Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-01-31

scheme as il had been By using banks as repositories
and receiving deprecated bank paper
Mr. McDufie, in report which ne mace ie" years
ago 10 the House of Representatives on this subject
stated that The Government had lost upwards OF thirty
millions of dollars by taking deprecated bank paper
What was the effect upon the country generally OF the
encourage ment thus ven to the circulation OF bank
paper The very stimulus given to trade by lis means
10 create oans and these loans 60 on extending
until at last the bubble bursts and, as had been well
said BY gentleman that floor, was upon the hard
hand the unsuspectng head OF The poor aooref Una
the ruin falls 1t we'll settled rule that the price
of labor the last to rice, and the hrst 10 a Inns
appeared only from the maxms OF political econo
ms,s but from universal history lie begged leave to
read an extract from Theirs History of the French Re
volution
The assrnas declining daily in proportion TO their
required larger and larger amount to purchase the
quantity aud thus the prices became exces
The people only The hnrs ~ y Dseds nna
complaints and threats Bread was not the
coffee SOAP doubled The had como 10
the complain that they were Obliged to pay thirty
purpose the people told 10 raise the price OF er labor In
order reesals the proportion between tnp wages and The
for The establishment Of This Object c-1A' h' French
This single instance exhibited its operation in all
cases There could be combination among laborers,
torase the price of labor according to the depreciation
in the currency.
On the 7h page Of the report, it was stated that, "by
the SUD 1rea6uFy, the GoFeTHiueHs oh'y iohcoi III
the hands of lis officers the amount OF money that
might be on hand between the time OF collection and
the time Of disbursement. This was true, under all
systems. They obliged TO employ collecting off.
GERS and dsbursng officers and they had the honesty
Of those officers to them against loss And he
would here observe that seemed to him the argument
that corporations could be trusted and men could not
was very unsound argument. According to this sup
position there must be certainly something very
ruptinr in the circumstance OF holding ofice-some-
nINl ofa thn
| Gentlemen talked about the safety OF the public mo
news when deposited in banks, and that they would be
found faithful to their trusts Why, the Government
was left powerless-,he money was placed in the hands
OF those who responsible TO The people, and the
Government left PROSTATE.
i Mr. PROFIT obtained the floor, and replied briefly
to some Of the observations of the gentleman from New
Hampshire. The gentleman had alluded to report
made some years ago by Mr. McDuiie, which stated
that the Government had lost thirty millions Of dollars
by depositing the public funds in banks. What effect
had this statement upon the gentleman himself and
upon his party Did the gentleman suppose that he
was to be permitted to make OF such arguments; or
that they would be allowed to pass without repy Did
the gentleman mean 10 come out and avow himself in
favor of an indepent old fashioned Treasury Would
hi, party agree this; They would not do ii; they
dared not do it. Why did not the gentleman tell them
something about the working of that old fashioned Sub
Treasury During the whole time il was in operation
in New York. was there single dollar in specie out ],
II was the duty of the friends Of the Administration 10
defend themselves from such attacks as the gentleman
had Just made How many millions Of treasury notes
did the gentleman himself vote for, although be
now SO veheme mt his denunciaons against the issue
of paper currency by the Government Let him
swer this and let him show, too that the old fashioned
independent Treasury scheme, which he vaunled SO
much, free from abuses
Mr. FILLMORE rose and said he desired 10 address
few words TO The House, in reference to this matter
An adjournment, however, being desired by several
members, he yielded to motion for that purpose and
The House adjourned.