Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-11-12
TwENTy-sEy ENTH cosGREss--Ist Session



tCanaiaasd.l
The true and only Of relief with that class of
debtors who nsolvenl but still oppressed with
debt ore to be found in labor, economy and
perseVerng industry. BY the employment OF such
means alone, debts to the banks and debts 10
ther can he discharged The payment OF debts to the
oanHs VIII enable them TO realize their assets, and
s"me specie payments; and the resumption OF specie
payments VIII restore the currency, "tgnaii-e the en-
"""Ss. ana releve the country from lnnuaierable
leV's. 10 accomplish this great work, tyne, pitenre
perseverance, ana prudence, Indispensable reqa
snes' ne country requires repose-freedom from po
ntca agitation and party strife. Men must learn 10
ey upon their 0cn tRdridndl resources the only
sure means OF relief from debt and ct the altainmcn
| VI wealth. Government should do lis duty in main
ion'ng with rigid fidelity, us far as its constitutions
p'e's WI enable II, the gold and silver standard o
value ordained by the Constitution: lis Influences -i
he TO encourage labor industry economy and MI tn
'''es t"a. MAKE the good man and patriotic citizen
"efce banks IN street line Of DUTY purify the 2,
ny, and support sound credit.
Tho d ana these only, are efficient Of relief for
,n r classes, the banks, and the country as time
a''e test Of the Efficiency Of all human expe
a'f NJ. VIII ..,snndanuy prove ~"ps
". - u,s srasr Of the country, the source Of op.
ars,,., - ~, nais, and Of embarrassment and dis.
The currency, of the iron,,emer, - ~ III
anu " Tue general PfuA'r,ion of credit Time labor
and economy are The oniy dies for his dseos.
But We are told that this p,,.ss ne res,nra,,o.
relief is too dl!atory, If not IN. .,,o. ,b,, ,L :;
nearer and approved way for We pnrsu;, and ar
complishment Of these great objects rbe I'M vh,h
passed this House on yesterday, incol.,tinq = hank
with enlarged and national powers, is pres,d n ,Ia
country ) being calculated To afford an nip,hIo :.
mcdy for the evils we complain of Is it true ~, Tho
country is 10 be relieved by such means Let Us.
son The case.
VIII this bank, when established grant indulgen'
loans and accommodations 10 the debtors To The "cai
banks, Ii SO, the time would not be far distant when,
/ Ia tup nd Na
would be added another grand scale OF bank tau
ure The late Bank Of the I. S attempted, IN the
commencement Of lis operations, 10 pursue tins policy
and by il brought TO the very verge Of bankruptcy
and ruin; instead Of being relieved the country was
plunged still deeper in debt and the evils that at
tempted to be remeded aggra sacd hundred fold. II
this bank is 10 he managed IN way TO accomplish the
purposes contemplated in its institution, (Which, permit
me 10 remark, far above It's power To accomplish
heaven above earth) il viii be the studouS object
Of It's Gaze 10 avoid all conncAion with the debtor
classes. Loans 10 the debtor classes Will prove una
vaiable time of need; they viii he 80 much Of the
capital 81 The bank sunk io the Tine beng, Tor the nc.
cOmnIodatiun OF the BORROWERS and sIcl policy would
be wholly incompatible with the duties OF The bank IN
keeping itself always condition to redeem rs pa
per and preserve the soundness OF lis credit. Managed
with TO sustain its own credit and supremacy,
the result CT it's practical operations must be 10 agra
vae the cmLa Of the debtor classes; Ia cir
cum.crhe the credit and operations Of The State bank:
10 diminish the amount OF Tie circulating medium OF
The country and reduce the wages OF labor aud prices
If property even below the specie standard Inc e.
fec,s Of such policy. connected with the effects OF The
bankrupt law which II proposed TO pass at this ses
sion may be attended with the most sastrous conse
qu-nccs; may cpnynse Tie country, undermine the IN.
tarps,s and BIZ l the hopes OF thousands OF unsuspect
ing men And yet, Sir, ii the bank should pursue
contrary policy, should exercise herai!y and indu!-
aence lis discounts 10 individuals, and IN ITS relations
,yrh ncai banks in the present uncertain condition OF
credit mud Of individual aud corporate responsibility
could scarcely avoid catastrophe fatal 10 itself, and
the very interests II might cndeavor TO sustain IN A.
most any event be il wlse ever 80 pure 90 u-
like all other creatures Of lis kind all other exempars
which hay. gone before il, and gone the way al all
frsh it will TAIL, signa!!y fail, IN the accomplishment
Of the great purposes contemplated III lis establishment
Whenever the day Of na! relief arrives the day winch
will bring with il III, blessings nf sound currency, a
uniform stable standard ct value, and L'srnthranent
from the bondage debt, there viii remain not The
shadow Of doubt 10 what the true means o relief
NAV la I've been Tine wl prove those means I" nave
been happy change in the moral habits OF the people
change of habits Of HITaragance, prndigav, iuxu
rv and their r-.at attendant levers financial auack
cry and fraud TOR The simple but high aud noble rr
tues o ccnnnmy honest labor, irngalty and industry
This bank, If il may not Itself have Numbered upon
the shadows and rocks that lie ahwart It's path, ana
thus post poncd the period OF final deiiverance ana IT.
berty will still be regarded having performed an IN
considerable If not unworthy part in the great reform
The productive energies OF the country, 9udallng
debt at home and abroad pouring into foreign markets
The rich fruits Of our labor and yielding in return full
stock Of the precious metals, by which alone tie cur
rcncy can be restored and the regular operations ct
trade and business promoted 10 prosperous acinn MI
be acknowledged and regarded as having afforded lie
ouIy substantial means o. relief
But Sir, lie. US take little nearer we" o' The opera,
,inns Of this bank as regards ihfr connrSi"n with ana
hearing upon the currency. The History oi the ia'r
Bank Of the IT, $, whose capital was S.'ouoV,ooo' WI
material y aid us in this view | find III the same d."
cument 10 which have already ref'rred the following
table, exhibiting annual statements Of the condition Of
that bank from the year 1917 10 the year io4o the her
last Of which years embraced within the PERIOD o.
its recharter by the State of Pennsylvania: