Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-09-12
RICHMOND WING.
MONDAY MORNING. sErrEMnER IA
BANK RESUMPTION,

MONDAY MORNING. sErTEMBER "a.
BANK RESUMPTION.
In few days, the Banks of this commonwealth
resume the payment OF specie for all their oblsa-
tons. They have been preparing FOR the event
and VIC presume they will maintain themselves
without difficulty. This. We had supposed possible
from the beginning. Blu, at wLa, a fearful COS, to
the people OF the State do these institutions sustain
themselves in this posiIionl At what sacrifice OF
Individual happiness, and the general prosperity
We venture TO affirm, that nj no period OF the his
tory Of Virginia. since the peace Of 80, has there
been the same wide spread and intense pecuniary
suffering among the people, as at the present mo
ment. In many parts OF the State, property does
not command one-tenth Of the price, which ], did
eighteen months or two years ago. 10 the South
western COUNTESS mules and horses sell at from So
TO $40 piecs-and other property at the same rate
IL can readily be imagined what sacrifices are in
eurred-what ruin is brought upon the maw-by
the sale Of property At these reduced prices. All
who are in debt-and these unfortunately embrace
large majority of tha community, fall prey to the
sharpers-they are swept OF their al-and still left
in debt, with no loop.hole for escape save through
the agency of that law odious TO the self styled
Democraey-,hc Bankrupt Act.
We predicted this state OF things las, winter
and then demonstrated most earnestly agans.
a premature and forced resumption Of specie
payments. We saw that the People were not pre-.
pared to pay their deb,s-thatt there not enough
money in circulation then; and we foresaw, what
ought to have been palpable to every man Of com
mon sagaci,y, that the Banks could not resume
without reducing the amount Of money in circula-
ton, and still farther expressing the people, already
oppressed to the extremity of endurance. We
urged that sound policy regards our State iui-
provemen,s, but still more the embarrassed eondi.
ton Of the people, demanded an expansion rather
than contraction Of the currency, and consequent
indefinite suspension, under guards and res.rie-
tons. No one then complained that there was too
much money-or that the money was bad. The
cry was already heard OF hard times and scarcity OF
money-and many petitions presented to the
Legislature stay the execution of the law for the
collection of debts.
Other counsels prevaied-the plain md indispu-
table dictates Of common sense were disresarded
"Down with the Banks"-was the cry Of the poll
ticians-and the Loco Foco sases such SUI
preme fools as think they would give relief TO the
people by requiring the odious institutions TO drain
them Of their last cent. This was their wisdom.
They would surrender an impoverished people to
the tender mercies Of the Banks, and require those
souless corporations TO fleece them, under the pc
nalty of instant destruction. There was no alter
native for the Banks Their existence was at stake.
They could only sustain themselves by pressing
their deb,ors-the people were those debIors-and
they have been pretty nearly gtound into powder
to crafty the policy OF Loco Foco potciins.n
Under ordinary circumstances, We would not re-
lax the full rigor OF the law towards suspending
banks. Itshoud be an immutable rule-a part and
parcel Of the Constitution, that whenever bank
ceased to meet its obligations in specie. i, should
cease to exist. But we now and have been, for
some time, in peculiar and extraordinary state.
The Banks were seduced from the legitimate sphere
OF their operations by the jackson Reformers, when
they promised US better currency and better times
and they were urged into such line of conduct by
the Government, TO hold out irresistible tempta-
lions 10 the people to exlravag,nce, speculation,
over-trading, and general Indebtedness. The ex
tensive mischief thus inflicted upon the country
could not be remedied in a day. Time and healing
measures were necessary TO minister relief Blu, the
Party, whose madness precptated the evil upon us,
still had the power and disposition to proong and
aggravate our disiresses They did exert tina,
power and disposition, and We are now reapng the
bitter fruits.
The Banks will resume, and they will maintain
resumption, il il breaks every man in the Common.
wealth. Great distress ha, been necessarily coca
stoned by the preparations for resumption and
continued suffering must be the consequence OF the
precautions necessary to maintain it.