Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-04-17
ssich,.lo.,d, TUESDAY, April "a.
.NR RIDDLES LETTER-Bank IF Ike United S.e:t,
We submit Nh. B.tde's Letter to tte People Of W:

NJ AZ ,
We submit Mr. Btdles Letter to the People Of W.,
g;uia We beg them to weigh it well, and see the dan
gers which exposed ny thls sinister institution
VIII they support Candidates WHO support " fhln.,
Ia free press! This insidous document has been H.,
masked. lis pretexts unveiled lis facts cou,royer ed and
its arguments oveihruwn We publish various size.
urcs which have been made uponlt NeShaI conlrage
the chase in future numbers OF our paper Among these
we are h,poy to see the y. Y American and III ! Y
J,urnal Of Commerce (Whigsl enlisted The Ghbs
the PENNSYLVANIA, Tie Harrisburg Reporter. DC &c
have distinguished themselves by the vGor u their A..
lacks Judge Strange, too, OF the Senate OF tie { $
who has been indscorous!y ugged INTO lle Letter In,
uyrn an able and scorchiDg reply, through The cOqlr,
Of the Globe They give quarters 10 The DinA e,E.
a. States and il deserves none. IL IS The enemy Tia
country; its institutions, aud even lis iioeiP
ua,kcts and our Government, arc 10 De Fus4 By
n,y kim: if this Bank will neither rcsunr Specr a..
r,us itself nor consent that others should; Il sl
perseverc in exIc,ng charter from an agI'n'rd coming
nty is Eigh time that every Republican should uke
up arms against 1t
II is our province 10 lay the various criticisms, which
it has called forth, before readers We must publish
few articles IN crcnso; and shall have 10 conten
others Among lr st remarkable, are rs com::A...
tors in the New York American.
The American tcvotes Two numbers TO Review II
The Letter Ii ana!ys It's arguments and disputes both
its premises and its conclusions II tegns by express
ing lis "uneigncd surprise, that we hrd no a.!n'oR
whatever To the moral obligation OF the Banks 10 uaL
their promises Arguments there are III abundance &c.
y,
and of politics the far greater end higher consider.
atoms Of moral duty, applicable to the question: are
nowhere advcr,cd to. This we must take Leave say
strikes US as a great oversight commercai honor com
ercia prosperity public and private credit, the
rity Of transactions between man nnc man, and mole
ssppciav in a commercial country, between mnGPycd
institutions and their dealers all depend upon the firm
maintenance Of Pilghed aith, nj Whatever cost or sa
crice that shall promise to avail
II admits the necessity Of general Regulator c! The
Currency: ssbut what then; casks the Amcrc1n) Is
it seriously intended, that there shall be no resumption
ill Congress shall be sufficiently enlightened 10 establish
n National Bank the Regulator III question; Surely,
this rroposon if plainly stated, would ind no favor
with the solvent part Of the community, which is the
great mass; for il looks 10 postponeEent oil at least
three years cnme-Ihe residue OF MI On Buien,
term No. no..
f. Jisnut.s the analogy which MIR. B has drawn BE-.
tween the resumption Of 1916, aud the present times
7Aca the country was bare Of Specie and lis paper IS
sues were enormously sweI!rd .hOn there IS motcsfc
Gle in The country Than was eve! SHOWN ana our Issues,
can.ining the remark. the Atlantic sr"board wee
never so contracted Then the foreign exchanges were
apninst US .NnW they are IN our favor.
Ano,hc. "giound of objection is founded on the gTea!
debt. which at the Time OF the suspension was due 10 lie
Banks and abroad This debt OF both characters, has
been rrcaty reduced the observation of every one
all converspnt with business must have assured Inn
AS regards the Banks OF this State, Ter instance. they
have reduced their discounts and circulation srcs the
suspension Than rcnty mjL0hS % dollars, or N
other words that amount loaned out, constituting
part Of the debt of the community TO the banks, has
been repaid them 1t is doubtless true. that 10 :cme
extent these payments 10 New ORR Banks were chrcd
by mems Of loans obtained elsewhere, but after all de-
ductnns very large part Of what due to our Banks
in May last has been paid and the debts TO Banks else
where on the seaboard have also been largely reduced
So too Of the foreign dcDt all or nearly all that no!
susucndet BY reason Of the endorsements OF the debt
ors and which should therefore enter INTO the cacu
a,iun Of circumstances likely 10 operate upon The ex
changes is paid OF this fact we consider the state Of
the exchange upon England as indubIlabie proof. ""
therefore conclude IN opposition 10 the letter. inst lie
state of the domestic and foreign debt does mol p'es
any serious obstacles 10 resumption.
"The letter says, H. York has urged 1t on so rapidly,
that the debtor pays almost tw" dollars Tor each
dollar of the debt contracted before the suspension while
in PHILADELPHIA the u. S Bank has not called III more
than ten per cent, its discounted debt And yet hee
is no, difference Of more than two or three per cent III
the value of the currency of the two cies, One nun
dred and three dollars of Philadelphia bank paper vii
buy one hundred of New York paper 50 that, after all,
this artificial scarcity Of money IN New YORK, To winch
so great agency asrrbcd IN reducing prices Of lands
stores exchange, and cotton, would not seem 10 have
augmented the value Of our currency as compared win
that Of city, debtor TO US, and where no artificial SCAT
CITY exists more than per cent instead OF 0O c;
nearly 100 per cent
CATER Directing as has been seen, to any prcsen,
SUMPTION il is next commended by Mr.. tina, even.
otherwise advisable the mon h of May inauspccGs
time of resumng-aud various urged IN sup
Port OF this opinion That which looks 10 The concur
renee Of the South western banks indispensable to-
satisfactory Tesumpton goes necessarily TO postpone the
period thereof for than year, as II contemplate
the necessity of another crop being disposed oi before
they can come in. We think advantage to be anti
cpated from their concurrence can compensate Inc
immense injury 10 result from another year o! UNI
versa bank insolvency. Indeed much arc We
impressed with the immense evil and danger OF pr"
longing such state Of things, that if the oPporirnIy
Of terminating il be let slip, we !eel no c'ndJens
that III long years TO come, 1t will ever Tecur lthce
ric vaIt
month Of May an unfit period for resumption. Podcce
the opposite conviction the domestic trade when
then invites and stimulates enerpr!se-w act Hfts''
IDLY the Banks, and if they do not impose upon theH
selves the check of paying specie no resolutions o.
Boards Of Directors, supervision Of Bank CoHm''
soncrs, will prevent them from expanding, and l"1
again initiating the bubble of paper prosperity 10
swell and swell, until it shall subvert The property anu
corrupt the morals Of the whole county.
We do not profess 10 state regularly the reasoning
the Amercan-but confne ourselves 10 very le" eA
tracts.
The N. Y Journal Of Commerce raps Mr.. BIddte PeV
severely over the knuckes II reminds US, that aI Tue
close oil 1885, Mr. Bidde addressed series OF letters 70
the same gentleman, (Mr j. Q Adnms) in which he stI'
ed that the country in the highest state of prosper
"; that exchanges every where in our favor; ib'
we had hundred millions worth OF our crops 10 60 '
ward and tina, if the Specie Circular but repcaec
every thing would be set right in three weeks Inc a.
tude Of inability which lie takes seems to us as ~
the opposite extreme, and still more wide from The tu'N'
Then every cord was strained TO sustain system OF es
| banded credits, which put in Ecqrsltion The uimH
energies Of all Institutions 10 avoid ieariu! t'
| plosion. Now the storm is past. The las; year has
been occupied in liquidaiing and paying debts. b@a'
dreds of millions of credits have been thus reduced.
The obligations Of the people to the banks have yea
largely reduced and the obligations OF the banks DrouE"
within control The specie in the vaults OF the Od"n'
has been augmented, that the proportion OF mean"
liabilities with all well managed banks, was never eea'
err Above all, the most important feature IN the e
trast, at the time Of Mr.. Biddles previous letters ~
state of foreign exchanges was such MS TO carry ""
great urgency oil the specie on, OF the country VIE"
could be got at j. is such as that The current is s
ting back upon US with equal force: To our lime.
VISION it that at the close OF 1915 mere W"
orea, trouble in maintaining specie payments now,
e.-arelu nome and thai tie truth In both cases vas