Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-03-02

gold & silver value) ter s,'nc time pas. II
iiror of the u. States. Yet. he sad. yoi
nnu SILVER wsre leaving our shores.
t,ct, we have degraded the metallic ca,
rem Y ; We have treated &C with ndisni,.
it leaves as. and seeks IN asy ium ON f,r,:
shores. Let 1t become again the ba,;s
b,nk transactions, and it will re-v,.,t
Having established, as he conceived, in ~
course of his remarks, that the exc
Ut. paper issues, was the true and onll
cause of depreciation Of cur paper currs,
cy, Mr.. c. turned his attention to the ma
ner IN winch that excess had been prob,
ced 1t was ntimately Connected " Tn ~,
suspension OF specie payments they s,onI
AS cause and eject /; tirst, tine excessive is
sncs caused tue Suspension Of specie nav
ments ; and advantage had been taken ne
that suSpens on to issue still greater i.od,
oft. The b nts bad undertaken to do
new business, uncoug.niii with the naturs
t such institutions they undertook TO max
long loans tn vornm nj, not as brokers
but AS stockholderS--a practice wholly in |
consistent with the system OF sp, Gle Da,
ments. After showing the d Ference l
tween the ordinary business of bank :,
discounts, and the making Ioans for twelvo
years, Mr.. G. said, indsputabIy the latt.r
practice was great and ledCing cause &c
the suspension OF specie payments OIL
this species or properly. (pu1ic stock) t,r
Banks in the L. Stages held On the SON
OF September last, oh ut eighteen and
half millions. and ncary c1ual amount of
Treasury Notes. bes 5es stock for lon.
loans made - the state governments. -
mounting Ill together, 10 within "A small
amount OF forty mlilions, being a large pro.
portion OF theT actnai capital. This, ne
MI "A ne I'll,
OF specie payments. Had the Banks. me
COW discussed the qresiion) the capacity
to resume specie pa, msnt9 Ii they have
tie diohoStioh, he said. they may resume
specie payments. The banks are not ins,l-
veut, he SAID they never were more sol-
vent. IL So, the te IN it,eit implies, that.
II tnne b. allowed them, they may before.
long be III Nondlt on to resume payment of
specie Ii tie Banks would regularly and
consentaneousiy begin to dispose of thei-
stack, 60 CAL IN their notes fr the Treasu-
ry Notes tncy havs, and moderately Cur
tai their private discounts if they wruli
act III concert in this manner, they miphc
reSuma specie payments. If they were to
withdraw by the sale of a part uny If
their stock and treasury notes, IS millions
of their notes from circulation, the rest
would be appreciated to par, or ne ,rly, aud
they would still nave Is mi lions If stock
'iisposabie to send 60 Europe fuf s3ccit, g.,
Wlt!! so millions of d,liars in thesf. banks.
and so much OF their paper Withdrawn
from circulation, they would he in :, conl-
ton to resume payments in spe ie. The
oaly difficulty. that of producing concert,
was one which it belonged TO Congress to
surmount. The nd.spositiou ct the banks,
from motives oil interest, obviously grow
InQr a. .{.t.
have lately realized, by which the stock
holders have realized from IL to 9On
cent. on their sock, would be, he shew ed,
the greatest obstacle. What, he asked,
was Bank An Insti ution, under pres
sent uses, IL make money. WHAT was the
lnsti ct of such an institution ? Gain,
gain nothi! s but gain and they would
not VIII ngiy relinqu'sh their gain irnn tie
present state ct things, which was prufia-
bic to them, acting as they did, without re-
straint and without hazard. Those who
believed that the pr, sent state of things,
wouri ever cure itself, Mir. G.. said, must
believe what is impossible banks must
Change their nature, lay aside Their instinct,
before thy will aid in doing what it is not
their interest to do. BY this process of ea-
sOniEg, he came to the conclusion, thst it
rested with Congress 10 make them return
to specie payments, by making il their in
terest to do SO. This introduced the sub
ject of the National Bank.
A national bank, he said, paying specie
itself, would have tendency to make spe-
Gle payments general, IS well by lis inf;-
ence rs by its eXampe. II will BE- the in
tcrest OF the national bank to pro uce this
state Ut things, be, ause otherwise its upe--
rations will be greatly circumscr.bed, as It
must pay out specie or national bank,
notes: tor he presumed one Of ,he first
rules of such a bank, w0Lld be t. take the
notes of no bank which did not paw in gold
and silver. A national bank If SIS m llious
with the aid of those banks viii Ii are at
once ready to pay spec Q. would produce
powerful effect al over the Uuon Fur
Their, national bunk would eudhie the 20
vernment To resort 10 measurts winch
would make t unpro6iable to banks
70 Continue the violation Uf their con-
tracts, and advantageous to return to
the observation Of them The leading
measure ct tIis charac e., wonl b. to strip
the banks. refusing II pay sfeCie. OF ali
the profits arising from the business of the
government, to prohibit deposits with ihem,
ana To refuse to receive their nOt.sin ply.
nent of dues to the government. How FIR
such measure would he efficacious in produ-
eng return of spec c payments, ne was
unable to s,y--5ut 1t was as far as he was
willing to go at thu present session. If
they persisted IN refusing to resume pay
ments IN specie, Congress mast resort 70
measures OF deeper tone, which they had
in their power.
II.