Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-08-17
prosDects oflhc Banks. and the .uon.y .uarhc,

The a. Y. Express Of Saturday (Whig) says, that
"The trade of our city has revived considerably, and
the prospect of fair fall business is good. The i'm
portations are quite large desirable, and the
stock of goods hand, and the assortment will
be quite sufficient for any demand there may be. The
price Of Grain and Flour has got high that there
complaint by the farmer; six dollars for the
latter and dollar and thirty cents for the former
fair prices. There seems nothing necessary, but the
guaton of the currency TO trade its former
sound and healthy state-and whenever Bank of the
IT, S. with branches is established restoration of spe
Gle payments must follow Several Of the most
prominent States South Maryland, Virginia, North
and South Carolina, and louisiana are now ready for
a resumption
If those Banks ready for resumption, National
Bank with branches is surely not necessary produce
restoration specie payments On the Contrary, 1t will
retard the resumption, BY creating new demand for
specie from the State Banks, To exc the capital
The National lnstuton-that is 10 say, if that stock
should be taken At all. There is in point al
Caracas There the Government has Just s'esta-
bshed National Bank, 10 winch general subscrip-
ton had bee made to the stock the part of the cit-
Gems, paying in % per cent. IN cash. The Bank was
to 90 into operation in July; but circumstances
dered this doubtful, and the payments for stock had
drained the country of much o. It's circulating medium,
much complaint of hard times heard, and more
distress among the commercial classes seriously arpe
hended."
If the Federal Government will but keep its hands
of the State Banks Of the Southern and Middle States
will soon resume. If Pennsylvania and Maryland
will cooperate in some general arrangement, which
will soon be proposed, Virginia will resume-North
Carolina too IS ready. The Banks of Pennsylvania
must now be soon prepared, the Bank OF the y. b
too feeble, in its dying condition, to nterpose any
obstacles TO such an operation As soon as the
State Banks resume the Exchanges will be immedi-
aely reformed and there will longer be that apollo
gy and pretext for National Bank. The money arti
Gle of the New York Herald confirms these facts and
coro.laries. 1t says that "The Banks OF the South
fao
weeks In New Orleans particularly, The circulation
has been reduced near 81 000,0OO, twenty-five per
cent since the fore part Of May The result is what
might be expected, fail in exchanges, from u to
d per cent, and in the premium on specie, from .!
6l to 81 a. The stronger banks, as we stated some
time since have been forced position by the ope
ration Of public opinion, where they find that specie
payments would be the most profitable and they WILL
all probability, al least with Inc ne" CROP OF
they get clear of the lnsolvent banks
resumption IN New Orleans the great head OF the cot
ton market, would render imperative sniiar move.
rnent in the other sections Many of the Philadelphia
banks would follow and bank advocates would be as
tonshed to find the currency uniform ana exchanges
equalized without National Bank.
But if New Orleans does no, begin the movement u
will take place in The Atlantic States We should
not be surprised if Virginia were again to have the
honor Of bringing about such result
The Herald pronounces the Bank bill now before the
Senate to be mass of absurdtes, and as such s ac-
knowedged by lis supporters, and even by their organ
The National ln,cigencer. But as if 10 render still
absurd the foles of this extraordinary session,
that paper urges the perfection Of the bull and to ie
move its Objectionable features by supplement tary
bill. In political point of view the bill is stil more
defective. Il organized by corps of paid directors
appointed by the Government, and must necessarily DC
lis ready tools and agents. II will, from the very
be political machine. The old BANK
became political only when it sought to influence the
continuance of its corporate exisence-it then became
a dangerous political power, and so doing ruined seii
and its stockholders in few years. Judging from the
past, how long can bank created for political pur
poses last? There is but little fear, however, II The
charter should be granted that i, 60 into opera
ton There is not practical man OF either party
among our capitalists who would embark in it, and
therefore they unanimously in favor of Veto IN
order to get it out of the way as possible
President Tyler has uniformly pointed 10 his past life
and actions on the subject Of Bank, as an index sol