The enquirer. [volume] (Richmond, Va.) 1804-1815, 1815-07-19
ENQUIR Err FFlCE,
FOR THE ENQUIRER.
Richmond, JuLy 10, I81


E'he progressive depreciation in the value
of Bank Notes in the United States is well cal
culated to excite distrust and produce meal
Cuable mischief. Heretofore public opinion,
at all times in a free country tantanount to
legislative enactments, has supported the
Banks, in what was considered a temporary
suspension of cash payments, and the Legs
lature itself gave sanction to the measure by
receiving the report OF Committee appoin-
ted to enquire into the situation of the Bark,
and permitting small notes to he issued dar-
ing, and for limited time aiter the terUna-
zion Of tile war. Whilst the nation was en-
gagged in defending her rights and her so :,
every portion of the community was ready to
cooperate with the constituted authorities &
tomake some sacrifices to ensure success. Z ne
Jnonied insti. utlonS were naturally looked to-,
at such a crisis, for advancing those aids TO
government that could not be speedily obtain
adelsewhere, and they were led from patri-
otto motives, to extend their loans beyond
their capabilisy to comply faithfully with their
engagements. Under sueh circumstances the
legislature AMI the public at large would be
willing to snbmlt for time, to the injury and
inconvenience arising from q suspension of
cash payments By the Banks aud no law has
been passedin any State, to affect their char
tiers, nor any suit instituted by individuals for a
breach of contract. Pat the dangers of the
war being over and trade falling into its won
ted channels, it was reasonably to be expect
ed thatkhe Banks, instead OF Awaiting them
selves ot Sach an occasion TO cncrease their pro-
FITS, would gradually, ct least, prepare for re-
gaining the ground theY had lost on the score
ofpunctuality.
Ina commercial country Banking institutions
are highly beneficial. Independent Of fur
TNshinS A cheaper and more convenient cur
E'ency than the precious metals, they are SO
1nany markets for money, where those who
Rave surplus of that comn0ylity come TO
dispose OF It, and where those who want.
lone TO procure it--but 1t is essential to tue
public interest and TO their own prosperity
that they should maintain their credit inv,ols,
t'ie. To do this, they must be prepared with
specie tn meet the probable demands on
ehem, or else depreciation n the value of
tAeir notes must eDsue, and the evils Of snch
az event, perwade every class of society,"
Men" says Mr.. Locke, " in their bargains.
Contract MT for DENOMINATIONS or sounds. bat
+ Tor intrns.c value ," anl 1t should be enc of
we nisi cares OF government, to have tue
. circulating medium, whether in Bank Notes
frspeciG,or mixed, kept up to the proper
standard
A deweclatirg currency tends TO derange
aiNi uuscttle al The trans ,ctors Of soriety .
q depress the ,bourmg classes. and ell who
terlsc their in omes IRON salaries from the
y 'yefnmeDt, or wag s from individuals, to
'e'FNud creditors, apG TO add 70 the weis 1T oil
taxes in short, it Injuries all but those WHO
are engaged ~ srecuiatiug on still farther de t.
.F"ugemeut. Nor do thu Bdi.ks ultimately
snii.r less rIury--H b. {, confidence in thoso
"ho Tanage them, and belief that the funds
nave been lo4ned to persons Of ample and
un9uestionable resources, and can speedily be
called In, may, for some time, under pecu-
har circumstance, support them IL the sus-
pension OF cash payments. But if they per-
i'st IN extending their loans, after the pros
sure IS removed, for the purpose Of mo di
l'ate profits x afford no satisfactory evidence
~ disposition to keep mp the value of their
paper, rejecting men, viii nationally con.
GUIDE, that spirit Of cupidity has usurped
tne place ofjustice and honesty, confidence
VIZ De lost, and the injury first felt by the
FW'Ic' viii recoil on the Banks themselves.
Ah%t the value Of Bank papeE is declining,