Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-10-06
MR.. spESCER,s PRoJeT,

]. aies.
MR.. sPENCER's PRoJET.
II seems, that the Secretary Of the Treasury il a.
to issue new Government paper money, and We e.,
bound protest against IT, as the assumption %
perous power The character of the issue i, %
in the following article from the New York Trhn.
and the accompanying protest from the "Portand a,
gus
"GovER>Mr>r CrERrscr.-We learn fiom sin FINN IT.
sons Reporter thar the Secretary Of the Treasury rs.
his plans Goternn circulating medium ant ~
,sn,h 81 u rn ~, Snndted dolia~. me- 'htrst OF
dorsement, the back, they Will be made payats IN M &
in specie. dem ind, in this city 'T''''
"Ihe OF the corresponds with the old T,c,.,,
having for visnette the American eagle With M.
for lofty Hight The figures each hand OF lie rs As
ceed BY Of state IN tho inon an -
TO form beautiful wreath The engraving winch i5
by ihe celebrated house of Rawdon, Wright Hatch i
richest specimen ' - 's
Early in October hsy VIM he issued The law governing, them
1--WE predict for this paper currency popular run"
The Maine Argus says; 1--WE copy the above e.
the New York Tribune, the most decided ClsY W..
paper in the Union. IL predicts for the new rao cn
rency of the Government, popular run : d, a.
but We add the word donn, a. iollows-Q popula, ,,
donR. The 'one-tenth Of cent per hund,.d al
lars, is merely nominal interest cesipnod 10 ,,L.
cheating safe, and to avoid the odIum OF G., ,rnms
paper currency; but the time has vet CONG vbs,
beer sugar, eggs, and rum, properly mixed and s,ca
with nutmeg, can pass for anything else than genuine
flip. These Treasury notes, whatever else thcy
may be called, nothing, or less than p,r,s
money. The present Administration rlorlfes ,,sslffo
lis vetoes Of Mr. Clays Banks and for lis anti E,ni
character, yet endeavors to eyede the Conston ana
laws by proposing eXchequer schemes and ssuin- =,
Government circulating medium which, IN PLAIN
truth, is Government paper money There is no cal
for tins addition OF 50 100000 10 the currency of III
country. Money is abundant, and at the very lowe.
rates Of interest known; lille the exchanges or
all the commercial points effected at cheape
rates.
1--WE DO not afprehend any great danger from lie
addition OF these S3O0O000 TO the currency OF the
country, at hs time because the people are still smart
ing from the late paper cTpansions and because on the
whole, the 10 too insignificant TO produce any sem
sbe effects, but feel bound 10 look upon tbs move
entering wedge to more extensive operations and
to protest against the prinep. corrupt and DANCE
rons, and subversve OF the Spirt OF the Constitution
which certainly never designed that the Governmen,
should furnish any other currency than gold si-
YER
There can be no mistake about the character Of the
Government paper to be issued. II is admitted IN the
following from the Money article of thu New
York Herald-and we regret TO perceive the ,ur.
renee which given TO the proposition BY the generally
correct author OF the celebrated statistics in that ou,
nal
The feature all the interior scarcity Of the
cuaiing medium In this position the Government has TOT
ward make of It's at loan supply that
degree, which will be done by of Tfel-u
of the experienced hnancicr that TN. moveme"
the win produce change monetary
affairs The hing nearly has been frequently posed
England, particularly by the elder Ricardo. His
# remember to obvlaie The calculating character Of p
the English Government causing debt the Bank ENGLAND
which debt Constitutes IL capital Ia be paid oil Goyefnncn
money which money The 'ank vast pas cut ga iul
redeem, OF lis bills now III circulation, until Ia, whole
called and the Government paper substituted IN cru
ZION This be- h-nc,iorrh kept lived
amount, and ether paper money allowed be- issued. I
Bank Of England 10 20 on n bank of discount and de
hui moi of issue By this OPERATION III The advantage. Of pap
upfly
Of Mr. Spencer is an initiative step 10 the ZANE
suits
We protest against the exercise of any such powe,
on the part of the Federal Government 1t bears upon
the face Of i, the scheme of Bank redee unable
on demand at the Banks Of New York and New
Orleans the object Of it is, to furnish "a e'ca
iating medium for the country The Secretary calls
them Treasury notes, and doubtless suppses that,
Democratic party is soft enough 10 be caught by the
name But it is, TO all intense and purposes, 90.
reynnent paper aoncy-nnd whilst we admit the power
to RAISE loans by OF Treasury notes, We deny
the right of issuing them in such form, - 10 be
tended and calculated to answer the purposes Of
circulating medium. Congress has right "to boron
money on the credit Of the U. States and Congress
has right "to coin rnoney regulate the value Thereof,
and Of foreign CONDUIT they have no right to make
paDer ,noneY al all. These have frcquently
Representatives. obvious distinctions have repeat.
edy called 10 the of the reader-and espec ais
during the last year, when some unguare' sngge'
ton Of Mr. Jefferson, thrown out during the tnrmos
The late war; and the midst of great public Abaras
nt and in q vated state Of the currency, cec
in support of similar proposition, connected with the
Exche suer Bill We objected TO that opinion last yea
ard we protest against the proposition now II this
measure be carried out by the Secretary, hope The
ne xt Congress will arrest IL To paper money b.
the Federal Government, is dangerous assumption OF
power, which ought 10 be ressied-and no present s'
ouescence ought ever be called precedent t1r r
future.
This is no new question. Mr.. Webster asserted liz
existence of uch power, in debate during the sl,i
session of 1897 and what hcresy will not th's dsn-
guished sophis, support MIR. Buchanan asssled ho
at once, and over,hrew oil his POSITIONS And ege
Mr. Clay himself, whilst advocating the ala ming
enlistment Of a mammoth National Bank, confess:
that MIR Webster had gone further in his Propos,o
than the Constitution would warrant. 1t was Ldee.
the old story of Satan reJuking sin