Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-10-15

7rrral IF the acknowledgements OF Cash payments
In the Bank Of the O. States, and other BaHhS-Sptcu.
Iations in HE NOrIhtrn ydperS.
we are crowded with matter. Tie Liverpool bFngs
very interesting ne VS. from England and the Continent
In addition 10 these the reader will be as'nEished and
indignant at another suspension Q, specie payments ny
many Of our Banks Tie reader will ask HAS The bub
tle again BURST? II is loo tue with some OF the Banks
and as we hned alphabetically in our last, il is time
for lhe whole country 10 insist upon thorough re'otm
of the Banking system The Banks, which have suspend
ed have in the eye Of the law, lost the privileges OF their
charters for certain specified purposes ana thrown
The mselves the feet Of the Legislature il IS now
tire 10 good earnest; and impose upon them such
regulations and restrictions as may secure The lom-
muny from these constant cunyusions. Act wisely,
but act firmly
The fact is the present Banking system will no,
swer AS we stated The other day, they must be tho
roughly reformed The Banking system is not safe,
unless all small notes abolished; 1--WE would tx the
minimum high 80 or 100 dollars 1.-The stockholdr
must be made responsible in his private fortune NO
accommodation note slonld run beyond certain time
and every dealer in the Bank ought 10 square of his
count nnce year &c &c Our late act of Assembly
appeared rigid enough the time II was enacted; bur IS
not near s,rc, enough The Banks already We un-
dersand within all their restrictions that is 10 say they
have 81 of specie for every 50 paper which they have
in circuatiom-nnd their business is within lwlce the
amount Of their cnpnl, paid in But yet they nre so
situated advised that if they were TO 90 On
pa wing out their specie their curtamens would cut so
deep into their customers that il uond spread great
embarrrssmens und general distress. For every So
GOO for example that they paid out. they would have 10
call in SI5U 0U0-and after ALL all their specie might be
swept Of and their Golfers absolutely exhausted Some
movement should be taken by all the commercial
States; and general reform Of the system Should he
deliberately but enPrgeticnlly adopted
The establishment Of a National Bank is entirely out
Of he que son: II is efforts
made IN the National Convention 10 give such power;
but thew were all rejected Besides, who " III trust such
power over the Liberties Of The people. and over The
pal and markets Of The country 10 Money King OF
80 or 80 mil ions? Ii has been called the Regulator oil
the currency Those who consider II have forgotten
the esperi.nce Of history How many State Banks have
been created whilst ii was in eGielrnce-wa misceV
pansnns and cnniractnns did that Mammoth Bank
pursue; and all the other Stale institutions, IN imitation
Of its example, How have the exchanges been disturbed
under its auspcps' We beg The reader 10 refresh his
recollection by turning the facts stated in The close
Of the admirable Address of the Democratic Committee
of Mississippi, which appears in this days paper We
pray any sceptic to study those extracts In word let
him asn read the following remarkable scrap
(Fto,n The National InfefHgencer. Srpt ia, ISis)
"S,ncks are down down. while the rites Of exchanges
are advancing al rapid and unprecedented rnie The
currency in confusion ruin and bankruptcy meet US
on every hand The domestic exchanges never were
worse and scarce never be- The S"nhern bills
almost worthless North, and The West is in nearly
as had situation v hat is TO hp done, wf know not.
The u S Bank afford relief if even it shall be
able 10 stand itself The following is quoted as The rates
Of exchange in New York for last Monday:
New York City. par, al 4; Country 3a7 !; Pennsyl.
vania, 4; Ohio Ia ~; New Hampshire 4 a 5; Con.
necticui ); Vermont. a 6: Massachusetts, ~
Delaware, as: MARYLAND. a IL; virginia, a III
Kentucky, 30 %; South Carolina, Is 90; North Ca
rulina 90 a %; Georgia 90 a 25; Tennessee 20 a.;
Rhode Island. 5a -; New Jersey, Sal
And where has the last fire broken oui' In this snme
Bank under It's new form Of the Pennsy vana Bank OF
the United S,aps 1t went into operation with nearly
the same Stockholders, the same President (Biddle,)
the administration Of It's affairs This Bank
has now lost caste every where The following ex-
| tract will show that lis mischevous Encouragement
has been The Of the present suspension. Its drafts
IN the amount Of than million OF dollars, we're
dishonorcd by its agent in Puris-and though the
Rohschds nteered TO It's credit yet It is believed
the arrangement only temporary one. and that II
has available funds in Europe redeem its credit
there but at enormous sacrifice The State stocks
i, holds there we'll lis cotton, in this pTsdIca
II is said, also, that some Of lis notes have come
back protested (ndeed, Passenger in the Liverpool
writes the r. Wing that of its protested drafts
were then board, returned to the States The
n Y F. Post of Saturday draws in the following para.
graph gloomy picture of prospects and credit abroad
AT The discount bills OF the United States Bank
he now per cent what will it be when its
bills Of exchange return from England under protest,
with twenty per cent. damages which is very likely 10
he the cssP for although the bank has been shipping
LARGE quantities Of specie the amount Of lis bills OF
change has increased in much greater proportion
Many ppose that the shipments of specie by the bank
will protect lis foreign bills, but this We are slow TO
believe letter from England received There by The
LIVERPOOL mentions the arrival Of S6OOO00 in gold
by the Liverpool sent for Of that Bank
in order sustain its credit abroad md the letter
adds that the bills of exchange drawn by The bank sent
in the vessel, amount to nearly four times that
amount
| But its domestic affairs have been managed much
worse than lis foreign agency IL has issued millions of
post notes; Of which round on the 9th inst
bnt it's ow branch in New York compelled 10 refuse
pay men, of them at il. counler-and gave notice
! hal not receive the nj the mn.
iher bank all Another act of the drama followed on
The next day, "wednesday last) when the drafts of the
Banks Of New York threatened 10 sweep off lis specie
and it was forced TO shut up shop II was but the day
before the day of The general Election in Pennsyl
that the Banks of the City determined by vote Of 10
! 8 suspend; the mammoth Bunk being one Of the
3-and 10! the next day. not only The Bank OF the U
S but all Of them, with exception susfer ded pay
ment II is idle TO analy2e The different theories which
the Wings have given for its suspension. One man
'cmp,s drug the of the people by the opium,
which has been destroyed al Canon-another attributes
it The importation of wheat into EnGland-Both these
causes it is said have compelled the merchants in Eng
land ship their specie and import il from the >
The Bank of England is reported has dwlnded away
| from 10 millions sterling To between and millions
But The Bank Of the U S. might have rode this
Storm il her affairs had been grossly msmanaged.
She has been sporting with her if there
were no end TO theH,-vesting them IN unavailable
funds purchasing large amount Of State Stocks, 10
the amount perhaps OF 10 16 mIons-She has bee n
"ShO0tIng from Inc legitimate sphere vi baHking-ldk-
ing upon itself The heaviest commercial operations
making advances, purchasing colton shipping it in
large quantities, and holding up with view of forcing
up The market to it's own price-when the consequence
has been that the has depreciaied the crop
is coming in 10 weigh down the od-and thus instead
of increasing the available means OF our county, this
hold up systen has contributed raise exchanges and
force Of specie 70 pay our debts abroad
Such is this magnificent Bank of The U S with so
little dscre ton has It been conducted; and soch is The
mighty sweep Of injuries which it has inflicted. II has
been forced 10 suspend twice in two years1he first
time, il would have been obliged 10 suspend, although
il then affected to follow the example Of New York-A
second time il hoped 10 drive The same Banks into the
same SYSTEM BY issuing its post notes. and running
upon the New York Banks for specie large amount,
nnlnnd with he hone uf hnsiering