Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-09-18

Win precision, tiie extent OF Dank hS,o"
modations throughout the u. States, yet II
we Can rely on tae facts disclosed during
the last session Of Congress, while our tis-
cal Concerns were under elaboration, we
are testified in SEATING that the dispropor
tion between bank credits, IN the shape CT
notes and otherwise, and specie. in their
Golfers, was ii. the alarming degree OF IL
to l. The former was estimated at one
hundred and eighty millions. while the lat
ter was as low as fifteen millions. AS
have no connection with the banks OF Vir
ginia, l can speak with no kind OF Certain
u Ok their Observation-Disclosures i presume
they must far have partakcn OF the gen
erat mania rs tn have out against them
claims equal to FIVE times the amount OF
their money capita.--esp-ci a!iy 1t we take
into the estimate, tn 1t from their connec-
ton with other banks, they must, at the
tinr the law passed, have had on hand
large mass of claims against those banks
WHICH t was notorious did not pay specie,
AID which could not be reachedby the laws
OF Virgin MIA. If tine banks of Virginia had
heen ept rely Independent OF all the other
banks il the union, and the currency in the
other States had had no bearing OH their
fiscal concerns, yet So great was the dis
proportion between their issues and money
won d have been utterly impracticable
But the impolity OF thr law comp aimed OF,
do not display Itself to les full extent I'll!
We reflect that Virginia takes upon herself
to regulate the conduct OF her nwn banks,
without regard to the conduct of others.
although the connection aud dependence
are ind.sso!uble. That a deprecated cur
rency is AN evil greatly to be .deplOred, is
readily admitted, but it was As wide as the
Union. and its remedy W S not to be found
in ihe efforts of a single State, W til what
ever sacrifice they might be attended, or
however piaseworthy the motive might
have been which suggested them. A
| nation intoxicated q, for such was really our
| condition, could b. brought back to tempe
rance only by tine-the return must be
SLOW, l.borious and painfnl-A retrench-
ment Of our expenses, outstanding Of our
resources, aud uniform, multaneouS,
and national effort, directed to the same
end, Can produce the only eiiectual rene
dy.
Irepeat again. that whatever measure
may be adopted to cure the evil, it must
have the sanction Of the nation : otherwise :,
it will be partial il its provisions, unequal in
its operations, and limited in its Effects
Congress has, already, by its resolutions,
indirectly fixed the goth Of February next,
as the period when the banks shall resume
their specie payments. That time is,
however, too short must be extended.
Great Britain, with her unbounded COM
merce, and in the fullness of her wealth,
finds it necessary to yell to the eXtraordi .
nary state OF affairs, which at this time are
peculiar to no one country, but are more or
less common to all asd hence, she has
given to the bank of England respite as
to its specie payments, Of , or years. If,
however, should be mistaken in the o.
pinion have hazazded, that the time fig
ed by Congress, namely, the Goth Februa-
ry, for the Banks generally toresume spe-
Gle payments, is too short, it would never
theless be, IN every point OF view, impoitic
IN Virginia TO place her own banks on
footing more dsaivantagcous than any 9TH
er bank in the Union, by requiring them
to commence their payments al an earlier
Day than that prescribed by Congre ss.-Up-
on this branch Of the subject, it is uuneces-
sary to say more. / hasten to the other,
to which have alluded, which is, that
circumstances have occurred since the pas =
sage of the law in question. which, could
they have been foreseen by the L-gisia-
ture, would have arrested its passage. A
fact of Importance ] have already men
tioned-the resolution of Congress, direct
ing the Secretary of the Treasury not to re-
ce;ve, after the 20th of February, in dis
charge Of the dues to the government, the
notes of any bank which did not pay in
specie. The effect of this regulation is to
indulge the Banks til that time. ! have
already said, and from the facts stated, /
think satisfactorily shewn, that Congress
will be compelled to extend the time. 1t is
folly to talk Of comp ling the people to pay
in medium which cannot be procured
Should Congress persevere, It will unite
the people with the Banks, as their cause
will be common one (; and in such con-
test, it requires 10 ghost to tell on which
side victory will inolinc--Congress must
yield to the sentiments and wishes of the
people. Another circumstance Of no small
weight has occurred since the passage of
this law. The three great commercial
States of Maryland, Pennsylvania and n /.
York, or their banks, which is the same
thing, have determined to commence their
specie payments on the 1st ct July next
Far from feeling any regret at that deter
mination, Irejoiced to learn that they could
thus early return to their natural cond-
tiop.
But, what would present particularly
to'your considerations. as having with me
the most decisive effect upon this question,
is the utter mpracticabilty of the banks
to comply with the law. No matter what
course they may pursue no matter what
sacrifice or ruin they may bring on their
dealers; no matter what extent Of mischief
they may cause to the community gener-
/aIiv Won must know IL is irnr,oesibls. fer tho