Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-04-28

phshsd before fesamption 10 commented. l can
zee no security ior the Psrmsaensy Of specie pay
ments inasmueh as the balances must constantly be
charged IN specie So long es we buy more an va
lue abroad than we SELL we cannot maintain specie
payments with circulation Of two three dollars
IN paper for one in coin, when Massachusetts from
her economical habits aud well directed industry,
can keep up circulation Of paper with perfect
| safety OF eight for one, simply because she sells
more than she buys. aud her people are satisfied with
| her paper currency for domestic purposes"
Again, the President of the Virginia Bank in n
subsequent letter to the Chairman OF the Commit
tee on BankS-says, among other thinss-"h
might be as reasonable TO suppose that the oih
GERS Of an army should lay down rules Of ae
ton To conduct difficult campaign before they
were aware Of the movements Of the enemy.
| as that the officers Of a bnnk, in the present
crisis OF the monetary and banking affairs OF the
country, should undertake 10 pronounce the man
ner and amount OF curtailments which may under
all circumstances be necessary to commence and
maintain specie payments-that a slow and cont
nued dimnuon OF discounts IS requisite TO tina, end
have already said. and feel assured Of II, bu,
cannot hazard an opinion as TO the quantum, the
periods, or the mode Of making that diminution.-
As to the quantum, We must assertion what reduc
ton our customers can bear, OF we may weaken
rather than strengthen the institution; to the Pc
rods, that must depend on the coming IN and value
OF the crops and the means OF the country TO pay
the town; and to the mode we must be regulated
by the capabiiy of the different classes OF debtors"
Again, he states elsewhere IN this latter commune.
cation: "rhe position take Is this, that until there
IS something approaching equality IN value between
the exports and imports OF the State, especially M
time OF dslrust, there can bc no security for the
maintenance OF specie payments"
The Cashier ., the Bank answers the 9Th
and 71h heterogeneous together Among other
things he SAYS: "rhe balance of debt being now
agains, the Virginia Banks, i, would seem that the
cooperation of the Banks OF Philadel 7hil and Bal
tmore would not furnish with any additional
means of meeting the demands which resumption
would bring" sc. Again: 81 believe that the
Banks OF NlrsiniN will. as measure necessary u
their own credit and uulity, resume whenever those
; Of Pennsylvania. Miryland and North Corolina
, shalt concur" The earliest day at which such
, resumption ought 10 take place, depends events
which cannot iorcsee--l mean tho ability Of the
community 10 meet such demands for their debts as
must he enforced by the banks, in order 10 enable
them 10 maintain resumpuon-to what extent the
country may be prepared COR these payments, eiiher
ncw or alter the Cops Of the approaching season
can ho realized, vour Committee can ms well Judge
as an bank officer" And yet again, "WUh Inn
: ued impori''ions Ivy our merchants, piopitors
seasons Tor our planters. and prudent odmnis;ra-
: ton 81 the BlnkS, cur ability for a permanent re-
sumption may be established by the resources of
the present year. Whether 1t is better to avail, the
teaiza'on oi these results, or 20 act in anticipation.
those who are to dispose OF the subject will, no
Doubt, duly and wisely consider"
The President OF the Farmers Bank, states amor .
o;hcr things which | need not quote. IN answer to
, the sane qlssu'n-"r The quest on. therefore, when
- ih- banks viii oe prepared for specie payments, &c
solves itself mo the question when may the debt du
from the State abroad be expected to be paid -
hence the importance realizing the full proceeds
another crop, IS hearing on resumption Is apparent
a. And, II during the intermediate period the banks
q set themselves steadily to the reduction Of discounts
:, so Is TO diminish The means OF purchasing abroad,
- our next crop may sensh'v relieve the community
=, tom the foreign debt" &c-The Cashier of this
- Bank being absent + ON the Guy did not answer
but hear what the President Of the Branch of ihe
rnn HNWk ut.ru.
j" the Cash Of the Branch, here says upon the sub
- lect-in answer 10 the same inicttoglores-I need
quote at large-Among other things he states ex
: pciily 81 am OF opinion that the cooperation oil
= banks m other States is of material importance
y, m enabling Us to maintain specie payments"
50 much then, Tor the responses Of the Officers OF
the Banks m this Ci;y-let see what others sax
!, the President Of the Exchange Bank at Norfol K
= Tor instance, gentleman fully well entitled TO
ne consulted IN regard TO this subject other cen
y, remen here or elsewhere. hut 10 whom ty some
. unlueky overs ght the Chairman OF the Bank Com
mi,ee failed to address the nerrogatories referred
to, until aer the receipt OF the answers OF of
: the other Banks. The President nnSwers-"I WI 81
could see far enough into the future to answer
your : XIII enquiry with n Just prObahility-I have
heard the opinion expressed, by We informed cor
J respondents with England, that there would he
heavy innovations thence TO this Country in III.
course OF this year; but leaving such negotiations
ana their consequences out Of the case it seems 10
me ihat .he demand Tor specie from abroad, 10 paw
interest on the millions borrowed there and not pro-
hably invested here must Of necessity extend to us
and more especially the Banks Of the neigh bour-
ing States continue suspended or will or cannot
help to supply the demand. sc. e.. $50 far as
THIS bank IS concerned, have doubt THAI il could
resume IN all ITS departments, ct almost any speci-
he time so limited IS its circulation, its discounts
and such from the best information can get the
ability OF rs debtors. But would the effect of such
resumption be beneficial 10 its stockholders or IN
me public I'll would deprive the former Of their
Ind rfaHa|aN IL.
latter; and II permiturey forced to RESUMPTION il
would he better for bO'h that It's charter should he
surrendered" The Cashier Of the same Bank IN
Noriok answers the same queston-"The earliest
day nj winch the Virginia Banks could resume and
MAINTAIN specie payments j, is difficult - name
WIN the co operation OF the Northern Banks day
might he named nj no very distant period other
circumstances coneurring TO render il expedeni;
but the power OF the Banks to diminish their circu.
Iatlpn, VIII m great measure derend the ability
OF their dettors 10 NEE: curtail sufficiently large
10 render resumption safe and permanent. With
out the co operation Of the Northern Banks that
Jay would he more distant, SC.
Sir, ! will 90 no farther. These answers of
Bank Officers certainly DO not sustain the iftimson
OF the gentleman from Isle of Wigh,-that the on;v
alleged motive Tor continued suspension in Virginia
was the fact that the Northern Binks were in a
state of suspension, and that the Officers Of the
Banks concurred IN this idea. Even # IL may be
inferred from some Of the answers that the Bank
oheers believe they can resume when the North.
efn Banks resume, still IL IS but matter Of inference
merely with most Of them, and coupled with vari-
Gus proVisos and limitations and some do no, even
10 their answers, advert far 20 the nterrogatory
as TO discriminate between the time when they can
with SIC cooperation Of the Northern Banks. re
sumo and when they can without it-nnd some OF
them, ns GEM Pegram and Mr. Chskie distinctly
stated did not deem this RESUMPTION Nv Northern
Banks very m1terii', and Mr. STROLLER seem. TO
concur in this opinion.
TO ne Continued
HOYT & CO.'S OFFICE.
uS- Here's a Sweet lrile feIow'u si0l0 C,rt,t