Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-04-17
POLITICAL.
Mr.. RIDDLES LETTER

:
ed w:tn IN. institution which caused The last assumptions
und during all iia. PERIOD my efforts have been directed
Tie country the benefits Of sound currency
and to Danish from circulation every thing but the pre-
clnus metals and notes always convertible into them |
think that other currency is safe toerahe and hat
we should return 10 it Mt III" fist moment can be
done permanently. For this purpose, the Institution 10
which belong has made great efforts Since thu Gus
pension in huy last hns added its vaults
nearly millions Of dollars in gold md silver; aud now,
with capital Of IS miiirns lis in circulation
millions, while It's specie. after paying more than half
million 10 the Government Of the u. States, amounts
10 nearly four Millions and has cigh, ten millions
of funds in Europe. Our prime piles, therefore, in
cline cal " resumption; preparations would
Justify it-and II all Influenced BY the poor
ambition Of doing what others cansot do readily
tine still poorer desire df pnf.ing by the disasters Of
others. the occasion would certainly be tempting Bnt
The Bank Of the u. States nlakrs common cnuse with
the other Banks and the character and prosperity of the
country are identified with lis Banking system. They
stand or fall ogcher-aud il, s of vital importance
that the banks should act wisely and act tremendously,
and above all that they shou!G not suffer themselves 10
lie driven. by The dread of being thought weak, into
rash and hazardous enirrprzPH The great prerogauye
Of strength is be afraid OF doing right and be-
longs 10 those who have fear that prudent counsrls
will hr mistaken for iimidity 10 examine calmly whe
rr the general Interests of The c"uHry recommend the
voluntary resumption ui specie payments in Nay next.
say the voluntary resumption, because There is not
now has there ever been, any legal suspension ct
specie payments, there was for more Than twenty
wears in England The suspension is wholly cnnv,n.
tional between The banks and the community, arising
from their mutual conviction That il is for their mutual
benefit In truth the banks bat the agents Of
that community. They have no funds not ALREADY lent
the people Of whose property and industry they
ARE the representatives. They only other for
the farms The commerce. The factories and the internal
improvements Of the c"untrya and the enquiry WHETHER
the banks ready to resume, is only another form OF
asking whether the people are ready 10 pay their debts
10 the banks.
The true question then nfpr all is, whether the lime
has arrived when the Banks should announce that The
causes Of the suspension, which then satisfied the com
munty have ceased to exist and that the suspension
itself, with nIl its necessary attendants oi restriction,
need 10 longer Be continued. 10 that enquiry now
proccrd. And
l. What were the causes of the suspension; They
were thu Specie Circular which forbade the receipt OF
any thing but gold silver Inc Land Ofcss-he mis-
management of the dep"si'es which scattered them to
the rDn,iersih cam"r raspd by the Executive against
bank notes which alarmed the people tor ineir safety,
and caused upon The Banks !nr specie. Navy has
any one Of these causes CEASED: On the contrary,
have t.py not acquired teniod force: The Specie
Circular not repealed On the contrary, it has been
extended. for bank notes p'n>crbcd not merely from
the land offices but from n payments OF cvrry descrP-
ton TO the Government The distribution OF the sur
plus IS over because ,hr longer any surplus 10
distribute; hut the great disbursements on the Southern
and Western frontiers operate iRprously by requiring
the transfer If much from the points where
tits collected Lastly aud mainly the alarm about bank
notes propa gated By the G"vr-nent has been deeply
spread throughout, The county, I'LL what was at hfst
passing oucIv, has settled into al mPacnbe hostility
No man. think, can doubt 10! moment that The Exc
culirs of the United States seeks 10 MAINTAIN his power
by exciting popular passions against the credit system
and tina, h" Whole influence OF the Government EN-
pnyed In infuse into the minds of the people dIstust
md haired Of all banks For th!s purpose In" most IN
sane rawlings are addressed IN the cupIdy of the gno
rant, who taught that gold and silver the only
true riches. and above all, That these shTrwd metals
would ennlr rs 10 ou!wi the paper Guinness OF ENGLAND
il,tai nE hH Son
of the United States, "Sf man losrs all by any cir
cuneiance that but for that circumstance he would
" have made. Although England is paper country,
vet if we xcusv' mrtaIIc country we sI"uid
" make more ont Of our intercourse with her. And
whv should we, because siie chooses 10 MAIN herself
" BY her pnper system, follow her example: Tn" Go
vernmrn il NAV he snid, is comparatively harmless,
because it's expenditures exceed lis income Irregular
income no dnub;-hut while il can pledge the pu5iic
credit for Treasury mites NJ high rate OF interest.
by which every mans property IL m'rtgagrd and buy
srece with them, there yer be wanting The means
of depressing the Banks Thre is therefore n" one cir
cums,,nce which occasi"rrd the suspeIsrn sufficient
ly removed Justify change and The most prominent
cause remains With increased Intensity hccotdogiy-
H. The crcdi, system Of the L. s. and The excIu
sivcly metallic system fairly in the field, face TO
face with each other One the other must fall
There can be other issnr II is not question "i
correcting errcrs or reforming abuses bu, Of absolute
destruction not which shall conqufr bui which shall
survive The present struggle. too. must BIZ hnal IL
muui,y 10 con,inur for few months, II will be concu-
sively employed the re2t elections to show that The
seize mes or the Executive are ol rs as thfy
will prove hereafter But they resume and again are
comncpd 10 suspend the Executive will re "icr at this
new ,riumph and they will fall in the nlds, %: universal
ou,cry arninst their weakness This rs perfectly under
stood and accordingly all III" influence OF The ES"cu
live is directed drive the Banks by popular outrage
and cIamor into premature rrsump'ion--not ousi.
ness resumption general and permanent. but political
and Gprced resumption which may place them al the
mercy OF those in power. lhry who nave sPrc'i
charge or these Interests must then beware ut being DE-
coycd from their present prs'"n ihsy are now SAFE
md s,rnng and they should not venture beyond Their
cu,rcncLmen;s while the enemy is in the plain before
them II they resume, cnr n two tnIngs VIII happen
,bn;, no,es will not be received by the Government,
or they will be received II thcy are not fecPiVed Inc
Govefnment IL The extent Of the revenue VIII i"rce
tho boIders of the notes draw specr from the Banks
io bc deposiled with The collectors of The revenue For
The difference between the revenue and the expenses,
the Government will issue Treasury noes to be sold Tor
Pink notes and converted into specie ana as the ''s'
hr,seuenfs are made points the frontiers, remote
from The places Of collection It will not rrun TO Inc
Banks issuing il except circnItnusy. But 1t the notes
are received they will NOT as formerly ne oePos'leo J"
Ranks and drawn out again MS To enter into me cir
cplon lea wing the pn5c creditor his choicr oi specie
or notes but they will be l"ft in special dep"se VITA
n. receivers When warrants drawn on these re.
o;,er they will call the Banks for specie |" pay the
f,o,ed nubic creditor sPecting Of course the Bankson
whom they will draw according IN IT'S seTrty nr oppo'
tion TO the Executive and thus placing them oil under
his control Now under such circumstances Is 1t wise
for the Banks dsarm Themselves in The presence OF
an enemy?
n, The disorders OF the currency lie too deep for
a,5c,I remedies and these pllliavrs i:ri'nr with.
out curing Congress. and Congress alone can Apply
adequate relief What Mr. Madison said t" Congress ~
isis is even more true in 1888 For the interests OF
~, n;,r a, I,rue" said he "as well q, for the
Of The Treasury it is essential tina! the nation
shapd @ w currency Of equal value credit aud
use wherever i, may circnlnte. The Constitution has
entrusted Congress exclusively with the power oil Gre
,,no and regulating currency nf that description -
onIy reform in the currency which that body has
~ ad !, The issue Of millions of irredeemabe pa