Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-04-05
RICH M ON ID:
MONDAY MORNING. APRIL ..
The Richmord Bank,

We have received several communications fror
b city correspondents, complaining bitterly OF tn
course OF the Banks at this very severe iuncture
the monied affairs of the country, and imputinr il
one instance, not very charitable and we are sure
very snfounded motives. We withhold them, a
calculated TO irrtste existing evils, which:
q knows, are sufficient for the day. The burthen o
complaint is that the Banks perseverc in the pay,
mcnt OF specie, when it answers no good end, anc
mltigaies none of the public suffering; but, on IN,
CONTRARY, when ii is draining their own Golfers OF
eoin, without any equivalent, limiting their capac,,
OF extending relief, and bearing with dreadful
weight upon the struggling portion of the commune
ty. Capitalists, and shavers, and money changers
: urge the correspondents have mentioned, ar,
prcying upon the embarrassed portion of the COM
immunity, who, deprived of aid, and often with ample
but unavailable means, are compelled to submit,
themselves, unreservedly, TO their tender mercies.
Our Information is not sufficiently minute to ena.
Die US TO judge OF the accuracy of these melancholy
Representations. There is, however, too much rea-
son to believe that they do err in describing the
pressure as extreme, and calling aloud for all tn,
relief which the Banks can extend. We were of
hose who applauded the spirited determination of
were. believing that the true road to the speeches,
md safest relief But we never were of those who
thought line of conduct once adopted ought to be
mmutable, or that error ought not TO be abandoned
when discovered to be error. We understand now
that even our one dollar notes, yielded grudsinsyl
10y the Legislature for the convenience Of change
'are bought up at premium by the insatia bic ava
rice OF money changers, TO be converted here into
specie, while the Banks are eeched for the beneft
iof those who themselves refuse to redeem their
obligations in coin.
While then, we think ii our duty TO decline the
publication of "Shocco" and "Dry Goodsman" al
!lnfimmatory, we comply cheeriully with another
Request namely, TO invite the Banks TO a reconsde-
ration of their resolution to pay specie, and again.
20 suspend until resumption is general North andI
South This course is argued, cannot, by possibil-
n.y. injs the Banks. IL cannot affect their credit be-
cause 1t would be suggested by reasons wholly
Independent Of the condition OF their resources-byl
the reason that others refused to pay specie, thus
throwing the whole burthen upon them. Nor could
r diminish their profits, for it is to be hoped tina
suspension would lead to some enlargement OF their
present pnrsimonous scale of discount, and conse-
quently to an increase of their profits.
Ii isl gross and libel upon the legislation
ot the country to suppose, hear contend.
hat Banks were chartered for the exclusive benefit
Of the stockholders of the Bank itself, and that its
conductors not bound to look beyond their
interests. The Legislature would not dare TO
tonfer corporate and valuable and exclusive priviIe
ses for the purposes merely OF enriching the indivdu
ais of the firm. 1t is much true, that their be-
neht was no part of the design. That design was
Nhe Pabiie good, and the public good only. The (
privileges conferred as the inducement TO the
coTPoraors to promote it by associsting their
Banks therefore, have right to lose sight OF this
public good Tor a single moment, nor they do
so without palpabe disregard of the condition on
which they were permitted to exist. We intend
,no specific application Of these remarks to any Bank
nor do we wish 1t to be imagined that we do Wei
'only lay down what we conceive to be an indispu
table truth: But we do intend another application
Of them: that they bound namely, so to con-
duct their affiirs, that having taken of them
selves, they shall not Cypress that community
whom they were intended TO benefit. Whether 70,
Continue or to suspend, is the course of patriotism
at time like this, it is for the wisdom of the Dr.
|rectories TO determine.