Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-04-03

the Virginia Banks, under severe penalties
TO resume the payment of specie, on or be-
fore the 18th of November next and the
banks, under the pressure of this law, and
to meet the crisis, have set on foot most
rigorous course of proceeding, towards
their customers and the public. They are
calling in their debts, by h"avy ourta lmcnts
they refuse all Accommodations whatso-
ever and have even resolved 70 disc cunt
no more husiness-paper, after short
day, although that paper is I'm lerStood to-
be certainly payable at the end of six,y
days.
The effects Of this law cannot. perhaps,
be as yet distinctly known, by persons at a
distance but they will very shortly be vi
sible, in the universal stagnafion of busi-
ness. and in tie enormous reduction of the
prices OF all the commodities of our roun-
try. Thy will come howe to the purses
of every man in the community. Com
pared TO the effects of this law upon the
planters and farmers, 90 say nothing of
the merchants, mechanics, aud bank stock
holders 4 ten-iold tax or an embargo,
would have been tender mercy and
1t is certain, that, from the impossibilty of
compliance on the part of the banS cux--
toners, the bank protests will socn lose all
their terrors.--No benefit will be produced
to any class of cur citizens, but the Shev-
ers
lis generally understood that this law
was passed under a belief, now known to
be false, that it was wished by the Direc-
tors OF the Virginia Banks and the Legis-
lature did not distinctly forcsee the con-
sequences OF attempting to remedy the
evils complained OF, f,arti0iiy They did
not sufficiently consider, that our banks
are but part of great system, and that
all the members of it should move stimuli
taNeous'y, and in unison. They did not
sufficiently consider, that the practical
eff cts Of a partial movement, would mark
out our banks as victims, orproduce ircal-
culable distress upon the people-Ard for
whats 1fspecie is the object, it will be
drawn out and carried away, to rcplenish
the vaults of other banks. Tie Leqisla-
lures ct some other states, have fixed upon
later days, FIR the resumpt on of specie
payments. in order to profit by the effects
OF our law /; and other states have left their
banks to regulate themselves in TINS p4rti-
cuiar. and settle down to specie payments
as soon as practicable.
No banks in the union have more solidi-
~ than ours, or greater Inducements To re-
sumo, as far as possible, the former state
of things.
/ am far from impnting any blame to
the Legislature. They acted upon false
information, and without that knowledge
which Practice has exhibited as the result
OF their measure. hazard but little, there
fore, in saying, that if they, themselves,
were now in session, they would, almost
unanimously, suspend or repeal this
law.
1t is respectfully submitted that YOU
should now give them an opportunity to do
so, III behalf OF our much suffering country.
This may be done, by assembling them at
All early day, or by anticipating their fall
meeting, under an understanding with the
banks, that they are to forbear a course,
pregnant with such calamity to the peo-
pie.
II FARMER.
APRIL ID, 1916.