Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-22


advantage Of their wrong-it was encouraging them
pay their debts, and to profit by the refusal to pay
them.
As to the proportion between paper and specie, that
was matter which depended upon time and pnce, and
great variety of circumstances, it did not depend upon
the dicum of books of political economists In Virgil
nia with her extended territory and various manufac-
lures oil requiring large amount OF currency Tor the
purposes Of exchange which currency must from neces
sy remain circulation, and great portion Of ne
YER come back upon the Banks they were able to ma
mage with five times more issues than the Banks OF ~
York in cities where their circulation was confined 10
the mercantile class of each city, and was necessarily
coming back repeatedly upon the Banks. The latter,
in such circumstances would require 10 keep OH hand
much greater proportion OF specie than 1t was necessa'
ry for the Banks of Virginia 10 do No fixed dao there
fore could be laid down for Ibis proportion Which de.
pended very much as he had shown, upon location and
upon circumstances. They must have greater capital
and less issues; while Virginia may safely DO WIN Tess
capital and greater issues Under this view OF the sub
iect the proposition Of the amendment was nugatory:
The proportion of specie required was not so great as the
gentleman had calculated and the Banks themselves
had for some time past been engaged in accunulalins
SPECIE il idle 10 pass Jaw forcing them TO 10 what
they were already performing voluntarily
Mr. Boris in reply TO MIR. Robertsons remarks ,e1-
planned the sentiments he had expressed the former
debate He had advocated the issue OF Irredeemaoe
money, had been alleged OF him that he lad zone,
He had said that the Banks had lent themselves 10 carry
out the political measures of the Administration, but lie
they had been seduced. He had said, that when the
suspension of May last occurred they could have con-
tnued to redeem their paper had il not been or the ac
ton of the Northern Banks, which had been the cause
Of their suspension. They now in better cond-
ton Than they then WERE their circulation was improved
and their amount of specie was increased MIR. g. pro-
fessed himself to be firm friend of the State Banks
when they contenied themselves with moving in the
sphere which properly belonged to them As 10 accu-
mua,ine spece in their vaults that ought to be e 10
the Directors who best able to consult Tor tf IN
tercss Of their own Institutions IT they were made 10
buy specie, they would be made 10 increase their aol
ties, whereas they aiming at diminishing mem
He did not believe they could resume IN hVe years OF
more, unless public confidence was restored ana tne
effect Of such an accumulation Of specie continually
going on, to the amount Of many millions, wou1a,
as it was obvious, be of fatal tendency There were
six Banks, aud if each laid out their profits semi
annually in buying specie, a. whatever amount
might be in the market, he could not see how sucn
forced demand would not rise in the price OF Inc
commodity. And for whose benefit was IT. mat te mo,
ney belonging 10 The State widows, 10 orphans and
to the industrious people, to be laid out IN buyng
Of no one wha,eyer hui The brokers' Specie which was
a, per cent, and was likely still 10 fall in price,