Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-03-14

creoitsr Ifthe payment Of the principal should
he demanded at other period, than those at
Ahich the husbandman receives the annual
reward OF his toll, the distress which would
result from the exacticn would greatly out
weigh ANY beueht which MAS anticipated from
the loan. That the establishment OF banks
in agricultural districts, has greatly improv-
ed the general appearance of the country, Is
not denied. Comfortable mansions, aud Spa
cious barns, have been erected lands have
been cleared and reduced TO cultivation farms
have been stocked, aud rendered more pro-
ductive, by the aid OF bauk credits. But these
improvements will eventually be found sin most
cases, 10 effect the RUN or the proprietor
The farm, with Its improN enents. Will fire.
quentiy prove unequal To the discharge of the
dekts incurred In its establishment. Such IN
fact, Is tina actual or apprehended state of
things wherever banks have been established
in the small inland towns and villages. povsr-
~ aud distress are impending over the heads
OF most ot those who have attempted TO
Improve their farms by The aid of Bank cred.
its. So general is this distress, that the prin-
cipal attention of the state legislatures. where
ihetxvil exists. Is, at this moment, directed
10 the adoption OF measures calculated 10 res-
cue Their faliow citizeus from the iDe> liable
effects of their own indiscreiioB. IL in afford
Ing shield To the debtor, against the legal
demand ot his creditor, the axe shall be APP
pied TO The root OF the evil, by the annhila-
ton OF banks where they ought never Ia have
existed, tile interference, however doubtful
III point orpoicy or principle, may, eventuai-
~ DO productive OF more good than evil.
The general system of credit. which has
been introduced through the agency OF banks,
brought home 10 every mans door, has produce
Ell Fictitious state of things. extremely adverse
10 the sober, frugal. aud industrious habits
WHICH ought TO be cherished ina republic
In tue place of these virtues. extravaganza,
idlenesS, ana the spirit Of gambling adj, enture
have bsen engend-red and tOstered by our in
Sutunous. SO lar as these evils have been
pIOduSrd by the establishment of banks,
where ihey are moi required; by the omis-
sion 10 impose upon them wholesome ST RANTS {;
dhd by the ignorance or misconduct of these
who have been entrusted with their direction
trey are believed To be beyond The control
OF the Fedeiai government. Since the resnmp.
Hon OF specie payments, measures have been
adopted in some Of the states to enforce their
coutuW&nce ;Iu others the e. II has been lett
10 the correction of pnblic opinion. There is,
however, some reason TO apprehend, that the
suihorhy o! law may be iaterposed in support
OF The circulation of notes, not convertible lu-
Ia So che
But The federal government has, by its mea.
Sures III scihe degree, contributed TO the SPIT
az ut speculation aud OF adventurous enter
Prise, which, al tbIs moment, so strongly cha.
acterize the citlzcus of this republic. The
syStem of credit, which, in The lnfascy of our
commerce, was indispensable TO Its prosperity
~ NOT TO us existence, has been extended at
d period whsa the dictates OF sound disc,e-
" IL Oe
shortened. 20. The credit given upon the
sale OF Lhe national domain has dIffused
this spirit of speculation aud of coordinate en-
teIpIize among The great mass of our citizens.
lhe pubic lands are purchased and splendid
towns erected upon them with bank credits
Every thing is artificial. The rich inhabltant
OF Tie commercial cities, and the tenant OF the
forests. differ only in The object of their par
suit. Whether commerce, splendid mansions
OF pubiic lands, be the object of desire, the
means By which the qualifications 10 be Sc
CuIcd are bSnk credits.
! has state OF things Is no lees unfriendly to
The duration OF our republican Institutions
than u IS adverse TO the deveiopemeut of our
Hailonai energies, when great emergencies
Shaii arise Tor, upon such occasions, the at
teniionoi the citizen will b. directed TO the
preserVatiOn at hi property from the grasp Of
his creditors instead of being devoted TO the
dsfencs OF his county Instead # being able
topaz with promptitude The contributions ne
cssSary to lie preservation OF the state he will
bs induced to claim tie Interference q fthe gov.
e:nmsut To prOtec, him a. aiIsI the effects of
h,S tp!iy and extravaganza.
This CUgui moi 10 be the condition of re.
pubic. when menaceu bS foreign force or do
IA sttc comInotiOn such, IL is appreh, ndoji
VIII be tint condition Ct the Quilted States 4
the coarse which has been pursued siucs The
commencement OF the late war il not ab.l,~
dontd. Since that period IL Is Believed, the
number OF DaukS IN the United States uas
be"n more than douhied. riisN have been es-
fduii'h.d IN ihH little fDlaud towns aud vll'ag-
es, ana have brought distress and rum upou
the inhabitants. When tie canse and extent
OIL Tue EVIL is Known. no DOUBT IL entertained
that the appropriate remedies will be applied
by those, who, IN our Complex form of govern
ment, are invested with the necessary authoIi>
~
Bui The resolution requires the Secretary of
the Treasury " to report snCh niGasureo as in.
his opinion, inay be expedient TO procure aud
retain, snhcient quantity of gold and silver
cOiE a. the United states"
IL Das atrtad, been suggested that IL the
currency was purely metallic, OF Connected
with paper convertible into specie 10 the sx-
tent only Oi ths demand Tor the transmission
of money the United States would retain
that proportion of the precious metals which
The value OF their eXChan- cable commodities
bore To those oi other states Bur ~ PAPER can
Oe made 10 circulate independent OF its EN-
piOymeni la the transmits ION OF inHds. gold aud
silver, to the same extent, will be exported
IL paper will be received ana cmpiuNed gene
rally the medium OF exchanse an5 esuecisi
ly u 10 rs issued IA bills Of small denominations
the amount of specie hIch will be exported
VIII % gTtSt IN proportion To Tire u aper IN cII-
chiail0H Ii has position he correct the
power OF COngi Css VII b. Insufficient TO retain
duy cons .derdIIIe portion Of god AMI silts. n,
the Uuited States. Bank notes from one dol
lar 10 those of larger denominations. have
circulated, and, u IS presumed VIII COZ
time TO circulate independent OF its authori-
~. As long as bGDh noteS Will he received As
substitute tor specie, the quantity OF specie
necessary Tor currency, will Be saiaii aud NAV
be easily retained without tae AID of govern
meat. But The demand loT specie, where The
ejaculation Is principally paper, Is extremely
HnctudtIOg. When there is bal little or no
demand for il the temptation to Increase their
discounts, 10y the issue Of more paper is TO-,
strons To be resisted by BANKS. When d
demand for -peCi" Arises the Currency hds
10 be shdusuly diminished By the c0rirac-
ton OF tneIf discounts. Fiuc;ua;iu, tu tt,.
dmOuDt " thV currency, produced by thus
nie 'ns Is ine principal miScAief 10 ns re
nienled. lntse fluctuations viii treauenii,
Cccu' IN every stale %hVrG ibe currency ~
principally paper convertible 1910 coIn.....
ia tie UUIted states, wneie the snectt
eAnOrleh a. a mLimlnLA .rLlcln If - =.