Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-04-24


effect was at that iuoment certainly most
suspicious on. The commissioners for len
ding out the bills reported That the know
ledge that loans might have been obtained,
sufficed in several instances TO render them
unnecessary that the whole number Of
applications was 352, for sums amounting
to I. 1855 ,624; of which 2S8 were grained,
amounting TO l. 2,202, 900 II, for sums to
the amount of I. 1925, 100 were withdrawn
and IS were rejected for various rel
sons that the whole sum advanced on
loans was paid: considerable part before
II became due, and the remainder rcSu-
larry ut the stated periods, without appa-
rent difficulty or distress that the advan-
tages of this well-timcd treasure we're o.
vinced by a SPEEDY restoration of conf
dence in mercantile transactions, which
produced a facility in raising mo-ey that
was presently felt, not only IA the metro
polls. but through the whole extent Of G.
Britain"
II is also stated hv Mr.. Rose. " that the
difference b tween the interss, paid " the
borrowers at 5 per cent. and on the exche-
quer bills lent 10 them, FIR which the pub
lie paid twopence halfpenny day, satisfied
all the eNpences of the comm,ss on, anil
left profit of upwards OF 400Ot. which
was paid into the eXcheqner."
Whoever wishes to See copicus and
interesting history of this trs nsaction. will
find it in the 2nd Vol. of Sir JOhn Sinciair's
work on the Revenue.
A similar experiment was tried In Eng
land in 1897, but not with equal success.
Sir John S. finally concludes with SAYING.
that though no ultimate loss will proba-
bly, be sustained, yet it evidently appears,
that such measures ought not to be too
frequently adopted. and when they are,
ought to be carr Ell on with the utmost i'm
Partially, and the strictest attention to the
pubic interest"
How far the situation ofthe u s. CORES
ponds with that of G.. r. or requires diff
ierent remedy,is an important question.
TO TIE EDITOR or TIE ENQUIRER.
So much pains has been taken
to poison the public mind on the subject of
the law which will compel the Banks to
resume their payments in specie, that it
will be truly wonderful. if the effect shall
have been produced. And while the enc
miss ct the law manifest SO much zeal and
acuvity,its friends are perhaps wrong, in
relying upon the goodness and Intelligence
OF the public, alone, to d. teCt the false
hoods. and refutc the erroneous opinions so
industriously propagated.
In this City, indeed, where there exists
mass of intelligence, and of commercial
information, little no injury has been
produced, as is evidenced by the two late
aoortlve attempts to procure meetings Of the
Cit'z ms, for the purpose of pet;tioning the
Executive, to convene the Legislature
But, in the Country, where there can be
very little knowledge of the subject, it is
very Certain that strong prejudices have
been exci,eJ
Its enemies have industriously propaga-
ted the opinion
list. That the law was passed under a be-
lief now known to have been CHROME
Gus, that the Banks wished it should
pass
"a. That the Directors of the Banks do
not, themselves. calculate upon icing
able to pay specie, and, consequently,
that all the pressure felt by the com
munity, will have been unavail ng, as
regards its object.
Sd. That the measures pursued by the
Banks, have already Caused d ruinous
depreciation in the value of every
kind of produce-and
9TH. That if persevered in, they must
spread bankruptcy and ruin among
their customers.
he reason assigned for the passage of
law. which is said to be fraueht with so
much public and private calamity, CONVEYS
a most unmerIted censure upon the Lee
gislative body; end pre-suppnses an infiu-
ence over the representatives of the peo-
pir, which 1t is Impossible the Banks could
p ossess. 1t is moreover falsifed nv the
known fact. that large majority of those
who voted for the passage of the law, were
hostile 20 the State Banks, liz consequence
OF the failure of the Bill for incorporating
the Unchartercd Banks. And it is further
contradicted by the fact, that those Mem
bers, who might be considered the more
Immediate friends OF the Banks, voted A.
gainst the law.
Bnt il. instead of consulting the good of
the Country alone, the Legislature passed
this law merely in compliance with the
supposed wishes OF the Banks, in what way
has it been discovered that those wishes
have been misunderstood Have the
Banks themselves said so (? Have they
petitioned the Executive to convene the
Legislature Or, are their Directors cla-
morous against the law ! In fact, did not
the Banks in this City, seriously commence
their preparatory operations for specie
payments, as long ago as Septc mber last,
three months before the meeting of the
Leg stature, and two months before the
passage of the lawl This f.ct most une-
guivocally shews, that in the opinion of the
Directors, it was their duty, to place the
Hanks IN situation to pay specie. And
do know, that so far as concerns the Banks
IN this City, that Course would have been
steadi'Y pursued, whether the law had
passed or not. Ifthere was a want of CO.