Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-07-13

demands made aud expected, il became nsces
sary TO call upon the debtors to thesS institu-
lion. no other mode could be discovered to
redeem their citizens from ruiIi, Than 10 deter
mine at once upon the course they have taken
aud thus by palliatims the evil to afford time
Tor reliet to come la.
For these pressures we complain not of our
own citizens by them every confidence has
been had in the ability OF the bauAs TO meet
theif engagements. hut Spectators in the
precious metals. agents. aud emi >sarieS trUn,
thdt bunk, w!H'e interests, as well as otjtc,,
seems 10 be ~ destroy erery state ms, tuition
added TO an immense balance ot eastern debt,
watch Ill tuned poicy or misfortune has pro-
dnced against our country. all suied, Rave
affixed the belief. tina, every dollar Issued is
immediately caught up, aud returned To the
vaults ior payment. Bills and notes at par in
the aiiautic cities, being al AN advance OF four
aud hve per cent audsiiver and gold bearing
a considerable premium. have reader ed Il an
object Tor mary 10 offer hish piice, tor Tea
nessee paper aud even 10 .tmnIoy agents to
tide thr~nsh the country aud hunt up. In
such state OF things, the notes oi The banks OF
tins state couidno be ke,' liza circulation and
IN ninety days rs believed that she metaihc
capital testing in tbs state would have been
wholly draiHcd away In snch a picture WHO
cannot see the consequences WhO canuut
IMAGINE The SITUATIONS OF the debtor, wien III
the absence of All the specie o. the country he
snould b. t"ld by some reniors.less cr.aitor
that no,iIing hut gold aud silver would I've re-
cei'ed III discharge OF his debt Under such
circumstances one thousand dollars worth OF
property woniu he Insufficient perhaps 10 nav
debt Ot une hundred. tCuce the u,Oprictv
may The necessity OF intetpusus some relief
untl' the agricultural resources OF the Si;,!p
shall enable the people to meet the,ewi,h their
debts due To the Eastward, instead uf DIS
charging them as must uOw be the ease in sill
veT and gold
How the distresses which exist lave been
brought upon the country, is not material 10
enquire. Iha' they du exist il most true and
al al 81. ,llt.
remedy being app he'd rs no less ceitain. TO
suspend specie payments, and under that Sc
curity to enlarge their discounts, aud to flood
thr couutry with fresh emissions OF paper, is
not intended Ii is dOne with a view 10 the
saIety OF the community, and as preparatory
10 hhaiiy winu,n. up their business "a couI sc
which under existing circumstances, every
state Institution will Of necessity be con- u, He'd
TO lake. W hat may be tie effect OF such stale
or things; what evus to the community may
ARISE, when those balances aud checks hereto
'Ore eAisling through the state banks shall he
swa'iewednP, by that Institution whose capital
Is III The hands OF many, who are regardless OF
the interest and welfare II this nation, must be
\ ieit 10 time TO disclose. in those states where
| bank creatIOnshave been carrIedt to an alarming
| ana dangerous excess much evil has been fell,
| ana IL Is well those banks shoAlu be destroyed.
| Here th"t has not been the case. No state i'm
the nnlon has perhaps in this respect been
| moie fortunate; for while others have created
them without prudence or reflection. this has
|
| nearly all that have been established have
Decome branches To one of the older lnsttu-
HONS That Oui banks have been faithfully,
honestly, and prudeptly naUa ed and are fully
competent 10 the descriptions of their paper Is
ceitaii,, ahd IA confirmation of this truth, no
hesitation Is felt III exhibiting their stale and
situation; while the public may rest in conf
aemce that no new issues OF paper will b. made
dife'eni from what would he done, if specie
payments were still continued.
BOr these considers tIons we have de termin-
| "a 10 suspend specie payments, and will colt
| tinue that suspension until meeting Of the
stochhoiders can be had, which is requested
al The Banking house in Nashville, Oh Satui-
day the 3lst day 1T July next
In The course thus taken they have advan-
ced with hesitation and with reluctance, from
am apprehension lest public confidence might
be shaken; but they Could perceive no alter
native II Was neceSsaij 10 be dsne, or b> calls
upon Their debtors nnavoidably TO introduce
distress aud ruin through the community.
SlEfHEN CANTRELL, President.
JOHN III EAEnN