Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-11-19

hut, say some lie iGsue CT Gii Gid1ai notes would
open tho way 10 frauds and mPoEitions hlen would
ISSUE noies who were Unable or unwilling 10 redeem
them Banks do this now, and are countenanced and
sustained by law. Individuals, who refuse TO meet
Their engagements get little mercy at the hands Of the
law Moreover, it IS much less difficult 10 ascertain
the ability Of individual to pay his debts than that
OF corporation, and OF consequence imposition would
be more rare. Men just as well qualified to make
bargains with one another with the Banks Shin
plaster issues have generally been made by men in
desperate circumstances, in defiance Of the law and are
not TAR samples Of private banking, any more than
smuggling ~ Of free trade. Make private banainn le-
gal, and, like all other business il will gradually fall
INTO the hands Of those best qualified to carry il on
IL VIII not be confined 10 the wealthy iur men of small
property, who are punctuul, honest and Industrious
nave as good credit, lar they known as the
wealthy. We have generally found, that those who OPP
posed The repeal OF restraining laws based their opposi-
uon on the danger Of imposition upon tie community
rom me issue OF private paper But all experience
a'sss the fact that individuals are far more honest
'iui corporations for men are moral responsible be.
'ngs whilst corporations use old saw have nei-
'ef souls TO be damned nor bodies 10 be kicked Just
at inns lime It would be especially presumptuous and
III oau ase, for the Banks 10 set themselves up as the
suaiuiahs OF public morals, when every day furnishes
surfing evidence of their fabll,iy.
Strange 10 tell, the law, which affects 10 be so eau
,ohs III preventing imposition by the issue Of private
Bank paper does really permit The issue of certain
l.:
nuns oi private paper, such bonds and promssury
notes. winch are much apt to occasion mpusition
ana frauds Tor, this paper, matter what it puroorts
" 's race IS subject to offsets, discounts and latent
equ''eS. mus the law prohibits the circulation Of
private bank notes winch could impose on few, and
permits The circulation OF notes and bonds IN dealing
IN winch the most skiul may be defraudcd
ou Datoaons ancestors would permit any debt to
oc assigned we have advanced beyond them and the
law merchant having its origin anon es, civilized mon
rabmade private paper in many respects answer odni
dcncyie purpose OF circulating medium The ,en
pace viii unslackle credit is progressive and keens
ton Wee advancement of commerce and ciyi!iza
will be consise 10 live. to see the day, when crsdu
perry because Il the most sacred part Of man pro.
mary ability 10 fSplies the moral as well as the pecu
Ialures will az soon his contracts; and when l.y,so
the power of taxing re OF vesi'ng corporations
All Legislative efforts arton as OF taxing credit.
attempts To regulate the wind WICKED ana aoorliye as
the world regulates currency nd tides The trade
Universe can alone regulate trat the Ruler of the
were adopted not by legislatures uod and silver
the general consent OF mankind, imperrehcy out by
their choice By The dictates Of Nature. VINO doubt IN
vcrnments have nerered with the natupefer TO-
these metals, by changing their value, the attention. oil
proved singularly disastrous and abortive.-CiaVe
too as circulating medium to a or less extent u
been adopted by the general consent of mankind, an
all attempts by law 10 restrict modify or force It's
atoD, must prove unwse and ruinous, TIL Legislator
gifted with omniscience and can ior1see the cours
other that disturb regulate The trade o III
world and The consequent demand for money. Natu
raj credit OF individuals like gold and silver, ebhs an
flows with the necessities Of trade, whilst artIfcia!
corporate credit fixed in quantity, and cannot rs
and fall with The and fall OF prIces so that, whc
prices are low there will be too much of IT. and whe
prices are high, loo little. great rise Of prices ii
foreign markets. of cotton tobacco, and other ex
porls produces correspondent rise al home not on
Of those articles, but Of every thing connected will
their production. In such event, our Bank circulating
medium would be too small for the purposes Of trade
On the other hand, great fall in the prices of thos
articles abroad, would find with a superabundan
paper currency, but with nothing TO pay our lore
debts. On such an occasion, the Banks must alway
suspend, because their notes being superabundlnt here
and specie being required 10 pay our foreign debts,
run would be made them for specie, to make up tn.
deficiency in other exports, 10 meet the foreign demand
If our currency were chiefly metallic, fall in thu
prices Of exports, and consequently IN the price
Of other property, would leave Us with more gold an'
silver Than could use at home, which might be ex
ported 10 supply the deficiency of other EXPORTS with
out occasonlny distress. That currency OF private
paper and specie, would consist chiefly Of the latter
we have no doubt, because the convenience oil man
kind when left to ITSELF always dictates the of got
and silver in the ordinary affairs of trade, and only
ploys paper in large and distant Transactions So tina
The repeal Of the restraining laws would at all times
enable us adapt ourselves to the exgencies of trade
| throughout The world whereas now, disturbance o
the English opium trade III China, throws our Banks
of gear, and crpples the trade and credit OF The
Whole nation
Doctors Of Law as well as Doctors of Physic shoult
leave more 10 Nature.-She at last IS the best physl
clan IN the moral and social, well in the physica
world; all the doctors do Of good, is TO remove in
pedi,nents 10 her action. We say thcn-repeal the
restraining Laws, and trust TO the IRIS medcarr ma
turS' JOHN TAYLOR Of CarOiiRe
lThe scheme Of our Correspondent ought 10 he vel
weighed before it is adopted Many entertain serious
doubts about its prncticability aud expediency-bu
there is one point which, il is hoped we all agree
viz: that the banks should resume speedily posi-
Jle.- Enquirer