Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1861-01-08

was at IeaSt $3.50, geo, 900 in specie il 'he IN
ted States, $50, 900. 900 Ui which wrrr il ins
banks, and $500, Goo, 900 in active t;rsahaii'n.
In our own State, according 10 the quarterly
returns made by the banks TO this department,
Of their condition ON the 30lh Of September
last, their capital amounts 10 $lG.jGi.jlr;
their circulation 50, SOC, S37 So; their deposits,
So, GUESS TO; tEitir discounts, S21,j"2,"?l "a;
and their specie, 81, sol, $50 -. Thus il is
seen that we have a circulation Of near ten
millions, upon i banking capital Of more tina"
sixteen millions an'l 4 half. The question that
presents itself III this connection :, Ito III"
live, ten, twenty, thirty, fifty and hundrc'l
dollar notes, now in circulation, represent;
specie: Upon their face, they purlort 10 be
convertible into specie, AZ the will OF the holder:
and 1t would be regarded as in attack upon the
solvency of the banks which had issued them,
to say they were not convertible. We thus
have within a fraction Of lei, millions in The
circulation of the banks, besides the srctic III
active circulation in the State, which must bc
several millions more. Can it b. possible.
with these Facts before lis, that the revenue Of
the State cannot be collected in specie? If
there shall be doubt Oh the subject, let the iaw
prescribe that 0Hr..ourth shall he collected in
specie the first, one half the second, three.
iourthS the third, and the whole amount, tue
fourth year. This will afford the people ample
tllnc 10 provide for the change in the system Of
collecting the revenues OF the State.
In 1919 the banks held S43, 0U0, 100 in spe-
Gle, upon which they issued L circulation Of
Sll4, 1l3,4l5. In 1851 they had $50, 0oo, 0u0
in specie, upon which they issued i circulation
Of $2i4, us, $50. Thus it will be seen that in
a period of eight years the banks increased
their specie only $l7 ,0O0, QUO, while their cir
~cnlation was increased more than SlU0, 00U. 900
in tie SANE time. Could such 4 result have
occurred, If the operations of the various State
governments had been conducted upon tho
principle, for which | contend, VIZ: the indie
pendent treasury system. 1t requires no
prophet to ~foretcll the end Of u system which
exhibits such startling results.
Another objection urged is, that the system
is not safe. Why not: Cannot the Treasurer
Of the State he as safely entrusted with the
Keeping and disbursement Of the public money
lis the officers OF the banks: They arc all re-
spectacle gentlemen; and is there reason to
suppose that Ill officer Of the State is less trust
worthy than All officer Of the bank: Experience,
however, is the safest guide in all such cases.
Has not the experiment worked well under the
Federal Governments; and If il has, have we
reason To suppose that the officers Of our State
government would be less honest. less prompt,
or less faithful in executing the law: | trust
not.
The State of Mississippi has collected her
revenue in specie since 1896. The States ut
Arkansas, Texas and California have collected
their revenue III specie also, from tue time Of
their organization as States. The receipts into
the treasury Of Mississippi from the lst day Of
January 1850 to the lGth.of February, 1852,
amounted TO $4S2, SIS Is. The revenue Of
Texas, for the year ending October 3lst,, 1852,
amounted to $l3g,22 81 ard at that date sic
had Il surplus in specie in her treasury. Of
$533, G5l %. On the lst Of October 1850
Arkansas had in her treasury S203, SCI 0S.
and received from all sources, from the 10th Of
September 1850 TO the goth Of September 1852,
the SUN Of 1886, 7G7 03, making 4 total oil
$500, 73s II. The receipts Of California, rs
estimated for the year ending June lst, 1858
amounted to the sum Of $43+, $50. These are
the latest returns that can conveniently refer
to, but they serve to illustrate my view par
ticularly when it is remembered that in the
space of eight years the amount Of revenue
SDiiCLACtI III clCl VI li.CSC IOtilcS, VI III lI!cIl III
crcasing wealth and population, must have
been greatly augmented. There is 10 c0nrec-
ton with banks III either Of these States
their revenue is collected in specie; deposited
in their treasures, in custody Of their own Ctli-
GERS, and disburscd in specie by those officers,
TO the creditors Of the government. in each
Of thcSc cases the independent treasury system
has worked rs well as in the cast OF the fed
eral government.
The policy ! recommend has been tried by
the national government, the States Of MiSSls-
sippi, Arkansas, Texas and California, aud it
has worked safely, and to the public s~atis(ac-
ton. This policy. in 4 time Of suspension by
TIE banks, such as we now have, would furnish
A sound and healthy specie currency for all the
ordinary wants Of business intercourse, and
would have i powerful! influence in restraining
bank issues within Legitimate limits.
The statistical facts that | have presented in
support of MY views, are drawn from the most
reliable and authentic sources. They are
drawn from Congressional and other records,
ard have my entire confidence in their accu-
racy. commend the subject TO your conSidera.
ton, assured that its importance will be fully
appreciated, and that whatever yClir action
may be-, it Will be- the result Of your cOnric-
;i3ns Of what is due to The public interest.
Events crowd upon each other with astonish-
iis r~apidity. The scenes Of to-day are diSsol-
vri by the development If tomorrow. The
opinions now entertained may lie totally revo-
iu;ionizctl by unforeseen and manticipatcd
occurrences that al hour or Il day may bring
forth. We must meet then as they arise, and
our opinions and actions must bc controlled hy
our judgment Of the requirements Of tine coca,
sion. Whatever duty to the State demands.
must be done; and to do it ciIectualIy, We must
throw away all pride Of opinion and Of consis.
tencY. While VIC can have no idea Of what
the future will develop, it is the part Of wis.
JON to prepare FOR tho worst. In a military
point Of view, our State is perhaps better pre-.
pared than any other, but to place her OH 1
safe footing, much remains 10 be done.
That your action may be guided and con.
trollel by wisdom and patriotism; that your
proceedings may be conducted in spirit Of
harmony and Cancellation that the honor, the
rights and the institutions Of this common
wealth may be indicated, protected and pre-.
served, and that our cOmmon country may be
relieved from the horrors Of threatened anarchy
and civil strife, is my earnest wish.
JOHN LETCHER.
Public Meeting in Cumberland.
Tie people Of Cumberland are earnestly requested 10
i3tet at the Court House on the second Saturday. 18th Janu-
nrv n tab. Iptn rop.IlnrofInu ,ha aIo-rDinu Sfufs n fho