Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-12-14


and natriotism OF Congress 10 inter
don' ;ss a,,,hnritv-forw what? The object
pos, distinctly stated, but il is no doubt
is",,,nel the State Banks 10 open their
to..Its hv the both of Fcbrlary--hc,y this
VOC, ,n he done too, he does not parti-
s,Isr,v pointout: he merely says IN gene
~ gu terms. that The powers of the gov
I la,msnt. vigorously q, steadily exercised,
20 np,ple for redress and relief and IL
..ajly concludes with saying that there
- tl,eu no security for the government, or
,he community, but in the intlexible adj
terence TO the system which Congress has
adopted. ..
election of their notes in the payment Of
'Inties and taxes, and the exclusion of
their agency in the custody and dlstrlbu-
ION ofthe revenue"--he has himself pre-
,ously told IT'S that the exercise of Am
mower would not genetrae acoincm7ency."
Whatnew terrors then are 10 be called
into action, what new branches this sys-
fem is to shoot forth, we are only left
n conjecture but, lift is TO be the coer-
cion OF stamp ora Bankrupt law, we would
respectfully suggest whether il would not
he better TO reserve this new and energetic
measure, until after the LIST of Julv-for
tl,is measure will not fail 90 be odious,
until the people are satisfied that they are
10 expect nothing from the banks them
selyes-and that the law must doior item
what The good faith of these institutions
ought to havedOne.
Mr. Dallas, however, asks why they
cannot pay specie as well on the 20th of
February, as on the LIST of july. A
word as to his argument on this point;
"The second instalment of the sub
scription to the bank of the q. s." will
he paid by the Goth of February Bnt
there is another due in July-thus the Ma
tional Bank, instead of aiding, serves 10
keep back the State Banks: il not ONLY
GOES into the market TO fake no that
specie which the other banks mi Int ac-
unire; but iurther-it may dip IT'S hands
into their vaults, if they are opened before
July.
"'rhe price of gold & silvc, being OBJ
vinuslyma rapid course OF reduction
butt snoty quite iow enough: forhigh s.
io,o areierms relative to the value of bank
paper-the banks have vet too much pa
per out, nor Will they have time by The
acquire sufficient specie. The banks of
Virginia have already done great deal in
these respects; but how much less has
been done BY those of Philadelphia, BALI
more, and Alexandria
THE means possessed by the banks
to reinstate their metallic capital. beinp
faithfully applied to that obiect'-We
can only say, that they cannot turn their
public stock into specie by that fine for
there is too little of il in The countrv-bu
why not it may be said, into Heir own
paper? because, it is not every hank
which holds the stock to sell-many. have
Ouly foreign paper, which requires some
time TO disposeof, without great loss
We have no time even TO sketch the
views which arise on this subiect-It is
admitted that the banks have not done &C
much as they ought TO have done-fbose
ofVlrglnia, since December, 1878. we Ger
tainly except-lt is admitted that " the
means possessed y'them to reinstate tl,air
metallic capital ought to have been
faithfully applied 10 that object :" that
they, ought TO have disposed of their
STOCK Tor lneT own paper, even at much
loss, as they had originally obtained most
oft at a great discount. They oughf to do
IT at this time, to prepare themselves faith
fully tor paying specie ia July-ifihcv do
not pay it by that time, nothing can keen
themup III the eyes Of the nation. bnt
some extraordinary turn of affairs. PM
the Doth OF February is too soon TO com
mence-Congress should postpone lis re-
solution to a later day. otherwise. il will
again he ga measure of useless and i'm
polite sere'ity towards the community 10
call for "a medium which the community
wiU not possess, and cannot procure"
Werespect as well as MIR. ID the Ieqit-
innate authority OF Congress Lut does it
add TO that respect, to attempt 10 exert
their authority on matters which circum
stances place beyond its coniroul?
A5ont the Isl Of .July, whea Me install
1aets oft National BanA may be compile