Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-01-02

iN'AN N~ WV NV ~ - 'St t'NaeNNS'1 '" SNS'1
and still continues to be, effected through The agency OF
banks. The value of property, the wages OF industry,
the profits oil every occupation whatsoever, ae dJusted
under the influence of the banking policy, and its innu-
ences are alike beneficial to all. To renounce this policy,
md attempt 10 attain 4 currency exclusively metnlllc,
would be attended by consequences extensively, fatally
mischievous. Observe lis operation upon debtors. The
reduction Of the circulating medium, would Of course
reduce the price of property; the effect OF which would
be, relatively, TO augment the debt to be paid. And thus,
u debtor, whose engagements were considered light when
they were contracted, Nigh. find his whole means had
become inadequate, by 4 revolution in the currency, to
the payment Of his debts. The citizen, in the case sup
posed, might well arraign the justice Of his Government
that by its Inconsistency had produced his ruin. This Is
but one instance of The mischicfs Of the innovation. M.
mcrous others will occur to every consdcratc mind.
Deeply impressed with these views, | cannot but re-
gard with anx' y, any proposition proceeding from an
imposing quarter, calculated 10 discredit the Stale Banks,
or TO impair their usefulness. | respectfully submit,
whether such may not be the tendency OF a proposition
entertained'in the national councils, to refuse bank pa
pee, and collect the whole revenue OF the Government
in gold and silver. If The General Government shall
come to that determination before the banks have re-
sumed specie payments, it must add to their difficulties
and delay the return 10 specie payments; and 1t III view
OF that effect, the Government should for the present
forbenr, and adopt the resolution when specie payments
had been restored, it will be found, | fear, to bear with
severity on the banks, TO sink their credit and to cripple
thcui. Ii banks be admitted 10 be safe, important, and
valuable agents in the economy of the State Govern
menls, and may not, with a Just regard 10 the interests
of their constituents, be dispensed with, respectfully
submit, whether the policy Of the States in this respect
be not so far entitled to respect from the General CO.
veEnmeni, as that it should not, it to he avoided, pursue
Il course calculated to Cypress and embarass it,.
There is another view of the subject which demands
The solrnn consideration Of the General Assembly. The
State Banks have been heretofore regarded, and it seems
to me with much reason, as the only safe and practical
substitute for a great national establishment OF credit
and finance under some form or other. IL these lnstltn.
tons, therefore, shall now be allowed to be crushed or
d'scFedited, their efficiency impaired, or The accommoda.
ton they are capable Of yielding to both Government
ana People thrown aside, The consequence will be, soon
er or later, 4 resort 10 some central monied power as the
exclusive fiscal agent Of the General Government and
the privileged dispenser Of a national currency. Unia-
voTahlc us has been our experience of such an inslItu'
t'"n, we have not yet seen it, under lis most dangerous
aspect. Its natural relation is that of ally and instrument
OF the Federal Executive, not lis rival and opponent
When two such formidable engines shal! work III con-
as. under their natural bias and inpulsion they
would do, the result must be, n fearful enlargement OF
the powers of the Federal Government. destructive alike
OF tue rights Of the States, and the liberties OF the peo'
pie. Is it not then incumbent on the friends OF our Re-
system, to uphold the institutions Of the States
IN all their competent functions, to oppose with frmness,
every project, which. in rendering the General Govern,
lncnl independent Of the People anl The States, shall