Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-12-21
FOX TIE F-NWTIRER
AN APPEAL. IN BEHALF OF THE PEOPLE

10 nc fenCrdi .fSSrWWY 81 IifgiHtd
The attitude in which the Banks of this State now
stand before you presents for your decision plain hut
most important question, which you cannot dodge but
must decide at your present session, TO wit Whether
the obligations Of law, and the of justice and
morality, which held TO be binding between honest
in their individual Transactions shall be of any
force effect, when in conflict with the WILL the nte
rests convenience Of banking ccrporaons' For, if
grant the prayers OF the Banks as they now stand
before you If you Justify them in the which
they have pursued if release them from the pc
naltcs which they have incurred, and restore to them
the privileges which they have forfeited upon the
pleas and principles which they urge upon you, you
will thereby proclaim to your people and to the world
that BsSkI>G CORPORATIONS ARE ABovE ALL LAW.
The Banks of Virginia have wilfuy broken through
The laws which gave them existence, under which laws
they have enjoyed high privileges and reaped immense
profits Their apology h0' the Banks IF 0cr states,
rhrh pou hare eORiroi had preceded them
in the violation of law, and that they the Virginia
Banks compelled to follow suit else TO drain
and dry up tic resources Of The Sate! Look to the
excuses Of those Banks which have taken the lead in
the violation of law and you find at the bottom, that
law cdict of the GOVERNMENT of CHINA suppress
ing the opium trade, has produced upon the BASK
of ENGIAND, and that by the commercial relations ex
isting between England and the United States, this
law or cdict of the CHINESE GOVERNMENT has brought
about imperious necessity for the violation Of law
by all the Banks of the L. States! Startle not gentle
men this is, in sum and substance the ground upon
which you called upon Justify the suspension of
specie payments BY Banks and TO release them from
all the damages and penalties which they have incurred,
and which intended TO guarantee the people
aganstther misconduct Yes, upon such excuses as
these that they call upon you to sew up their wounds
after they have their troatS and to start them to
staggering on to another and CATASTROPHE! =
For they tell yon plainly that you may expect nothing
better from them in future whenever Chinese lac, or
any thing else shall afford the Banks of other States
similar apology for refusing to pay their debts III
you suffer the authority of law and the honor and dig
nty of the law-makng power 20 be ramped under foot
upon such excuses az these And that upon the siavIsh
admissions that the people whom you represent are so
dependent upon aw breakers that who are elect
ed TO egslac for the benefit protection and security
of the c0mmunty dare not enforce the Obligations OF
law but constrained not only 10 set aside the law
but the principles of common honesty, and to humble
yourselves and your people ut the oostoo Vi
"Banditti of Banks
The oruans and dependents Of Banks labour to
produce the mpression that if they had continued TO
paw their debts after the stoppagc OF the Banks OF
Pennsylvania and Maryland, the effect would nave
been to drain and dry up the OF the State
that thet suspended TO sarc tie people Of lugina
Anavzc the matter, gentlemen probe it to the BOTTOM
and YOU will find this plea nnsustaned by facts, and
that even If II sustained by facts, 1t carries WIN IL
rotten species of morality which II is your bounden
duty TO rcbukc and cxtcrminac. bubble and sophs-
cate as they may, they stand III the attitude oi inc
awcss debtor, who, feeling proud security IN beng
evond the reach of law, tells you, ~ can pay you but
,r;U Dot and il is for uour sake that will not. The
fact that their notes to large amounts in the hands
of brokers' cannot make this rotten morality sound
Bv the laws of the land, and iii common honesty they
are bound to pay their debts when demanded, whether
due TO brokers or others. H you make YOUR PEOPLE
THE VICTIMS or BROKERS, WHO OWE THEM NOTHING, 10
sdre the Banks from the inconvenience OF paying hctr
debts to the broktrs9 That is the question for you to
determine fellow citizens Of the Legislature 1t IS IN
that way that the Banks would have you to sare your
people and prevent "dryng up the resources OF the
State" All Of their notes not i'll the hands OF bro
kers Those notes constitute the greater portion OF the
circulating medium amongst the people OF Virginia,
who hive given fair equivalent for them by the specie
standard If the Banks had stood firm and shown
resolute determination 10 obey the law and pay their
debts at all hazard, the people could have had no mo-
tive or wish to demand payment except for ordinary
business purposes. And even considering the matter
upon the of interest alone, it may be confidently
and reasonably contended, that the Banks would have
gained more BY the confidence inspired by determined
fidelity than they could have lost by the demands OF
brokers' The run BY the brokers must soon have
ceased The Banks and brokers Of the suspended
cities would have been obliged to deal in their own de-
precated notes. for deprecated currency VIII circu,
late wherever it is tolerated; and sound currency VIII
not long keep company with it, but will flow to points
which tolerate none other than sound currency. In
stead them finjuring the people OF 'dran'ng
and driving up the of the State the continued
and reso!ute fidelity of Banks to their obligations,
would have saved the people from being shaved by bro
kers and from the injuries which they otherwise suffer
bv the depreciation of Bank paper For be it ever re-
membered tina, the people are held TO the specie standard
in the long run; and they haze to bear the losses eonSe
quent upon Bank suspensions and the consequent dpTs
eution of Bank paper But be il also noted that when
the Banks speak of The people, they neither look to, nor
care for any other than their pcope-THEMsELvEs ana
THEIR CUSTOMERS; between whom and the great mass
of the community the line distinctly drawn by this
notorious fact that whilst the reel people everywhere