Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-08-03

| Banks SoHfh OF the Potomac, to say that
! they are Gvfinnsr TO cooperate in The
revival OF the metallic currency''-out, that
! uley are ready to cooperate in his scheme
! tor ms purpose, or would be ready to CO.
! operate with the other Banks before the Ist
Monday in January, we are most strongly
disposed 20 doubt.
TIE State Banks kill co-oherafe in no
scheme. zcfich ayiH haze TIRE effect Of dragv-
1fis- oitt their specie, to honr h info the u.
). Bank. Mot until the 2d Instalment of
that Bank is paid up, ought they to be
Competed to pay up their own Gold and
Silver.
Mr. Dallas's scheme has this very effect
by means OF the small noies, OF which ev
cry Bank has great num6er IN circuia-
tion, the specie is drawn from them, and
will be eagerly seized on TO make out the
capital of the new bank-Nill they th n
come into scheme which strips then of
their specie, and does not add Que cent IL
the coin OF the country !--that very speci
which they have been at so much pains To
get. and whi-h the Subscribers TO the Ma
tional Bank can get so much cheaper from
them than from any other source
my should the Banks come into this
sheme f-For considerable time, at
least, their notes VIII be in demand
enough, if they do what is their duty, with
out asking the aid of the Treasury. The
Virginia Banks. for mstanCe-the value of
their notes is sustained without it-They
are wanting, LIST. fer the circulation of the
country-2d. by those who have to pay
taxes into the S,dte 7, easury and Sd. by
such as have notes to pay in the bank. or
curtailnents on those notcs--wh.ch process
oEgllt 10 !gs on.
We sincerely fear the Treasury will be
a greater sufferer by this arrangement
than the banks themselves. For how will
they receive their dues ? What kind of
money can their creditors offer theme
No; as the Natio. al Bank is establish
ed let it make itself out 0fths usual iunCls
which are within its re III. Let j, dip its
hands into the coh' RS Of Individuals; let it
draw the hidden trea ure from its most
secret recesses let i, in This way if it
chooses, clog the return of the state banks
70 specie payments, Ivy competing with
them for the coin which is already in tn
country or. let it do better, draw specie
from abroad from Canada, from the w.
Indies, or from Europe let it, in this way
add TO the coin of The country, and there
Will be less room for complaint. But the
state banks owe It to themselves to hus-
band their own resources, until the Bank of
the u. S. is made out of other funds.
IT Mr.. Dallas should ask, e;,fcn, then,
Will the BNnks return TO specie payments
are they for ever to SO on in their pre-
sent irregular course of banking ?"-The
reply IS easy. Nc: LIT the Cd Instalment
of the National Bank be paid first, & then if
the State Banks should resolutely persist in
refusing to take the most efficient steps
for smoothing their return to specie pays
ments. by retaining their public stock, and
not calling in the paper, then let the Urea
sury and the National Bank unite, slowly,
gradually and effectively to coerce the
State Banks into compliance with their
engagements. --Bnt this measure seems TO
us at present to be premature.
We do not think, W 18th Mr. Dallas, (deep
ply as we respect his understandings that
- a simultaneous and uniform mover ent of
the State Banks zUould at This period be
successful in the revival Of the public con-
ldeDce, and the restoration of the lawful
currency of the u. S."-because we do not
think, that there is enough OF the haher of
the banks called in, in proportion to the
sfiecie which they possess-T here is too
much fiaher aRoat, and, we fear, too little
specie IN the country--They need time to
call IN their I1ajter---as well as TO obtain a
metallic cafiitai, which l.st Mr.. Dali in
sists is " alone wanting to enable them to
resume their payments in coin but.
suppose it 7vas the last only-how can they
OBTAIN the metallic cGfiitai which is want
ing. in the way which he seems to point
ont, viz. by exchanging their public stock
for specie, when as fast as they purchase
1t, it would be drawn from them again by
their 8maH notes !?
here are certain difficulties on every
side OF this complicated queston.-We
sincerely wished, that the Banks would
prepare, . as soon as may be-" for specie
payments--We saw, however, it was diff
cult. perhaps impracticable, for them so to
do without " an uniform movement"-We
wished this concert to take place-for IL
months we have wished to bring it about
by means of Convention among the Banks
But, as things now stand, with the Sc
cond instalment Of the National Bank star
ing them III the face, we candidiy doubt
the Propriety Of their acquiescing in the
propositions of the Treasury Hunt I'D all
the money in the country--i!lvite rnc-c from
aoroad-increase the quantity we possess
pay up the I'd instalmens--and then, if
the State Banks should prove reniss in
their duties, 1t the energies of the treasu-
~ be applied Slowly, and prudcnty-Buf.
perhaps. it may be the next summer, be-
fore the whole force Of the government and
the National Bank should be brought to
oearupon the State Institutions
In one respect. Mr.. Dallas is clearly in
the right-that there should be a g 8 multa-
neous movement" among the State Banks.
f.k-C nj f1a,~.