Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-02-02
TO THE EDITOR OF THE ENQUIRER

X,
Ever since Mr. Rivcs declared in the Senate Of 'lre
United States that the practical character OF The Anne
rCan mind shown cnnspicuousy IN lis Banking sys-
tenn, Old Virginia 10 Inc to have been departing
from her ancient principles
During absence of abou, 10 years from Inc Slate,
have beea times as,oundtd her progress from her DID,
honest position regard TO this subject TO the one which
she occupies. Formerly gold and silver we're Deem
ed the circulating medium most entitled 10 regard, and
safes, for mankind; and, confess tina, grew up in the
Old Dominion in distrust o. the Of any thing dill
itent such; feeling, which seemed to me 10 be
monty entertained in the State Having mixed With
commercial people since, where banking has been con-
Quoted upon principles such suppose her statesmen
desire to reach, declare my most solemn convlc-
ton that your ancient the best and that the pre-
JUDGES Of my youth have never been shaken by COM
parson Of the vaunled prosperity Of the North with the
of things in Virginia. although the difference which
exists has been attributed To their respective banking laws
Since left your Stale, seven millions have been
maqiy added to her banking capital and bill has been
Introduced for the es,abishm Of another bank, with
large capital aud branchcs-and what is still worse,
proposition 10 authorize free banking in the manner we
have done IN New YurS, is before the Legislature.
confess, that can longer assert what have CT.
ten declared that Virginia had established her banks 10
prevent the surrounding States from furnishing her bank
ing capital and circulation. She has gone into The
business largely, and from what she has sUwn, my fear
u.s. tina, she will reap bitter lrus.-1hc effort, if I'm.
ders,and it truly is 10 make money by legislation, and
add to the paper capital and circulation, without The
expectation Of increasing the gold and silver now within
ynur borders 1t is undrub eddy, not difficult, ii the
State is willing 10 lend her forces 10 borrowers, TO en-
able them, by of legislation, 10 run IN debt mnch
larger than they owe, and The State may likewise
dcprecla.e for time The value OF money; but, as long
the provision remains in the Constitution OF the U.
s. that State shall mse any thing but gold and sill
legal tender, no power can maintain the system
There must be end, and violent end TO Efforts to Go
So producing loss and ruin 10 many people
BY legislation, cannot make any thing which has
actual value. This belongs TO labor only; and all that
eat and drink, and wear and use, must have ntor
abou,i,. All the congrrgaed wisdom Of the world would
be Insufficient to make silver DOLLAR simply by resolves
Not bucket OF water could be raised by means OF
law or declaration. Labor alone can accomplish this,
and give value 10 those things which the Almighty
created. Starting, then, with this position, it may
be asserted that ali that legislation must be wicked,
which enables men to get rich by means of ii; for,
as no value is impaired by the legislation, the thing
created is instrument in the hands of those who
hold it, to operate upon the labor OF the county
Wealth is made by the banker, simply because The law
affords HIM the OF changing It's locality from one
Sc, of pockets another The law permits them 10
n printing press TO make promises which are TO be cIrcu-
lated in the community; promises avowedy exceeding
the actual capital two three per cent another law
then provides, that these promises (Which ore only
credit turned into currency shall be accepted for
State taxes and paymcnts-Then also they are 10 be
taken for public lands and duties to Government -
Now, what to prevent these striking oil enough
To buy up the whole wheat crop Of The State. imned.
alely after diminishing the amount Of circulation, and
large gains are the result Who will scruiinze into the
value If this money, when the State Government aud
the General Government hold both hands to accept
it, long as the Bank has the reputation OF paying spe
Gle? What the Government takes, every man in the
nation must or he ressis universal habit.
Without proceeding any further with this argument,
let Inc ask if the natural effect Of what your Legislature
is doing is not lead attempt by indrecton TO
infringe upon that clause of The Constitution which
provides that nothing but gold and silver shall be made
legal tender The experience Of few late years hews.
how inefficient the States in their attempts 10 con-
troll the system, after expansion has ensucd The ex.
stence OF stop laws, Of redemption laws, and OF every
KIND OF law 10 prevent the creditor collecting his debt,
IS not distant With my short sight, can your an
cicnt Commonwealth sioinng her honor with that spe
cies Of legislation. II must grow out Of what in
progress, unless that hate which fercey rnged
throughout Virginia against that kind Of prosperity
which brings with II loss Of all honor has refused to
yield to the modern feeling to get rich by all means
The only safe means OF proceeding, Is to contne the
circulation as possible 10 an equal amount of
gold and silver upon which it is based | say confne
but do not mean by the rigo of the law unless the law
shall force upon men, either by the example which it
teaches or in some other wsy the acceptance Of paper
otherwise would leave it 10 the management Of trade
IF neither the General nor the State Governments &C.
copied Bank bills then it would be impossible that
their circulation should do much hurt but their doing
So equal stamping them with Inc credt oil the ma
ton This produces the necessity OF regulation, which
will exist until that species OF credit Withdrawn and