Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-03-06
From The NJ. J.. SLa.

1
| STATE OF THE CoUSTKY.-The banks Of Ps,,,
MIA, and these throughout the South and w.,
broken three times III four years SeyeraI !.
States have contracted debts so large and :.
nageable as to destroy their credit, and rsr,.
pr,ble,natica in the minds Of many whel!r, i
will not ut last give up in despair. and cc.,4 !.
ing even to preserve their faith. Two hrnt4f |
lions of dollars have been borrowed by the ),
Twelve millions are required annually to d. .
interest The works upon which the mon,
been suuanGered not yet half compeeG \
Gun they &c without large additional loan, (.
any wonder that capitalists, always timid are =
struck with present appearances Can It be e1rs
tina. they will ever Gend their wealth abroad ugor 1,
stormy sea, TO run the risk Of shipGreck and c.,
lion Will. there re so many ways 10 employ I, 5,
in mort; No: So long as the States pursue laq:r !.
poriznr and vaccilatng policy in regard . their -
and their banks long will there be an absence -
confidence, so long will panic prevail, and par.
of all business enterprise will be the lneytaLle /,
quence.
cent man, who looks cooliy and lmpar,!ally oyti
whole field, hcsitates single moment IN ms opnC
to what ought to be done and what must lie done.
deed there is but one single mode by which tie COT
can be ex,ricated from its unfortunate condition T
States must begin at once TO draw the line bei,-
bankruptcy and sounduess. They have tie IL
within their reach by which they may restore ,-
dence and start business on healthy career wit
snple month All that is necessary is Tor them 10 IL.
promptly and boldly up 10 the work.
PENNSYLVANIA must say to her banks tha. VIII
certain period and that a very short one, they mu
what banks ght to be, else they must cease 4.
isl, and yield their places to those that are able b
and TO do the duty Of bankers. In regard 10 her 3
she must say to her people, that only one way exits
saving the honor Of the State, and that i direct
alton and 10 that she resort, and establish mr..
atcly her sinking fund Indiana, Illinois, and al o.
similarly situated must do the same thing. y im
but short step from the same fate, and srushngo
eager to tumble down the precipice. Taxation can !,
save these indebted States, and however harsh afa
pleasant the remedy may SEEM 1t must and wil! y
piled The longer il IS delayed the more unhappy 81
the consequences. States, Banks and lndis ideals,
they become bankrupt continue TO grow more and
deeply involved until they boldly make a siarc
scuare their accounts This truth has been 81.
by every days experience for the last year..
strange that the temporsing, borrowing, boise
whiting policy can prevail any longer. lev /.
hence people will look back upon II with wonder
will be amazed that such weakness and folly could
found place in America. The Legislature Of Pcaa
vauia actually appears at loss what to do after
has happened To US il appears surprising that anyml
that body should hesitate an instant They must I'll /,
that to restore confidence TO rotten banks is an nm
bility No banks can any longer exist in that ST.
elsewhere unless they show themselves possts.ec
such means of doing business Us bank ought Z
sess. The day has gone by forever, we hope, -.
currency can be based upon dreams and shadows
the country has ample resources; and there IS no
cessity for fictitious credit. The measures mu.,
taken promptly and boldly to call ont those resoc
and apply them to the redemption of the States
&c Nh
but il is the last and only resort; and Il will proc
two important resul;s-it will preserve the honor y
States, and be standing argument agans, any Z
debts.