Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-12-18


Banks lent deprecated money and redeemed il in spe-
Gle, the consequence must he loss. But, in the ord
nary operations, hc concnjed, that by adherng TO
saecc hnsis they would ultimately benefit themselves
lie believed they might sustain themselves if they
den v"red in gnod faith 10 resume.
Eni, said sIr II, gentlemen tell that the debt Of
;ie Stale 10 Ike Banks is large; that We should dis
charge ii hetnre attempted 10 cocrce resumption
For one, he was ready and willing To pay il. The
State owned Bank stock, and he willing 10 set il
up AT auction aud sell H. thought brought hut 30 cents
in The dollar lie protested against tho Legislature
humhng itself 10 these disgraced corporations, and he
fearful we never should have free legislation in
gard TO them, 50 long were their debtors
MIR H. referred to another argument of The gentle
man from Fauquier and surprised from the charac-
tcr that gentleman bore, that he should have used it,
The argument was, that grand pressure must fall on
the community al large, ii We compel the Banks TO
meet their obligations. The gentleman had said that
the notes in circulation would not pay the debt OF the
City Of Richmond Now said Mr. H., il not 10
be supposed that there is enough money in circu-
laton To pay the debts due ut any time. In the
Banks had close, the debtors would not have pay
Immediately The same indulgence would be given
them, which all creditors give 10 those who owe them.
1t has been generally consdered said MIR. H., that il
takes from TO 10 years to wind up Bank. All rea-
scnable time would, of course, be allowed
Mr. fl said lie not more hostile to the Banks
than TO the legislation the subject. 1t was the inter-
est Of the Banks 10 make as much money us possible;
adopt their conse they not so much to blame
We all know, in the common affairs OF life that men
will make rs much Tor themselves as they can, when
they have il in their power and the Banks are not dit
ferenlly constituted.
The gentleman, said Mr. H. talks of tho distress
which would follow resumption. lie asked if we were
not already suffering distress from another source-te
loss Of some 20 or $4,000 by the depreciation OF
Wheeling notes: Under these circumstances, should
We still indulge them Suppose they are compelled to
curail very heavily: Upon whom will 1t ial Cen
tlemen say fret the merchants and then the farm
ers. MIR. H. willing 10 admit that the farmers
would he affected, but not soon. He, however, con
tended that the suspended debt would chiefly be called
upon; and lie thought man who had been owing mo-
ney for ve ten, or twenty years had any right to COM
plain of being called upon 10 pay portion. curlall-
menl might therefore nure him, but no one else IL
was not 10 be denied that Inconvenience would be pro-
duced hut such state things inevitable and had
always been the consequence of resumption. All ex.
perence had proved that the Banks could not resume
without ncommcdng ,he. dealers. If then, We are
to have il, Mr. III. thought The sooner the better.
But said Mr. H., suppose the Banks do lose three or
four per cent by having 10 pay specie, should that be
objected TO- when, for years. they have been accnmua.
tug profits: Is il unreasonable now, to ask the Banks
10 make small sacrifce,
Mr. H. expressed it as his beliefhat the Banks had
hpen selling specie; not at auction but by selling specie
drafts on other portions Of the country Why, lie ask
ed did they not draw New York for the specie funds
they had there instead Of dealing in exchanges They
had il in their power do 50, had they thought proper;
but il made their duty BY law, and they relied
your indu gence To relieve them you have often
done heretofore In relation to the drafts which gen.
,lenen supposed would be made The Banks for spe
Gle, Mr.. II. thought that the notes would seldom be
sued Some check on their ssnes-snnie persons to
draw them and keep them within the proper sphere,
was necessary; aud in this respect, he conceived the
much abused Northern brokers 10 be useful agents
The country had often heard loud complaints against
the brokers' yet without them, and the checks they uf
nished to the issues of the Banks, these cor
poatiuns would 20 giving credit to an almost unit
mited extent II was necessary roll back the
continually flowing from all cur Banks 10 the North.
Mr. II. said the banks had complained Of the Jews
in THIS city who offered : and - notes per redemption
iroubied and harrasstd Now, hey complain Of pay
ing out fe - dollars on these notes, how Will IL he
when they have 10 pay their large notes: II was time
10 lei the banks know what expected d them. IL
was lime TO take stand the suLcct-to tell them
there WAS 10 hope Of another years indulgence. =
Withnut this, We must expect tie agricultural and
other interests Of the Commonwealth TO suffer here
toforc.
Air. II concuGtt by expressing his regret that, ow-
ing 10 the prclcd manner in which he was called
on he had not been able present his views more me-
medically this important subject II was not often
that men had The bodncss question the claim al the
banks 10 tis irGuscnc but he. Mr.. IL Tor one pro
tested against the system ofaowng them to do they
pleased He believed il IL he false policy, from all he
had read and reflected the subject, and further, that
lis discon;inuance would result benclicaliy 10 the
Commonwealth
Mr. Scorr briefly replied 10 The argument Of MIR.
iloILIN,S-acr which The subj Jet disposed oil as
has been previously stated.