Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-12-18

cipIes less secure Than those upon which I
banks are usually established.
Is u come 10 this, tlai that child of i'll |
gotten power, the National Bank, which
promised so many golden advantag IS to the |
country, has tai!rd To furnish an adequate !
medium for the intercourse of society
and has disappointed the confident hopes |
of those who were willing 10 purchase it's |
benefits ~ the sacrifice of prin, iple Z! !
Perhaps though these benefits cannot Ire
enjoyed until the opposition of the state
banks has ceased -aud with view 10 put
down thai opposition - speedily as posi-
BILE, Congress rs called upon, TO place in
It's hands medium Tor DIFFERENTIATION, which
VIII not expose the remnant of specie I'm
its vaults, AID will AFFORD il the means of
crushing the stale Institutions.
may be told that no such results are
contemplated but thai the sole object of
the prOposst bill will be, 10 afford To- the
| community a national medium for the
purposes OF domestic intercourse aud
commercial enterprise +; aud thai there Is
now. N. meu,,iIp m existence ad quat, 10
| these purposes. | grant that the flood oi
paper money BIZ wulcl, the couuny has
| been Inundated has greatly subsided, IN
| consequence of the loss OF the specie up
or winch il was based. The quantity of
circulation has not, in iaci, been vet re.
ducrd sufficiently Iow--it is still more
tan adequate TO all the purposes of
society. The wises, policy will be, to
lei things find their own level The
national bank, and the slate banks which
have sufficient capital and stability, will
| furnish medium equal, al least, 10 tn,
demand OF the country if this de
mand actually exists, il can be supplied
| without The least danger 10 the banks, as
In. money will BE- wanted for the trans
| actions of society, and will moi return
| upon thrIn.
II an. considerable deficiency exists
| IN the quanium oi money III The coun;ry,
II will he supplied from foreign coun-
tries-F"r there is no maxim in political
| economy Iruer than, that money is hike q
fluid, ami will tlnd ITS way into any
'untry where there Is demand for it
Its scarcity here, will cheaper the price
OF labour and provisions, ard IN. monV.
which We have lost will either return a.
The profits of our industry, or seek EN-
Payment IN our markets As afinrtIng the
falrcst prospects OF gam. ibis influx
may be expected To continue until IN
wants OF the nation are amply supplied.
AT this particular crisis, aud und,r these
| circumstances, how un~ise is the poll y
OF Nj. Pinckney's bill Paper money ron.
IFS very nature, Is calculated To banish
the precious metals. II has been ELI SAID
by one OF The most distinguished wrl-
ters ot the last century, Nhai a puy
LYcnrgus did not think of paper credit,
| Wien he wanted TO Danish gold and silver
from Sparta II would have served his
purpose better than the Jumps OF iron
iIe made use Of as money"
On this subject we have nothing To fear
but the tlnkrrlng and patch :Sork OF bu-
IS irgislators.-L { the people alone. -
They viii redeem their circumstances w
industry anu economy, and thereby re
store 10 the nation It's lost ACTIVITY and
"puleGce Nothing could be devised ST.
well calculated 10 check these flaiterinp
prospects, az new Issue o: paper mo
neS And especially il II he not button I'd
upon actual specie capl,a!.-Let congress
beware how they interfere i'm MATTERS so
tnumateiy connected with the private
affairs of the peoplc.-Too much reguia-
ton on anS subject, aud paric ularl, oil
money, which is the measure OF every
mans property and industry, will, inevl.
| iabiS, produce wischisf.
Sir, yUu know the pressing engage
ments by which am surrounded, and
will make All allowance for the has.
. ~ manner in which these reflections are
thrown togciher-li they lack The sysie
matte form and arrangement of an argu
ment, l hope they coD,aiu hints which
. will excite reflections IN the minds o.
those who have the power 10 avert th
injury which tie improving condition o
The country will sustain, from an ennis
SION of paper mopy like thai eontem
plated by Nh. Pnckney.
cannot close this communication
withoat expressing my doubts of The cou
stlintIonaliiy Of lie measure under c0usi
deralion.-l wouli examine this pom.
> II had MOI al;eady trespasscd too much
upon the patience of your readers.
| col RERT