Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-03-24

want OF confidence, throws against us balance,
wli'ch may be called balance Of credit. The merchant
WHO may he beforehand III his means does for
merry h's'ea - L, po,ite in own institutions bu;
r'acrs MS dads where they he 1T any time available.
II he allows ti'em 10 lie dormant any where, he places
them IN deppsi!e With The Northern Banks H., used
vh"h has occasion iGrEcs it. THIS far benefits and
'rh' me Notierp, and proportlonaliy INJURIES
our Dshts. prolonged suspension is attended With
great ihcnb'entnce III tie want of clangeIt temps.
hy the ai!urement Of gam, the Banks TO become the
purchasers instead Of collectors of bills of exchange
|" speculate upon tie wants Of the peoplcto take upon
themselves from tie hope Of inordInate reward
risks mol within The contemplation of regular banking
operations, atd 10 cease, because they employ Their
noney moe prota5ly than by thei. stoned fac cs
tothe idets OF business paper recping Ivy their power
over ther customers usurIous gazing, and hegfc!in.
the very purposes for which they created. A
continued suspension not only capital to be
boarded, but when used il clvefis il into channels
where il Injuries, instead Of bcnrf,,ing the public Ii
has ceen strongly remarked, and not without truth
that al TINS time one.half of the community is engaged
in shaving tie other The monied man preys upon
his needy neghbor by buying and being enabled to hole
and sell al extotonate rates drafts funds, which the
other is compelled 10 purchase a, the moment OF need
continued suspension produces, moreover, general
axity IN The public morals, verua,iny hcmes sim
lar to The Stay Law upon your table, which in the pre-
sent condition of the Commonwealth | view almost
insulting 10 the intelligence we'll as character Of the
tracts, and lnvdIousy discriminating, its effect, be
tween The different classes of society
An additional consideration for more speedy resump
ton 10 founded upon just State pride. The Virginia
Banks are already worse, partly from the action of the
Legislature, partly from msmanagcment, than any from
Maine to Georgia. II the first OF January be selected
they will be totally discredited confidence will be lost
by the action of the Legislature with The fact known
that we are shareholders in their concerns-Virginia
will be the only State from Maine to Georgia with
irredeemaLe PAPER, and without even what may
be called an attempt at prospective resumption.
have thus, Mr. Speaker succnclly given the
why think the lst Of January should be stricken out
have endeayored To confne myself strictly to the
point at ISSUE and TO little time possible
fear Mr. Speaker, that there be radical reform
of our barking system until there shall be separation
of interests between Bank and State. As long the
State IS a partner and indebted partner, profits in
times OF prosperity will not be limited, dividends will
be still allowed to stockholders by suspended banks
which deny the payments Of their debts 10 nochoders
and tcpcsr!crs. There many things, however, which
may be amended. The appointment and regulation oil
directors and the extension CT wholesome bylaw &c
the officers Of other banks which applies only to
one, AVID general reduction in expenses, which, from
the bank report, are enormously high, &c. &c.