Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-04-20


currency thcy please such events and dstresscs will con
nue TO recur And they present the question: whether
wise ana duii!uI Government should, in despite oi al
experience expose The national income TO the custody
and control of Bink,
Fin prosperous and peaceful times, Banks be able 10
place the nation in condition so awkward and depora
oe' war would compel them 10 repeat and aggravae the
calamity, and thoughiess and confding Government
might DC suddenly upset y placing lis resources beyond
lis reach.
knowledge Of all This induced President Van Buren,
10 rely on The public officers 10 keep the public funds in
The pubic sc, sub Jet 10 the public will And this leads
US 10 notice The plan for an
INDEPENDENT TREASURY;
or the PROPER CUSTODY FOR PUBLIC FUNDS.
The act of the 81 September 1859 created the Trea
sufy Department, and made it"he duty Of the freasu
receive and keep the moneys Of The United Sltes
and to disbnrse the same"
ms PLAIN aud proper act wns founded on the sup
posed capacity Of the nation 10 take Of It's
funds The trainers of the Constitution framed this
act Those Statesmen and patriots never believed that
all sense honor and security resided in the Golfers Of
bank and could be found where else They thought
that Tie people who secured their lives freedom and
happiness without Banks, could manage their finances,
too, without dependence any corporation. But the
legal currency OF the United States was the only sort
of money which the Of 1889 authorized the Trensu
rer to receive. Yet Mr.. Hamilton, While Secretary of
the treasury, allowed bank 10 be received into
The treasury, IN payment of the public dues. That
was The secret aud commencement OF financial
troubles. The currency OF the United States became
80 trashy, confused, and deprecated, that, in April
lolO, Congress resolved, that no duties debts
OF money payable TO the United States ought to be col
eced or received otherwise than n the legal currency
OF line United States, or in Treasury notes of banks
which pay their notes in the legal currency of the
States.
But neglect of this sauary resolution gradually
deprecated the currency until, IN IS37 it became ab
solutely worthless. The only portion Of il which
manded confidence, and served the purpose Of useful
trade was issued by the Government and Placed IN
the custody Of banks But they grossly abused the
trust, and wrongully withheld The public inanccs from
the public use la consequence Of this shameful and
illegal detention of the public funds Pres dent Van
Buren, convened Congress- in September, 1897 md ad
vised The representatives, OF the people to dispense with
the agency OF banks, and 10 keep the public revenue
IN the public tsc subject 10 the public Will and appca
BILE to the public wants, clearly intended by the
trainers OF the Constitution, aad the great law-yvers
who passed the of 1859 And the extra ses ion of
President Van Buren, also designed 10 the
public revenue to make il subscTve the pubic wants
and 10 diminish the needless issue Of paper notes II
should have been styled what il really was Gan act TO
carry into effect the act which established Treasury
Department II IS based on the necessity Of protect
ing The public funds and on The cearesl conviction
that no authority gwen IN the General Government
to create currency OF paper notes leading induce
meEt to The formation OF our federative system TO
repress such evils such currency had often produ
ced Our thoughtful ancestors of the revolution felt
and under TODD the msch'efs Of n deprecated paper
currency and resolved 10 protect the nation against
They determined that for the future, they would nei-
tcr create nor sanction any national currency which
was no, OF UNIFORM value, and always receivable IN
payment OF dcots. he power 10 constitute tender
in payment OF debts belonged IN the separate States
who never transferred il 10 The United Sases On the
contrary, the people, in free aud solemn conventions
denied even 10 The States themselves, the power 10
" make any thing bnt gold and silver tender in pay.
ment Of debts And at the very period the lramers
OF the Constitution unanimously conferred on Con.
sress The power a. coin money and to regulate The
value thereof and Of foreign CONS, they expressly
refused 10 Congress the power h create paper
cy. When the Convention reached that clause in tie
original draft Of the Constitution aulhorising Congress
- 10 emit bulls on the credit OF the United States
veral members Of tina, body declared in their places
,hn, retention Of The clause would alarm The people
and induce them 10 reject the Constitution. motion
therefore made 10 strike il ont And nine States
Of e!eve voted for the notion and struck out the
clause
That the trainers Of the Constitution clearly in
tended TO restore the currency, and fix il solid
and permanent basis, is eylnced not only in the his
and provisions of the Constitution, but in
early legislation on the subject of coin, and the col
lection md payment Of ihe public debts. In l1-9
Just after The adoption Of the Constitution, Congress
enacted statute which declarcs that ",he duties and
fees should be collected in gold and silver only"
men who formed the CONSTITUTIONS and was approved
by President Washington, who stood the first in glory
and patriotism, he did III power and place. Yet be-
cause President Van Buren, initiated the example Of
our wisest men, and recommended this truly Consr.
tional and expedient measure the very corporations
which used the public funds and refused 10 restore
them to the Government, charged President Van Bu-
rem with wicked disposition to derange the currency,
To deprecate prices, and destroy trade The fathess
and mschievous corporations, whose misconduct pro-
dncpd hp this poollv asserted
that President Van Buren, desired 10 dispense with
banks, that he might then control the revenue corrupt
the people, and secure his reelection. Yet Mr.. Van
Buren, removed from power, while his truly Con.
siitutional continued complete operation.
And does any believe that the FedernlIsts after
they took possession OF power the 4th March, l-l
would have quickly destroyed the system, if it really
cant rred the Government patronage they ascribe TO
| it; No, no. Ii the Treasury System, recommended
BY President Van Buren, wns calculated 10 operate
in The nature Of Bank, and TO strengthen and con-
tnue political power, 1t would receive the cordial sup
pnr Of the Federal Party. 1t would be quite the thing
they desire, and have always abored TO Obtain. In
I79I The Fsdersss incorporated the United States
Bank In 1911, they made desperate cxertious 10 pro-
long its sway In 1916, they restored the monster to
life In ls:l6, it expired again, under the wise and
duuntless patriotism Of President Jackson. And ever
since the Federals!s have schemed and labored TO re-
susc,utc this Monster, and TO endow it with increased
capacities 70. mischief and ruin. They want mighty
trade on the name credit and resources Of The people
10 regulate foreign commerce and internal trade-to
enter The Of Federal politics, and to fashion and
drec, our national affairs. This is indeed, tremen
dous power, which the advocates of liberty my wisely
drend And the Democrats approve custody Of The
public funds By the pubic officers because 1t acts as
the direct antagonist of fearful National Bank.
Yet instead Of returning to the stendy constitutional
currency and keeping ii suhservent to the public use
the Bankiles would Danish this currency, divesi the
Government of the proper custody o. lis own money
and fill The channels of circulation with the very cur
,pncy which the Constitution fotbids These selfish
and arrogant corporations njure the Government, IN
sui, b. the slanderous assertion, that II has neither
The sense nor honesty 10 manage lis affairs, aud
call tina saving The nation from tyranny, corIupIion
DISGRACE and rum
| Afier the frauds, lossas ard degradation which sell
q oh corporations have inflicted this nation, 1t al
aicts and emazes every consderaie mind, that such
lulc dispos should be- evnced 10 cnrui their mis-
cb;eyous sway When The public revenue IS princi-
n,Ilv collected in metal, an Independent Treasury
reou,res it 10 re- the Banks must be always prepared
n redeem sufiiciency Of their paper 10 enable The
importers of foreign goods aud purchasers of public
lands to pay the Government specie funds Such spe
Gle funds, although required, never boarded by The
Government. They are daily d'stursed through The
nublic Treasury 10 the various creditors OF The U J
thu