Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1853-12-06

the establishment Of The Treasury the der,nca
,ions against it, which rolled necessarily from whg ators
and occs In those days. the uniyersl admission Of
Its usefulness and utility be pride lhos"
democrats who advoca ted and perfected i.s
The following ia well worth perusng
From he N. !. Iaurus; al Uo'nms.r
THE SpB-TREASURY.
II is exceedingly gratifying 10 witness III manifestations
of approvs! 20 widely bestowed This nncia of
the Government. There is occasionally indiyd1I who
expresses wish that the moneys paid fo duties shall be
deposited in banks the basis OF further ns bui bulk
of The community plainly that such paicy wou great
y importaUns and inarease present cmbar
rassnenls The prescnt action OF the Sb1reasuy, is
check Imposed by individuals on hcmsclv and there's this
peculiar advantage in its operation, thu the coin is still
among US; whereas if the paid du.ies the
basis for utihe oans check would bimposed rnii an
equivalent amount Of coin had gone abroa with perhaps an
now be obliged DO. il 10 tas pucDf this country
of any country 10 hoard da precious mals 10 extent
that will interfere with hr and rensonbiu interchange Of
commodities; enough however should aluys retained 10
manage conveniently The business ole Owing tie
uiaes OF the national Constitution is moo, sbl for
individuals 10 manage their hhanil affairs with
onvenence and certainty, except While the paper
currency is kept at that nlfe poslH, when il may
be exchanged readily for gold and silvt While in Other
counties power exists 40 10 iegaize the suspension Of
specie payments 10 make the ordna paper currency
legal tender FOR debts under conaiun this is impossi.
b No Stale ahai make anything but gd and silver coin
legal tender for dcbs is an express poron Of that instr'
constitution Of The State 10 be pro bited from esaz
ing the suspension OF specie payments the banks Inc
Subreasury scheme is n precise accrdance with these
organic provisions All the laws for tcolIecton Of debts
look 10 payments in precious metss and when those
laws are invoked the whole power G the government
through is machinery OF Courts, mars,s and ceIs Is
motion require yment In gold nd silver. II would
be fual dviGuus when such Is The ny and practice
government for The hitler 10 ea them nio The contraction
OF heavy debts in cprreacy OF paper treating the latte
in all lis dsaIp25 when al the mtneut of pressure
lends power cnurce payments 10 adteren and more
valuable medium BY receiving gold ald silver alone, ht
government keeps the people informed what is the tue
standard and instead o Withdrawing from circulation wher
an immoderale amount of duties paid large amount
bank bills. The place of which is aupplet with poe-thu
posponing and giving aalcni!y 10 whatever explosion
ve2;2 our being wholly stripped Of these commodities ant
thus check is imposed that lh pruden, merchan
from pe ruin which the unchecked !nlrudence of Others
viewed its action Is useful it may be alely affirmed hn
aaY such malignant troubles osersprad the country
1885, wholly Impossible during is existence. TE
Government then stimulated The crealn and the cxlraya
gance OF hanks In their Issues by its seled policy II Of
iered the Government domain any who hou
establish bank and parted from over thirty millions o
asn accepting duties In any bank paper which had TIT
reputation OF being redeemed in gold an silver The mer
fact that the paper OF banks thus treated money CAV
what bad equal reputation with what was good ant
its circulation general until the famous specie crcua
stopped suddenly the of exavagance folly and mad
ness into which the county had plunged, led on oy IN
hnanclal pohcy VI ue eio'eiuehl. lhtre oeihs ho ~
to continue the currency at The point expansion IL maj
reached owing to the provisions OF The NaliopaI Consu
lon violent contraction ensued 10 place the banks o
specie basis and wide and general disaster followed
There is duty plain and necessary that oil seepin
The currency in steady position hat duty when the Is
sues ore numerous is difficult but oil that The Naona
Government can do this end ia being done in the WIS
provisions of the SubTreasury law. 1t oilers no induce
euts to the banks for the issue Of paper TO be followed
withdrawal Of ts confidence, and by punishmens 10 o.
who have entered with heavy engagements. II feats Ina
alone as money at the inception of contracts which IL en-
forces at their completion.
Ia point OF view The measure is OF the hshes
importance and value 1t 10 great detrimen TO any eoun
try 10 be in debt beyond its OF payment ihe ban