Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-13

shsocta asoessiiy Of alin2 tasir arsange by
given day. Mr.. Ruin seoms Hing 10 ALLOW them
nine months n.orcWe would not permit them to pass
beyond the st of October which would be only eight
months more from the lst Of January This is the day,
which some of Tie most decided Resumption Demo
Gratis IN the House willing to adopt-and we
chcertu'!y JOIN hands with them upon the proposition.
we think SO necessary 10 understand each other upon
this point, that the Democratic Convention nt
the I'd February will take the matter up and adopt It
as part OF their proceedings. Let rs have resumption
before the next session Of the LegIslanreand teach
the Banks, the Acting Governor has SAID, that after
the present session U c General Assembly, they have
no further Indulgence" 10 expect.
We adopt, therefore, this basis of compromise and OF
action-and we respectfully urge upon all our friends
Governor Porter his admirable message proposes The
lst of June TO the Legislature OF Pennsyva their
day OF Resumption. So much the better for us! Some
Of the Legislators of Maryland propose earlier day
for her-bnt very predetermined whether she will
| accede to IT.
One proposition is indeed clear-,hat until the State
Banks resume, we shall have stable currency, and
no uniform exchanges. Independently, therefore, oil
the moral and legal obligations which urge Resumption
upon them, it becomes the interest OF all the States
that il should be brought about promptly as prac
ticable But it canno, be effected this very instant
We have got our hand in the lions mouth, and we
must get il out rs gently as possible The whole coun.
try has riot Conscious Of the immense
Of this new and teemiEg country, and OF the value oil
our vast quantities of unoccuped Western lands,
have abused our resources. Our unb"unded spirit
of enterprise has betrayed us into speculations and
schemes Of all sorts, thai have surpassed even our won
derful means. The young giant has ovss-tasked his
powers. We have oper.traded and orer-banked, and
erer- done almost every thing we have undertaken
We have attempted TO fly into airy regions, instead of
walking upon the solid earth. The States themselves
have been seized with magnificent ideas, and have not
been able 10 their precocious schemes of Inter
nal Improvement They have contracted enormous
debt of more than two hnndred mons-whch calls
for at least twelve millions OF specie funds to be
shipped abroad every gear, for the purpose OF dis
/ charpno the interest. Worse still A Few of them
seem unable to pay their in,erest--and hence, some
worthy persons even apprehend, here and there,
the irishtul doctrine OF spunging honest debts
hy reputation. Whatever be the course of one
or two States, whose agents may have slumeully
abused their trusts the solemn duty of every
State in this Union 10 pay her just and honest debts
II becomes the duty Of New York, Of Pennsylvania of
MARYLAND of Virginia, 10 declare in form other
!, their determination reg'ously 10 comply with their
obligations and we trust that the Democratic Con.
yeniion OF the ID of February will adopt the doctrine
as one of Ike articles Of their political faith
But must shun the rock upon WHICH we have
hitherto stranded. We nust reform every Ang quite
We must again and continually recoec that industry
and economy the two great pillars Of private
we'll as public prosperlty--and that he who will accu
mulae the means OF paSls his debts and Of increasing
his comforts must make IS much as he can, and SAGE
as much as he can There Is no Royal road TO Mathe-
mates There is other way Of overcoming pre-
sent EMBELLISHMENTS, aud improving our unparalleled
! advantages.
Above all, the prcscnl lank'ng system iswrong and
is rotten throughout rs must reform 1t altogether
We must establish no new Bank, until the existing In
stitutions have developed their condition. and about
TO pass of the stage OF existence Do not hear Of
movement towards small Bank (say $780, OOUl al
Scottsville; We trust The Legislature ill repudatc
al such notions Every man, who now comes for
ward with new Bank, should be compelled 10 come
with rope round ms neck, the law OF SCION requr
ed of every Aihenian who proposes any change in his
| laws With all our respect for the citizens Of SCOTS
ville-with every confidence in the resources OF that
rising viage-with every disposition, IN the proper
time improve her admirable route TO Stanton, we
would refuse her, under present circumstances,
n paper shop But when we shall hereafter
way with our present institutions then, il we do csta
b!;sli any other Bank at all, at any point It must be
upon PRINCIPLES essentially different ir"m those
which our St,tes have hitherto acted We FAUST adopt
VIM H. Roane's maxim: We must cut all connec-
Bank and Church. We must adopt every guard and re-
strciion which mature reflection and longcr exper :
ence shall show to be necessary to prevent abuses All
small notes must be abolished. For own part,
would have notes under 800. Be our inaSim gold
and SILVER, Tor the common circulation OF the people,
and LARGE notes for the convenience of commerce.
Sos,rongly arc;we disposed u carry out opinions
on this SUBJECT that wiling TO extend The resrlc
tons I'm posed by the fathers Of the Constitution, upon
bills of credit. We willing 10 amend the CoEsttu.
,ion if any good arise from such provislon
10 prohibit the States from permitting the direct or in
direct issue Of any Bank notes. any paper money,
but undc. the severes restrictions, and under stpu-
lated amount Rather than sec the present system pre-
vainr, and INJECTING the whole moral a;inos pherc
would prohibit them from any species OF issue Of paper
money altogether.