Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-11-30

that on the Goth ofFebruary, all their Gre
dit0rs may come in--Though YOU have
never have had mob in Richmond vet
on that occasion one will be formed. You
notify to the world, that on the goth of
February, the race Is to be run, and han
py will be the man who can get near e.
nough to your bank doors.-Nir. II. OBJ
ijected, then, to this mcasurcr-lst. be-
cause the both of February is too early a
day i; and IDLY. because public notice
would be given to all the creditors of the
bank to come in for payment.-Mr. r.
referred to an incident which had lately
| occurred atNorfolk-ofa little dealer, who
had issueda considerable amount in small
notes OF AID, Cd, &c. On the 18th of
November, when the circulation of those
tickets was forbidden, all those who held
them beset his house and stripped him of
every shilling. Yet, this man. was a
banker, he had issued his small notes
and if he could not stand the influx of
AID and sixpences, how are YOUR banks
10 stand the influx of 10 and 1000 dollar
notes?
MIR. t. then adyerted TO the deposits
which the Commonwealth and the u. s.
owned in the bank, which would I'm all
probability be drawn tor i'm specie--as
wei as heheavy deposits whichhad been
made by the merchants of Richmond and
elsewhere. Is it moi, lthei, idle to say that
the Bank of Virginia is able TO pay spe-
Gle, when it has not enough, by 50 per CT
to answer its deposits, when it has only
SOL 900 to pay 81, 200, 900 ?-He conten-
ded, that as soon as the day ofpayment
came, as notified by law, the Treasurer
OF the u. $. would have man stationed
at ITS doors with check in his pocket for
$3.50, 600 and that the merchants ofRich-
mond would employ strongporters to bear
off the specie-that the confidence i'm
bank was, like female reputation, very
difficult TO be restored that there was
once Il time when no man knew the "a
mount of deposit money, the notes in cir
culation, or the sum in specie which the
banks possessed; and that the moment
YOU pronulge the real state of the institu-
ton, YOU shake it i'll the public estimate
on; nothing can restore it but the re-
sumption OF specie payments; and how is
thlsto be effected Z Only by calling in
their discounts; this is work of great
dellcacy and discretion they have al
ready drawnin 4 considerable amount:
can they further draw in a million i'm
60 days! You cannot work by the ruleof
three, and say, if | | months will give ST.
10000, what will 60 days give! because
the dealers are less able 10 pay up that
lnconslderabie sum than they were ST.
100000, being exhausted by the exertions
they have already made
We are not able TO say that the Banks
can pay specie on the 10th of July, any
more than we can say that il will rain on
that day. 1t depends upon a variety of
causes, the operations of the u. S. Bank.
the price of -four, the rate of exchange.
the duiles which are laid by the govern
ment. What, then, canwe dog We had
best reposc confidence in the managers of
these institutions. The gentleman from
Loudoun has admitted that they possess
his confidence Mr.. Mercer rose to ex-
plaln-ile had not declared that the Di-
rectors possessed his confidence though
for several of them he had the warmest
attachment. II don't ask the gentleman
from Loudouu( said MIR IT, for his conf
dence. Look at the statements OIL your
tables-see what these men have done
Remembefwhat the gentleman from Lou
doun had said that the merchants of
Richmond would give handsome pre-
MUM TO be restored 10 their situation last
year IT from such men the Directors of
your banks have exacted SO much, can it
be SAID that these Directors have not made
great eXertions that the affairs of your
banks are not wisely and properly admin
lstered MIR. T. said, the gentleman
from l.. had asserted the banks would
be able TO pay specie by the Goth of Feb
ruary-Quo mOdo' BY whose wisdom has
il been accomplished That of your bank
directors. This ability, then, is the high
estcompllment which can bepaid to them.
For my own part, Sir, (said Mr.. to | feel
confidence III these men, not only from
what personally know Oft them, but their
character, their standing, and their res
possibility. would rather trust the
power In their hands, than select any ar
bltrary day for the resumption of specie
payment.-These men are responsible TO
the nation. Who appoints them! The gen
tleman from Chesterfield (Mr. Thweatt,)
said the other day, the stockholders. But
no such thing. Your Treasurer appoints
all the Directors in the Bank of Virginia,
and you appoint the Treasurer. And if
our constituents can trust us to make laws
for them, cannot we trust our Treasurer
Can we nottrust him whose appointments
have been so judicious, that they have
nursed the interests of the bank, and rails
ed the value of the stock tosuch pitch
AS to the Farmers Bank, o out of I3 of
the directors are appointed by YOUR Go
vernon and Council-these officers are de-
pendent on you, your Governor every
year, the members Of your Council every
Sd year They are as responsible to YOU,
as you are to the people. Is it not better,
then, TO leave the subject in their hands.
than TO appoint any arbitrary day ?
Mr.. i. observed, that he had omitted
one remark in its proper place-he had
c.,td Thorn had boot, No notsf;o,,, e.. 81