Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-12-03

come from thence, into "A general scramble an
No man can get specie from the bank, unless
he has his token (; his bank note /; butt wouid
be Just as easy for him to obtain the specie AZ
the note with view OF drawing specie from,
the bank.-This led him TO another idea of H..
gentleman from Norfolk that the banks couIi
not pay specie, unit they had reduced their
paper very near 20 the amount of their specie
But when the amount OF paper in circulato,,
is too much reduced, one of two consequence
must follow either worse circulating inedi
um would be introduced, or specie must flow
in: because the community mnst have n ca.
tain quantity of circulating medium for the;,
ordinary exchanges. Bat, rs the gentleman
says, a good and bad medium cannot circria,a
together-lt will then depend upon the bani
themselves, whether we must have specie' ~
aworse circulating medium. II they can ~
vii! not pay specie, and they reduce too rnno1
their own paper in circulation, n worse me,I;,.nn
will flow in--indivduals will hoard the be,s'ianN
notes, and the banks, when they do open tba;r
vaults, VIII ind these boards of notes, thu
accumulated in afew hands, presented 10 t his
tor the purpose of drawing the specie-Tbv,,nh
by too great aredUction of their paper in ~
market, they even Increase the dif6cultv &c
returning to spccie payments VI
MIR. NJ. confessed that he had baen da,.,.,
by thccloquence ofthe gentleman from NortaiLu
who had erectedso splendid monument m b;,
own fame: but that he could scarceIv rena,
iect any thing; only that its foundation rested
arguments, his fancy had been delighted MS
hat gentleman had made & powerful, anna.,
% inc uiHerent interests represented on that
toor-he had touched a tender string. xrh",.
ne ne, asked how the grower of tobabco & whest
VIII relish the fall Of their staplearticles. Hnt
must Mr.. wi. remind the House, that as va',
lessen the quantity of money in circulation sc',
increase rs nominal value What is itto III
iarmer,i ne gets less money for his produceSif
ne can get more value tor his noneys It ;s.a
vulgar error TO suppose that man ;s crot.;
fich, Decausehe gets more money for bie ~
duce. But is there man in this city or in ~.
country who has rot felt the evils of deprec;a-
ton! Whothat remembers the sad d,,i - Gu, Ia.
old paper money, that does not shudder ~ ~, ,t
return OF the iron age ?-If the farmer ccts mo-
OF the deprecated money from the Inerchan,
ne must give him more for his goods. Who viii
iay up money ioI his own use or for his
children, when it may fall TODAY per cent -
morrow l29-When a man puts 10 or u mn ioI
lars IN his pocket, can he saw he is really uor,i.
that sum But approach the metallic stand
ara, ana IN the same proportion YOU have seer
rity tor yourselves and chidren-As Won ,a
cede from that, vou lower the commentaries GO
all your saiaried officers, and of every labonrar
VINO works Tor certain wages a day: for II ;s
some time before they find out the depreciation
ana regulate their wages
The gentleman from Norfolk had s,it, tI,;s 70
ducuon of price was the eifect of fxinr n mart;
cular day, and of the consequent curtailmGnt -.
discounts; but Mr.. M. entered into nnmer;cai
calculations 70 prove that the banks couIsi rot,,r
W
he SAID that the whole amount of their noter
ana deposits was s 5,i07, $50 6l)-:7mount az
specie on hand 69S ,9I6 IL, or in The pronort;'
on nearly Of one to 3s-but, that if they would
sell their U. SIS. stock S 367, OG0 at 96 dP cent
their State stOck-their foreign notes AT dds,
cent. uiscount-appropriating their undivided
nrohts to this purpose, and reservine their
Ireasurynotes &c. to pay their expences, they
would by suchan operation draw i'm ahout So.
5no,575 in theirpaper, which being deducted
from their notes ont, would make the proporti-
on between their specie, and their notes Z, de
posts, abont IL to III, nearly as to2l.
ar Austin said, he was neithera irec tor nor
stocShoider, nor much acquainted i'm the sci
ence OF banking but deemed IL his dutv 70
throw his mite into the scale OF iustice-Dur
ing the last Winter, he had considered the law
petore tue Legislature as impolitic and nnwiss
that experience and reflection had chan
%ed This opinions. Why was it bad law Hal
me community experienced, any loss2 Arenot
.ie nahKs preparing 10 resume specie pay
JIM A. said, that when we apDroach these
Banks, we should find it was a snbiect interest,"
ing TO everyman in the community. What is
bank Is itnot the creature ofourown creati
on. Rnd shall we make golden image. and
talipr0strate before it2-The gentleman fro,,
Norfolk has compared the operations of banl
10 tne functions OF human Iife--but instead of
performing IT'S proper part of those functions
snail we permit it to- assume the whole-to be
I1e Di0ou; the heart, every thing else ?-Ihe DO
TINS IS the blood oithe body polite: but- thess
banks, like aquack doctor, has drained us of =
very drop OF vital blood-and what medium
nave they substituted in its place They have
poured mass OF paper currencyinto the com
Inunity. Il is the interestof thepcople 10 have
q pure circulating medium; hut, is it not the in
tefest CT TIE banks TO 3eep this pauer medium
GIf9nssantiY c.renl9tngH he hoped that the
ofthe gentleman from Norforl; from, the dntv
which II owed to the penple-aYe should recol.
iect tnatwe are the body polite and the bauk
oniy one OF its members. Its the interest of
IN, the community to have the true and genuine
o!ood, gold and silver, instead of paper-but
IL we have been led away from this system. we
ought 70 resume it as soon as possible !
lhere are two questions before the Commit
zee =, me IS, whether the banks shall pay spe.
Gle on the i0thof July? And another. whether
they shall he permitted to roam at large But
WY cannot tlieymeet their engagements in Ju-
~ Their vaults have been closed ever since
Snne, io,S-they have had three years indul-
gence. Is not commerce now restored, Has
not every thing else returned to its former situ-
at'on " they do not pay by next July he
should desire tn know, ichsn thew would paw
!, hougn they may share smaller dividends on
their stock, yet the interest of the comn,nn;tv
required that they should comply with tl,eiren.
gagements What would be Thought of rner-
chant, who would issue his paperas LONG az anv
pody would receive it, but when reouired tore
zen ", Womb absolutely refuse He had been
willing to grant some indulgence. on account
OF tne embarrdssmeuts produced by the war:
oHl when the good effects oFthat law were dc
inonstratedto him, he would not repealit He.
repeal oft 80 ''A'
but the gentleman from Norfolk hal remark.
ed, that IT was odious to sue the banks at cor1
mon law. Would itnof be equallyso under this
isw' winch allows judgment at 10 days' no
NC, nee IL me banks escape the one, can theynot
the other' II their influence be such az TO
make It odions under the common law, Why