Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-12-03

i, IN ,io louai currency Of gold aud s'iseF, Is Seenffa =
hin, by m. Constitution ri the 80. IL - true '"umal
duals are unwilling 70 defend Their rights by II" asaken
!, n,w4e lu, pubic opinion, however false ana ma1rtsent,
M, o,;o,nn nav be. Bat IL : case lihe ihr NH acou,.
uhpn = ,rra, public evil IL the res"!t "i an ahsolu,,
escence, ii becomes an act Of PATRIOTS abuses Of the
duty, TO cnfnIca ihe laws against tlh mistaken. still
banks. This remedy, or nm a. The legislature
exists against the hanks oi 'nftl The banks from the
has most improperly relieynnss no power. 10 secure
80. 49,. e srs,ensinn bur "s =. f.".', ~ =.
them against eventual pa na,rio,ic individuals unite in
ierest. Iii n numbrnrr suns 81 every bank note, or IN
the measure Of Dr.. i make The sri's most expensive -
Whatever way ", and you Will very soon see 'e =
costs 70 'he @rery solvent bank. Iiey "'n r'"'i pa'
snaipto' THIS = not Ia"rc sprcu'a'ioh'
az hrcnnnn been trcd in New England, "i'h p',''t
rimeHs. In I-u-, the country banks ~ wv "s :"
sur adop,ct yarions expcdlen,s 10 evade or a'iay .'e pay
.nent uf their notes, III consequence u -"
came deprecated ,o.thc extent Of ii'ee OF = : - : n ~
and this very depreciation gave 10 then '"e .Hr ua.,au
I,,,o, for CANNON purposes, even IN the city u nos'oh.
III. ho,L justified itself az now by the practice ~
n,h.rs a number of individuals, viewing 'he naufl
in lie true llght rs an abuse IN banking VINO" nv
IA no tolerated. from the best motives hn''ea ~ u
soa.,, orbrippipr separate suits on every hole pre-
80 cr ,,v,nrni. relying on the coercion arising from
n,lt;,lviu lie costs. As the laws OF massachusetts
;muosed no penalty at that time beyond the irSa' ,n'er's'
or six per cent. per annum, some reains "i oiank WIZ
were prepared and notice given I" the nahSs Of ~ ~
r. rfuI IT. TtSiSl lDIli St1'''
,o,n,l.te The first bank on winch the experiment
r,. tried. .,,yc M thr contest after n few days resist
ouc.. The others cried for quarter. Inc reformation
was immediate and complete but soon revealed 'he
actual insolvency Of many banks, when lad 'ouhu u
- n sustain their credit under the former system oil
: = ,vmen,. Epcricnce has fully shown that there is
remedy for no bank abuses like the coercion oil The law.
We recommend this specific 10 the patriotic .associa.
ton Of Petersburg. J. bank which vii moi pay IT.
notes after suspension of four years, should be t'eateu
a The established enemy If sound credit ana honest
dealing, and driven from the community ne com
,,an error nj, for ward i'm the school ri Mr. BIfdic, anu
widely circulated by the needy Trends 81 a d'prec'i'ra
currency, IL thai enc portion or community III me -
: cannot maintain a sound currency whist a nfighhor'
mo community tolerates 4 deprecated one-ifat there
can H.. ~, resumption unless IT be- general. Thus, the
legislature Of Virginia Is made 10 believe That ihc BANKS
Of that State cannot resume specie payments, whist
baltimore is in 4 state Of suspension. 20 Maryland
mus, wal: Tor both Virginia and Pennsylvania; aud as
All can never agree upon the time, there Will never be
resumption. Now this idea Ii wholly false, the reriest
of errors. Specie is wholly out oi use IN a community
where a deprecated currency il generally adopted. II
commands a premium for the purpose oil beng transmit
ted abroad or where 1t IS properly appreciated; is 'en-
denry is to leave the community where me oanRs are
SUSPENDED, to 90 10 that where the banks pay Fpecie.
The result il rs uniformly true IN practice as inc lheofy
X sound and reasonable.
Boston, and the country Of which Il Is the CONNER
c;,l centre. fnnnd no difficulty in maintaining sprcie
,,rmcu,s in 1878 and l-l6. When the banks oil eve
III lIliliS III I1'' 49, '-'1
~ other portion Of the L. 5. suspended, the banks oil
New England were never more al ease. 80, since
Apr,! Ieis, Boston and New York have maintained the
integrity Of 4 sound currency, without 'he si's",'sl
d.f;cuiiv. When Philadel phia suspended, did her
doing so make specie payments more d'iicult 10
m siniain in New York; On the contrary, after the
panic arising from a false public opinion vas over, II
was found that the current OF specie wns wholly from
Philadelphia, where II had ceased to he IN demand, 10,
,,1rds New York, where IFS value was appreciated
IN The currency. So in fac, the banks Of Virginia have
nothing 10 fear, by rrsnming, whilst Baltimore remains
suspended. The notes OF The Va. banks wall at once
bear a premium in Baltimore. for use in VIRGINIA equal
10 the depreciation o. the Baltimore currency. Hut
N. hanks Of Baltimore will not be the pnchase!s, since
BY doing SO, they axe losers Of the sun when they
have 10 raw as premium. The town Of Petersburg can
maintain i sound currency il 1t will. Without Inc
slightest difficulty, every 'nd'v'dnai mn; ace'ae, INA.
he wll recognize no currency by receiving or paying
il, but a, lis specie there lies The true remedy
Boston, Oct. ID. hArEEiLH'h'