Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-02-19


The class of debts due to this Bank, which il smost
desirable 10 call in, is the old accommodation debt
and this, curtailment Of five per cent every sixty
DAYS commencing the first of April next, and con-
tinuing until each debt shall be full paid OIL has been
already ordered by the Board of Directors. But in adj
dtion to this curtulment Of the accommodation notes,
fear that the decline of public confidence will force
the banks 10 contract their business in other respects,
and discount commercial paper more sparngly when.
ever another resumption ia attempted The exact
rate and intervals reduction must be governed so
much By the state Of things AT the time, that shonid
he loss 10 suggest in anticipation any precise rule
With proportion Of specie on hand much larger than
the banks found il necessary to hold during cash pay
men,s in former years, the present panic serves to
slew that whilst public confidence is 50 much weak
ened, they will lie unable 10 sustain circulation
much exceeding their immediate cash resources
Until their investments shall be sufficiently realized
10 exhibit such condition, doubt if our banks will
command the public faith in the permanency OF their re-
sumption Desirable as a return to specie payments
may be; essential il is at all times to wholesome
commerce, and to udicous banking and indispensable
us believe il will soon become 10 The preservation OF
the banking SYSTEM believe it may be- as it has BEEN
retarded by too great hast6
With limited lmportations by our merchants prop-
tious for planters, and prudent admins
traton of The banks, ability for permanent resump
ton may be established by the of the present
year. Whether it is better 10 await the realization of
these results 10 act in anticipation, those who to
dispose oil The SUBJECT VIII no DOUBT duly and wisely
consider.
To enable the banks of n. York TO sustain resump-
tion il will be remembered that the commercial press
ure in that city for time runous 10 many but
severe as the remedy was reaction and revival ensued
after the banks established their position in the public
confidence. We have 10 believe that an i'm
mediate cure be effected in system without 81
mar process of depleton-the only hope is, that the
remedy can be administered will equal by al.
lowing time for preparation 10 those upon whom
| il is 10 operate
| S. Answer 10 the eighth Interrosatory
The radical change IN present system Of Banks,
suggested by this nerrogaory, would perhaps be found
impructicabe at this time Whilst would give TO the
State more equal currency Especially during specie
payments) by making all our notes convertible at &c
cessbs points, it could only be accomplished by giving
greater central power and RESTRAINT than is
cised by The parent Banks The business of their
branches This change might possibly be introduced
into our present system, without objection, By conf
ming i, to notes Of the larger denominations The prn
cpe here suggested, has been bsnefciay practised ir
the New England States, under system Of indepen
dent Banks. Very respectfully submitted.
J. w PEGRAM.
(The statements showing the specie and c'Fculsl;cr