Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-03-04
To TBE EpIroRs OF THE VINO.
The Iai. ErpLnsinn nf fh. Rail.

Gentlemen During the last summer n pamnh
let made IT'S appearance smong u.s. bearing Tn fol
lowing title IN Byi.J Inquiry into the true Bans
me Cred" syst,H, and into The true Basis of Bank
Credit as part thereof" This work Is sunnosed
TO have been written by Judge Abel p. Upshur. Of
Northampton. IL Is, however, Of very little conse
quence to me by whom il was written-it is Ger.
tainly a most able and valuable production. and
presentsthe subjects OF credit and banking IN new
and most interesting light have not the sligb,.,,
doubt. that II our Banking System had been ss,ob.
lshed upon the principles set forth in this pamph-
let, we should have escaped the late financial re-
verses that have overtaken US. II proves most con-
euslyely that much legislation will ruin the cor,en.
ey Of any country, and that Bank credit must n.
based alone upon public confidence in order 10 in
sure Il proper degree Of permanently Or. in other
words, that government cannot effectually regulate
the medium Of commercial exchanges. Commerce
iet alone will regulate ITSELF and the course Of
trade will be certain 10 discover the propsr rnsdiuT
OF exchange, and circumstances will al all times
give 70 that medium, let il be what IL nav lie pro
per value. The present condition Of our currency
u certainly most WTetehol and disastrous. PnblS
confidence IS almost entirely destroyed. and the
commercial operations Of our country have nearly
stopped. IL is, therefore, high time thar ths oues
ton was divorced from party spirit nd that our rr
lers were seriously investigating the evils Of ON,
system and seeking the proper remedies for Them,
The subject Of finance has beeR, most unluckv for
The country drawn into the parlizan conf ats of the
financial
smbauassments and disssters until sufficient 0ene
rosiiy and magDanimiiy shall be manifested bv po
telanS, 10 redeem this subject from its present IN
fortunate eompanjonsbip With tho general politics
Of the country. Nov, our most yaIuabl interests
impeuousy demand that this thing should be I'M !.
mediatsy done, Il is, therefore, the object Of this
communication 10 call the attention Of our Ieeisla.
tnre 10 the pamphlet under our present nonr,dero.
ton, and to request that they will each Of them. tsks
copy, and auenlIVely study the principles Il adj
vocates 10 the first place, however, ! desire thai
they viii ehectually disenthrall themselves from All
the influences Of party feeling forget that tho de.
nfral SoYernmen, exists and les i've 10 investigate
the subject With solemn serousness commensu.
rate with iis own magnitude ard importance n
they VII do this venture 10 assert that their 70
ture action upon this subject will Dc much more VA
lueole tothe country tban any thing they have here
lotore donej end moreover venture further 10 aver
that thoY will entertain ne same opinion OF IN.
WORK IN question that have expressed Of Il.
have never heard any one speak OF this pamph
JET, who did not acknowledge its ability and az,
prove hs principles lie subject IL certainly mos
deeply interesting To every man. The writer
peculiarly happy upon the subject Of Banking, an
style.
viii say, for the benefit Of the Members Of IN
Legislature, that thu pamphlet can be had Al Sank
aye book store, Main street. Richmond.
' NORFOLK.