Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-06-05


; ;r tho Stale hanks fail Tho result will BE- Go
vernu,en, bank or United States BhnH II Is nc
! think So, Tia: ana disposed 4, 'HN- 49, I'D ,,e,,
S.uSs a.. Improper wc-.s as a." '''."'' -. ,h
by all proper IN resuming s'e''e - Ia ,nrn
out doing which, they cannot, ana o"g"' "0'' ~ ~
rated. s, b. and r,.,io,ic
mer, who presided the Treasury at Tue eose VI '
'"e W. hIressed all ,he. efforts and powers to aid.
;,, h,nLs IN resume and furnish a sound currency
MI Dallas even took the responsibility OF receiving Inc
h;,i ~ non specie paving banks without the authority
Of law and he was suslane9 IN II ny the wno'e eou"
trv He saws in his report to Congress In lSl6-
The consequence ns rejecting bank notes which were
not paid on demand in c0n must have been TO put TO
hazard The collection Of the in point OF time and
in point of product. de,crorae Of not 10 destroy The
only ADEQUATE medium Of exchange adopted by the COM
mon consent Of the naon( IN case OF extreme neces
sy and to shake the foundations Of private property.
1.-THE restoration must be the work Of the Stale ,hst
tutions. But the interposition OF Government Will ~
be required to secure a successful result , go,
"o appeal to their fears by refusing to lake the o'
in payments to the Government, would he 10 WISH 'ne
sins of the banks upon the great mass OF "hone"Vs
items unless the Government was prepared " ot"'s
a sufficient legal currency 10 meet '"e u - "
community. . ., H. L,;
MIR. Crawford in 1877 refused TO dePoste The public
funds in the u S Bank, where 1t was PROVIDED ny Ia"
tba, tbev should be kept and deposited them IN Stale
institutions expressly and avowedly for the purpose OF
a;dno the banks to resume; not only not taking 1t from
them in their moment of severest trial. but actually CIV
inp il TO them. Taking, in some instances, WIN care
wise procca and palernal from the strong banks, and
oiying it to the feeble ana lettering, to enable all 10
stand and he succeeded, and in this rendered the most
important Of all his services 10 his country IN long lie
of distinguished public usefulness. Hear what he says
upon the subject, and IN circumstances iuenuea' VIII
the present.
n order 10 induce the banks in the District TO resume
specie payments simultaneously with the banks ALREADY
enumeta ed it became necessary Tor the treasury De-
par,ment give them assurances OF support during 'he
first months succeeding such resumpuon In conse'
ouence of this considerable portion Of III"
deposi,es in the Banks of Washington and Georgetown
was permitted to remain until the LIST oil July
1t is cheering il is delightful to turn from the uncer
tain and dangerous theories of the present day. from
the eternal experiments that made upon the nap
p,pess the very means Of subsistence OF the people,
as philosopher would test the power OF prussic aca on
mouse 10 the pra ctca suggestions OF these canl' qu'
et and able minds. My business is with the lhings o,
this world as find them, not as would have them.
leave the higher walks of divine philosophy 10 others
have only the very poor ambition OF oeing Ptaca'
man and prefer to follow the steady light OF expe-
Renee, taper though il be, TO the dazzling, but too
often dangerous and delusive light OF Pr'0r theory
whether it he the ever blazing torch brilliant genus
or the farhing candles which lighted at It, In my
iudpment the greatest good TO be attained Is re-
sumption OF specie payments, and 10 that emo "ouiu
have The Government only not obstruct H. by throw
ing its powerful influence public opinion against
the banks, but aid them by all proper means lhs
Government and this Government alone has Frustrated
the banks and with them the whole industry OF Inc
country with muscles yet qrIverng from the blow; OUT
with powerful energies they struggling to rise again
Is it wise just still to keep your parayzng hana upon
them?