Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-07-30

1
IN regard TO n bankrupt law applied TO banks; and
tins because most solemnly believe that u IS the only
remedy which reach the root OF the evil and Sc
cure to the people, al all times and in all places, pa
per currency convertible into gold and silver
But the committee say that this bank "wlll power
fully contribute to the resumption OF specie Payments.
How. val produce such effect II is not sufficient
that declaration OF tins kind shall be made r cattle
dra in order to command our faith. WI II be by
producing end greatly increased demand Tor spe-
order to furnish capital Tor the bank: ASK Mr.
Cheves who is believe the avowed author OF those
able numbers which have appeared IN the Charleston
Mercury, above the signature OF Jay, whether the
late Bank Of the u. S contributed essentially 10 the
resumption Of specie payments, when rst went INTO
ration, and he Will answer decidedly IN the mega
tive He ought know this fact Il existed, because
he saved the Bank from al an early period OF ITS
career.
The millions OF gold and silver which the
charter requires be paid by the private stakeholder
before the Bank SO into operation, must be chiefly
drawn from the vaults OF specie paying banks In ad
dton to tins the large amount winch will be taken by
our own CIT Gems Of the sixteen millions aud an halt OF
bank stock loan TO say nothing oil the twelve million
loan be principally derived from the same source
The probability 49, that the run which this must coca
sion on the specie paying banks will compel them &c
suspend The banks already suspended will hold ias
| what specie they have got Selt-Preservaton val
compel them to pursue this COURSE In this manner
then the establishment OF the Bank, lar from pro
noting resumption VI specie payHieHtS, VIII PioioHs
the susp nson, and may, all human probability, rem
der it universal If the existing solvent banks SHOULD
be able to meet the demand for specie which will thus
be made upon them, II will be by such sudden cur
ailmen Of their loans will produce ruin and distress
Throughout the land. Never, never was there more
nauspcious moment than the present for establishing
Bank of the L. S, and trust that lis friends vii take
this OF the subject INTO their deliberate considera
on and postpone the consideration of the question
least until December. Let the general business OF ht
country be restored; and then, and not till them lie
them begin to think seriously the subject of esla
blishing Bank Of The IT, S.
Blu, even specie payments had been universally re
stored, and business again prosperous deny tina
this Bank will regulate the State banks IN such
to prevent the ruinous expansions and con
fractions in currency which have afflicted the coun
try throughout lis history, secure US against future
suspensions. This Bank would not thus restrain tn
State Banks if II coud-t could not If II would Vi
this poin, shall be brief possible, having ALREADY
occupied more OF your time than ! had Intended
And in the first place, this Bank will feel no d'sposl
ton whatever restrain the issues and loans OF the 10
cal banks within reasonable limits. And why? Be
cause its duty regulator Of the currency is in drec
opposition to the interest Of Is stockholders il yo