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

L.
s,on, VIZ i. BY the bills of the State Banks: 9 B,
mentP '"e "o'es u TIE oo'e'
IN uecd,ng for the second of these means. ratb
49,. .'e 'n'u, the Secretary Of the Treasury put
decision simply on the point, that there was no lad
quate motive" that is, no Government eY;oencv
'he use OF It's credit the basis of circul
No", expressly asserting, at the same time the pow
" t"e uocnnment "to supply and maintain pap
medium OF Exchange"
ms bank, them like its predecessor, furnishedsa n
psa ,en.y decinred by law to be receivable IN
paJ a. 'ne treasury; it was made the fiscal age
a1 Tue dePosory of the Treasury; and il absorbed
us caPi.ai portion of the public debt; since of Il
lhlfy'hVe millions of dollars constitutpg its stoc
o"'y seven millions were required 10 be in specie III
remaining tweny.one millions of private suLscripto
beng authorised be received in stock az also the
yer 'hhhohs TO be subscribed by the Government
!i-'rther regulation Of the currency at the San
sessio OF ton9feAs hs f,,ur or resUIt
ton, passed on the 30th of April 1916 was provide
that all duties taxes, debts sums of money, accrl
ing or becoming payable to the United States shall b
collected and paid in nothing but the legal currency
the Unec States, or Treasury notes, or notes of tn
United Sites Bank, or The Of banks payable an
paid on demand in the legal currency of the Unite
States.
And blythe combined action of the Government. III
United Shtes Bank, and other causes, the bank cur
rency OF tie country was brought back 10 specie stand
ard.
On interpolation of the legal term of the charter
this Bank in 1876, "a bill for It's recharler having bee
vetoed By President Jackson, and the public deposite
withdraw from it the business of The Treasury wa
agnIn transferred to the banks Of The States and trans
acted byhem, at first under the general authority o
the act establishing the Treasury Department, and af
terwnrd according TO The more specific provisions o
the act Congress passed the 23d june 1886 to regu
late lhedeposites Of the public money
unds lie system thus organized, the public revenue
on hard was deposited in selected banks, TO be dis
counted on BY them, with various regulations of sccu
rity lie public funds transferred by their apen
cy; thur notes were received md paid in the deal
ings o. the Treasury; and they were relied on 10 con
duct he exchanges of The country, and furnish i'll
paper currency.
At his period, (lS36,) The number Of banks charter
ed by the several States had greatly increased many
being treated for The alleged purpose of supplying The
ANTICIPATED vacuum IN business by reason Of the re
fusa IF new charter 10 the United States Bank
the total number Of banks in operation in the u States
being ak hundred and seventy.six, with a capital oil
upwards of three Hundred and twenty four millions OF
dollars This amolnt ofcaptal was greatly beyond the
true wants Of the country; much of it fictitious
the business was altogether overdone; excessive bank
issues and overradDg followed hand in hand; and Il,
length, in 1897, the whole machinery fell into pieces
and general suspension of cash payments by all the
banks Of the u. S. occurred
Thereupon the President, (flr. Van BUREN, consi.
derIng the incorporation of National Bank unconsti
tuliona and if constitutional yet unwsc and deemng
the continued OF the State banks either Impractical
BILE or inexpedient, recommended radical change in
the fiscal operations ef the Federal Government which,
with some modification of the original plan, became
the law Of the land on the 4th july $780, by the pass
age Of the provide for the collection safe keep
ing transfer and disbursement Of the public money.
The principle of this plan was the ultimate total Sc
paration Of the Federal Government from all depend
La thn hpotn nI fhp
Treasury The Treasurer of the u. s., and various
officers Of the Government under him. were required to
keep The public money in the vaults OF the Government
md perform all the duties Of transfer as we'll as depo
me fourth Of all public duties to be paid IN gold and
silver md for the addition Of onefourth 10 that requsi
ion YEARLY so that and after the expiration OF three
Years all payments 10 the Government should be made
n gold and silver only the sole and exclusive legal
currency Of The u. 5.
This act continued in force only year, being re-
healed By the act Of 1884, which threw back the bus
ness of the Treasury the provisions Of the resolution
If 1876 and the original act establishing the Treasury
where it now stands.
And ,hus by The yicssitudes of opinion and of party,
md the successive rejection Of Bank the U S. that
# depose in State banks, and OF The Independent
Treasury Congress is invited and required TO examine
Inc whole subject anew, free from all impedmenis Of
Existing law and 10 settle on principles OF justice
md general expediency and the letter and spirit of the
Constitution
In all times and all countries, under every form oil
institutions, and every condition Of society the same
common question of the public revenue-how best Vt
shall be collected, guarded and disbursed in what
form and on what objects Of taxation 1t shall be leyeo;
IN what material it shall be received and paid out; It's
,usodv in the interval the time of collection
md tina, of disbursement; its transmission, and the
iescrip,ion and combination of agents or officers 10y
yhom all these operations shall be performed-has
never ceased to be one oil the most perpexIng PROB
ems of Government.
Every wise Government, whatever may be the source
~ tenure of its power WILL of course in the solution
,f this problem aim to reconcile its own interests win
ose of the community it governs III II he consul.
utonul Government, established and existing ony py
he consent Of the governed, its functions are nothing
~. high trust, TO be exercised Tor Their advantage
he despotc Government holding its power by force
), prescription, still, its greatness IS nseFarably
connected with the welfare and prosperity OF those
Lo il rules and the extent Of its own pecunlary re-
sources depends upon theirs
TIE oueston therefore, becomes complicated at once,
~ the duty Government lies under Of c"hSaerhe,
~, only what is convenient Tor itself in merely fiscal
mini Of view, but what, compatible with that great
,rirency, will most PROMOTE or at all events least
:no;r the productive industry and social well-ceng
r. The community at large, in all private relations. lo
no combination of these two primary objects It should
look in the collection of its revenues ard to Inc same
in their custody, transmission, and disbursement
n odopt in these respects it must of necessity as Inc
Indispensable condition precedent OF any regular sys
lem Of fiscal measures, fix money Standard or mea
Of value for the regulation of all dealings between
itself and The community unless receive every lnng
in kind, and pay out the same. Even men, - ~ nus
some sort Of measure of value otherwise all tax
alton will be arbitrary, unequal and oppressive IL =
that the standard of value between ilse
and the community SHALL if possible be the same be
tween the individuals of the community themselves II
heir own mutual feelings 1t is, moreover, in other re-
Of ioF ,nd ss1 r
erecution Of the laws between man and man, to pre-
scribe the measure by which the value Of property tn
rcbanre of commodities, and the collection OF debts
shall be regulated Unless there be such fixed stand
ard of value, the property and the labor of all are
The mercy ofthe Government and ofindlvduals. Hence
,be universal exercise, by all civilized Governments o
the power to coin money, and assign to it STANDARD
denomination of value. ..,,rc
If i, were possible to discover or devise any
or thing of the Interchangeable quantity and va,u
At all times and places mperishabe, safe portable PEI
fscy convenient indefinitely divisble and upon wn'c
neither time nor man could act to its injury or ABUSE
,hat would be the true money standard.
A. I..,;o, ,,,orrst nearly all civilized NATIONS