Richmond Enquirer

FOR THE ENQUIRER.

THE GOVERNOR'S MESSAGE.

In his recent Message to the General Assembly, the Governor has thought proper to indulge in a stream of reflections on the arrangement entered into by the Bank of Virginia with the Secretary of the Treasury, relative to the deposites of the public money of the United States in that Bank. A very simple matter has thus, by very unexpected "combinations," been magnified into a great State measure. Although the strictures in the Message are, for the most part, ostensibly general in their character, the application of them to the contract made by the Bank of Virginia is avowedly intended, and in this light they will now be considered. The bitter spirit evinced throughout this sublimated Message towards the Federal Administration will be left to the animadversions of more competent men.

The Treasurer of the Commonwealth has with propriety transmitted a copy of the arrangement between the Treasury of the United States and the Bank, to the General Assembly, without any artificial gloss on the transaction; and the joint committee appointed to examine the entire condition of the Banks, will, of course, make such investigation of the subject, as their duty may dictate.—The Governor owes his possession of a copy of that arrangement to the courtesy of the Bank officers, and as the fiscal concerns of the Commonwealth are confided exclusively to the Treasurer and Auditor, it was not anticipated that the Chief Magistrate, who seems sensitively jealous of Executive interposition, would have so used that instrument as to incur what he so unreservedly condemns in another. He has imagined, that the agreement on the part of the Bank to receive the deposites of the public money of the United States on certain specified conditions, "is vitally connected with the prosperity of our citizens, the interests of the Commonwealth and the success of all our undertakings;" and founded on his delusive suggestions, it has been insidiously intimated that a mere proposition to the Bank, which was accepted after mature consideration, was an affair of grave diplomacy. A plain matter of profit and loss in a monied corporation, when viewed through the jaundiced medium of party, becomes the confirmation of some deep political scheme. The terms of the contract are not such as the Bank would of choice have made; but there is nothing in them that forbade their acceptance—nothing that is prohibited by the provisions of the charter—nothing that can be injurious to the Stockholders or to the State.

With regard to the "constitutionality of the Bank of the United States," that was "not a matter of discussion" at the Board, which decided to accept the deposites of the public money of the United States on the proposed conditions, more than it was with the Governor himself; and even, if "the States had thought it expedient, as sovereigns, to express an opinion in relation to it," several, and it is believed all, of that Board would still have thought that "every citizen is entitled to his own opinion on the subject." "Opinion" at least may be let free to every citizen in this country, altho' his sovereign State, or all the sovereign States, may differ with him. Every good citizen is bound to yield to the execution of the laws of his country, while his mind and his "opinion" must remain unfettered, or we live under a tyranny indeed!

Considering the receipt of the public money as a measure beneficial to the Stockholders, and to the State, as the largest Stockholder, it offered no objection to the Board that it might facilitate the determined purpose of the Secretary of the Treasury. That purpose might and would have been carried into operation without their aid, and they did not think proper to forego a benefit to the Bank, for the mere sake of opposition. "They are independent men, chosen without solicitation, and serve, with the exception of the President, without compensation. They have no distrust of their own motives and actions, nor did they suspect, before they were enlightened by the Message, that they were to become "partizans and parasites: looking to the interest of the Federal administration, rather than that of the Commonwealth." This is a grave charge, equally derogatory to them, and to the Secretary; and had the Governor been as solicitous about facts, as about the promulgation of his own doctrines, he might possibly have ascertained that a majority of the Board, which confirmed the agreement, so far from being "parasites," are not even "partizans" of the present Federal administration—but they are men who have voluntarily taken an oath "to execute the trust reposed in them as Directors of the Bank of Virginia, to the best of their knowledge and abilities," and are not such zealots as to allow their private sentiments to induce them to swerve from their official duties.

The Board is charged with submitting to an improper inquisition into the affairs of the Bank. "Could it be supposed, that the Secretary of the Treasury ought to entrust the public money, with any Institution without retaining the privilege of examining into the solidity and the operations of that Institution? Who would have been the first to accuse him of recklessness had he not taken this precaution? But this privilege carries with it a system of "espionage!" There is great magic in catch-words, and all veteran politicians understand the full force of them. Espionage of what? of the entire condition of the Bank. Call it examination, and what injury is to result? A Bank honestly and faithfully conducted has no fears of such an examination. The Bank of the United States is bound to make regular reports of its condition, and is always subject to such examination as Congress may direct. The Banks of Virginia undergo an annual examination by a joint committee of the two houses of Assembly. Would either of these Institutions object to weekly reports or any other investigation of their affairs within the reservations of their charters? This sort of "espionage" has no terrors for prudent and correct men and it is no small recommendation to Institutions discreetly managed that other Institutions with which they are in constant communication should be subject to similar surveillances with themselves although the agent of the Treasury may receive his guerdon from the Banks, instead of the Treasury. His Excellency seems to have been at fault to find adequate English words to express his horror at this unhallowed alliance between the State-banks and Secretary of the Treasury, and has consequently drawn copiously from his French vocabulary to suit his purpose.

"The arrangement is well calculated," says the message "to subject the Banks to the control of party machinery, and enables the Secretary to curtail the accommodations of all who do business at them, and induce loans to others who have not heretofore been so readily accommodated." In what clause of the agreement is found the privilege retained by the Secretary to inspect or interfere with the accounts of individual dealers with the Bank or any thing shown contrary nor can it be shown to fetter or cramp the spirit of the charter is not from any thing contained in the Instrument—on the contrary, it is expressly excepted from the privileges retained by the secretary, who is too conversant in the operations of Banks to have proposed such a measure Having determined to remove the deposites from the Bank of the U. States. how could he so conveniently dispose of them for safe keeping and disbursement, as by employing the State Banks as depositories? With his determination the Bank of Virginia had nothing to do. That is an affair between him and others than the Bank; but in making the removal, it was his duty to hold the power of judging of the solidity of the Banks he selected to do the public business. Their only concern was, to decide whether they would undertake that business were free to accept or reject the terms. The Bank of Virginia accepted them, because after weighing the probable advantages and disadvantages, it supposed the arrangement would be beneficial to the stockholders. "But." adds the Message, "the Bank will be injured or sustained by the value which the President's Secretary thinks proper to give to its notes." Now, a well-managed specie-paying Bank relies on its own resources to maintain the value of its notes, or all the State Banks have long been in a most dependent situation, for they have had none of the patronage of the General Government to sustain them. They have, notwithstanding, in this quarter at least kept up the value of their notes to the level of those of the office of the bank of the U. States. It is true they have not been of equal value at a distance, because they are not receivable in payment of dues to the United States, nor is it understood that the Bank of Virginia has stipulated that its notes shall be so received. The arrangement, therefore, can have no influence on the value of the notes of the Bank of Virginia, either at home or abroad.