Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-11-30

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have they any public stock on hanG
Why have they not sent it TO Boston. o.
elsewhere, to sell it? Was it not obv;.,
Gus, that by this operation they miob.
have drawn In some Of their pape,"
though they made small sacrifice of.
few per cent Z So also the foreign note
which they still hold, might have bees,
converted into their own notes, or int
specie. 1t would really seem, then. tba,
they were determined to have their wro s'
tie out with the Legislature, and see VIII,
is the strongest.
Mr.. II. said, il was one of the most no
pular objections against their paying sne
Gle, that if they pay specie, it will p a
into the vaults of other banks. 1t woulJ
indeed be SO, if the balance of trade was
not in our tayor--Suppose, for example
the Bank ofPennsylvania, holds your ma
state sell there at an advance. Will tbc'
the Bank Of Pennsylvania send our na
per here, whore it is only at par, when
they can find market at their own doors
where they may get los MIR. Il. admit
ted that when the banks first opened the;,
vaults, there would be some run unos
them. Some persons may be glad TO rid
themselves of a paper, which they dis.
trust-others may like the jingle of dol.
lars, but as the gentleman from Henr;co
said, they will soon feel the weight of The
burthen, and be anxious to disencumbe,
themselves of it.-Perhaps 3, 4, or 500 OG1
dollars, might be withdrawn from tbs
banks, but, the moment confidence was
restored, and the paper found to be good
the people would cheerfully use it as Their
circulating medium. 1t would pass from
the merchant to the farmer, and then
come back--so also, twill go into and out
OF our banks, In a constant round of cir.
culation, the rain which rises, is cor.
densed, and falls again. When the bank
of Virginia was first established, the far.
mers recOliected the deprecated paper az
the revolutionary war, and were cautions
of taking it; but their diffidence soon Va.
nlshed, and the paper was scattered over
the county. 1t would be the same case
now-the confidence of the peop.e womb
soon be restOred-But if all the specie
tcere drawn out, still the banks would he
safe--they would have to make their Gus,
toners disgorge their paper, and pay their
paper, and in go days, they might draw
in one half their paper.
YBut (said the gentleman from NorfolkA
iettthem alOne-l am one of those, who
are willing 10 let them manage their own
affairs III their own way"-But what sim
to! These corporations might indeed
manage their own aff;irs, if no other per-
sons lad anlnterest inthem-But thepublic
atlarge are deeply concerned. Lei them
then manage their own affairs, and we
will manage ours. Are YOU willing that
they should regulate the quantity of cir
culating medium In this community? If
they paid in specie, there would be no
need OF your lnterpostion-1'h circula-
ting medium would regulate itself-lf
there was too much of it, ii would go out
otthe market: iftoo little, il would come
Init would not at one moment be pie
thOra, at another consumption-to Dor,
row the allusion of the gentleman from
Norfolk: That gentleman tells you that
youought not TO regulate the currency land
yet lie is for letting the banks do il.
Much has been said about confidence
IN the Directors of these institutions
Mr.: t. said, he was happy to rank some
ofthem among his personal friends, but
this argument is one of authority, which
is always doubtful one. He had Ger
tain degree of confidence in them but
viewing their transactions for some time
past, hewas compelled TO think, that they
did not understand the public interests,
nor their own. For instance; why have
they taken in so much of the foreign pa
per For, if any thing were true in bank
ing, 1T was this; that a bank ought to en-
courage IFS own paper, and discourage
that of others.-If indeed, they had gone
upon the idea of taking the notes of O.
Their banks, TO meet their own notes which
those banks had received, they mustnOw
have seen their mistake. If instead OF
2,0OO,000 of foreign notes which they had
taken In, they had 100000 of their own,
MIR. L. most conscientiously believed
that they might have resumed specie pay
ments, the very next day after peace
But after they had obtained this paper,
why did they not part with it2 Why
when all our merchants flocked to New
York for goods, did they not seize that op-.
portunity to disembarrass themselves OF
their foreign paper, and get their own
Here then is another error ; and he de-
fed any gentleman to answer this argyll
ment. Instead, however, ofpursuing this
course, our banks had been compelled TO
lend out or sell this paper at loss.--We
are then going too far to give our confidence
to such directors. Their board is not
the placet to study the great operations of
banking-They are not Adam Smiths,
nOrTurgots, nor William Pitts-They have
not even learnt their business in banking
houses-we can judge as well as they can;
more particularly when they have a pri-
vate interest to promote, while we have
to consult the public interestl
Mr.. II. declared, that ia taking this
side of the question, he was not conscious
OF the pride of consistency-But this law
has proved itself--the most salutary law