Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-03-11
RICH MOND WING.
FRIDAY aoRnINo. aARcuII.
ME REsUMPTIoN QUESTION.

/ HE tNESOMiitON NSOtSIION.
We have frequently avowed an entire willingness,
to leave this subject to the disposal OF the Loco
Foco Party. We Iepea, that willingness. They
may eoereo immediate, or a distant resumption
or no resumption at all, compel the Banks to &c
into instant iiquida,ion-as to them may seem bes,
We give them carte blanche. But it i, manifest
that they intend to take such violent measure,
against the Banks, they led the world to believe
This has been proven on several occasions. Frs,
in the early part of the session, when the penalties
were suspended. Again lin the Democratic Couven.
ton-~hen it was announced that they would no,
submit, to an earlier resumption than August
Again in the columns of the Enquirer psssim- and
again in the Senate last Saturday-when only Of
the party could be made, by all the appliances re-
sorted to, to 60 for an early resumption.
Astho Loeos have thus distinctly declared their de-
termination adhere their professions We have
no hesitation TO express briefly the views which we
entertain. The idea OF fixing day for resump tion
within the current year, is ridiculous and prepos
terousunless the Object be to close the Banks-and
in that event, the earliest day possible woud be
the hest. The Banks should be wound up forth.
with, and their debts put in q train Of liquidation.
But If this be not eontemp ated-if the welfare or
tho people well the banks is to be considered
time must be allowed. Ii those who owe the
Banks would pay up, these institutions would ask
for no indulgence. They would resume forthwith.
But here lies the difficulty. The Banks cannot
collect their debts without Increasing the rressure
among the people-already distressed to the extent
OF human endurance. II the Legislature require
the Banks to resume on a certain day, say August
November or January-what would bo the effect
upon the community The Banks would. as they
should do, begin Immediately to curiai, in order to
ee ready 20 resume at the time fixed. This process
must necessarily still farther contract the currency
and, consequently, agsravSte the public distress
Can the Representatives ofthe people content them
selves with giving such relief as this, when the cries
OF distress are coming up from all quarters-nnL
from many sections demands arc heard for A lew TO
stay all ,Nccutions1
And what good is TO result 10 the neonle and
State from an carly and coerced resump,ion1-
What Nre the evils, under existing circumstances
OF continued suspension Of specie payments7
The Banks are known 10 be solvent--at least so a
Loco Foeo Committee OF the Senate, who have
been investigating their condition the whole session,
have reported. No one complains that their notes
are not good, within the limits Of the State They
are not depIeciated-not over .abundant-they will
pay debts, and buy property, Of yore There
Is no complaint on this score, except among the
Merchants. who have to pay northern debts In
the country the objection is that the Bank paper
IS not Gooi-but that there is very little in circua
ton. This is the grievanceit is the seareiiv. not
the quality Of the money, which causes the distress
and outcry.
Ii this be so,-and the experience of every man
will testify 10 its TRUTH what course in view of the
embellishments of the people, should the I.eeisla
ture adopt Surely they should cherish and
strengthen these nstitu:ions-which are so init.
maiely connected with the welfare Of the people
and the credit of the Commonwealth-unlil such
time the productive industry Of the country can
be bought into play TO give oifecual relief both to
the people and tie Banks. To this end without
perpeiratng the folly Of fixing day-io be post
poned 10y the next Lesislature-let the Legislature
impose such conditions will insure the continued
solvency Of the Banks, and authorize them TO issue
small notes, for limited period, redeemable in
specie where issued. This done, the crops OF two
years will dsenthrall the Siate-nnd we shall con
tinue free OF debt, If we can. in the meantime.
adopt some system to prevent the abstraction OF
our specie, in exchange for silks, wines and other
foreign luxurics.
ious to the administrations Of mere partisans and
dem1gogues-but, on our part, they are dictated
solely by sense OF what is due to an embarrass-
Cd people and the true interests and dignity of the
Commonwealth. We are fallen upon times, when,
instead OF seeking to destroy institutions, VIC should
cherish every one, with assduous care, which may
be rendered subservient to the public veal. We
are fallen upon times sadly out Of joint, in conse.
querce Of "a long continued system Of mschievous
public policy, and when the people need every
assistance, which Government can supply, TO repair
the mischief of It's own hands. We are fallen upon
times, when the Federal Government, by the cor.
rupt eHertion of its patronage, threatens to ingulG
State sovereignty, and reduce the independent
States Of the confederacy to a condition Of beg
carly vassalage. Under these circumstances. We
cannot perceive how the people can be benefted
by the destruction OF those institutions, upon which
they must mainly rely for whatever relief thew
may hope for in their disiresses. AS State Rights
men, we cannot imagine, how the sovereignty of
the Commonwealth is to be upheld and strengthen
ed by impuring her revenues and diminishing her
resources through the prostration Of Ter most i'm
portant institutions.