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

OF .nc ~ rratify the house with those exhibit
s,Ipns M f,lents shown by the gentleman from
f,eth but he should give such eiuci0ations,
Dan Dan cniuions, aud so supported, Us TO him
sa ...r. convincing, and such as he hoped would
We ,,eir effect on the house. Mr.. Il. he-cwcnt
10 an examination of the different propoSitl-
ons before the house
,,an discussed the unlimited confidence that
.n,aintaired by some: the almost total want OF
comGdence expressed by others.--N either Of
thcse subjects appeared TO him to call Tor the
Seclamations which have been giNen-bnt III
anoropricte 70 the principal enquiry.
I'VE have brought into existence these banks;
:, becomes as to exercise parental tenderness
towards tlem-A parent, his son de,is'ig from
the moral precepts, from the ardent "isncs Oh
lie father would not abandon hun TO the
,yorld's contempt, but admonish aud correct
The parent would notbe forgotten. Let us he
thus parental.
Hehad been from youth opposed TO banks
vet i'm 1903 lie had givcnh vote for the esiab-
iishment OF bank. Ofno step had he more
repented--He was led TO this vote by the argu-
ments strongly urged of the necessItNot follow
ing the example of other states; OF the inju-
ries resulting from a different course-iie had
since found their arguments iaacious.
He could not follow; the labyrinth of the gen
tleman from Norfolk--the Speaker in an i'm
pressive and able speech had opposed that ger
teman
Several propositions are supported by differ
ent gentlemen. First, that the banks cannot
nav specie. Secondly, that they will, rs soon
as able. Thirdly. that uncertain of events, 1t
is dangerous for us TO take any compulsory
steps Hewould support the proposition, that
they could not, before the 10th OF July, pay
specie-and, that they will be able by that
lime.
Whatresults from the position, that the direc-
TORS shall be the sole judges when they shall
oay specie I Will they become so pure and
s,is;pteresied as to act contrarily to their own
interest! Certainly not. And will it be for
their interest then TO resume specie payments
lie thought not-i,ney would . De Obliged a.. 70
dends diminish their profits act, in short, a
gainst their own interest.
What is the necessity for compelling specie
payments weareasked by gentlemen where
there is no distrust, why excite it The fact is
not so: distrust actually exists : he knew it so
IN hisneighbourhood Why did the law pass
last session Was 1t not TO satisfy the public
mind Are not the community interested in
the resumption of specie payments Is not
a wholesome established circulating medium
necessary, to exclude the unwholesome This
can be done only byopening the vaults. The
tarmeris deluded, i'll selling at Baltimore, A
Iexandria and elsewhere, his wheat corn and
tobacco he sells for five per cent more than
he would here takes those notes, which in re-
ality, are ten or fifteen per cent. less valuable
than specie.
Go from here to the Blue Ridge you will be
embarrassed before you reach the first inn ten
miles from here, with your different notes of
uncertain and various value; and constantly
increasing or diminishing in that value. 1t IS
grievance it ought OH all hands so TO be al
lowed. A remedy, il belongs to us TO pro-
vide.
No dangers were by Mr.. G. apprehended in
the resumption of specie payments. Whence
will they flow From the situation of the Far
mers' Bank, which is declared in the less eli
gible situation as TO the power or resumng
specie payment, he should endeayor 10 show
how uniounded is thc apprehension OF danger.
From what banks win there be run here r
From North and South-Carolina! Whar inter
est will they haye' twill depend on the bal
ance of trade this was in our favour ;or GER
Sainly not against
What danger can be feared from the North
Look at their situation: i'll May last they had
outstanding nearly ffty-one millions OF specie
a little upward ofsix millions, (the banks of N.
York, PENNSYLVANIA, MARYLAND and District of
Columbia) Now how will they buy our notes
Sink 10 or i2per cent of theirown notes I? The
directors of those institutions can have no mo-
tive for attempting to run on our banks. They
cannot now have many of our Dotes: they will
not have the balance Of trade is in our favor:
can you showt the contrary for the last eighteen
months or any good reason for apprehending
change hereafter1
Go to the mountains, TO the south of James
River, TO the corn sellers they will tell YOU
they have received Virginia notes or specie
the farmers have theirturned keys upon them;
there they may be found in abundance, their
owners waiting theevent of these banks paying
specie
Beneficial consequences would in his belief
result TO these banks frOu the establishment
of the U. s. Bank. 1t has beeu apprehended
that they cannot exist together he felt no
SUCH fear Will there be no discounts viii
they not 20 into operation as soon as possible
w no Will trade with them All interested in
commerce those indebted to the Virginia
banks. The inevitable consequence will be
a reduction 0fthe notes of the Virginia banks.
Mr. G. would state a fact:-The directors,
10 pay specie, need not sustain loss by the
sacrifice ofpublic stock: there were persons
mere to supply the banks with specie at two
Jer cent. should the banks be forced to it by
the 18th Of November Their public stock
they purchased at profit of ~ per cent;
Shall they neglect to pay specie, because they
might lose two per cent2-'They are receiving
a dividend on this stock, at the same time from
their discounts-It is unreasonable-Wh suf
1ers From whom is their profit drawn 1T is
from the peOple-It results in the aggrandisc-
ment OF a few, at the expense Of the public-In
Richmond, Fredericksburg, &c. the profit is
made: the gentlemen from these places adyo
cate what is wished by the banks for those
gentlemen he had the highest respect; they
may not feel that they are operated upon, by
any undue bias, yet TO him ii appeared So
what is the sum deficient to enable the
Dhnks TO resume specie payments 81 100000
cannot the banks and their branches obtain
inns sum, were lit even all wanted without great
INJURY lie was satisfied they could that be.
tore the 10th of July, as matter OF right, of
justice, they ought TO do il. He would not
compel, were they really unable: nor were il
really injurious TO press premature resump-
ton He would give them till July to prepare
for specie payment to commence it volaEta-
Tily.
tie would not press on the goth OF Febru-
ery as recommended by the gentleman from
Lond0un he could sec 10 necessity for il.