Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-03-12
pEsIf,lpIION.

RESI- MILTON
The whole subject before the Legislature OF
Virginia Different days have been proposed for the re-
sumption but the prompt proceedings in Pennsyl-
yana and Maryla are calculated to cut short the de.
bate and facilitate the return of the Virginia Banks 10
specie payments:
The Maryland Legislature have passed the Resump-
ton Bill. By il the Banks of Maryland are To resume
the paymen, OF specie for oil their liabilities, the lst
of MAY next. They are authorized TO issue, till the
first Of November next, notes below the denomination
of five dollars but not less than one dollar, The
amount OF five per cent of their respective capitals.
There is also provision authorizing the issue of writ
oil acias against any bank that may after the first
of May suspend specie payments.
ACKNOWLEDGEMENTS RESUMPTION BILL
Monday evening the immediate Resumption Bill
passed the Senate by vote of 81 to Il ; and Tuesday
morning the House passed it by vote of 81 to l9an
overwhelming majority. The signature of the Cover.
nor is only wanting 10 make il lac.
Now, then, it becomes high time for Virginia 10 act
as promptly as possible, and with effect. Let not
wait, as the Committee of the House proposed till the
Ist Of January. Let not wait, hlessrs Keen and
1oler proposed on Thursday evening, and give the
Banks their own time for resumption. In any event,
such license would have been most unwise. AS Mr.
iolleman showed from the returns that the Directors
of all the Virginia Banks Immediately md directly
indebted TO them for than $500, 000-and il is not
wise in the Representatives of the People to leave it 10
them TO curail not they pease-o prepare not
for resumption resume or not, at their pleasure
We have insisted upon it, that no day should be allowed
them as late the ext session of the General Assem-
bly The utmost we would have allowed them would
we been the LIST of October when the Tobacco and
the wheat crops should have been made avaiablebut
should not have gone day beyond the LIST October
even if they had been compelled to resume alone Yet
as the Banks Of Pennsyl vana, Maryland, and Ohio
have all set us the example of Resumption, we ought
now TO follow it praccable-and resume be-
fore the st OF October.
In connexon with this subject, we lay before our
readers the following money article from the N. York
Herald of the Sth inst though written ofcourse before
it had received intelligence OF the intended resunp-
tons of Pennsylvania and Maryland:
1.-THE Banks OF Philadelphia vigorously curtail.
ing their business in preparation to resume specie pay
ments This they will probably now endeavor to do
whether the immediate resumption bil! passes the lie
gsature not The agitation of the subj has pro
duced such necessity of conractlon that it is now
far better for the sound banks 10 resume than to endea
vor to fall ngan back into their insolvent policy Some
of the weak banks will probably go down in the opera
ton The circulating medium has OF late beef supplied
by the Penn Township and the MoyamensIng Banks and
one institution compelled, on Saturday last, 10 give
security for its balances otherwise It's doors would moi
again have opened The severe contraction going on
in Philadelphia is indicated in the improved rates oil
exchange on that city. ln all sections the move.
ment is towards resumption, and is of such nature
as leads to the conviction, that specie payments,
once fairly effected, will be permanent and sound
AT New Orleans the weak banks, that have long
clorred the sound institutions, sinking into dis
credit and will soon leave clear field those that
are able 10 resume At Savannah the Central Rail
road Bank has gone down at last. The other banks
of that city will probably continue TO pay specie
They are making strong effort TO do So They have,
however to learn the secret Of leaning upon their own
entirely 1t they are short Of active means
they must realize them from their assets without
reference to the losses of the stockholders. Another
most important pon. Of consideration is the curaimen,
of expense. The three chief officers OF the Central
Railroad receive salaries amounting to $4,000. No
business can support such abomlnable extravaganza
The South has vet to learn that economy is chief
source of wealth. Instead Of ndulging the narrow
minded and unmany idea that TO succeed they must
receive assistance from the North, they should
themselves leok their resources economist, and
meet their debts munfully AT the West the storm is
rapinp but will be succeeded by calm and sunshine.
1.-THE Banks of Ohio shaking before the resump-
ton law of the State-some preparing TO resume,
and some winding up. The Legislature has aroused
them from their ethargy and kicked them into activity
Those institutions that foolish enough 10 lend
their TO the State last year on pledge OF Its stock
are now stirring themselves to dispose OF it. lot oil
800 900 Ohio stock, offered at auction tomorrow
This is probably on account of the Chlicothe Bank
the drafts of which institution payable at the Nation
al Bank running upon this city OHIO SIX per cent
stocks are quoted at 81 60 with sales The cause
OF this low price Is very ploDdpy Tue
81 800 O00 other stock that issued to the Banks al
uded TO last summer. If much of it is pressed upon
the market, the price will 90 much lower.
"Scrpt of the State of Indiana has fallen within
shor, time from 90 until it is dull at so. The
of the fall is probably the fact that the Bank of Indiana
being forced 10 resume specie payments can no longer
receive the scrptin payment of its debts
1.-THE Bank of Illinois lately failed, owing 10 the dis
credit into which it had fallen from continued suspen
sion
We protest. therefore, against the positions which
the r. Wing took in its yesterdays paper. Isays, tina
"the idea OF fixing day for resumption aettin the
rent year. is ridiculous and the
object be to close the Banks-and in that event, the
ea, lest day possible would be the best. The Banks
should be wound up forthwith and their debts put If
a train ofliqudation" We protest against thus exten
sion And further on the Wing says, "to this end
without perpetrating the folly Of fixing day-to bs