The enquirer. [volume] (Richmond, Va.) 1804-1815, 1815-07-19


known that the of Banks Of Virginia did NOT
suspend ths'ir pfym nts until the cou sc
adopted by those of - -w-Xork, PHILADELPHIA
a, and Baitnore made it necessary. The
timate commercial connection between Nir-
gina aud those towns renders II nAispensa-
Die that the effort to restore the credit of
Bank paper should be an united one, and the
difficulties attendant on such mea sure are
rather Imaginary Tan real, provided the
Banks viii act with fidelity towards each o.
thcr.
The depreciation in Bank Notes, is probably
owing more to an Impression that specie pay
mehts Will not be resumed than to any other
C 'use, & if the public could be convinced that
prepara;iun is making by the Banks for NEE
ing the claims on them, confidence would be
restored, and unless it shall be found chat tue
amount of circulating notes is greater than
the trade of the country can absorb. the de-
mands for specie will soon cease. The opin-
ION that the high price OF gold and silver III
Eng and Will cause the vaults Of the Banks to
be drained as soon as the doors shall be oper-
ed Is hardly worth a serious realization. IF
the deprecated value of Bark Paper in Eng
land be good cause for suspending specie pay
ments now, 1t was equally for suspending
them i've years ago, when the dollar passed
currently for six shillngs in the pape5. of the
Bank OF England, and how ridiculous would
such proposition have been then thought
According to the same notion, all the specie
in Boston should come to Baltimore, because
il is only at ftar at the former, and - or Is
per cent advance at the latter place; and up
on the same principle, France should have
drawn all the sip Gle in Chrislcnt,nnl into her
bosom during the existence of assignats. The
truth is, that enlightened merchant nur
any political GconoRist who ever read page
OF Locke, Hume or Smith on money, could,
tor moment, be frlghtene by such a spectre.
We arc now at peace Nth all the civilized
world, & our trade free and unembarrassed, &
| ttEere be not specie enough deposited in the
vaults ct the Banks and boarded in the chests
of individuals to serve the purposes of the
country, no question can be entertained of
procuring an adequate supply FROM abroad,
1t we can furnish commodities in exchange
for it.
The depressed value of Bank Paper being
fairly ascribable to the encreased issues con-
sequent on the loans 70 government in sup
portsof the war, and 20 the removal of the only
barrier to AN excess, the corrective is to be
found IN the sales of public stock, the pro-
gressiye diminution of discounts, and in re-
verting to cash payments. In resorting to the
Femedy, the Banks and the commercial class
are most nearly and particularly Concerned.
With respect to the former, it has been sta
ted that to adhere to the present course would
be completely feLo dc Sc The injunctions of
their charters, the legal resort of their in
jured creditors. and the loss Of public conf
dence would consign them to utter ruin. Let
them heartily combine in fixing on period for
opening their vaults let them in par, dis
pose, of the public stock they hod--let them
gradually withdraw from circulation a pro-
portion of their uotes--and let them If neces
sary, purchase in specie they will then find
an imihediate approximation in the value OF
their paper and that OF the precious metals
until they come to the same level 1t is true
their dividends will DIMINISH but not to the
degree ottheir extraordinary prefts during
the suspension. They will gain, besides in
character an equivalent for several dividends.
BY apportiouirg the reduction of their dis
counts over the whole time of their prepare
ton for specie payments, no violent inidry can
be sustained By their debtors, no important
arrangement of prices-no great distress to
tar and legitimate trade would follow.
with respect to our merchants, they are
too enlightened to desire the continuance of a
system pernicions to every other class OF citi-
zens. They will have due notice and full time
to regulate their dealings and bring their af-
fairs within such a compass as prudence and
discretion may dictate ; and the Banks being
generally under their direction, they will take
care that the contemplated reduction shall be
made in that cautious and imperceptible man
ner as to give no shock 80 their operations A
few SPECTATORS, prone to over-tradiDg, and
who have grown into consequence from the
facility Of procuring money during the suspen
sion of cash payments, may have to contend
with some difficulty, bnt the general advanta-
Ses OF the measure proposed orght TO out
weigh ali CGnSi er lions Of that sort.
That q temporary shasm in the circulating
medium of the country will be made by thus
diminishing the amount of Bank Notes is adj
mitted, but that obstruction must be encoun-
tered before the credit OF the Ba.xs can be
restored, aud no tine can be more convenient
than the present. Enjoying perfect tranquil
ty and possessing great resources, the credit
of our merchants, assisted by the treasury
bills which the Government will be enabled
from large and INCREASING revenue to throw
into circulation, will be equal to the exigency
When confidence in the Banks shall be per-
feo,ly restored they will be enabled at all
times hereafter to supply the demands for
circulating medium with profit to themselves
and With ut injury to the community.
Believing that the depreciation in the value
of Bank Notes is chiefly owing to the .usljcn
sion of Cash paymen's-that It IS preJudicial
to the public--that it will destroy the Banks
that gradual preparation of oil the Banks
for cash payments is the best remedy-that
such preparation viii not be- detrimental TO
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