expected 10 enlarge lis
The Democratic party reject IL because they regarded
il rs Government Bank, in fact, though no, III name.
The only CLIQUE, who wiling 10 cling IT,
are Messrs R,ves, railmadee, &C. who act from mixed
motives, occupy anamouus position, and really
not to know what IL doiet even they pleased 10
object TO of lis eaturcs-Ihey would strip il of
lis Exchange power-and hope, after due con- ation
10 be able 10 HEX the cuh into plausbS shape
They wi,l find Il difficult. enough peseryr any but
two of lis fca,nres.-1he rest too obnoxious 10
The strongest objections 10 20 down with The people
Such the CONVICTIONS with which We returned 10
our post. We calmly waited tor the Secrciarys Plan
We carried it into retirement imparully viewed
the whole project and returned with the following i'm
pressions we merely indicate these propositions to-
day. We shall develupe them more particularly here
after)
ls, We law down as broad principle, that the Fe-
deral Government has authority under thS sCons
tuition 10 regulate the currency or exciav ges by
means oil paper money. The power was pro-
posed to be given in the Federal Convention 10 allow
them TO issue bills Of credit, and It was refused What
definition may be ven 10 bill OF credit, all Will
agree that n Government paper as circulating me-
diam for the people will under that designation
Cd That it is not therefore competent for III" Federal
Government to issue Treasury Notes (to the amount Of
10 mons) for the purpose Of furnishing circulating
Medium for the people.
Sd That the Exchange feature is utterly nadmis
si5le
This power calculated to increase the patronage Of
the Government, and dangerously 10 expand the IRE
III system Ii loans on, the public monies favored
individuals who IL their kites. the oftcner, because
the fight Of each is sho''r. II would IN othc! words
generate The old system ii the dr"wi" and reda'r'n"
m the Scotch banks, well exposed b. Adam smith
The wonder is, how Mr. Tyler should sanction this
dscounting on bills OF exchange, alter having rePud
ated il in his last Veto
An The Dcposite ira,ure and certificates of depo.
site 10 the Of another 10 millions liable 10
objections, if it likely 10 be much used But
would il: \ man who has specie 10 pay for II, could
buy coed private br!l !or northumberland would he
bc y Hing lend III, specie 10 Government for lis own
certificate, @en lie could get interest or profit by
The transmu:ation.
: 9TH 1t s as Correspondent writes The Goth
Deccnber.) "a Government Bank, 10 all intcnts and
purposes Ii would discount bills issue paper cnr-
rency and receive deposlies The money of the peo-
pie would he loaned out 10 iayorites, 1t by the
Pct Banks.
6,h lis complicated machinery Of Commissioners al
Washington aud tf,pe agencies in all the States is
aarmngly calculated enlarge the patronage Ct the
Executive. s'lerc (says Mr.. Buchanan) five
commissioners 10 he appointed at Washington, with
t.ttvtwo subordinate agencies all over the country,
each requiring The additional appointment OF three
principal officers, say nothing Of subordnates Here
corps Of o:cers Of at least two hundred indyldu-
ais presenting two hundred places very convenient m
deed for the friends OF any administration which might
desire to secure aud 10 reward their services. Mr. B
here again protested that a. intended personal re-
Fiction the present Chief Magistrate in the esnar ks
lac now made He did entertain the remoest fear
that President Tyler would abuse his trust Pnb-
lie liberty not in the least danger IRON him. Mr.
B. governed entirely in the ground he now took
BY general principles of policy, and not BY the slightest
possible disrcsfect TO the present Chief Magistrate
Most Of these TEXTURES not ca!culaed TO assist the
financial operations Of the Treasury, the only iegiti-
mate purposes which th" Constitution PERMITS. But
does The scheme contribute 10 keep safe the pup
lie treasure ITSELF when !, exposes II 10 80 many hands
and when the public is liable TO lose upon )" many
bills Of Exchange, from the vicisstudes OF commerce
and when it would haze 10 insure the So. &c on de-
p"siic;
OF this gigantic scheme, then, what remains Of us
legitimate features: Tso only, rs far as " can see
Isl The right Of Ike fiscal unc.ionaries Of tie Govern
men, to draw bills its funds, from p nj 10 pom"
where the funds are actually deposited, oT 'e payment
OF credtors-and I'd The issuing .! Treasury Notes,
~ they have been recently issued, not Ter ne purpose
Of creating circulating medium, bit rs nno'hs torn
of Jorroo,ng noney-a FORM that may 'se bet"r man
loans upon public stocks because coninn the morfy
to the country instead of sending the interest in specie
funds abroad-and because they rcdr"abi' aud the
debt paid, whenever thu Government = IN possession
Of funds, instead Of owing public debt oh s.ocks
running for 10 or ID years. n
In fine, our true policy seems 10 be th's lst dASn
the pu5itc e5pend;tures, as lo,y as possible. len
with the millions of the Postmaster aicncr pr Pill
Eoads-and let us beware of the magnificent n oil
the Secretary Of the Navywho would come NY
half as large as that of Great Britain, and W begin
with an aunnal expense Of smillons Unsteady 70 or =;
and BADLY lie, US throw hack into the alefa Irea'
sury the proceeds Of the sales of the Public .ands
After these two measures have been afp!rd, then,
there be any deficit, let rs resort TO IFea