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

er of business which require the use of large capitals
depend upon credit for success
owing 10 causes alluded 10 in my message at the
opening OF the present session. constituents in all
parts OF the State shared largely in the dsresses which
Preeedtd and Immediately followed the suspension of
specie payments. Such wns the case in an especial
manner with The citizens OF great commercial EN-
porlnm The loss Of about fifteen millions Of capital by
the tre of December lS35-he interruption of business
ny TIE unparalleled commercial revulson which soon
followed that disastrous the sudden withdrawal
rom dePosite in the midst Of all this depression, Of ten
mions OF Pnoic money-all having occurred within
Tue space OF about twenty seven months cooperate
with other considerations 10 induce the Legislature
eS'end us aid IN On efficient manner if should become
necessary TO shield institutions from threatened hos.
uy ana the'rby 10 protect and foster The general in
teess OF The people II is also proper to remark, that
about three millions of the anoun, of denosite with
drawn from the banks Of the city of New York, were
npporoned TO the several counties and towns in the
Se ana loaned TO the citizens thereof under the law
OF The last session in relation 10 the surplus, moneys be-
longing TO the United States
mere IS also another feature in the case presented by
The depressed state Of business in the city Of ~ York
when should not pass without observation. large por
tion OF Inc Trade OF that city is transacted with distant
sections o The Union The causes which have operated
so extensively to derange the general currency of the
country, have produced the most serious effects in the
States ut the South and West There is reason to
lieVe mat The banks in that vast and important region
have not been Influenced in equal degree BY the con.
sideralions which have controlled our institutions and
brought them into q sonnd condition; but that on the
contrary they have far extended their issues of
Us materially TO diminish its value and render it of little
use rs medium for the collection Of debts due TO our
czens lie losses by The of domestic exchanges
consequent upon The great depreciation in the value oil
Southern and Western bank paper have added 10 the
ADVERTISEMENTS of merchants and greatly impaired
their resources.
Although the suspension owing 10 various causes has
operated much more severely in some places than in
Others IL must be regarded common calamity, and
its continuance cannot be otherwise than in furious 10
all sections Of the country; il is therefore TO be regretted
that all sections have moi f equal socitnde for the
restoration OF currency sound condition. and
adopted measures equally vigorous for producing de-
sirable result Such however has not been The
OF proceeding the part of all. Indeed it is now no
longer matter Of doubt tina, the movement here in
latlon 10 resumlng payments in specie, must be made
without the co operation of any other Slate.
have not been able TO discover any adequate reason
why the banks in most Of the other States, and particu
lurly in the Atlantic Cities could not have been in ia
vorable condition 10 resume as our The main
causes which led 10 the sUspe nsion have for time
ceased TO operate, and others Of opposite tendency
exerlng beneficial influence in restoring the currency
to heathful state. The commercial debt abroad which
large at The period of SUSPENSION and the pressing
demand for which was one OF the principal causes Of
that calamity, is mostly paid off arranged TO-
reign exchanges are decidedly in favor; the pre-
cious metals, instead of being in demand for exporla.
ton, coming into the country in great abundance
from every quarter.
In state of things so favorable 10 general resump.
ton, it scarcely be doubted that with proper prepa.
ratory the banks in most parts Of the Union
if they had acted in concert with reference to the ge
neral prosperity OF the country, might have been in
situation TO resume specie payments as early as the peri
cd fixed Tor that purpose by the banks OF This State
Ii be denied that these preparatory measures,
whenever resored TO- must lead 10 temporary increase
OF embarrassments in most branches Of business While
place section Of the cHunry submits TO the sa
crces which result from these unavoidable measures, for
the purpose Of removing the evils Of disordered cur
rency it 10 be hoped that other parts Of the Union
would not be far mised by any views of tenn
porary and local interest," decline The like sacrifices
and refuse ready concurrence in course OF proceed
ing so essential 10 the general prosperity
Fur the purposes of this communication, 1t IS not i'm.
portant TO determine the cause or the motive that has
Influenced the conduct Of those institutions which have
refused 10 operate with in the measure OF resumP
ton IL is reduced 10 a moral certainty that there
will be no general movement this subject, and that
the banks OF this Stale will enter into that measure with
out the ca opCracn-and wish could say they would
he permitted TO maintain themselves IN 1t without The
open 0. covert hosly-of those which cannot or will
not unite with them Immediately follow their example
The suspension law OF the last session expires on the
10th Of May next and the banks in the city OF n. York
have determined the payment OF all demands
against them III specie the 10Th OF that month The
country banks Of this Stale prepared to take the same
step the time and all classes and interests 1t is
belief ready aid those Efforts by generous
idence and approval do not doubt that our Institutions
will sustain themselves whatever may be the course pnr
sued by the banks in other States but the effects of this
upon the business concerns OF the people OF this
State, will depend in great degree upon the relation IN
which our banks will he placed in reference to those in
other paIts Of The Union; and in especial 10
those in The neghborng Atlantic cities II ell or near
y all the banks in the principal commercial places had
resolved, as II was anticipated short time since they
would do 10 at about the period, and had
entered upon that earnestly, III good faith, and
with kindly feelings towards each other hcy would have
mel with few difficulties; they might probably have ex'
pected mutual orbeaIlnce in any emergency Ger
ainly would hav no cause FIR hostility from any source
whatever Vigorous and united Efforts among them.
selves would have accelerated the return OF public con.
6dencr and with it they would have been at once in a
condition to dispense hose accommodations which a
wholesome stale Of business requires.
Until very recently generally expected, that
such would be the course Of events Il was confidently
believed that The period Of general resumption al least
tIrour the Eastern, Middle and Of the West
eru States was at hand; that it would he the beginning
of suspicious change in our pecunlay AFFAIRS that the
gloom which had been long gathering and t!Ickenng
over the land would thereafter disappear, and we should
be cheered by of won,ed prosperity.
regret that it becomes my duty 10 announce to you,
that these pleasing anlicPatons are not likely to be re-
allied and 10 exhibit to you much less inviting pros
pect-a prospect in which banks will not only have
10 commence without cooperation the resumption OF
spccie payments, but will Tor some time at least, have
to stand alone, and struggle not only with The inevitable
difficulties of such measure, but with Others perhaps,
superadded them arising from The condition. and pos
siby from the hostility, OF nonspecie paying banks in
other States.
Surrounded on all sides, shall be, by banks
emitting irrrdeemabe paper, it is not perhaps unchar
table 10 indulge fear that they may consult their own
nleres, by making efforts 10 embarass and crcumscrbe
The operaons of our institutions with view of secur.
ing 10 themselves The benefits Of an extensive circula-
ton of their bills in this State. In this manner we may
be deprived of sufficient supply OF sonnd currency;
paper and thereby minister their interest while they
are perss'ing contrary TO good policy and in violation
of their own obligations, in holding themselves in an r'
redeemabe state But assuming, proper perhaps
we should do that the refusal Of the banks Of other
States to unite with resuming, is owing to con-
vc,ion on their part that they not in condition to
sustain themselves in that measure they will undoubl.
odIr avail yes of the means which the Iesunp.