Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-04-27

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out without the danger Of relapsng. The BANK oil
England continued its suspension for twenty-five years.
and if il had been forced into premature resumption,
would have certainly fallen second time. now net
Their the banks nor the community OF Fhlauelpnia' nor
the banks nor the communities with whom fhiiaaei.
phia principally deals were ready for resumption and
in my judgment the project and execution Oh II were
equally unfortunate
was in town during that period, though merely as
private spectator, and it seemed to ME that the True
position and the only safe policy of the Bank was TINS
The new administration Of the Government oil the u
States will find tself OIL the 4h Of March with very
small funds and its policy will be- if possible, not 10
encounter at the debateabe question OF National
Bank, whatever may be its disposition hereafter. II
then the Bank of the u States is in position TO DO
the public business temporarily, il will from Its e1
tensve connections throughout the Union be more
useful than any other existing institution, and thus may
gradually become one of the fiscal agents 10 ac
complish this must be in situation of strength on
the 4th of March, ISL and should reserve its powers
for that period Hitherto the Banks believed that they
had been conendng against an Administration OF pub
lie affairs hostile TO the interests with which Banks are
most connected. great political change has taken
place. but the effects Of it on the public interests can
not be till the new men come into power
Wait then, for that moment, see what the new Admit
nsraton intends to do for the country, what relief II
means to afford, and then concurring with its mea-
sures, you may resume permanently. Until then the
Bank fthe U. S not obliged to resume. The Lee
gsature had declared Of all the Banks that if they did
not resume given day, their charters were liable 10
forfeiture but that did not affect the Bank Of the Un-
ted States When the charter of that Institution was
passed through the Legislature, the provision COM
mon 10 all the other Banks, authorizing the Legislature
to alter or repeal it at pleasure inserted. But
then declared that would not receive it such terms
and unless that provision stricken OUT the bill need
go no further. Accordingly it stricken OUT and
when this very question whether the Legislature had
right to declare forfeiture for the non-payment OF
specie was recently brought before the Courts the
Judges unanimously decided against the power of the
Legislature, the very ground of this rejection of the
clause
The Legislature, it true, had fixed the 9Th of ia
nuary day of resumption. But that day had been
so fixed because they in session. and had wants
which the banks alone could relieve, that the Legs
laure much more i'll the power of the banks than
the banks were in the power Of the Legislature. How
easy was it for the banks say the Governor, You
want to borrow s00,000 doars-the State breaks on
the lst of February unless you borrow t-you can
borrow it only from us-and if lend to you and
sumo specie payments, we inevitably break ourselves.
Let US agree that neither shall break Authorize a