Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-03-23
RICHMOND WING.
'EDSEspAr noRNINo. MARCH ~
TIE DISTRESS OF THE PEOPLE

Il
THE DISTRESS OF THE PEOPLE.
The annexed letters will convey some notion o
inc entertainments Of the PEOPLE, aud the view,
hey entertain with respect to the course, which
wisdom and policy dictate, that the Legislator,
should pursue. The FIRST comes from jealous anc
prominent Democrat-and was written to De
moerate Member OF the House Of Delcsates-bu
o' reasons not necessary to be detailed here il Wa
no' seni-Ihe other is the production cfa whig
ihey both concur on the main poin,-,he mod,
ana measure Of relief, which the Legislature shoulc
auopt The relief, which they propose, is the same
which we have more than once recommended. and
which every days experience more fully eonxipc,
us, is imperousy demanded by the interests of IN,
people and the State. The present bank bill car
give relief neither TO the Banks nor the people, and
oil II and its consequences. we wash our hands
There is yet time for the Legislature by postpon.
ing this bal and introducing another of half dozen
lines, TO administer that comfort to q bruized md
afflicted people, which they so greatly need;-and
that too, without resoT,ng to stay law, and there.
by shaking to its centre the fabric Of commercial
credit.
MARcu 18Th, 1912.
Dear -: The peculiar condition OF public
affairs may we'll excuse a private individual in
| Csncctnlsv
one who holds n situation like yours; and whose
course must determine much, either of good or in,
10 the country. You must look, therefore TO these
considerations for an apology for me in addressing
\ you this note.
| have been, rs You may know. steady onno
nent OF the Banking system as nt present
and hnd nothing in the existing state of affairs %
ehanse my opinions iniregard TO it on the contra
~, every tnlng to strengthen and confirm the i'm.
press'ons which have heretofore entertained
| wc nod IL -
uin RESUMPTION, should specie payments be attemp,-
eu.oy 'he blnksf Nothing is moro certain in my
OPINION, than that another suspension must rapidly
follow resumption. The interest on the fnre;,y
ueo' alone, 10 take no notice Of domestic indebted.
ness, viii ensutc this result in less than ,welvc
/ months. IL seems TO me Impossible In r,,;n,a;
specie payments in the present condition of ,bs
! public finances and the public credit III -
action OF the Legislatures of Pennsvlv,n;. ~,
Maryland, so FAR from indicating nv convic,ion n
their part, Of the policy of resumption or Tho ,I;I;
" Of the Banks TO maintain il, is rather proof f
the contrary. The foreign demand for .pecie ,nJ
/ the difficulty IN the collection OF their Southern
debts, nre the true OF th. course of M c,
New York, Boston, Philadelphia and Il ltimore nTc
the great settling POINTS OF the Union and on then,
primarily must fall the weight Of the foreign de
| mnnd. The Banks OF the two former cities are
drained nearly TO the last point OF stuff. rapee..nJ
MIR Applcton's letter TO the Baltimore Banks ron.
iaIns, in ITSELF proof Of this. His earnest counsel
TO resume IN the two latter cities sprinss from n
must exert on the Legislature Of VIRGINIA and the
course Of the Southern Banks generally Tbe o.
lect Of the advice, and of the uuick nnovem.r,.
consequent on II, Is 10 open the vault. of the Souh
etn Banks IN order 10 replenish their own. Ofthis,
feel the fullest conviction. The aid they NAV oh
tain from this source will, perhaps enable then, "a
maintain payments for some time but al what COS,
TO Us! Already have we realized all the evils oS
the Banking system without any of its benefits
for what have the Southern Banks been beretof,,r.
but mere agents of the North, TO collect and Cor
ward on 10 New York every dollar of our specic
funds arising from all our exported siaples1 Th.y
have drained us IN order to supply New York md
the North with the means of keepins nm tbc;, 49,,
nopoly. And now, when, for the frs, time. an
occasion is providentally offered TO us To seru,e
some permanent advantage IN return for m,ov md
grcvous miSchieis-and 10 relieve ourselves c,o,,
the thraldom OF Northern capitalists forever, shall
we lose the golden opportunity, and thus doom
ourselves, by our own indiscfotion To nerns,,,ai
vassalagol II the Banks do not resume their Is
sues must still further decline in the Northern c,;o,
BE It so-That IS the only means Of securing cur
independence. The present crop will nav. and
more than paw, our domestic debt TO the NORTH
This will make us free; and the depreciation of our
paper will prevent merchants from binding tbe
State hand and foot TO New York. Already we
may observe the effects Of the present state Of ex
change-but two merchants from this toyn bovo
gone TO the North for Spring supplies-nnd
their purchases must be small. Leave The R,nks
IN their present state, and in less than 10 months
our Cotton and Tobacco will bring goods immel n;
ntely from England, France, and Germany. 70 our
own shores. We shall open, by necessity, a direct
trade; and secure ourselves not only AGAINST min
ous state OF domestic exchange but turn the tide
against those who have So long enioycd the mower
oil seulng It's par as II pleased them. II we can
secure this great blessii 2 the noxious system of
banking will bring us, finally, some condensation
for the many evils we have suffered under il,
In my humble judgement, now Is the time. or
never TO set up for ourselves as Importers. Lose
me occason-thls "ude In our affairs"-nnd our
whole lives must be bound in shaowsn know
we'll the party connections OF Js subiect-but men
Ike you should act as statesmen and not as parti
sans Great must be the distress produced by an
attempt TO resume; and the only result Of the mea.
sure will be but To strengthen the Northern Banks
at our expense. They are the creditor section. ard
we the deb'or-nnd itrequires slight know ledge of
human affairs to determine that the same course Of
policy vii! not be apt TO result to the advantage of
both.
see that Or Bfockenbroueh and Mr. M.cf,r-
land speak OF about one or two hundred thousand
OF dollars as the probable amount of our circula.
ton IN Baltimore and Philadelphia. This NAV be
so-but Of the entire circulation Of the Banks of
the State, am persuaded, from inquiries made Of
Lawyers and SHERIFF., in various sections that moi
one half can be found in the limits OF Virgnia-and
the balance, no matter where now floating, will
concentrate in Baltimore, Philadelphia, and New
ork' and come back upon US for redemption 10 |
thtee months from the time OF resumption
Viewing the subject in every way and in nil its |
connections and relations, it seems TO me hishlv in
eHpedlent TO designate any day or period for re- |
sumption. Our true interest is 10 lold Off for the
present, and wait for events Twelve month, |
hence we shall know mora-shall see what direc
ton things take-and bo nbe to act with more
wisdom and prudence At present I reg,rd re-
sumption as the most disastrous policy we could
adopt; and in this opinion believe speak tie
sentiments of every thoughtful Democrat in this
sec ion.
You are in the centre Of business, and NAV nos
sess moie lights than reach me- | have, however
veniured the expression Of these views with n
running pen-nnd trust you will regard them !. |
intended for the best address them TO Won ftbo,
with very slight persona ncqusintancc) rs one |
holding prominent pace in the Legislature. and |
m the public eye. Upon your own course mnv
depend the hnal decision Of the question;-nnd / |
should rejoice, on account Of the Party and he |
State, generally, If these views meet your concur
renee.
In hastc, am, with high respect and regard, |
your oft servant.
(IoG Member Of tie Lsgisiafurs)
LISoHsURG, March 18th, 1912.
Dear ---, have Just seen with painful regret
The determination OF the Legislature, TO coerce The
Banks into resumption Of specie payments the |
81 OF November. IL is hard and severe blow |
inflicted upOn tho Deoule Nv their rl,o,.n ,,r...