Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-04-17
pointed in this way he sends more more
Rank oo,rs-and the creditors in turn suffer more IMAM


France and England. Why should We destroy Inc va
lue of only means Of paying it: We can pay o
in cash, or produce, or stocks. As 10 cdSn-.u;
was contracted in an abundant currency 10y =, in
fetal scarcity Of money are Obliged 10 P"y ~ -
currency more valuable by cne-half or one 'hu 20
a, that rate we can neither borrow the money, t w. .
it by sales except by fuinous sacfihce' we 80 49,
pay it in produce or in stocks ont 'he ,on was
the value of both debt contracted wnen ooto" wa
sttwenty cents we ave to pay when co'on Is eh Ies
pound If we propose to pay IN STOCKS, tese 'oo a
sunk perhaps twenty-five per cent on uies p'Se
venr Our resources then are diminished IN Vaue WINE
orr doh, il increasing by interest The consequence
thai the foreign debt is postponed This operates nu
riousy 10 both parles-to the domes debtor oy eauc
inc his means Of payment-to the foreign creator oy
the DELAY and The hazard Of his debt II is trne II he
could now receive his money he would remit it home at
n low rate. But then the same scarcity which lowers
the rate of remittance, prevents his receiving any hng
to emt-and far from being interested IN Inc cary
resumption him essentially, because the i'Ceu
preparation for by crushing the resources or his dep
ors renders them alike unable and unwilling to pay
What the foreign creditor wants Is paymen'-Paf'e"'
nf the debt, not in better currency; but IN an @
rency, if necessary, in inferior currency,
he can better SUPPORT HIGH rate Of remittance than
reduced or postponed payment.
There prevails notion that the credit of the country
abroad will be injured by not resumng No III tne
Every body connected with America knew te o
suspending and entirely approved OF II as Tue ''y ea
sure that could have saved the country
want now u.s. that we should pay our deot nat IS our
first duty and if they see, as they cannon ai' .
tbesr 6fematnre efforts TO specie payments pre-
vent the collection of what is due to hem they Will per-
ceiye that in endearoring 10 secure an oHect wholly
domestic they have been sacrificed In respect 10 The
dividends and the Stock payable abroad many OF lneh
ne payabe in pounds sering guilders or francs SO
thai we place the money there at own cost-and as
70 dividends payable here they have annst unvefsa1y
been RENTED in the equivalents to specie Hhat ihe
general merchants Of France Or England desie U.s. tha'
we should take their mechandze-hat we should trade
with them The state OF our currency is very suonr'
dins,e concern You deal with them and pay them IN
their own currency. They know little and care less
about the sort of currency in which you deal win me
South and West Besides, who are to reproach us win
the depreciation of notes. The English! But the
Bank Of England suspended specie payments tor twenty
five years-during nearly all which time, every Amer,
can Bank paid specie-and in Eng were forced
BY law TO take the notes of the Bank Of England VIXEN
they were at 80 per cent Observation-Disclosures no man IS
obliged here take any note OF any A. 's
moment a paper dollar in PhiIade phia or New YORK,
will buy s;lyet dollar delivered in London The qne'-
tion then Of the resumption is one exclusively domestic
one which, however important at home, does not al
feet the ere dit of the country abroad
VI We come to the question whether 1t an early
resumption be practicable. the month OF May Is mt
time NV impression is that the month Of May is very
unf, time The resumption to be useful, most be ge
nera and cement cun be satisfactory which dues
not include the Southern aud Southwestern States
These do moi think are yet ready to resume They are
s,raning every TO pay their debts Their crops
are going forward 10 provide funds in Europe and nj The
Norlh-the Banks are lnbcring TO meet their notes at
the Nor,h-the Legislature pedgng their credit TO
raise funds order that their people may pay their debts
Why should we repuIsr them? All they want is time
They have not yet had the bene, Of single crop, and
they may require another; and instead OF dscredng
them or diminishing the value of their produce or cur
failing their facilities sending their crops 10 market
is better help them and wait I'LL they are more advanc.
ed in their preparations. The employment OF credit,
either Of Banks Of individuals most useful TO the
country ut this moment is to forward its produce 10 Eu
tba,n E,,,
lilies and calling upon their debtors for payment. This
seems very unreasonable. II is stopping the Ocomo
tiyes as they carrying the crop to market The
month of May is not the right time of the year. For
example, it requires average about fifty days to
take cotton from New Orleans to Liverpool Surprising
il Immediately sod the usage is at the end OF ten days
TO give bankers acceptance, payable in two months,
so that BY the month Of May there would not be
ally realized than the cotton which left New Or
leans before January, when not than fourth
one fifth Of the whole crop had been shipped. Much,
of course is drawn for when shipped but speak now
OF the actual obtaining possession OF the proceeds OF the
crop; and at all events not one half OF the crop VIII
have reached Europe by the month of May The
Spring moreover, the when the credits given
for the shipments OF Southern and Western produce,
are maturing at the North; and the crop from which
Endorsements are to come, remains unsod in Europe.
The Spring, too is the time when the Western business
has broug ht from the interior the notes OF the Atlantic
Banks, when The circulation presses more upon them
.han any other PERIOD and when specie is wanted for
the udOe 10 SUlnd duu PdItlCu
larly unpropitious for the resumption.
VII 1t remains now 10 enquire how far these general
views Of the e1pedency Of resumption in May should
be changed by The determination of the Banks Of the
City Of New York to resume al that period
For the gentlemen Of New York who announced that
decision have great personal respect, and under od
nary circumstances would willingly yield my own con-
vicons TO their better opportunities and understanding
But the natural influence of their judgment is weaken
ed by the knowledge of the fact, that the Banks Of
New York would not have had the least idea OF re-
sumption in May-but because the immunity allow
ed by the Legislature will then expire, and they fear
that il will mol be renewed This distinctly avow.
cd ut the Bank Convention, and the Deputation who
visited Philadelphia repeated again and again Now
this may be very good Tor the Banks Of New
York to resume-bul certainly reason whaerer for
the Banks of Pennsy lvania to do the same. The
States of Pennsylvania, Of Virginia OF Kentucky,
have Legislatures well as New York has, and they
have refused to direct their Banks to in May
next Why should they obey the Legislature OF New
York and not their own Legislature The position d!
New York is all hands regretted. But how is 1t Ia
be remeded' A single Legislature out of tweniy.six
Legislatures had passed law lorfeng the charters
Of Banks, if they unable TO redeem their notes
ins specie "A public calamity oyer'1kes the country
and the declining pay specie, far ircm being cTim
nal became an act Of public saeiy-sO adopted hy all
the Banks and confirmed by this very Legislature
The provision originally designed 10 guard against
fraud, may us become the punishment OF honesty and
ability The Legislative body which protected the
Banks for year is in session. and in twenty -four
hours extend the indemnity till more appropriate
session for resuming Ipresume difficulty will occur
in this Why should there he: Is it possible that such
body with indifference the distress which perse
verance in this must inevitably create, permit
the pride Of opinion or any mere political or party
consideration to prevent them from interposing 10 pro.
tec their noble but suffering city? If they decline how
can we of Pennsylvan interfere, Why should we
luntarly place ourselves in the situation into
which New York has been forced: By doing so we
share only common disastcr--ins,ead of outstanding
IT,. ,rynr
may be really useful Ia the mean while, the most eff
fectua service which we can render, is to speak in
tone of frank sincerity She may perhaps bear it from
one, than whom she has had true and con-
slant ffiend-who, although entire stranger has for
long series Of years. done every thing in his power
adYance her prosperity. and never saw her in any