Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-02-26
COMMUNICATIONS.
TO JOEL HoLLEMAN. ESQ

As you are the acknowledged leader of the Re
sumption party our Legislature, I shall use the
freedom to address you the following queries and
remarks;
Why Is this eager aud inecssant cry for the re.
sumption Of sp Gle payments by our Binks1 Have
you counted the cost or are you Ignorant OF the
true aud position OF thinssl Does the ntorts,
OF tho People OF Virginia require reSump,onl
answer, emphntieally, tina, il does not. Our Bank
notes answ TO us all the legitimate ends Of money
We can pay our taxes-pay our debts, and buy
any thing may need with them; and none but
money dealers heartleSs creditors, and the North
ern Banks can profit by resumption; every other
interest, without exception, mast suffer.
Whe.ee originated this cryi From New York
whose commanding commercial position, her esisla-
tors and merchants thought, would enable her TO
maintain cash payments against the who'e world.
Their first object WAS To drain toe South aud
West oftheir speeie-crppe their Banks, and there
Ivy establish the money supremacy of New York
over the whole Southern ami Western country. SO
long as these Banks were &C ting specie or its
equivalent, from the South and West, they stood
well but change has come over them, and still
greater chlnge h. hard by. Ca the Ist January
ISL. they reported about S7,cOOO0O in coin; and
on the LIST January, 1912, only So 50O. OOO-a loss
OF one half IN IL months. The amount of duties 10
6o paid in the City OF New York by the Is OF
August. will require than all the specie they
now havei aud II premature resumption is not
forced on the Southern b nlSs. there will be no
source from which the New York Banks can re.
plensh their vaults; and Il pre- ssed by note holder.
AMI doposiiors they must suspend and 20 into Il.
QUESTION hence they cry resumption !-resump
tioh,i
When the Philadelphia Banks resumed cish pay.
ments, in January, 1871, near $4,000 GOO, in coin
were taken from that city TO New York increasin,
her coin to about si7 1905, 900. Durins the wear
| ISL, about SO 600 0OO were Skinned from Ney
York, leaving bllaacc Of SS,OO0Oo0; bit on the
- January. 1912, she has but 81, $40, 900. Ifths
Philadelphia Banks had not resumed, what must
nave been the condition Of the New York Banks
before the LIST day OF October las,' New York
made large advances TO Philadelphia, TO induce her
10 resume and then took advantage OF the position
INTO which she aided in decoying her. and Frustrated
su the n'oneyed institutions OF that city, 10 save
those OF her own
Inc balance IN trade, you must bear in mind, is
heaVly against uS-and II You force our Banks TO
resume, You compel an immediate transfer of the
'ehose money pocr OF Virginia 10 the Northern CT
ties, and thereby enable them to ride in victorious
triumph, over the Frustrated interest of your ow n
State, tOr al least two generations TO come Tia,
unprecedented, and still increasing distress peryades
the Commonwealth, no one can deny. Can This
distress be mitigatedi |; can, in two ways; Lei
your hostility TO tie Banks cease--donr compel
Ihem. 10y viudcive legislation 10 distress their debit
ors-lay them under wholesome restrictions, and see
that they comply with them-requre n moderate
eu'iail, every 80 days. on all Old accommodations
especially those OF from TO p years s;anding-and
don't allow them TO contract any more such engage.
vents. IN the second place, pass Stay law. This
admit, that nothing short of m oyerruiins evil moi
otherwise nvodablc, cin Justify
Circumstances often arise, aul think now exist,
under which mercy should stay the hand OF Justice
The present temptation 20 creditors to enrich them.
selves, 10y sacrificing their Debtors is too strong for
the cupiiiY OF our nature TO withstand the one IS
literally subject 10 the other, and must abide his
bidding. There are hundreds who DO not owe ths
nth part OF the valuation OF their pr operty, who,
n forced 20 cash snes must he utterly ruined.-tho
unieellns few will thrive by bringing irrelrevabIe
loss, and rrelievabe distress on the many. Does
not the crisis call aloud for legislative interference
The above IS most respectfully submitted to your
SENEX.