Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-01-10

in thanking privileges" but am well persuaded that If
virginia shall be able TO establish sound and uniform cur
rcncy and the other States should to their uctua
ing paper ofsinall denomination she WILL in few years
occupy the same desirable relative situation in respect
them, which Massachusetts, occupied i'm l749
Many persons disposed get rid of the Banking
system altogether, and to make what the Constitu-
ton evidently intended il TO be- ga hard noney oycrn-
mcnt others treat this as a visionary scheme unaain
able by the united efforts Of all our governments To
me seems clear that the operation would be- much less
difficult or hazardous, than generally ina incd and
That now is the most proptous time prepare way Tor
H. or 10 make at least great reform Hitherto Diff
Guilty has been that the system had been sanctioned by the
Federal as well as the State Governments and whilst
that state of things existed il almost hpracticabc
Tor any one o the States, tor all of them establish
system of sound credit and currency But the charter
OF the Bank of the IT, States viii expire and there
IS little prospect now of its renewal. Congress might
then assist the efforts of the States by recurring first
portion OF ITS revenue TO be paid in specie and finally
he whole To render this easy operation. we have
now fortunately more gold and silver than have had
TOR many years likely To have again if we neglect
the opportunity il has flowed in under the operation of
peculiar causes and under the expectation that reform
was contemplated in currency, which would create
demand tor It, BY late report OF the Secretary e the
Treasury, on the present system of keeping and dis
bursing the public money, perceive that lac estimates
our active circulating medium AT Sc millions of doars
including paper and speco-and that have twenty
millions on gold and silver in circulation and b millions
of specie in the vaults of the Banks Thus we have ~
millions OF specie in the country, which leaves only 43
millions norcto be provided to render whole cur
rency metallic--as Stunning that % millions enough
mate OF MIR Gaatn in 1880 But -four imports of spe-
Gle should amount for the succeeding years to as
much as they have amounted to for the last, should
nave IN the country at the end of that period nearly the
required sum- This, however, can neither be expected
nor desired An import of millions year. in addition
to the gold extracted from mines would in 10
years supply the deficiency To this operation the encr-
ges and resources of this prosperous nation are more
than equal without producing the slightest DISTRESS IN
solvent Bank, or to solvent individual i'm the country
IL has paid off public debt at the or 10 900 600
year, and the addition of or 900 600 per anun TO
~ il al ranlI l.,c =
w or 10 mllions and its annual income. according
the estimate of MIR Lee of Boston, seven or sight hun.
dred millions Lett be recoeccd that England the
resumption OF specie payments, in four years imported
twenty millions of pounds sterling in gold alone without
its giving shock to her trade, sensbly affecting her
coniercial prosperity An importation of three four
millions OF dollars annually is therefore, surely be-
yond our means. Even this would not first be
required As the Banks withdrew their paper from cir
cuiaton they would require less specie in their vaults
and they would consequently supply the vacuum from
the hoard OF thirty-iiye millions, locked up. This
operations spread overen years and aided by the npor
atons before spoken OF, would leave u.s. its termna
ton, in the absence of casualties the happest and most
prosperous nation that the shines upona nation free
from debt and with asound unvarying uniform currency
But every addition to the number of Banks increases
the dihculty OF REFORM as nuples the chances
management Willthc Legislature, to crafty commercial
cupldty grant other monopoies the very time when
by Fortunate concurrence of circumstances has the
ability if it has also the inclination To relieve the Moo
pie from the whole Ubiquitous system or greatly TO m-
gate its evils? Will no of its members who can
neither be sophisticated or suborncd from his duties"
self Ia the lasting gratitude of his country?
There is another view of this subject which will shcw
the improperly of increasing Banking capital at this
ume. Our difficulties with France, may terminate in
war In that, but too probable event our commerce
must be greatly crippled, and smaller quantity of cir
cuating medium will be required for the PURPOSES of
trade and credit. Our Banks will become embarrassed
and confidence in their stability will be impaired Ii is
duty prepare for this event or al least not Ia mu
upy the chances OF greater ebarrassments To increase
our paper circulation and lessen spece on the
ny eve OF war, would be folly equal that of the ma
rncr, who at the approach of Storm instead of trim
ming ms sails and making every thing snug and easy
should spread all his TO the 0ale The com.
merce and industry of the country are never so secure
when they suspended upon the Dmdalian wings Of
paper money, as when they travel about upon the solid
ground of gold and silver" and war greatly increases
the danger Surely it is necessary to enlarge upon
this topic.
But there is still another reason why the Bank memo
rais should not be acted upon ut the present sessiont
Is subject OF Infinite Importance to tile people of the
whole State; and theu should be consulted befrc final
decision is made Chartered rights seems cannot be
touched by subsequent Legislatures, and If they are
granted ilnpfovdcnty, the error is evablc These
memorials have come upon xpectcdy like caps
thunder IN ciondlcss day AS far public sentiment
an EXTENDED system of Banking. Postponement will
give time and opportunity for consideration and dscus
SION, and cannot materially alter the situation of the
menorlass These considerations added TO those al
ready urged, Will, 1T is hoped, have their proper weight
IN inducing the Legislature to lay the subject until
ITS next session. AS, however, they may seem less
weghty To others than to propose ne xt num-
bcr to examine particularly the Norfolk memorial
ana TO advert to some OF the popular arguments in favor
OF Banking well to of the prominent obec.
ions to the system supported by the opinions of men
who have had ample opportunities of Observing its prac
t'cal effects, and whose conclusions upon such sub.
Ject are entitled to the most respectful consideration
ANTl-BANKS