Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-22

lie money, was great and powerful and managed by BID
die and his myrnidons, was as wicRed Us s''."s' an
cxer;ed all her wickedness and all her strength 10 DIS
tress the people and charge upon the Government
in order to force her recit'er. The distress "hoo
was then terrible. II is now contemplate. INC 'hsur
gent banks, upon whose Suspension TIT, os.'ess soh
kept up are verg'ng 10 Their fate An .hsei'ea AM
piundered community are rsins 10 Tue Viha'cadoh
their violated rights. The hand writing IS upon tn
wall and wo TO The recreant bank whch does not per
ceire the fatal revelation.
The cry is distress and the remedy national poui
lice Of lamp. black and rags. THIS is TIE disease, an
this the medicine. Bu, le; US look before we act lie
s analyze the case--examine the pathology Of the dis
ease--,hat is the word, believe, Cooking al Or Linn
who nodded assent and see lis cause and effect, tn
habits and constitution OF the patent and The lnJu
ries he may have suffered. The complaint is, DIS
rRESs. The specifications are, DEPRECATED
CURRENCY ard DERANGED EXCHANGES
The question is where all the Union: not at al
only in the South aud West. All North and East Q
New York is free from distress-the exchanges fair
the currency at par all South and West Of that city thu
distress prevasthc exchanges Gas they are called be
ing deranged and the currency deprecated Nhy
Because, in one quarter-the haPPy qnarer-the banks
paw their debts: in the oher-the distressed quarter
they refuse to pay Here then The cause ana the eeet
This is the ANALYSIS of the case, the discovery OF the
nature and locality Of the disease, and the key 10 1T
cure Make the refractory banks comply with theii
promises and there is end of deprecated paper ant
deranged exchanges and Of all the distress which they
create and that without National Bank or It's base
substitute an Exchequer Bank, or national nstitu
lion Of any kind TO strike paper money Make the DE
lnquent banks pay up, or wind up. And why nol
Why should the insolvent wud up, and the solvent
pay up? Why should not the community know the
good from the bad: Suspension puts all on level ant
the community cannot distinguish between them. Ou
friend Sancho docking at Mr.. Mouton) has proverl
that suits the case De noehe todos los gatos par
dos"
MIR. Mouton: "De mutt tous les chats sont girls.
Mr. Buchanan What is all that
Mr. Benton 1t is this: Our friend, Sancho Panza
Gays that in the dark all the cats are OF one color la
Iaugh.l So of these banks In state OF suspension
they are all OF credit; but as the light oil cahoic
soon discrimna,es the black cats from the white ones
SO would the touch Off bankrupt act speedily show Inc
difference between rotten bank and solvent one
Compelling the banks TO pay would relieve the dis
tresses of the people, and why should they not DC com
neIed, If able 10 paw they should be made to do 1t;
r nn,ble they should be wound up. What is the ex-
cuses No specie circular now-no removal OF the de-
posi,es--no tampering with the currency-no war upon
banks Their friends IN power, and they have eve
nv thing their way. When they stopped payment,
they declared it was not for inability but merely be.
cause others stopped and that they were all ready to 60
on This they said five years ago. (lay, $3.50 and u
ready go then, they must certainly be ready 10
resume now. Then, why do they not DO It SIMPLY
because suits their interest, aud Their polics, no. u
do IL and the masters and do as they please lhey
make money BY resumng and that suits their hte-
rest They make distress by not resumng and that SUITS
their politics. and helps out paper money party IN get
ting national institution established But do mol ask
them 10 resume. ] am against voluntary resumption,
because it implies the right OF voluntary suspension
j am for law; and want corporations, us well US nalS
dnals subjected TO the control OF law.
saw the banks are able to resume, Chose of them
which are not nsolvent and prove It IN many ways
and by undeniabe facts
l. Their own conduct, The fact is they are not in
n state Of SUSPENSION only that term because II
is current phrase designate their actual condition
They are no, in n state of suspension. They only re-
fuse to pay their counters, but pay promptly Al
New York This is notorious. The ialrest OF the
banks do this at their counter, the others through
The fundamentally of affiliated broker. nose
who will take pay IN THIS way, get 1t ready-get II
in specie or specie funds-in an order, called bill oil
exchange-for the gold and silver IN New YORK. lie
only point is you have to pay five or Ten per cent
for being made to take this money where you do not
want il; and being refused it where you have right
TO receive il, In this way the banks pay freely and eve
~ body knows it. In this way, they have paid out
more specie and specie funds III the last hVe years
since the commencement OF the suspension IN lo5i
than in any other five years OF their existence and
this the Legislature OF any State verify by an exa
minatioa that pleases. 10 do thus, the banks collect
every dollar they squeeze out al the people, ana
shin il to New York whence proceeds directly to Eng
land Instead Of paying specie to the people, they col
ect il from them Instead Of paying at their COUNTER
they nav It in New York. Instead OF retaining 1t IN
their country, they send 1t 10 England and III TINS
way the sum of So, 4l7,770 has been shipped from
The country for the benefit of the English, while the
people here are deprived Of pcayunes for the market
But we have two dsiresses; one OF the people, and
one Of the Government Bank resumption VIII reiieve
the people: but what will relieve the Government:
It's disease is not bad money, and bad exchanges; ou'
no money-no exchanges-no credit What Will re-
l;eye its distress. And this imposes the inquiry into
The cause of this distress What caused IL answer,
extravaganza and folly The Extra Session which cost
half million: the appropriations OF that session, oui
millions and half: the new lands withheld rom
market during the whole year, to the great loss OF the
Treasury and equal benefit TO the spectators IN 1850
who became sellers in the absence OF new sales: the
repeal Of the Independent Treasury the hard money
clause Of wchwoud have saved them IRON The disgrace
of making Government payments IN deprecated paper
These measures and other exiravagances, brought on
their distress: relieve H. repeal the land bill, bring
the ne land into Market restore hard money pay
practise half the economy which they promised; ano
give up their notion of converting the Government IN
10 paper money machine, and degrading II to the mi
SCRABBLE pursuits Of banking and brokerage This is the
relief for the Government, and ! can INFORM It's con
ductors that unless they adopt common sense remedies
like these their Distress great as Is, will be lar great
er before il is less.
uniform value, and universal circuation this IS ~ha
they demand, and call upon Congress TO give ~
meaning all the while national currency oil paper mo
ney. deny the power OF Congress 10 give y, ant
in the Constitution, nor any word which Gun be mod
to signify paper money. Coin is the only thing men
toned in that instrument and the only power OF Con
eress over is 10 regulate lis value 1t IS an intepo
1aton and violation oftrulh to say that the Cons''tu
lion authorizes Congress regulate the value OF pape
money. or to create paper money. 1t is calumn
upon The Constitution to say any such thing; and def
the whole phalanx of the paper money party to produc
one word in that instrument to justify their 'mputa
lion Coin and not paper, is the thing to be regulated
coin, and not paper, is the currency mentioned an
intended and this coin it is the duty OF Congress
preserve, instead of banishng from circulation Pa
per banshes coin; and by creating, or encouraging pa
per. Congress commits double violation of the Con
stitpton first, by favoring thing which the Cons,
tuition condemns and, secondly, by destroying IN
thing which it meant preserve But the paper none
party suy there not gold and silver enough IN IN
world 10 answer the purposes of currency and
therefore they must have paper answer, if this wa
true we must first alter Constitution before we ca
create, or adopt paper money. But it is not true III