Richmond palladium. [volume] (Richmond, Wayne County, Ind.) 1831-1837, 1837-06-14

1t will be urged no doabt that this reduction Of a
discounts too rapid, but would seem to me, that
VIC arc SO situated to DC left only choice Of h
evils. That which is proposed will occasion sacr
fees. 1t may force the Banks to leave to their G
fate, land and 10 -lobbcrs. They have gone for n
large profits, and must, from the nature OF things,
run the hazard of failure 1t will curtail the ac- a
TO Merchants, who supply much il
that VIC might dispense with 1t will hasten the 5
Of debts among ourselves but is it not
better to attempt the arrangement Of these at oncc
even at considerable sacrifices, than to wait until
foreigners come on with their claims when costs,
interest, u<ury and failures in tho mean time will =
vastly increase the amount. 1t will reduce the :
prices of labor, rcn's produce, and merchandise,
but our exporters may then go to market, if not
with great profit, at least without ruin. Let the
price Of labor be reduced and tho farmer can cm-
ploy more of it, and will Of course have larger
surplus of produce. He afford to take low
prices, and if these enable him to pay in the same
manner for labor neccssarcs, 1t As small cause
of complaint to him that prices not doubled on
both Sides To the laborer, also, constant employ,
even at low prices, if other articles are I'm pro-
portion is in general better than any uncertain and
lluctuating employment. Ii these things be
brought about, produce may be lor but cotton,
sugar, and coffee will bear corresponding prices
If different course be taken, il the Bank do not
contract its discounts largely, and prepare to be
useful hereafter, if it give countenance to paper
prices, to long debts, to temporary remedies tor
the present diseases of the country, and II 1t DO
not use all fair means to bring things to sound
state again as soon as practicable it will be nui-
sancc and the sooner it shall wind up the better
The institution was intended to furnish a sound
currency founded specie basis, and all cxPcr-
fence has shewn that departure from this primer
pie is full of danger. Every member OF the State
Board is determined to maintain the principles on
which the institution established. II the
| 1f, Ieir these M
what might otherwise be seren gears Egyptian
dcarti can it is believed, far this State 10 con-
cerncd, be substantially provided against in as
many months. Former prices may not soon re-
turn but greater industry and economy will not
need them. Visionary dealers in real estate may
| suffer, but Banks can do little for persons, who
have refused to profit by experience
| Ii hich prices be kept up, no labor that can be
dispensed with will be employed: it any produce
be raised for foreign market, it will be undcrsold
cmigrants will go elsewhere to buy cheaper: am
provcments will cease to be made: the uncmploy-
ed mechanic will not pay his rents or debts, and
~l.:.. &C.,. .A-..a sansculties AZ huTnc viii
gather into an apalaSche and sweep AWAY the
airest hopes and brightest prospects Of the coun-
try.
No matter from what causes the present crisis
has arisen, there few who will not find enough
to blame in themselves, to set about an immediate
reformation. AT a proper time, sthe country re
lquires i, the Legislature will no doubt provide
such sTfode for the collection of debts as will best
promote the interests of all debtors and all cred
TORS, but our best remedy is in our own cxertions
, and until these have been properly taskcd, lcgis
lativo enactments will be worse than idle. Let
confidence be restored at home, by the mutual ar
rangcment and settlement Of debts, and the Banl
can aid tho people and the people each other ir
! meeting, as they are presented, the debts from
: abroad
D There are m,ny who will throw upon the Banks
the blame of the present distress They will tail
. Of s1cxpanson and contraction Of currency" o
the dangers of.scredit and ovcrtradng" and Oft
3 security and certainty Of a specie circulation
Such persons take very limited and impcrtcc
0 views of the subject. lfthcy would profit by tn
use of credit, they must the risk Of its evils
They may, if they please, scclude themselves from
8 the advantages Of commerce, they may shut on
6 the benefits Of competition and the lights, which
i knowledge and observation difflsc, and they m1y
ID form what they would call their own happy con,
8 nsxnity unintcrcstcd in the gene .al welfare
: kind. History gives instructive lessons in thes
3 matters. Nations, communities, and indiv iduaIs
r may separate themselves from the world, bu
;. where will be their resources, when famine, pcs
10 thence or other calamity sweeps away the ground
,e of their cosifidence2 We're all trust IA others t
is be lost were there reliance to be placed in tn
= capacity and integrity of such manage publi
l. business our country would be in effect wha
NJ was when inhabited only by the Indians Tribe
f not looking beyond the wishes of their own chic
4 would arrest and destroy all that IntcrcomnlnI
s. cation of business and society that nov render
j. our country 50 interesting. Until We prcpa,
v ed to dispense with the cotton and sugar Of Lou
" isiana, the manufactures Of New England, an
d the iron Of Pennsylvania, we mast have a papc
y medium Of exchange. However small nation
ir supplying its wants within ITSELF may do 1t
business with specie, such cannot be the case wit
" these United States. Ii the individual respons
bilities Of the Directors for neglect, and thei
r criminal liability for maconduct, is now prov
re ded be not sufficient, let there be further egsla
r ton those matters, but to destroy all banks be
rs cause some of them have been unfortunate o
&c badly managed, would be as absurd as to dispcns
,e with steam boats and rail roads account of tn
il accidents that take place upon them.
is In ordinary times the Liability to pay specie
in such a check upon the operations OF Blnks, tina
n the respective Boards Of Directors will scarcel
4 fail to keep watchful eve every proceeding
o. but situated our branches now are, specie pay
IN ments suspended, they will look with much unea
ne siness upon any transaction Of Branch that ma
er be questionable in its ProPricty; and COR their
- safety thew will not hesitate to suspend im;ne