Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-05-01

principal exporting merchants, in our com
merclal towns, have not hitherto entered
into the lists OF competition 1T ali, coasi>
dering tn nigh prices which have p-cvail
cd as unauthorized by any safe principles of
calculation. But as soon rs prif es shall
sett,c down TO the natural level, iadic ted
by the state of foreign ma rkets, these mcr-
chants will. no doubt. become active pur.
chasers. Let II b. RENE INBRED TOO that
any reduction of prices which may take
place will be chiefly nominal. The exces
s'vc ssues ofpPper by the Banks. since the
st9Ppass OF cash payments, are known to
have caused considerable depreciation OF
our currency. Withdrawing a portion vi
THIS pager trom-cir 7ulation will necessarily
correct tie depreciation, and impart a
II Shsr va ue TO what remains. The far
ner or p1nfer may then receive n smaller
amount ~ d2fiIrS and cents for his crop.
out n" VIII receive rs much 7ro1ey, IN the
tru idea If money, as bling the reprsscn
tat'Vc or value. He WILL IN short, re-
Give what will purchase as many of the
necessities nd conveniences of life. Q. As
70 the merchants, their interests will be Aif
t.rsn 'y III cted by this law, according 80
tte'r resp -'t'vs Situate MS. But it is bel'ev-
G. thst the majority OF this Class will expe-
ri no sc1oas pressure from It. 5. The
holders t Bank stock Will, of course, be
suAJ >cted ~ tcnporary abridgment of
Their profits But, considering the macni-
tude OF tAer dividends since the suspen-
sion of specie payments, they might well
content themselves with moderate profit
now, Gwen o. Ugh it should not exceed the
legal r'te o. int-rcSt) until they have ena-
b'Sd themSe YES q Resume q regular course
OF businesS-and in the mean time, the
profits which they shall actually make,
a'thousN less in nominal amount, Willie rem
cc-ed proper onaliy more valuable by the
appreciation of the currency. The Banks.
too. sh uld be the moro recon lied to this
Temporary sacrifice, rs no part of the
community will be ultimately more bene-
lifted, than.they themselves in the re-es.
enlistment of their credit.
( / have thus endeavored to shew that this
Hw will not be accompanied with serious
distress to any portion OF the community.
But even if 1t should, still its operation.
like that OF many salutary but disacreea-
BILE medicines. ought to be patiently sub
mitted 10. The Inconvenience of 4 paper
system, not bottomed upon q specie CAPT
tai, are so numerous as scarcely to admit
OF computation. 1t introduces a baneful
spirit of speculation. 1t corrupts the mo-
rails of the people, by diff'usng tie ignis
ta'uus otimaginary wealth, and thereby de-
coyirg them INTO habits of extravaganza &
dissipation. Ii occasions sudden revolutions
in the fortunes of individu Is, renders eve
ry mans property iiuctuat,ng and insecure.
and tiaaily, produ.es total chaos in the
pccun'ary transactions of society. The
inequality of the public burthens and the
rates of exchange, varying in every district
according to the degree in which its local
currency has deprecated, is an exemplih-
cation of this last remark, which is now
brought home to every man in the coun-
try. 1hese. surely, are evi Is which demand
a remedy, even though it should occasion
some instances OF private distress. And the
longer the remedy is postponed, the more
diihcult will be its application, ana the
more uncertain its effect. a derancement
in the circulating medium of a country. has
been compared, with peculiar Felicity, TO
the disiocaton OF bone IN the human svs-
TEN, which. if not speedily restored, makes
new socket for itself, and defss every
eff1rt to replace it. The course of trade.
the habits of the people, and the public f.
naoces, all ultimately adapt themselves n
the state OF the currency and when this
takes place, it is impossible to make an
alteration IN one part of the system, with
out thorough and often most distressing
revolution in the whole. The necessity,
therefore. of the Banks resuming their
specie payments is too urgent to admit of
farther indulgence than the legislature has
given them,
That the Banks may acquire the ability
TO pay specie within the time limited, I
can see no reason to doubt. IF they can
not procure it at home, there will be no
difficulty IN obtaining itfrom abroad. The
balance of trade between the u. S md En-
gland, is certainly not 50 unfavorable to US.
as to nrur any material loss in our impor-
ta,iou from that country. The best cri-
tefion OF the balance oftrade, is the rate
OF exchange. In Boston, where the currcn
cy IS equivalent to e I'll & silver, ex ,hange
on London is at par. In Richmond, it is 6
Or Z per cent advance but this is obvious
ly owing to tn depreciation of our curren-
cy. AS to the dangers apprehended from
other Banks, in the event of ours resumiue,
their specie payments. they are, for th'
most part, imaginary and so far as they
are real, it will be in the power OF our
banks to obviate them effectuallv BY a pru
dent and crcumspect management of their
business They must contract the circula-
ton OF their notes within such limits as a
compound regard to their own situation and
that of their country, shall prescribe and
when they have done this with the strong
support Of public confidence or their side.
they may securely set at defiance every
engine of hostility.
If should have succeeded in the Object
Of this essay, ! have established the fellow
ing propositions, which ] submit with def