Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-01

would resume specie payments, II would, ISL hss",.e
all their debts 10 the Government OF The U . 90 ~
count TO those who had payments 10 make to the 70
vernment, the whole amount Of their bonds anu, " S
di,inn, Sd. Discount, to those not ndeo'eu " nv y;
varnment. two millions in New YORK., Two h"o"s ~.
Philadelphia une and half millions IN ba,''""'t' w
half a million in Ricbmond and, 4lh Would sustain "le
resumnr banks in case the resumption brought 'he''
into difficulty" .Lx,,
OF this the evident meaning u.s. lhat ounA .""r'.'
from the General Government and Do,hng SNORT o IT,
ouuh, 10 be obtained before in the opinion d" me VIII
Ter specie payments far as may dePend on MS P"We
and influence shall be rcsuned anu al VIII aGin'' ta'
his power and influence are conSideran'e ana ui'u W
bp re- sisted From this view-drawn from ihe man'fs'o
of hs institution i,seif-ihe inference IS resslpie mat
no relief 50 far this hank is co;cernrd Is 10 be e1enu
ed TO the country By resumption OF specie Paybie".
until Cnnyess shall WELD and charter Bank oil tne y
S,,tns Far myself say that will! yield |" no such
s,rocan, pre,"nson will never consent that Inc Nag
of the county. the flag OF the Constitution Sha'' srH.
IN INV such intruder invader No, SIR: every SUI"
high handed attempt Of q m0neyed corporation 10 ln'u
cree or the public councils o The country '
,s measures should Be promptly met ana unyie'u"sy
resisted by the people and their public innctioha'e-
When frs, read the Constitution pt the I s''"s-
and every subsequent reading has but conhrnfd my !'s
uu,essnnl learned that for certain spec'hed "olecs
for winch the State authorities ucIlng separately were
incompeent Federal Government was formed, 70 con
sist of legislative, Judicial and executive 1ePnfe"s'
,nd nv these the Government was to be administered
Tn. trainers of the Federal Constitution beloved that
the Government, they had formed could be carried on oy
the funconariss employed IN these departments. MO-
d-ru wisdom. huwcver has discovered that thie is
power ontsi'r Of and beyond the limits OF the Constr
iutiop which should control the Government aud oil
these engaged in its administrations; and tins power $"
far the bank in question can WELD IT, is now actually
engaged with all its influence and authority IN dciai
ING To and coercing the Government into lis measures
Here is corporation whose duty il s, under 's o'a'e
charter to carry lis business of barkE. according 10
the limitations and restrictions imposed on hy the Ia"
of its creaIion BY these it is impera!vey en2ned 10
hnt IL
lahong convince the public that Tor reasons
Of State policy. is expedlcnt and proper hat ne
Their H. any other bank shall pay their debts accord
ing To their solemn engagements. AhG why Hol pay
Not because of inahty-ihe only allowable excuse IN
any case for refusal TO payfur the mtans OF This IN
su,on are declared to be- amply sufficient to meet all
its engagements. | do not pretend 10 Judge q" h"'
pretend 10 know what code Of ethics prevails among
banking corporations what IL considered dish"h'i 9"
immoral Among them for never have been an officer
in any institution of this kird-but think under
stand reasonably we'll what is considered honest or dis
honest among private individuals and certainly. &mong
Them he who has money 10 pay his debts, ard rruSs'o
do 30 when required could satisfy hc pubic that
he was acting honestly. II you had my note t"E sum
Of money and were In demand payment. ana faa 'h'
money in my desk. and mol only enough l." pay y"nr
debt, but all Is nihrr demands "T d, 'h'iiA si'''G
paw you. and If refused II wonld BE- diicnit 10 con
vince Won that acted l"nc+'lr nag, though Should
talk to you pnus'bY. a. pH'cay. and as lrnSihiiy
as Mr. Bidde has written, III" conclusion at The wi"'c
would be. That wnui want your money EHU
would accord I" The carGclr! Of an honTS man
lness paid IT. ThiS the CID fashioned wEr at
thinking and acting when banks were few ard punc'hai'
Nor have people learned This rule 81 morals
which teaches that bank stand Justified IN refusing
payment o lis Just debts when II POSSESSES the a5y 10
pav and trust it will br long before they do learn II -
/, seems thai bank" shaali he flccd in ihsres-
pec upon the footing with individuals 1t either
he unable pay their debts rrims"l I" pay does not
prove them dishonest The causrs which j. -, or pr.
thni n1h III before
Judgment be pronounced upon their CONDUCT lie
of my opinion upon his subject is con
6srd by tn report Of the Delegates o! The backs Tie
CITY If New YORK. made in November last. That com
m,,ce consisted Of Albert Galalin Geo. N-wb,d. Z.
~ Lawrence, C"rneius Hugrr, John J. Palmer Pre-.
served Fish. aud & Worth, some of whose names
are as well known ana rs much cnntidrd IN, by the
American public rs thai oil lie "fi'er OIL lhls ieef-
They say III ;h1ir report:
THAT whatever explanation may ne e ven concerning
the pas, since nothing bn: actual inability can he ai'"g
ed m for having ceased 10 PHrinr the express
condition which The privilege I" issue paper cnrren
cy had hren granted il is "GHay obvious iini nothing
can Justify protracSd suspension hu' The continued 10
ability t, resuns and sas,an snscie payment T"''
silion c"rTrc,rrss 10 universally admt.ed Al agree
in expressing their thorough conviction, that n",hIns
can excuse The continuance OF suSpension alter the ne
cessi,y which demands il shall have ceased
These gentlemen. although presidents ut banks, less
ambitious 10 bring The monryrd power Of The country 10
hpa. upon The Government and lis politics. cGmrn! them
selves with nving down rule oi nc!lon which sup
posed until lnriy, would govern the condct Of every
banking institution IN The whole country. 1t ~ this
ia sudden Revision in the monetary affairs OF the c"un
trv shall comp, the banks to suspend specie payments
ffnn an inability Ia meet thee. liabilities they should
haste, ia relieve themselves ifCin their inability: aud
So coon as this shall BE- effected INSTANTLY 10 tesrme
The auth of this report ~ have anticipated ihe
very ground assumed hy the president OF the Penn
syvana Bank, and have rendered their Judgments 81
condemnation against it. They say, ia Their report: I
Wh.n, We re extensive.
saw in,ocrsblp evils. flowing from general suspension
, spscr payments by The banks II Is n"nslTons la sup
nose that, If they able 10 and sustain snch
ravmen,s they should have any Discretionary right 10
decide or even to discuss the question whether more
or less prntraCrd suspension IS consistent with their
own views of The condition and circumstances of the
country There would he limit Ia sucI. supposed
discretion THIS e.. instance, should he hope OF IA
vorabe action Of Congress the currency he sill al
Legged as motive for delay. would not this be aniu
noun, a prutac-d suspension for Indefinite period
of time: The banks bound, by he strrncrs, legal
and mnra obligations, to specie pa meats WHEN
ever tiey are able maintain such aytnrns is the
paramount duiy In which every other consideration
must yipId. Their ability TO perform that duty is The
ouly question which they have right In discuss and
which they bound to examine with The utmos,
and candor.
This committee, although composed Of banking men
expressly dsclam oil other Considerations except their
ability pay and recognise the principle that The law
of the land and of public morals require strict con-
pliance with their engagements. when the ability sxis's
wf,lou, any reference whatever 10 the action Of pn
cal bodies MOI with Mr.. Biddle The legal ohica.
ton the moral obligation he is under 10 pay The debts
OF his bank. 10 have been overlooked altogether
so xious he 20 rec,y the politics Of the country
The writer Of this letter ucribes the suspension Of
specie payments 10 three causes only. They were he
says:
The Specie Circular, which forbade the receipt of
any thing hut gold silver at thu land offices; the
management of the drposps, which scattered them To
the frontiers the camor raised by the Executive against
bank notes. which alarmed the people for their s,ty
and caused upon the banks for specie Now has
any one Of these ceased On the contrary hara
they not acquired ten.uld force, The Specie Circular
Ec,ealnl. IN The il lag kcrn