Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-01-16
To he G,n,rnI .4As,mhlr-


a subject of general interest TO the community
should engage your immediate attention. allude
to the resumption Of specie payments by the Banks
of this Commonwealth.
In the few suggestions am about respectfully TO
address TO you, | am not Influenced by affection 70,
the Banks or the Banking system Of this State, for
do not hold share in any bank whatever, and
have no immediate interest in the course of their
operations. My object is to invite such legislation
on the subject as the public interest and policy of
the State seem to call for.
BY the law Of Pennsy lvania the Banks of that
State must resume specie payments on the 18th
ins or their charters absolutely forfeited. But
from the published Report of the condition of Tin.
Bank OF the United States, il must he apparent 10
any one who has even glanced over the statement
that that Institution cannot redeem in specie rnore
than very small portion OF the demands which
are likely to be brought against it, And il is ad-
United that the smaller Banks Of that Sta,e mus,
govern their course by the action and fate of the
Bank Of the United States. Certain il is that tina,
and the other Banks OF Philadelphia would not VEN
ture on resumption at the present time unles,
driven TO It by the severe penalties of their own law
IL is, therefore, question of life and death with the
Banks Of Pennsylvania, and one which seems like
~ TO he settled in the same manner as the ancient
trials OF witchcraft. II they fail to resume on the
18th they expire by law; and If they attempt re-
sumption, as they will do latter a f6shIon) thew ARE
IN great peril Of ruin. Those Banks have twicc
suspended within less than four years, and if ano
Their suspension should shortly follow their present
resumption, they have TO 81 bmit to an immeasura
ble loss Of public confidence, a liquidation of their
nll nff n -, ,I.
tain resumption and thus produce another scene of
commercial arrangement and suffering
1t said that the Banks Of Maryland and Yir
ginia, with but little confidence in the permanent
success Of the attempt of the Philadelphia Banks
yet yielding TO the public expectation Of their
course, will initiate this compulsory stem. md also
announce resumption Immediately after the 18th
inst The question, therefore, for you to consider
land surely none deserves more your nttentionl ia
whether the Banks Of this State should be rfnuircd
TO cooperate in this immediate resumption.-nttend
ed, as It is, by such unpropitious prospeets-untl
you are satisfied from cIreful examination Of tbsi
condition that they can sustain a continued resump
ton, whatever may be the result Of the nttempt IN
Philadelphia. IL you shall believe that they are
not yet prepared to weather the storm by means nj
them own strength, II becomes a question for Virei
MIA Legislators to consider, whether the action and
the late OF these Institutions Of Virginia shall be
determined by her own the legislation of another
State. IL is to be hoped that # the Banks or Vi,,
mia shall undertake resumption at this time. tbev
will continue il, however great the sacrifice Pos.
slbly they are IN situation to sustain n continued
resumption, even after the failure Of the Banks Of
Philadelphia, by calling IN all their active debt and
an nd inn lee ID
wise and patriotic Legislators is, whether the obiee,
IS Commensurate with the probable sacrifices. or
whether by short delay and the ndoption Of soln.
iary bnd efficient provisions the desired object NAV
not DO attained With bot little comparative injury
Ny deliberate opinion is, thai short p9stnons
ment Of the day Of resumption would enable the
Binks Of Virginia to place themselves in eonJi.
pon to resume specie payments without regard 10
the course Of the Banks Of Pennsylvania and Ma.
yand-and that this posiponement msy be autbo.
riz'd by the Legislature in such mode. and u nm
such restrictions and provisions AZ neb,, ,o ;r,,,.
the credit Of our Btnks, nor to enable them IN .v.
lori upon tho public in the way Of large premiums
o" e4on'B' during the term Of such temporary
pos,ponemenL
IN the hfsl place, think II better 10 susp,pd ,,.
- WV J"'' aay % SEPTEMBER ntri, and no LONGER
LOB penalties to which the Banks Of Virginia mr.,
SUBJECTED by failure 10 redeem their notes in cold
and silver. This suspension would give 10 Tho
state the benefit Of the proceeds Of another e,o n
tobacco and wheat, which, together, will will 90 r,r
u 'hey DO not fully establish the balance Of ,r,ds
70 favour Of Virginia. On this, far more than .,
.he amount OF specie with which they may happen
70 commence resumption, depends tho capacity Of
the Banks OF any country to sustain cash n,v.
men"' By fixing on that period Of the wear for
again enforcing the penal statutes applicable to The
bank'' those institutions would see no other alter.
native or source Of relief than TO begin and prose-