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


the ssur if the State banks fail tho result viii Dc
v.rruen, bank or a United States Bank II Is 'sS .
,njn.; So, thu: dispersed l, 'hN- III, 81; ,i,,
banks al Improper mGsiie a'% ""'.' .,a,Is. y,,b
BY all proper III resuniing sPe''e "a! -, H., ,nI,
on, Joinr which they cannot, and ought ho " III WV
rated. e, h, and r,.rin,ic
Such. Sir was the course OF lie ao. a'I rs.o ,Sc
men who presided the Treasury IL Tue e'ose VI @
war They addressed all ihei. ein,s a"u $500
; tho hanks TO resume and furnish SOUND currency
Ne D,n,a oven took the responsibility OF receiving the
h r. non specie paving banks, without the authority
of law and he was sustained IN 1t by the whole coun'
trv He saws in his report to Congress In lSlh-.
"The consequence nf ejec,ng bank notes which were
M, Daid on demand in coin, must have been to put 10
hazard the collection Of the revenue IN point OF time ana
in point Of product deterora,e W not 10 destroy he
only adequate medium Of exchange adopted by the com
mon consent Of the naon IN case OF extreme neces
sily and to shake the foundations of private property
The restoration must be the work of the Siate hst,,
tuons. But the nterpos,on of Government VIII Sui
be required to secure successful result. ..;-hiu.
sTo appeal to their fears by etcsing 10 lake III. o'
in payments to the Government would I've 10 WISH 'ne
sins the banks upon The great mass OF
items unless the Government was prepared " ~,
sufficient legal currency to meet 'he oe"'a"o' - VI"
community ,., a.. .r
Mr. Crawford in 1917 refused to deposite the public
funds i'm the IT, Bank where II was PROVIDED oy ID"
that they should be kept, and deposited hem IN s'ae
;n.,itp,ons expressly and avowecy tor the purpose OF
aG;nr ,be hanks 10 resume; not only not taking it from
in their moment Of trial. but actually CIV.
inc il TO them Taking in some instances win care,
.se nroetical and paerna from the strong banks and
oivina il to the feeble and ottering to enable all TO
stand and he succeeded and in this rendered the most
important Of all his 10 his country IN long lie
of distinguished public usefulness Hear what he says
upon the subject and in circumstances ioenca' win
the present:
specie payments simultaneously with the banks ALREADY
elaied became necessary Tor the treasury ne'
partent to give them assurances OF support during Tue
first months succeeding such resumption' 10 conSe'
uuence of this ccnsde portion OF Inc
deposes in the Banks Of Washington md HrOrse'o""
was permitted to remain until the LIST OF July
II is cheering it is delightful, to turn from the uncef'
tain and DANGEROUS theories of the present day, from
the eternal experiments that made upon the nap
ppess the very means Of subsistence OF the people,
as PHILOSOPHER would test the power OF Pfussc acu on
mouse to the practical suggestions OF these ca qu
e. and able minds My business is with the hngs OF
this world as find them, not as would have 'heih
leave the higher walks of divine philosophy 10 others
have onv the yery poor ambition Of being practical
man apd prefer to follow the steady light OF expe-
Renee taper though it be, TO the dazzling oul 100
ofen dangerous and deusve light OF prors theory,
whether it he the blazing torch brilliant genius
or the farthing candles which are lighted at IT, In my
Judgment the greatest good now to be attained Is re
sumption of specie payments, and 10 mat end "ouu
have the GOVERNED only not obsruci IT. by throw
ing its powerful influence public opinion against
the banks but to aid them by all proper means ms
Government and this Government alone, mas Prosaleo
the banks and with them the whole industry OF The
country with muscles yet qcVerng from The blow; ou
with powerful energies they are struggling to rise again
them:
der, Our J