Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-04-27

nrrf General fSScm5Iy v tte Commonwealth u
Jireinia.
GENTLEMEN,
We the Subscribers. norton
of your constituents, deer It duty that we owe 70
the community, and IN ourselves inyiluaily To adj
dress To- you pa tcular reu;.; Al this tins. Tie
object nj oar applicaiior, IS 90 procure hy yeur "a.
seney, m concurrence with th- efforts Of Others AN
cfrly meeiingo the - .lsatutc.
I You are doubtless appize- Lst by the direct o.
peraon of tha; law Ofihs co'nmorw esl,l,, whcl,
compels the directors of its two chartered Banks,
to redeeIn by specie Payments, the 18th of No
W mbcr, 1916, and thencelurwa~'l, all their out
sismding notes It presented, that a disturbance
81 contracts throughout Virginia has been berun,
Is inc; easingaad ought To- be diminished Already
curtaiImenis of the discounts heretofore maize by
those directors ior then solvent aud industrious Gus
tomcrs--a numerous body OF men--togetI,ei' wi n
Gt''ias of further accommodation generally, has
checked current business. y productive capital
Which in ell CT, whether Of evil ~ beneiicent orig,n
dId move much 81 the lIhGur cfth- community is
not merely Abridged, but annihl.t,d. Tns m "a
sure, pF'ieent PERHAPS, necessary, on the
part OF those who administer toe hskins i.stitut-
ous considered as trustees Tor tic Stockholders has
contributed to check audah.e eaterprze, and TO
turn the foodR,te at imrrovemert ato ~ e6b visi-
bic both in tDwn and country. The necessity by the,
compulsion OF this law, tn compress within the
narrow compass of few months, most of the cash
transactions in the cDmmonws ath which have been
expanding fpr at least four years, menaccs not
merely torestIlct money and credit, but to strau-
se them
So sudden diminution of me measure Of ,,aIye.
(Which this bank paper hal i'll TACT become. must
moreover IN its immediate eli, Ct materially diminish
the fair market price whrh .uight otherwise be oh
tanned tor the crop OF the pres nj year. Yettrom
this crop must he mainly derived the fund for tn
G1chargc OF the public taxes, we'll tr acguit-
tsnce Ol the private dcDts which were chiefly con-
Z. nd II
to be Incumbent upon the great majority of our ie-
low citizens. The puLlic taxes are PAYABLE in the
Notes OF those Chartered Banks only. Suddenly
10 subtract half these notes from circulation renders
ti'e tax extremely onerus, and will certainly de-
feat or postpone the annual receipt at the Treasury
la Irst, what man in the community, save few u,
su ers and specie hoarders avoid be in;gre,i
by elimination rap,,i and so cOnsd-rsbie ct the
aml0ua; Of our circulating medium Moreover isit
not already mamie that This projected operation
To substitute, ~ithina few months, AND lust at the
Season too, when the maIn article ct our produce
seeks a market an Inadequate saItly of the breci-
oIS HetGis-fir our bank money, (il uuantgm by
no means too abundant, is fiscal experiment full
OF hazard are we not now prOspt ctively emsar-
rasseh by it Has not usury a.rea,.v become inso-
lent and voracous Besil s, is il not evident that
the banks of Virginia, single handed, cannot SO soon
restore their former specie circulation Is not spe-
Gle mere commodity, an article Of commerce
Is mt at present the balance at traffic dubious or
rather uniavourahle Wil! not the metal money
drawn out OF banb be immediately exported What
man OF plain business, Ur practical Common sense,
can doubt that more time, than has been afforded
Rak by the "f.,.o> I ~ ought tn he 81, ,ted
So, grstiiIg aud settling with agents Ul Banks IN t,st:
a'jaceat states combined S, stem or restoring the.
precious metals 10 clreulation b, Joint endeavour
executed about the same period Meanwhile, is
IT not apparent that premature recon is fiscal
quackery! Even anpi ecia,ion itself, however de-
slrable should, to be beneficial the manu. rather
be gradual than p fiG In the eXis ing state of the
banks and the finance of Virginia, il is The interest
othe people, that reformation itself should be tenn
peIate. Otherwise those who are most eager for
II, soon grow dssusted at what thry have done aud
then somerart OF the sbdcatsd grieva is recalled
from its exile III order to become corrective OF the
correction.
Whenever money is the subject matter of Lee
gisation sudden alterations in the quantum Of cur
rency should .dulYusly b. avoided. Gradual chan
ges, imply the wisdo. taught by nature herself
whose riches, after being grad,is,iy augment d. are
never suddenly withdraw. Without question: &
the purity of the motives which Induced majority
in both branches OF the late General Assembly 10
eo-erce specie payments on so early day, as the
law appoin's-ws have good reason to conclude, that
1T those lawgiyers 7ere now ia session, they would
from urgent considerations of public convenience,
concur in mOdify ing their measure. Might they
not tor instance, limit compulsory pay ments of spe-
Gle for some time, 1T both banks, the redempti-
Ofonly the five dollar notes thereby grstif In
the bulk OF the people, with metal money for
change, in countless minuter contracts; and at the
same time prohibiting corporation issue5' Would
not such moderate measure, he safe, and brg.n
also to operate in approaching the stouter notes
We know that a similar measure did produce this
effect, to great extent in the ease of great pr-
yate Banker. Specie payments might afterwards
ascend by degrees, TO the redemption of notes of
greater magnitude ut specified intervals. Since the
adjournment of our Legislature, Congress have
chartered p national bank, w capital OF thirty
FIVE millions Of dG.lSrs This mCmentOus measure
changes the whole aspect OF state banking and state
currency. Perhaps the money Of this Nation
al Bank may be substituted by some of the
State Banks for the pre- ciOus metals; in this
feature initiating the practice OF alt the PR
vate Bankers in England Since the adjourn.
ment Of our Legislature, Il h9s been Ascertain
ed with suiiieeat accuracy from actual returns and
documents, that all the bauk paper now circulating
by charter, in the United States, does not exceed
one hundred millions OF dollars, and that not more
than about twelve millions OF do,lars in spc-
Gle, remain in tine bank vault. Of the several states
reckOned all together.
Perhaps our late legislature did not remark, that
however favourable the state traffic balance Of ir-
gnia appeared or really was, yet that the general
balance oil American trade, owing to the vast value
oi our recent Imports aud the inadcquscy OF our
rude exports TO acqu this value, las turned against
the United States. Such balance nlup selling to-
wards Europe with strof ( current which common
y sweeps the precious metals away with It Specie,
commercial towns Of states contiguous to Virginia,
IRON this or other causes herein suggested) has
recently been sold at advance Of twenty-five per
cent above the par Of chartered bank paper where
such paper is in full credit. Judge whether in The
great msrts Of tie union dealers in The CONNER
cal article spec'e, will not a,nass our bank paper,
and through the fundamentally Of their agents
mere, eiude the late law and contribute to Drain
our vaults Of the precious metals,
Influenced by 50 many existing circumstances.