Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-12-05


idea, that the banks had been c~i on a
The question, then, is not. wbeslpahle
should place the banks in better a:. We
on than when the debt was contr.,u uati
but, whether this bill of pains and "eled
ties should be brought to bear uro,i "rnal
for an act, too, which was unan;, 'nem
approved by Resolution OF this Horsl
THE one respecting the suspension az use
che payme,nts,) and yet before any s Se
act of delinquency has occurred, new
was strengthened by the strong and ~, ne
liable authority. OF the gentleman f, va
Wythe, IN the idea that it was bette, 0n
lei the storm pass, and let the baryee. y
gathered from other shores. Instead o .,
adopting this policy, will YOU y;s;, .H
ties? penal
Mr.. 5. said, the gentleman from WA,
had asked, what would be the consenpssue
OF paying specie, before the instaimsn,
to the National Bank were discb.rsai,i
But the gentleman had not stated ~
whole .case.-Not to advert to the u ~
banks in Pennsylvania Chat horrible ~ ~
ter OF one monstrous BIRTH they are ut
tar gone, ever to recoyer-in the Dis,r;c,
OF Columbia, though they too may be tOa
far gone, yet. they will have dema%nGT
Tor specie, there are six millions ~
capital nine III Baltimore, eight in Phil
delphia, fifteen in NewYork; 80 M;
lions in all all in the market for snec;a
all anxious to purge off their bad hume
and restore themselves TO a sound condi,
ton. All these 80 millions, powersl
from local commerce, will he striyinn 10
obtain our little circulating medium. The
plning. IN sickiy fens, and striving for
little vital air. they send to Hispano
la, to Cadiz, 3000miles of, think YOU tbs,
they will not visit Richmond? What !
me tact! What IS the condition of tbs
Boston banks, always paying specie-and
millions always crowding TO that enyied
town! Though twas her boast that tbs
paper OF all the other banks was trash
while she alone had the precious metals
yet, she has been unable TO preserve her
treasures. Boston has only 18th of tLe
specie which she had at the commence
ment OF the war.-Let these Northern
banks once exhaust your vaults, YOU will
see them open their vaults when YOURS are
shut-and they flourish upon your ruins
And this restored circulation, does il
give you momentary flush of health
VIII you have the consolation of SAVING
though your life is short, ii is glorI
onsi
But, if has been said, that if YOU con-
form TO the resolution of Congress. Won
show not only your independence of the
Northern Banks, but that YOU act as
buttresss to the federal government. Mr..
;. asked, what support they could give
TO Congress by this little law and what
good could they do by turning volunteer
and patting Congress on IFS back to keep
up IFS courage! whether Congress would
not look to the greater interests which il
had elsewhere But admitting we could
stimulate IT, Congress cannot make lis
measure effectual before the LIST of july
But, it had been said, we should find q
powerful ally in.the National Bank. Mr..
). remarked, that though it was man.
moth, it was only the spawn of yesterday
without even bone or gristle. 1t was
destined to be great, but it was not YET
in IFS cradle.
Mr.. 5. said he had thrown out these +
deas-they had grown upon him as he a6-
vanced, tho there was little necessity TO
say so much, after the mastery speech of
the gentleman from Norfolk But there
was one other idea which he would bring
to the viewof the Committee.
He had shown the full value ofthe ben
efts TO be derived from this bill All
were, TO be sure, concerned in having a
pure circulating medium but in one
twelvemontl, thatbenefit is not worth tie
time which is spent in discussing this
question. Now, the greatest, the most
effective interest is ofthose who hold the
bank notes and have deposits. But what
have we heard in this house? That in
the whole Western Country down 10 Free
derlcksburs, so far as this interest exists.
It operates slightly, because the notes Of
the Virginia banks do notcirculate in that
section. He would then speak il. not By
way of reproach, but he put it TO the can
dor Of Gentlemen hewould emphatical-
ly ask them 10 lay it to their hearts, that
the interests the most deeply affected in
this question should he the least opposed
to the present state of things Whence
the great deposits in the banks? The
gentleman from LoudOun has said, they
belong TO the merchants and opulent
farmers near Richmond. But yet there
IS not one word of complaint from Rich
mond, Fredericksburg, Norfolk. And
still these interests are 10 be employed to
excite feelings in that house calculated
to ruin the very men whose interests it Is
designed 70 promote.
One great source of Glamour, (and he
addressed this remark to his Western
brethren, had been, that tie Virginia pa
per does not circulate among them and
by some strange distortion, this bad been
brought to bear against the Banks. Rut
Why does 1t not circulate among them
Because it is too valuable to circulate
with that which has displaced it. Mix
two circulating mediums together, and the