Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-01-24

well managed and were perfectly solvent. Yet they
must have stopped their specie payments if the panic
has been cniphaticaly denonnacd suspicion asleep
but suspicion, ON this occasion, becoming sswide
awake Under such circumstances every knows,
that Bank must stop payment for although its
said to be convertible i'm point of fact
them in any short period, be converted"
Aware OF this several of Banks, when money was
scarces began to curail heavily measure of neccs-
sity; and hence the suerings the rcantc commune
~ and ofthe bank debtors in parts OF the State But
1T Is worthy of observation, that when there no
banks, there little suffering In such counties
as Shenandoah Rocking cham. and others. where they
never have had banks nor dealt with banks, and where
1.-The vulgar prludces of the people in favor of gold and
silver not entirely subducd they laughed equally
at inc panic and the plnicmakcrs and s)ciey moved
on by regular, and happy march. How different
would their condition have been if the Norfolk invita-
ton had been given and accepted year ago. and
banks had been established at Woodstock Iarrsonburg
charlottesville, Lexington, Fmcastlc. &c. &c. - BY
this time might have had petitions, "for another
and another bank but for stay laws '.relicf laws"
and all the other happy contrivances for mparng the
obligation of contracts and spongng debts
The preamble TO the resolutions have been consider
ing, gives melancholy and it is hoped, exaggerated
picture of the present condition of Norfolk 1t repre-
sents its inhabitants ''consantly losing aud
fter own business, tributaries and dependents upon
the Northern Cities, and as bowed down by poverty
and humiliation. All this it attributes to the want Of
banking privileges enjoyed by others and denied tetn
by the Legislature of their State. Norfolk with q
population of less than ten thousand, and banking
ptal OF million and half languishing and ready
expire for the want of banking privileges! IL seems
never 10 have occurred TO the members of the meeting
TO consider how far the facility Of obtaining Bank ac-
commodatons, which led TO ovetradng, extravaganza,
and high living in former years may have assisted in
depressing thcif mercantile interests Nor how far
their large investments of capital in works of internal
Improvement, bringing yet adequate returns, may
have contributed - the effect Nor in contrast
ing their own situation with that of the Northern
towns, do they to have reflected upon other ce-
mcnts OF prosperity enjoyed by the Northern States be-
sides their possession Of 'cNcndcd banking privileges
In the first place, the North had the OF us in popu-
lltlon wealth and before the Rpvalutinii
before the existence Of Banks In the ne x the North
people had the sagacty to themselves all
the benefits of the fundng system, Yielding them mil
Eons annually, by purchasing up for song the certii-
Gates OF the public debt Then they had the Tariff which
yielded them handsome southern trbutc-tben, there
was the Pension system which they knew how to
''make available. in short until within few years
almost all the benefit of the public revenue found its
way to the North and East--a powerful stimulus to
commercial enterprise These causes without mention
ing others, added to the Industrious thrifty,
mca habits of the people, will sufficiently account
for 'the superiority of the Northern States over the
Southern in mercantile pursuits, without taking into
the cstmate their "cxtended banking privileges" On
the contrary, if believe their own statesmen and e-
glsators these banking privileges have, several
casons, countcrbaanced the advantages have emu
merated nearly 10 involve them in universal bank
ruptcy.But this leads short history of banking in
the Northern, Middle and Western States which shall
defer To another number It vii; be found that the very
evils which the Norfolk meeting depores and ascrbes
the possession of too little banking capital are mention
ed affecting other States and places because they pos
sessed too much and this fact induces a suspicion tina
the people of Norfolk if the meeting Expresses their sen
tments have mistaken the nature of their disease anc
that IT is Plethora not of Bank nourishnent the,
have been laboring under. ANTl-BANKS