Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-12-18

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10 ro into liquidation, would be to increase the taxes
further and TO lay heavier burlhens upon Inc people
But this would be feather, and scarcely let Il.
all when compared with that 10 which the great
debtor class would be subject TO- The cIp,al 0, a'I
The Banks is abou, TO- 600 COO dollars, and tie debts
due TO them exceed twice the amount OF Their caPa'
stock. Now let any gentleman estimate II nc can Tue
number of individuals who compose il''s great ciass
and then imagine tue consequences OF me sudGch ~
ouidution Of this vast debthc sacrifice OF property,
the distress the ruin, that would perpade the lehgta
and breadth of the entire land Property would se Ia
ken by the Banks from necessity in discharge oil debts
the contraction Of the currency would drive all COM
petition ought Of market and the Banks would Pur'
chase upon their own If the object were 10 en-
rich the stockholders at the expense OF the people, 10
make the rich richer, and the poor poorer no oeuer
scheme under heaven could be devised, tnan 10 force
the Banks at this time, to 60 into liquidation But
what (sad Mr. So does the resolution propose! aot
final and decisive action at this time, The presumed gen.
tlemen were not ready for that YETI but merely sus-
pension of the penalties, until we were IN stuation
10 net on the subject with understanding The heavier
penalties already suspended until The LIST OF Apr,
and why suspend the others also: IT was proper
TO suspend part why is IL not proper TO suspend aii
If suffer this law TO remain III force, Is 10 DC APP
prehended that the Of the Banks will be collected
by capitalists in the hopes OF making them ttee'0e PER
cent stock, and thus ncnlcuabe mischief may result
MIR. S. said lie hoped a fair and liberal spnt wou"
he exercised towards these Institutions and until evi-
dence OF Encouragement was produced, no ciatiof
would be raised against them.
Mr. nAEvIE said he for resumption at all hazards
He would therefore ask for tie ayes and nays on The
resolution OF the gentleman from fauquier.
Mr. KENNEpY then proposed the amendment, which
has been previously reported relation 10 the issue OF
: small notes.
MIR HolLEm.s said lie had no idea that the gentle
man would have entered soon into an argument on
the general question of resumption. lie did not expect
that The general proposition would have been con-
sdered at this time. lie therefore felt unprepared 10
enter into the subject at present Since, however, the
a. Haas hS 10 &
it, he would endeayor to make some reply TO what had
fallen from him. and TO satisfy the House and all VINO
were not afraid think against the Banks, that the
great evils the House had been told would result from
refusal OF relief would not ensue. The House hau
been assured that destruction the best interests OF the
community would result, if continuance OF Inc sus-
pension Of specie payments ere not allowed; ha' me
country would he ruined because the Banks would
have to pay II per cent interest on The amount 0, 'e'
circulation presented for payment and sued on:-not
upon the whole amount, but upon that only IN lae
!, hands os the brokers' There formerly but few
holders Of notes, said Mr. foleman, who would have
the hardood 70 adopt this course. but lew years
since il required degree OF moral hrmness rarely al
y tanned to aeon, any measures for mixing the Banks
nav their debts Men who spoke OF compelling t!em
10 pay were threatened with Lynch law, and Their
names covered with abuse. At this time, however,
said Mr. H. the feeling the subject IS mol 80 strong
and there who have the nrIness ana en-
eruy stand up for The RICH s-noi, however, he must
saw with few exceptions, the City Of Richmond lie
conceive il view OF the SUBJECT TO sup
pose that the whole circulation would be presented tor
payment in specie Mr. II then proceeded 10 illustrate
his propostnn lie referred 10 the amount o circuia-
ton OF the Virginia Bank and the Farmers Bank, and
conended thai they 10 discount TO lie extent al
lowed en their profits would ce Is or IA per cent on
their circulation. The payment OF j per cent inter
terest, therefore, though il might have the effect ii
Stopping the dividends for short time would not bring
on the ruin and destruction fcretold 10 the House
The gentleman from Fauqu;er had informed the
fh,tif r,.lie lua
the immediate consequence He, Mr. H., would be
glad indeed if such the effect Of any action OF The
House on the subject lie rcjoced TO hear that the
Banks had determined TO pay ont their specie TO The
last dollar. Were they adopt this course, they would
not he conceived be forced TO shut up; although there
might be some shock at first. Had the banks North Of
rs pursued al honest and paid specie 20 long
called for, they could have supplied the foreign
demand, and our banks would not have been called on
to close their vaults Mr. IT, believed that II tic Rich.
lnond banks had determined TO pay specie, They would
have been supported by the community, and rarely
called on except for small sums Tor change Instead
oshs however, they shut up their vaults and compel
led the community 10 furnish their change 10 supply
, The forei IN demand.
The gentleman SAYS that our Banks cannot resume
until the Banks North oil us shall have done the same
sls Il. we'll that this was the same argu-
presented TO the House last winter, and on every
occasion hen designed to PROSTATE the object .!
those desiring speedy resumption. This argument
lad been put forth and a:rayeL III most imposing form,
and ndusiTiousy popagaicd throughout the c'un'ry
Now Mr. H. said he considered il 10 be entirely ial-
acous and If relied it, Banks, liz was fear
full never would resume. Take the case OF Pcnnsyl.
vana: The Banks Of that State have been allowed By
law to renai. in state of suspension for four years;
and according to the argument OF the genslennn ours
} could not resume during that time. Now, Mr.. ii
. would put ii the House, and ask them 10 say if they
were prepared sanction the continuance OF our Banks
state of suspension for four years: VIII The House
realise that degree Of humiliation, which places our
A.. nrt a. 4 .i, Stn,.u
Of Philadelphia and Baltimore? VII. We consent 10
main with folded, and await the pleasure of the
, moned corporations North of US; Mr.. ii. said, the
idea such of conduct 10 be adopted BY the
Legislature of Virginia, deeply huuiating and
enough 10 mantle every cheek with the blush Of shame
i He then referred 10 the authority of gentleman OF
great practical skill and extensive experience this
subject, (Alr Gaa.ln) who had IN answer 10 letter
from the citizens Of small town in West Jersey des
rous 10 know whether their banks could maintain specie
2 yments whilst those OF Philadelphia remained in
state ofsuspenson given as his opinion that with pru-
dent cement, specie payments might be MAINTAIN
I'd with case, notwithstanding the state oil the Phlla-
delpha banks Now, asked Mr. H., if,he little banks
in the Western part Of New Jersey maintain spe
Gle payments, connected closely as they are with
those Of Philadep hia, why cannot the Banks of Viz
GINA do the SAME: Mr. H. well remembered the pre-
diclons of ruin which it said would envelope the
banks OF New York. when contrary TO The efforts, per-
suasion and threats Of Tie Phadep hans they refused
follow the example of the banks in that city by
pending. They adopted a firm course, and what had
been the consequence, They had specie in abundance
and were now stronger than Although exporta.
f ton was going 10 great degree the banks were
not called on supply the demand from foreign
, tries Thus the New York banks trumphany sus-
tanned themselves and falsifed all the predictions OF
their enemies But, said Mr.. H., gentlemen will tell
us that New York is the emporium of commerce-the
centre of trade from all parts of the country; and there
FORE it was TO be expected that she would sustain her
self Mr. II. had often had occasion to observe, how
Tho nf Tho hank nj IN
nish for ndu gence to their iavore institutions,
and he would call the attention of the House TO fac,
which occurred in the history this country many years
ago. 1t was, that, in spite oan accumulation of adverse
circumstances, the hanks Of the New England States
maintained specie payment during the whole of the last
war-a time when the banks in other parts ofthe
try did not think of such thing. And how, said Mr.
H. did the friends of suspension get over this facE