Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-11-03

| g5IThe New York Sun says that ethe neo Treasury
Notes have made their appearance. The specimen oI
engraving which they exhibit, is almns. nneqnsilsd III
beauty of design, and excellence of nsh and The
regret in relation 10 ths novel de- scfpnn of
cy to be, that The law does not inflow the notes
of less denomination than $50. The phrosrougy Ct
these notes is pecuar on The lace il pnrporIs
to be payable year after date with interest; whereas
fact, it is payable demand, specie and bears
mere nominal interest. The Secretary Of the Treasury
was Obliged TO adopt this pbraseoogy, that the notes
should literally conform TO the Treasury Note law under
which he acts On the back Of these is the fol-
lowing endorsement:
This note win be purchased par for the amoun, Of princ
pal and interest thereof presentation II either OF the depos
ries oi the Treasury in the city Of New York
''rhe Merchants Bank, Bank oil America, and Bank
of Commerce, The repositories referred where the
specie can be obtained, f desired "
The Money Article Of the New York Herald states,
that Aloncy is so plenty IN individual hands, that II
can be freely obtained on Government 6s at par, at
per cent The new movement in issuing the Go
vernment notes, without redeemug them on demand,
if persisted in, will defeat The whole operation. They
cannot be retained atpar, and wall rapidly return 10 the
Treasury. The redemption OF the notes, al pleasure,
is vital point with a nominal interest.
Thus, it appears that the Secretary of tho Treasury
has literally complied with the law, by ingenious
device; but that he has ESSENTIALLY attempted TO in
troduce, by the device, new species of GOVERN
MEEr PAPER MONEY. As the old proverb is, 'whp-
ping the devil round the stump
The November No of the "Democratic Review" IS
received and among ls other able articles, exhibits the
present condition Of the markets and finances, under
It's usual head of "Monfhiy Financial and Commercial
.4rtice 1t scouts these Treasury Notes II states
that "lhe influence which The (preaenD Tariff has had
npon the commerce OF the country has been felt w tue
National Treasury in its diminished receips, aordng
pretext for the Of Of Treasury Notes
TO supply deficit Of S5,000,000 in the Government
means, in addition to the $40 000, 600 which has been
added the National Debt since the 4th OF March
1S4l These notes will make S24 900 600 borrowed IN
three years, exc the of the Federal Urea
sury. The notes TO be issued IN form I"
which country has been stranger since Inc
accounts of the Revolution were settled NJ, VIZ
Government Paper Money The law OF Congress
authorizing the issues, provides for their emission IN
sums not less than fifty dollars EACH bearing an IN
terest exceeding SIX per cent On this authority
and avallug Itself of the situation of the market
the Department makes the notes payable on demand
in the city of New York, and bearing interest oil one
null per cent. only. Thus, these notes are, to all IN
and purposes paper money and OF the most dan
gerous description. The present law of Congress, In
deed limits The issue to So,00000O bat next year the
81 per cent, amounting 10 SOL Cos 000 loans be-
come due, the regular revenue OF the Government viii
again become deficient, and Congess will b. called
upon TO make some new provision II the paper money
found TO answer lis purposes that OF providing tan
pOrary MEANS there great danger that renewed and
extended issues will be made, und national bankruptcy
be the inevitable result This is danger OF
the first snilude, (the flowing back the notes upon
New York; incurred only through party madness, IN
destroying trade, depriving the Government Of lis Gus
toms, and forcing it upon paper money expediens, as
in lime Of war; merely 10 afford fancied protection TO
manufactures" And yet Mr. Van Buren, is TO be cen.
sured because he opposed to the present i'll concoct'
ed absurd and oppressive Tariff