Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-08-17

cans be complied with at once. We have before US
letter from Of the first Bankers IN London dated
Goth July which says, nH american Stocks arc depress
ed by The large amount Of State and Pirate Companies
Stock that pressing on the marktf-satcs are Gerry
slow although money is exceedingly plenty
cit would be a curious calculation and almost an IN
credible one if We could the vas amount that 10 al
ready due from this country 10 the old world The
amount now is probably double 10 what ever WIS mol
long time ago But large it u.s. it will probably be
greatly increased Indeed it has been constantly IN
cieasng yer since the last and will 60 on increasing
until wo have another Nor has there been any anx'
eiy TO have the pnc pal paid off The old Bank oil Tue
United States was principally owned in Europe Inc
hundred and forty millions of United States Stock
the Canal Loans Of this State nearly all held IN
England. They were all paid off, but instead OF going
back 10 Europe they mostly re-nyested IN local
and other stocks"
We congratulate the country, then, the pecunIary
prospects which before IT, Let profit by Inc
past and all will he we'll "Bearore Of orerLnnking and
ofOrerdeang This is TO be the great canon OF our
political and moral econcmyWe have indeed effected
wonderful phenomenon. Ii took Eng land trsnty SIR
years 10 accomplish what have produced in 10 months
The Paris Journal des Debats lately said, that "lhe
substitution OF specie currency TO paper currency
operation Of the utmost difficulty. When, at the end
OF the last century after years of unprecedented
prosperity, in England, came that commercial conVu
SION which all business Of Great Britain still re
member; the bank notes which had been issued win
the most needless prufs;on became soon the only cur
rency OF the land and tesy sI yars elapsed, before
they could come 10 a resumption OF specie payments
Hence not infer, that the paper currency 10 10
last equally long onthc other side OF the Atlantic NO
True il is, that England had to struggle with ioeIgn
war, during considerable portion OF this period But
could she under any circumstances have "eahereo snch
a storm have experIenced-and reached Inc maven
in little than year: The same Journa! seems
hint that cannot accomplish our resumption WIN
the assistance of great National Bank-that no.
thing could create order from the chaos, but Iegulat
ing power able general confidence, and having
sufficient quantity of money 10 resume specie pay me MS
on large scale and whose coercire power might ne.
ccssary bring the State banks their duty THE jour.
nal nlimaes that as done in 1917 we must do IN
lsS-at 1.-The puriians of the Stale Rights tenet, who
in Isl had refused 10 rechaler the old United States
Bank (mus again sence) their scruples and overlook
their short sighted theories 1t also predicts, that
for the purpose Of regulating the State Banks, sucl
bank must exist and that Lon gre mai gre all parties
shall be obliged grant charter. but we hare
resumed without The aid Of u. Bank-n truth, in spite
of the very institution which nearly corresponds 10
one of this description Exchange between the States
must now become more and more fqua!lzed-and the
State Banks will require such formidable regulator as
the Bank Of the S-The Wings will indeed strive tor
new charter MIR Clay, their candidate, will become lis
champion But wise people will never consent TO sa'
crifce their Constitution for new Bank Charter lhey
have also seen much Of the mischevous effects OF
this formidable institution to sacrifice their principles
for any little shifting consideration Of convenence-
Who is TO control this 80 million Bank who IS to re-
eu!at. The Reguator9 Qais eUstodia! ipsOS cuSodes?