Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-11-28
n UNITED STATES


"The phraseoogv is somewhat peculiar says the
Rapor,er: On the face it purpors 10 be payaoie one
wear after date with interest whereas, IN iac' us Pa!a
hle demand, in specie and bears no 'h'etes. Va .e
back of the notes is this endorsement; : T. MS note
will be purchased at pa. for Tie amount oil The primer,
nal and interest thereof ON presentation at either OF
The repositories of the Treasury in The Ci'y Of new
York" As all are aware these notes are ior genera
circulation and are TO he iysued 10 the amount of I'VE
millions of dollars Il freHio" E@Po'f""'
"TnE NEW TREASURY NOTES
care in demand at half per cent. preininm' mus
shows that their being reteemaale IN com IS MOI CT
cumstcuce upon which theI value depends, mud II
shows also that this currency not only satisfactory
TO the people, but much desired The notes @'i' al
the present rate Of exchange, all flow towards t'r
South where they not redeenabe IN com, Out WIZ
be used to pay dues the Government In TACT u the
issues are kept within proper bounds, VIII be seen
n practice that redemption in coin Will not IN general
be Of The leas; Importance, either to the credt or me
price OF the notes. currency TecelVaoe ihs,eau U,
coin at all the various collection Offices OF the ChPo
States needs NJ better redemption Bat this IS not
great matter What we want now IS, the h'es' tens
ard twen,es With these the Government might save
the interest on ten millions constantly, at the least,
and oil without any machinery IN addition 10 ina,
which is always in operation. SUCH currency "ouia
nave all the good qualities that ever be possessed
by naner unaccompanied by the disorders and frauds
which must always be expected in National BANK.
currency of Treasury Notes. coniers no power upon
any one interfere with the cnfrency-no power OF
inf alton and coutraction-a power by winch the u
s. Bank more than crushed the merchants at It's
feet from one end Of the country 10 the other cur
rency @: Treasury notes. to be paid out in all Govern
ment dsburs ns and received for oil Government
dues would be what have been SO aaxcusly IN
search Of National paper currency, without the dan
gers and corruption Of e National Bank.
| We copy the above from the Journal oil Commerce,
to say tina, We totally dsssen, from The idea OF an IRE
accmaLic paper currency OF any sort, bu, most oil all
from Government currency OF fh,s htRd mat H.
m,ed amount OF these notes IN the present favorable
rate ofcxchanse on New Orleans, should be at slight
premium is not a, all surprising but the moment they
reached the amount OF duties payable IN three or SIX
months 10 New Orleans or the rates OF exchange
should turn against the South, they would TALL below
par and especially if more were issued than could DE
immediately used to pay dnliss in H. York In the pre-
sen, state Of the money market hen such large sums
are lying idle and seeking safe deposile I'll they can
find good Investments, and the rate Of exchange 50
favorable the South, the half per cent premium Oh
u very s;ined issue, is no argument II favor OF The
ground assumed by the Journal OF Commerce, that
TN millions would be kept on, as currency, at pr,
Such supposton seems 10 us preposerous, and past
all belief We are opposed 10 this irredecmdHe cur
rency but no objection 10 the Government =
issuing drafts receivable al the Custom House. and
Post Office and Land Offices, payable in specie, IN
Boston, New York, Philadelphia, Baltimore, New Or
leans. aud other points where SrbTrensures might be
established at the option OF the holder, Tor Tie conve-
nence Of such of its creditors might prefer them
These drafts, like the present Post Office drafts, should
be cancelled as soon as redeemed and held by the Off
Ger redeenlinu them much cash in his accoun,
with the Treasury. Thcs, drafts should always be
dfas against cash hand and Tor the convenience
Of the public aud the Government. creditors but never
against anticipated revenues, and TO the interest
on millions OF dollars, any other sum- great or
small.
TIE above was written on Friday, nrd intended for
our paper of Saturday, but was crowded out to make
room for matter of more immediate interest. On Sa-
turdav We received tie New York Pos, and Benefits
Herald both condennng the article in The Journal OF
Commerce. We copy the remarks of the Post as an
addition to what had written, and ask for them, the
attention OF our readers. The Democracy must take
decided ground against this kind of qlackery, and lay
duties sufficient TO yield revenue enough for The
sary and economical expe nd;ures Of the Government
and 10 gradually extngulsh the present debt But here
are the Posts comments:
"Rere we have a proposition essentially TO modify
the principles OF the brought forward by the Sc
rotary OF tie Freasury-o reduce the denomination Of
The notes ge and ten dollars, ana cause them 10 be
no longer payable on demand-,o convert them in ne
into national paper money, identical, in lis nature,
with old continental money, with the French assg
mats and with the relief notes of Pennsylvania.
'trbe Treasury Notes, says the Journal of
Commerce, ARE in demand Ut half per cent pre-
MUM. THIS shows that their being redeemable in
coin, is not circumstance on which their value de.
Ponds
ait shows no such thing. Their value depends in
part on their being redeemable in specie, and IN part,
on their being every where receivable in payment Of
public cues. IL they were not redeemabe in specie,
they would not now bear premium, and they would
soon be at discount.
"tThe notes will al the present rate Of exchange,
all flow TO the South, Where they are not redeemabe
in coin, but will be used 10 pay dues the Govern.
men,.'
"But small part of them will be used in this way,
for but little revenue is collected nj the South. The
greater part OF these will be used in the purchase
Of and when the rate of exchange turns in favor
Of this city, they will come back in payments 10 New
York merchants. Then, If The amount thus received,
should exceed, only in small sum- what required
pay Custom House dues at this port they would if not
rsdecmable in specie, assuredy be at discount,
they now oil a premium.
/ "ln fact, If the issues are kept in their proper
bounds i, will be in practice, that redemption in
coin will not in general be of the astmpoitlnce either
70 the credit or The price Of The notes
"sBut TO keep the issues in ,hei. proper bounds, it
is indispensable thai they should be redeemnhle in
specie on demand Recelvabity for public dues, did
not prevent continental money from depreciaiing;
neither did it prevent the Pennsylvania relief notes
from depreciating nor has it. in any country, proved
an efficient check on over issues Of paper money
| "tWhat want now is, the tivcs, tens and TWEEN
lies. With these the Government might save the in
terest on ten millions constantly, &c.
"Betwecn notes Of large and small denomns tions,
there is an important distinction. Notes Of small de-
nominations, drive specie out of circulation, and in
Government or Bank credit for gold and silver Bank
chiefly used as substitutes for private bl!s Of exchange
4 iisttn tha cf ,ra t0f m