Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-05-01
FOR TIE ENQUIRER.
RICHBON'D, MY 1.

FOR TIE ENQUIRER.
a writer in the Enquirer Of the Sd IN
slant, proposes that an extraordinary meet
ing OF the Legislature should be called for
the purpose OF sub hitting to it the expsdi-
ency OF repeating the law, passed at It's
last session, for compelling the r .nks of
Virginia TO resume their specie payments
Consequences, the most oppressive and
disastrous 70 the community, arc denounc-
cd as likely to result from the operation of
this law and picture Of general distress
is exhibited, which strongly appeals TO the
sympathy and protection of the govern
ment. But before I proc ed to examine
the correctness of this representation, /
beS leave to enquire if the measure pro-
posed would not be contrary TO the true spi-
TIT and intent of the constitution. The
constitution in providing that the
Governor, BY the advice of the Council of
State, may, If necessary, call the Assem-
bly, before the time TO which they stand adj
journed, evidently contemplated cases of
emergency. When the object of the call
is to procure the repeal of a law, such ca
ses only are contemplated, wherein some
consequence has arisen from the eXeCu-
ton OF the law, or some fact has been de-
veIoPed since its passage, which was not
toreseen by the Legislature at the time of
its enactment. If the Executive may, ut
on a mere d.ference ofofiini9n as 10 tie nc
icy Of a particular act, call the Assembly
together III order to r@paal it, this power
may be used to purposes of endless vcxa-
ton and be converted into q formidable in
strument of control over the Legislative de-
psrtment. Arbitrary calls may be re-
(. I'd -
ience of the Legislature completely ex-
hausted, they would be ready to do any
thing which the Exc rutive SHOULD dictate
What is the character of the present case
There IS not a single consequence of the
law for compelling the Banks 10 pay spe-
Gle, which must no. have presented Itself
iatuHfpeLy to the mind Of every member
of the Legislature, at the time Of its pas
sage. The connection of the cause AMI ef-
tect is 60 obvious that no person could have
supposed that Banks. (Which had exceed
ed the ordinary limits of trade as largely
rs ours were known to have done) could
resume the payment of specie without cur
ia Ing Their discounts, abridging their bu-
s'ncss OF every kind and consequently di-
mInshing the quantity of the circulating
medium. The Law, too, was under the
consideration of the Legislature neary the
whole session, and GHthese things were, no
doubt, repeatedly urged against it by its
opponents but the majority. in their wis
dom, regarded them either as nc evils at
all or as evils that ought to be cheerfu!ly
borne to get rid of much greater. After
this fair. deliberate and solemn decision of
the question niton lis merits, any attemptlto
set il aside, by an intermediate call of the
Assembly, would seem to me to be 4 pro-
ceeding contrary to the genuine spirit of
the cOIstitEtion.-But it is said, the legis-
lature acted under mistake as to the sen
timents of the Bank directors, by whom,
they supposed, this law was 7yished. 1t is
difficult to conceive how such IN impress
sion could have existed. IF the Banks were
disposed to pay specie, no law was neces-
sary to authorize them to do it. If they
were not disposed TO pay specie, a law
c0mheiiing them to do il would have been
disagreeable.
Lei us now see what is the real ex-
tent Of the grievances likely 70 be octa-
s'oned by this law. It's Effects may be con-
sidered with reference to three classes OF
the community; LIST, the agriculturaliss-
2ldlv, the merchants-~nd 3rdv. tho bank
stockholders-1. The Ngrcultur'st This
class constitutes the great body Of the peo-
PIE, and their interests, consequently, me-
rit plrtcular consder,t atom. Since the
termination If the late war with g.. Bri-
tain, the agriculturllists of this country
have cnjoyed "A degree OF prosper " with
ont parallel IN any former peri IL Of cur
hlst'ry. The emptiness Of the European
markets a that time, with respect to Ame-
rican supplies. was calculated to give an
extraor iinary impulse 20 the value Of our
products. But this was not the only cause
which operated. Th supcrabuniancc #
paper money then ahoat in the country,
aai tic Wild spirit Of sp ,culato1 engen-
dared by Il. advanced prices TO a higher
p ut, tnar n due regard to the state OF fo-
reign markets would warrant. These pri-
ces have rsceDtlv abated in a slight de
gree bat, nofJoifhsf1uCiing me cnrlaR-
Denfs II Tie Banks, they still maintain
themselves at an elevation which is ac-
knowled9ed to exceed the standard fur
n'shed by the last European intelligence.
How, then. can the agriculturaists com
plain ? The operation Of this law will
probably cause some purchasers to retire