Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-09-04
RICHMOND. SEpTE.N8ER'4
FOR THE ENQUIRER.

OF Jansa,y, for the subscriptions of Virr;
nh. amounts to $3.50. oS5 SO c~n,s. Can
our Banks bear tins draft upon ,hen, with
similar draft on the lst of July following,
besides being preyed upon, III the mean
time, by the northern Banks, and still 90
on tn ply specie in Their ordinary dealings!
These northern Banks have nor pledged
tn 'mselves, as is generally supposed, to
pay specie on the 1st of July, 1917. They
have declared that they will, il they can.
and even sonaer, if they can. Blu, they
have nor committed themselves to any
Specific deg. The best informed men on
tins subjec5. in the three great cities, are
OF opinion, that it will not be in their DOW
err sooner than the LIST OK July, 1917, ffAen.
LONDON is the vast emporium OF the COM
merce of the world, but yet the Bank of
England h not paid specie since the year
l797-and, acting under the sanction Of
an act otPari.anent, has no thoughts OF
paying It for near two years to ce,ac.-
Nor W I it p " ther--if it can b. STAYED
OH for two years longer. The fact is, that
under their present plan of Financr, the
Comm ssinners of the Sinking Fund are
diminishing the National Debt with great.
err rapidly than ttey could do under any
other. The Chancellor of the Exchequcr,
MIR. Nansittart, (whn is of Dutch cxtrac-
ton, and knows how " TO turn penny,')
would be ignorant of the duties of his sta
| ton, or traitor to the interests of the ma
| ton, IT he changed IL at plan for some time
/ To come, without being compelled to do so.
| 1t is beside the question to talk Of the po-
| litical independence of countries in these
| days, when speaking of their commercial
| concerns. Commerce, co operating with
nature herself--that is, with climate, has
rnade almost all nations dependent upon
\ =.
manner, dependent on the u. S. of Amer
| lea. ii \ Statesmen acknowledge it
her merchants proclaim it, her manuf.c-
| turers firoUe it, her embarrassment. and
| numerous failures are ascribed to it, and to
| the war, as combining cause. Does not
the same Course OF reasoning, which APP
| ptss t'G Il. apply, -" mutatis mutandis,'
| IN great measure TO ourselves VIII not
| the same caus S that have produced Ger
| tiih effects there, pro luce similar effects
| here Connected Is we are IN commerce,
can we venture to pay specie, when she
does not Would not ali our specie be
soon drained from Us, whilst the balance of
| trade continues to be 50 much against us /?
WIZ, can any law to prohibit the expcrta-
ton of it be effsctua, The quantum of
Bank Notes in circulation thro' the u. 5. is
| estimated by DR.. Bollman, and other intel
hgent men, at $50 millions. But it equires,
! according to the rnle, established by exDe-
! renee, amongst Baats. one third of specie,
| TO circulate three times that amount IN
paper Are there so millions of specie,
| or half that sum in the u. States Our
| whole annual exports amount on Y to about
so millions. How lung will lit Ike to i'm
| port SO millions of spscie--or the quantity,
which, in addition to what we have, viii
| supply the deficit ? The d scounts in Phi
laeeiphia alone, amounts to 10 millions.
| What, then, must be their amount from
| Maine to New-O Orleans TO curtaI with
| prudence, so as not 10 destroy The Goose,
how long a time will it take to bring Bank
Notes and specie in Eqlii5rio ?'
| Is there any person so creducus as to
believe, that the Bank of the u States
will open with real specie payments-or, if
| 1t does, that IT can continue them , No
| such thing Recourse must be had to the
| Legeraenaiu of Finance. u States INK
Notes, will be as sfteofe in the state Banks.
If specie be wanting for them, we must go
| to Philadelphia for it. This viii be tanta-
mount to no specie. Individuals, then, can
make no run upon the u. States Bank
| WA any single Bank attempt it ? The
first that does. (if there be any so rash
would soon be taught better lesson. u
nited, the state Banks may stand and bad
ueHanCe 10 the NdtlOnal BANK. ~. HdSd,
| they will fail before it. 1t is from this con,
viction, that they have formed their CON
FEDERATION. They have acted wisely
| in dong SO. What thenis TO be the issue
There will be an understanding between
the conftderafed Banks and the Treasury
| Department, which will enable the Bank
OF the u. States to aitheaT to pay specie,
when in fact 1t has not stiecie to pay So
too, the united Banks, by considering the
| National Bauk Notes as specie, will pay
those notes in lieu OF specie, and turn the
holders Owl to the u S. Bank, where they
will receive few dollars under 5 dollars,
but To no greater amount. How can it be ?
The csptal is So millions, % millions of
tina, is paper. and On.y7 millions specie
If the Bank only issue notes to double the
amount of its pital, it wili just have 7
millions of specie, to circulate 70 millions
of per. Instead Of one Mird it will only
have enc tenth.
| Specie payments, then, cannot be expec-
ted, III reason, to a greater amount, than
the Secretary of the Treasury has wisely
pointed out. That amount for the pres
eut, is sufficient, and the Banks may, in
time, slide gradually and imperceptbly in
To the total resumption, If they diminish
their issues, and equaize and diffuse their
ID sc0unts. But, without an Immediate call
of the Leg Stature, to take care of our own
two Basks, and Of the ancient d oDinon,
whose welfare is involved in theirs, it is
4 r..,,l.. f,,i o., % coreocue.~oe