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

rassinents which have scourgcd country. IL IS al
mos, as bad the hoor of Auilas horse. Deer bank
ing and orer dealing have nearly 0rfrdone ns-N
thing but the recuperatvc energies Of free and young
country could have enabled to rapidly from
the pressure, which they have imposed upon us. We
must look ahead, and boldly apply the hand Of
Reform Enquirer.
FOR TIE ENQUIRER.
TO TIE LEGISLATURE ELECT.
Resumption, not the remedy.
The general cry for resumption, at time when the
pressure Of debt already threatens with insolvency
large portion Of the community, to us, rash and
nconside!aie in the extreme. Permanent resumption
only be effected by rapid and large curiailments Of
loans BY the banks, which will force into the market
an immense amount of property, reduce prices lover
than they ever have been before, and place the debt
or part of the community completely at the mercy o.!
the creditors and money holders. Such measure II
persisted in, would involve in ruin the Banks
and one half the People. Property would generally
change hands, industry be checked energy and enter
prise he paralyzed, and our country would present
Of universal bankruptcy and desolation. When,
too, had brought upon ourselves all these evils,
would not have advanced single step in improving
the currency. The present Banks would he ruined,
their paper worthless, and substitute provided in It's
place.
That these would be the certain effects Of resump
ton, more correctly speaking, of the attempt 10 re-
sumo, none will deny, who admit the necessity oi tie
Banks reducing the circulation of their notes. 10 some
resuming. This reduction Of circulation can only bc
effected by collecting their debts, and thus getting in
their notes; for, Banks have means procuring spe-
Gle to meet their Liabilities other Than this. 10 re-
sumo, without reducing their circulation, would he
madness and folly in the extreme for, want of public
confidence forced them 10 suspend, and recent events
have every where lessencd public confidence in Banks
What remedy then, i! may be asked, do We propose
for the evil state Of the currency? A simple plain,
and honest oae-one which restores to every man his
natural rights, which have been taken away solely TO
benefit the Banks We propose hear il, We friends
of credit and Of the credit system to emancipate
credit from lie sackes Of the Banks 10 place the ndi
vidual man an equal footing with the purse proud
corporation to say TO the la5ore whose honesty in
dusly and frugality, have acquired for him property
and credit that henceorh and forever he may use that
credit lie plcases that, If friend who is sick and
condes in his ability and punctnality, chooses TO en-
dorse ms note, he may send forth that note 10 Try lis
chances of circulation with the notes of the proudesl
bank-tha if the public choose 10 take 1t as money,
they shall be free 10 take i'll and he and his endorser be
bound 10 pay il according its tenor without offset or
discount-to tell The of wealth and honesty, your
credit is sacred as your property, IS in truth part
your property, and you may rghtfuly apply to any
valuable purpose you fit provided you comply with
your engagements. ICu may use your credit IN The
form Of notes circulating medium, il your fellow
citizens vii receive il, and thereby secure to your
self par; Of those profits shch the Banks mono
police.
In fine, VIC would repeal all restraining laws. We
would permit every who chose, to issue notes
like Bank notes. and leave the people free 10 such
notes in any manner they pleased. Paper having I'M
doubted crrdit, would then be abundan because 1t IS
easier To ascertain the sovency OF individuals than OF
and because Legislatures never interfere
to protect individuals from the payment OF their notes
Besides Bank note credit is the taxed credit of The
borrowers from the Banks, who not always in good
credit themselves, whilst the competition OF Individuals
Il FDr In
,ion would 10 the public the notes olindrIduais
in the best credit Restraining laws have the effect OF
kecpiDp Out Of circulation all The best credit and forcing
into circulation the worst credit II wealthy men
were allowed the Banking privilege, we should have
medium OF circulation made up of the notes of those
who were rich and before hand instead oil the notes oil
those who poor and indebted.
The public, left free 10 chose between good credit
and bad credit would he 10 select that which was
best Competition would secure punctuay in the pay
ment Of individual notes, and the demand would regu-
late the supply by an invariable law OF trade
Although bad money circuates 10 the exclusion OF
good money bad credit circulates IL the exciu
sion of good Bank notes drive out specie, because
The law attempts impress them with the character oil
money: but the law never would attempt 10 impress IN
diyidnal notes with the character Of money. They
yonld circulate as credit and the best would circulate
most extensively The ebb and flow OF specie, lett as
il would be- 10 be controlled by the natural laws OF
trade. would be regulated by the demand, and We
should be TO have Just so much OF II as was nseiu
and convenient. Banks now disturb tins natural ebo
and flow but the competition of individual bankers
woud restore its natural course, for these bankers
would find il their true interest always TO supply The
demand for specie, by prompt payment OF their noes,
whilst Corporate Banks do best by suspension. whist
restraining lave exist, Corporate Banks can circulate
most notes. and make most money in state OF snsprn-
sion because those laws leave the people no aerna-
live They must take the Bank notes in payment OF
debi though suspended take nothing Repeal these
MS and the people would prefer the notes oil lndvi-
duals who paid specie to the notes of Banks who did
moi and thus force the Banks TO wind up meet their
engagements
We entertain no unkind feelings towards the Banks
xve should be the worst OF msanlhropes IL we did,
Tho interests of the Banks have become the interests
of the whole people. blow aimed at them falls mol
only on their stoc khoders their Debtors hut on every
debtor in The country But we know that the repca OIL
The restraining laws is the only means that can save
them from ruin, because it is the only means lhar can
enoble their debtors to meet their engagements here
ia nenty of credi, in the country, unleered to COM
mand countless millions of specie. Make IL Tue inie-
rest of individuals TO procure specie, and Specie every
body knows, will be abundant Allow THIS banking
privilege 10 individuals aud you do make II ther m
terest TO get specie to meet their notes. hese u's'
dual bankers would increase the circulation, keep up
The prce of property, and enable The Banks to with
draw mart OF their notes. collect their debts anc re-
anne specie payments II is the only means by which
they can collect their debts for if their notes are with
drawn, and none others issued TO supply their place,
depreciation OF property must ehsue, Us iuhous " ~
Banks as to the country.
individual credit experience aests, is more extern
.;yry current than corporate credit Astor, Ro,hs-
child, the Barings, &c, instances Besides cor
norate credit, in all its forms, has of late sustained
Shock, from which will recover very slowly # ever
Puncualty, honesty, industry, property are
- extensive credit Thousands Of individuals every
where possess all these requisites, yet they ieered
and restricted by law in the use of their credit II
Banks monoposed these essential qualities there would
be some justice in giving them the monopoly ofssu'ag
credit for circulation Our beautiful crea ~
.I,ows those 10 use their credit who have none
10 use and prohibits its 10 those who alone possess
IL