Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1853-11-15

millions of dollars The Secretary OF the l!easu'; ,h
think, enlightened and paiseworth? rtSau h,
interest o. the country has been purchasing thc Puo
very ons liberal rates giving for INC large so' nT ~" M
drcmablc in 1867 and 1865 premium oi = per cc nv m
privilege OF paying them oil fourteen years before ri
DUE Whal comment is This On The sacce5sin "I e
Our ns,utions Whit. The governments u The O" o'"
are literally staggering under the burden o thciI
ob!iyntipns and their subjects sre drained 0! he h
ings by taxation 10 support armies ana up!oid
tabhshiueus ours only deriving lrom conIpa't9
moderate system Ul taxation the uGsnS necessary ~ @ ~
wants, but has acualy accumulated surplus tScet ,
half OF entire public debt nnd is now o!iene H wa"
one fifth of the whole principal in the shape OF premium"
for the privilege of paying II before II is due.
Nothing exempliiy clearly aud orcihlY '''e sa
tarv operations of The system recommended 10 Congress ~
1887, and finally adopted in lSlG Of collecting ana
The public in specie. and keeping II dn'". ' III
tcrvennG time in the hands OF public Officers Than nc en-
don of this city during The last six months in irser' @
its pecuniary atfais On the Tth OF May lsi wn 'a
possession The Assistant TreasnrcIs office in 'lS c
receptcd for Sc isl SS1 go This amount ran ~ icY
steadily subject 10 occasional uncomfortable lntallAs
and particularly about the lst OF July when W. e pei
loan OF 1912 redeemed, to $40 2U? 5G 80 ou INC
2SI of September. To-day il Is ST i9I Sll o. oHl
May September there was prevalent BIAS 70 o.t'oh
in almus; u business. legitimate and lies'"'t,te-i
trade bankiag stock obbnG and land spccuai' eAutr
the impulse given to commercial enterprise thS ''"ssiy
balance In this city, have salcL, ran up Ifu ss "
seven millions Than ten millions. IAN increase Oi
three millions and half ui dolars IN about iou ""'hs
This rapid accumulation of Co.u and the enor"us sum ci
ten millions thus withdrawn from the reach 81 Operators
checked in very sluIary manner the genera Gnchcy 10
''S''rS
they REQUIRED TO carry aud extend their t4nsacIhS-
Nerl hlnts compelled 10 limit their ordis lo ioteh
aoods Debtor banks pressed for balances wc oged 10
contract lhc discuuns; AMI The Hood OF specie poured
the Sublrcasury, The channels iToin "n'In were
drawn nearly exhl ustcd and sune ot he ooef aa
were left high ard dry BY The reccta$ III ,l
This The fist good Influence OF The SUI: 'clsuY sys
tenn gradually drawing specie into It's owl v"us as e
banks extended their operations, and snu eu c 'il Vi
enterprise and srcculhton Gnd checking lie ''unehcy ~
excess by law as certain those which g'sTn he naie'
rial world. The second good Influence Of NJ system was
AS sauiary the first and The result "c suc mai
libe law TIE accumulation OF ten miiiloI' VI cu Ih c
Su5 Treasury here made money scarce an 'u'uao EuS'
stocks In prce The interest paid oi hc Use oil mo-
ney rapidly and rGlcs. all such cases
holders OF stocks which maintain their prle ae tempted 10
sell for the purpose Of realizing The ehe poh's 9" o,lr
investments ms the with the LOCKS OF tc un-
ted States The GovcrLmcnt had otcret heA premium
for them The hnlLers surrendered tEcn I'D looS Inc sur
plus coin in The Treasury in exchange
BY this operation, lhcn th!cc mlioI' seven "undfc'
thousand dollars were drawn OF III, Subj ieasury in
six weeks and thrown into Wall STREET TO @cVe he pressure
CAUSED by preceding in spccula on anu eohir'
cal adventure 1t is indeed the only rec w all sweet mas
the only relief il possibly could ha hau AM u mas
saved US from reaction which, vino IL, ""' nave
been scarcely less severe that oilo3I /! ihe ten
millions Of coin accumulated in the sutUeasi} h'a osth
in the yaus Of the bank, they would ave cohsiutel
basis for discounts five times ihi amount anu c
reaction woud have produced shocE Fhch "oui nave
involved spectators and Legitimate deeIs, IN cmIon
ruin This then has been the two.iod 5eneclas aoa
the sub.rcasury sysle draw specie iist as secuia
ton has been inodinatey extended, l.i to pour bick
gain into the channels p commerce wien was L!ispcn
sable to sustain the reaction The eb5 mi How ol ne l!c
of specie has been alike slutaryi, wa saving itueacc
without which the enterprise Oi lie 'oahly H" nave
sustained severe il fatal shock. No hunah .eehcy
could have regulated lis operation ws aud su!sy as II
has been REGULATED BY the law oi c1nlInl:cc.