Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-07-20

| TO believe iiiat specie payments canuo
be resumed in England IN the time all,
} manner pointed out therein, as II " III re-
qnire "A coincidence of fortunate circum.
stances 10 enable the bank In procure a
sufiiclency of specie 10 supply the de-
man,is OF great community long drain.
ed OF the precious metals, and ,hns,iny
for return Of them, and not 10 he sails
hed therefore with less than the greatest
qnantiiy they eau eDgIOss. In the mean
time, amy thing like a serious dispute arr
sing between any Ut the considerable
powers oi Europe, may speedily anmGI-
late all The calculations and schemrS
which can the formed on the subject. II
The debts due Ia the Backs ia Engluld
cannot he pail much more easily than
| those due io tie backs IN thus country,
Should uIo I'm ia be!,e,r the int nde'i re-
sumption will end in 4 hubbie: for II VII!
lee ionnd thar metallic rency an uniy
he introduced after so long AL absence OF
the precious metals, bl reducing .le
debts due 10 ,he bank IN very little more
| Than The amount OF lis capital. Ia The
mean time, az l doubt uoi bu the scheme
recommc uded by The committee will be
acted npon, believe that numerous
| bankruptcies will still take pla"e, and
tai even amongst those " hu may lie able
10 maintain ihe'r credit, great distress viii
| be tell by all who have been Trading be-
You'd The amount Of their capital, unlil
| they shall have narrowed their business
| down within their actual means. In THIS
coIrify tie effects will he fell by re-
action perhaps more seuSib|y than even
| ~ E".laH4, 10y great dlnhouiion OF our
| credit abroad, (hiiher,o almost unlumIied,l
| and by The efforts of other roun,ries Ia
| procure specie 'Ounteracling ours, whi.h
| oi our banks as remain solvent Ia some
thing Like the amount of their capital, as
the number of insolyencirs amongst them
| uow taking place will affect The credit,
and curtaii The issues Of even the best and
most prudent. IN tins state az ,hiugs the
losses lately sustained in this country on
| every branch OF commerce, aud on every
| Kind ct speculation, make IL easy 10 pre-
| die, that the crisis cannot be- met by "a
great number who still hold up, and who
being taught prudence and eccnamy,
| might under other circumstances he Ell
| abled 10 weather ihe storm.-For ms o,n
part, therefore, while think the public
] good requires that no suspension If spe-
! cle payments should he authorized 10 The
banks, yet | think that Tue public inter
est and safety demand that tie general
government should do something as early
|
pressure So universally felt
| II will be difficult 10 devise any expe-
dent likely 10 answer the purpose, moi
liable 10 MANY objections. Laws to STAY
executions are partial III their operation
and UNI ust in their nature, and ought
| therefore never To be resoried 10 by an
enlightened legislature lar, he who is
well disposed 10 pay his debts, will never
look for protection from the Just demands
al his creditors, but will submit TO any
sacrifice rather than another shall be
subjected TO a hardship on his account :;
! whilst he who habItnaily cvades paymen,
as long As Inc can, wouli shelter hims, II
ua or uct laws, and use the money with
which he wouli otherwise he obliged 10
pav his own just debts. IN Specializing ard
ialten'ng upon the necessities of Others
Tie only scheme which has suggested
| lts"li To my mind as feasible is The f,
low ~. Let Congress apihouze a loan
of twenty millions OF dollars Tor suc!
amount as may be decmed suliahlp Ia
The eXlgency of The occasien,) fo individ-
uals In Treasury warrants, beariBg an III
i.r.si OF tou' and a hall or five per cent.
10 be rcdef med by four aHnual InStalments
| ut equal aInount-iet these warrants be
| maze q general tender to the amount ot
both principal and interest iue thereon
| Let the individuals " no borrow give moi
only personal security for The repay ment
oibotb principal and interest, d, The rate OF
SIN per cent, b. four annual instalmcn's
a. before nireiloncd, hui pledge real pro
perry tn the valu of not less Than double
or treble the ameunt Of the sum borrowed,
10 the satisfaction of board Of commits
siourrs, who shall Tor that purpose he
appointed i'll the capital OF every state
1 H.. -
during tie first week of each month uni
IhcN shall have loaned Out the sum en-
trusted To them. The commissioners
appointed 20 loan shall be paid Tor their
services, but shall mol have a right 10
borrow any of iue money for themselves,
ihd t!.cy n y MT be warped IN theirscon
duct by sci; Interest and as soon as thC v
shall have finished their business oi tab
lug the proper securities and lOanIug oui
The money, they shall place the notes
they have taken with the collaiera. Sc.
curliies) in the bank of the United States
and lis branches Tor collections. Were
such plan faithfully acted upon, be
heVc msch good Nould be derived from
/! for, not only could no possible los.
arise TO the government, a. The eHpence.
thereof would be betrayed bS The differ
encr OF interest payable by the borrowers
ana DIV IhdI payable on the treasury
notes, but II would greatly tend 10 facIi
tate tlc collection of the revenue, now
much endangered II would throw into
} CIR, ulaion a number of notes greatly
preferable in these times 10 bank noies
on account OF their superior security, anC
the interest tlIey would bear. which w0ult
lessen the demand for specie, greatly Il
lie reliet of the banks. MANY individual.
WHO have the most ample security TO Of
y fer, bui who can now find no lenders
> wouIn thus be accommodated in away per