Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-10-20

exists to any ovcr-lssue II seems, therefore, at lea,
premature TO object n measure winch IS admitted Ia
be harmless, because II MAY be entirely changed ~ Us
character and become dangerous.
Ihere are other OF tins subject, which might be
pre- Sned: but admo nsed by the ensth OF TINS
ur,i4e, of the p-opriety Of bringing II to close
Nav we ask of Mr.. Richie the courtesy 10 repuoNsh
thesj remarks
from the Harrisburg Democratic Union.l
Obtain Tyiers Magnificent Scheme Of Issuing 50,
900 IN Gorcrnment Paper Money, mtseatted lTsa
sury Notes.
We observe, that the Secretary of the Treasury j;
about 10 ISSUE FIVE millions OF Government paper mo-
new. under the name of fifty dollar Treasury Noies-
The rate of interest these notes IS 10 ne merely no
mina and they to he edeemable on demand IN the
Banks of New York and New Orleans The intention
Is ooenly avowad OF making them circulating me-
dium instead of Bank note and this barelaced VIOLA
lion of the Constitution 10 proceed from an admins
traton which r!ores tine act that It's Chie mas TWICE
vetoed bills TO establish Bank OF the United States
Treasury notes have been often issued by the 90
yernment; but such notes as unlike those OF MT
Spencer, us a bond for money loaned bearing an M
terest OF six per cent, and payable IN one year allie
dae, is unlike a Bank note, payable on oenanu. ne
Constitution gives Congress the power ITO borrow
money the credit of the United States, ana 'n's
mower has sometimes been carried INTO execution oy
borrowing for one year, instead of longer term al
such rate of interest could be agreed on by the par
ties and issuing Treasury notes to The lender OF Gre
ditor of the Government for the amount These lrea
sury notes have heretofore been redeemao'e al
any Bank before they duo, and II IS THIS reuehP
ton of them, on demand, before they have reached
maturity together with the mere nominal rate oil IN
terest they BEAR which changes them from Govern
ment loan into Government paper circulation. me
Secretary this manner, expects 10 evade the pro-
visions of the of Congress- aud to escape the crn
sure Of the Democratic party and the country Blu.
the attempt wilt be unavaIling. 50 hostile were the
Democratic party n Government paper circulation,
that when the independent Treasury Law was before
Congress- although the right of the Treasury TO draw
drafts upon it's agents, in payment OF the pubic deos,
was unques,ionabe yet to AVOID the possibility, thar
these drafts might become circulating medIum 1t was
expressly enjoned The Secretary OF the Treasury, oy
the 23d Of that act to provide for their speedy
presentation and payment at the different repositories
This high handed Federal of our present
purely Democratic administration FIRST Swallowed
forth in 1897 in United States, by that distinguish
ed Jefferson,an Democrat, Daniel Webster He then
declared that ,caS both the right and the duty OF the
Government 10 establish paper currency as MEDIUM
of exchange and commerce far tie country THIS de
caraon was heard with aston;shment even by his own
party friends Mr. Clay although the advocate OF Bank
of the u. S repudio,ed such ultra Federal doctrine,
and denied that Congress- under the Constitution, pos
sessed the power 10 create paper currency Tor the
country The Democratic Senators promptly and pow
eruy assaled this attempt of Mr. Webster to assume
so dangerous power. Among others, Mr.. Buchanan
said: 'ihe Senator from Massachusetts (Mr Webster)
and myself understand each other perfectly. What,
then is his proposition, That Congress- possessing the
express power to regulate commerce with foreign ma
tons and among the several States-there results from
this power by implication, po'eer 10 create proper
currency Of sufficient amount to furnish medium tor
our foreign and domestic exchanges Now, SIR, can
such vast power be derived by any fair construction.
from this provision o! the Constitution That is The
true question The gentleman scars far above the dts
puted power create National Bank and incidentally,
through It's agency, 10 furnish paper currency Tor The
country He leaves this at an 'mmeasurable distance
behind and contends that the Government possesses
the general power to create such currency for the
people by its direct action and without the agency
OF any bank whatever" sold Veto, the friends Of
CAPTAIN TYLER delight call him. strained at gnal IN
yetonr the two Bank Bills, unconstitutional as they
were out is willing TO swallow camel Mr.. Spen-
GER plan 10 neither more less than an undsgnised
issue Of pa per money BY the Federal Government What
have become of the Captains strict Virginia notions of
constitutional construction
No Government The face of the earth has ever
resor,ed TO the miserable expedien of issuing paper
money without suffering from The experiment 1t IS
created so easily that produces unbounded extrava-
gance expenditures, well as the most corrupt Pc
culaton Ii has made bankrupt of every Govern
nent which has resorted ii extensively; and the
people themselves have always had 10 suffer the loss
The assgna,s OF the French Revolution, and our own
Continental paper money are the most memorable ex-
ampes OF the truth of this assertion. The trainers Of
the Federal Constitution, warned by the late OF this
currency, anu having ~ ueioTe "ioe-
ly withheld from Congress the power OF ever again
issuing it, They thought the old example ought forever
TO be stunned and the only power over The
currency which they conferred upon Congress was that
.o coin money and 10 regulate the value thereof, and
OF foreign co,a" They were emphatca!ly HARD MO
srr xRs But why shuuld MIR. Secretary Spencer
regard those things, The Z Institution but
ANTICIPATED scroll, aud the exposition Of by the Frg
MIA and Kentucky Resolutions, and MIR. Madison $
Repor, is entirely ont Of date. The modern ultra ia-
tudinaran construction by the "God like DANIEL has
superseded these musty records.
We shall, nj this time, present but another view Of
this prolific subject II the Government should NIL
the chan OF circulation with its own paper money,
this must rum State Banks IN the interior -
Whence can they derive their profits, IT deprived oil
their circust,n Inevitable destruction awaits them;
though We must confess that this would be evil so
far regards the present nonsfecie paying banks
We trust that next Democratic Legislature Will
make shor, work with these institutions, immediately
a!;c- he CONNIE nent nj their session Such Stale
Banks as has :ed, med thor liabilities - apecie ought
not TO be put down by the indirect operation 81 the Fe
dera Government. If they BE- nusances they oIg.1
only TO be abaed by their own State Governments. -
Already we perceive III the money article OF the New
York Herald which has been quoted with appreciation
BY the American Sentinel that i, is proposed that the
Civ Banks of New York & shall recall their own cir
culalion and use ,hs, of the Treasury Department =
So we 90, under the self styled !eftrson'an Demo
cratic but in this particular at least the ultra wing
Administration of John Tyler
From the 81. Louis Mssonran.i
Dtfcit-and Pepper Money Foe .'iahons more
The public papers announce dehclt OF I'VE millions
of dollars the close Of the present year. and the plan
of the administration to meet II by an issue OF hVe
millions OF paper money that is, Treasury notes with
out neresi-that IS the one-tenth of one per cenum
nterest-lhe said notes redeemable Ut New York Aud
thus every year OF The Wing rule has been an increase
of debt, making the public debt, (@'th the add
ton of these FIVE mlions Thirty two Millions IN the
whole, which twentyseven millions Tor the three
years, since the "change" Of 1910
So much for the National Debt under the Tyler
administration bu, this of paper money is ne
outrage on the people and or The Constitution The
act authorsng Treasury notes was only passed on the
ground Of Leng a means of borrowing money, the
notes bearing far interest, which would induce money
ed men to advance gold and silver upon them, and lay
them by as an investment This was me ac'; ana 10
issue the notes without interest, (or one.tenh of one
per cent isno nterestD is fraud upon the law, and
insult to Congress.
Such an issue of Treasury notes will be mere is.
sue of Government bills Government banktng-and,