Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-03-24

80 hc IN say that these things would continue
and occur in other places; hut one OF three lungs
L- regarded settled and must happen-lhe bahLs
must either resume, 20 into liquidation, OF Ut
torcsd Ia meet and comply with their oniieal'ons'
They had their choice. Mr. IL. here read from 'he
ENQUIRER AN account of gathering Of the people IN
Baumore from which, II appeared, mere hou oeen
large pubic meetings ia MOnument Square Tor seEeral
evenings and such the excitement, that the mayor
of the city had though, proper TO address the crowa
The result, of these meetings was, t'at committee OF
two hundred deputed TO VISIT Tue seat VI
Government, and present petition Tor SPEEDY re-
sumption. This imposing reputation had tue aesreu
and the tardy Legislature were reused TO sense
of their duty. They very passed bill ior re-
SUMPTION of specie payments, on the tst day OF May,
which, Judging from the delay in the Legislature,
would not lave been done but for THIS movement VI
an excited aud indignant community.
Here then, Sad MIR. IT,, the moving cause 81 inc
resutno,ion The Banks would not have volunteered
10 resume had they not ioreseen the storm wncl
was gathering thick around them, There was
MONT Of suffering beyond winch human chau'a"oe
could not go and which the people would not submit
to IN silence The same spirit OF resistance TO oppFes-
sion winch animated the colonies before the heVoiu'
the same feeling that threw the lea overheard at
Boston will always manifest itself whenever oppTes-
sion rears It's hideous front When cheated ana OPP
pressed the of the people will rise above ana run
over the law regardless oi consequences IL USELESS
ia arrue arainst obs We all agree I" The eviiS re-
suliinr from them bat the best remedy 10 preVen'
them to redress the grievances oil "h'ch TIE Pe"Pe
Justly complain. 1t is useless to talk TO mon ABOUT
law, when they know you are grinding '"eh 70 Tue
dust with butlens and expressions, political ana pf-
vate Il is idle to talk about order and reason, wheh
you pay honest industry and laborious toll WIN what
YOU call money to-day but which, tonorfo" ucc"ihes
vile and useless trash. Much The spirit oi riois is
10 be Deprecated vet beneficial results sometimes en-
she Mr. H. trusted that such spiri would become
necessary IN Virginia but should take warning
from other places, and guard against similar eVs Eete
Mr. H. sad the Legislature ought TO be satisfied oy
this time that tho present stale oil things shooiu NO. w
allowed 10 continue much longer--,ha II was UNJUST
and tyrannca lie knew it was SAID that The dslreSses
Of the country would be augmented, II the Banks were
compel!ed TO distress the merchants by collecting OF
them. II was sad that the Banks having oppressed
the large merchants they IN hcir turn woulu Cypress
the saer and thus, in order, would grind the people
L, was ihu5 coniessey good while before the people
were TO be reached They all declared great attach
inent the dear people, and admitted Inc pressure
would reach them for some time, even without 'He
AID OF u stay law. Nos, 50 Tar from the businesses oil
the county being increased by resumpton, he be-
iieved that such course adopted by The Banks
would be q; service To the community. Confidence
would revive aud business become more bilsk and
nro,pernus The present state OF tnings was caieHy
WING 10 the want Of confidence prevailing III reia
ton 10 these corporations. The people waiting
10 see the end Satisfied that the Banks were able
and wiling 10 redeem their obligations, confidence
would revive their part Were resumption 10 lake
pac., i, woud be positive reef, IN has opinlon Tor
specie would suddenly from It's hiding places and
added To The amount IN circulation, would i"ril
sufficient medium Of circulation and basis Tor the issue
OF recee.nable paper. Mir IL. SAID the amount OF mo-
ney IN cifcniai:1n great as 1t was 5 years
since Notwithstanding all at sad about decrease
Eren were true I1l lIe quantity had essened what
did Il argue, Undoubtedly, tcaat n eondehee; aud
without resumption II coulu be restored ms
never could be until the Banks changed their course
Their advocates m'abt call on the people TO have con
Gdrnce ia tiiein much they pleased; but 1t would
no, do1hc people would say To the Banks ''be honest
first and then we will have confidence III you.
MIR H. asked, there any reason Tor longer sus-
,en,ior Of specr payment: Why postpone resumption
LONGER than the ls May: lie had endeavofed 10 seek
the reasons bat found none It'd, "ere al ali satisfactory
He belize we'd, however, that one OF the most prominent
reasons assigned was fear that the holders OF stock
could no. receive their dividends. Now, he thought
they should not regard the loss Of one or two per cent
nor did c believe ;hlt the Directors were acluated en-
tlrcy by regard for tie interest OF the stockholders
He had however, found lii The tables exhibiting the
condition OF the Banks, strong reason Tor the opros-
lion which was manifested by them to resumption
He found ,ha; the cGieerS Of the Banks owed directly
the SUN o; S9 GOO Now, if heavy curla'l were or
dered, this would fall upon them as well az other
debtors. For his part, lie thought the cuFeal
should be commenced with the officers, and each one
forced to pay the las, dollar. Whilst he was thus
soeakinp OF the indebtedness of the bank officers, he
took pleasure xceping the Exchange Bank, where
the officers not allowed TO borrow at all n reia
lion 10 The others he could some reason tor non
resumption 1t not the dear lcop!c but MtmsfireS
their own dear scivcs-who were TO be borne down
by resumption.
There was another class, said Mr. H., whose inter
es, was affected by resumption oe resumption
The Dteetors Their aggregate d'rCct Indebtedness 10
the Banks without regard TO firms amounted to S1'3,
600 Having borrowed thus much, these men know
that the cuftarnent wonld fall heavily upon them
selves The amount Of their debts Ia The Banks which
they manage, incinding all their abites lie had no
doubt was than 81 00e000 Tor the directors were
often engaged in firms, and their responsibility very
larre senGnrscrs He believed That when the question
arose these managers should not be allowed further in
diligence As present conducted, many OF the banks
instead Of having directors Interested IN their own be-
half owners, have men who are often only nominal
stockholders who own just enough stock TO be ell
.hle--5 shares. They go INTO the Directory not 10
Inauare the bank bat 10 borrow for themselves This
state Of things said Mr. H., would always exist, so long
as the money borr0tcerS have the management OF the
banks.
There was another subject which he alluded to with
regret. because Ii was delicate one III might, now
ever have some influence upun this question. lie was
sorry to have 10 state that many members of the Le-
gsa,ure indebted to the Banks From the reports
made the Bank Committee, appears that there are
about ffy members of the Legislature indebted to the
Banks and The amount due reaches the sum OF SILL,
coo II presents fact of graveyard serious considera-
ton. He would not mpugn the motives OF any but
rs this was the fact, he thought ii incumbent on these
gentlemen to examine themselves calmly and tho
roughly they consented 10 further continuance OF
suspension, He thought they should all consider and
weigh every circumstance well, before they gave votes
which might sub ect themselves 10 the mpuiaton OF
having acted from interested motives
Mr. II. repeated what he bad said in relation 10 The
necessity OF further Indulgence 10 the Banks. Some
o: them stated that they only asked Tor the ccopea-
ton OF the Northern Institutions 10 enable them 10
IT a
the argument that our Banks could not resume, Tell TO
the ground. What would the constituents OF gentle
men say them when they returned and told them OF
their PERMISSION 10 Banks 10 continue in their
pended condition after the Northern Banks shall have
resumed' 1t might be that few would approve oil
their course but so far his observation extended,
where one man could Re found who sustained sIspsn.
sion, there were ten who said "resun,e and give
good currency.
The efiec, os resumption might be 10 cause few