Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-02-09

good would have been done. The Banks would rs,a :,
emit that amount But the mother Banks arr ma.
a BILE for the issue Of the branches, they will be ve
Curious abou, issuing Indeed, NE learn that the "!
gina Bank viii not issue any under tie law. Canco
this law be amended:
"With due Difference 10 better judgments we suhr-:,
the question: whether ii is not better 10 make no f
tler efforts on The subject of relief, Does it no, r.
crease tie Impotence rrc fnHitty of TIE public mird
does II not tighten Tie cord Of contraction, Wet,.
leves SO And after The decisive deieas Of these Effort
its friends will show their good Judgment, we think, by
giving up the question
We cordially concur with the Compiler in its doubts
of the efFEacy of this new proposition 10 relieve In.
peope-al,hough il was preceded bya Wing caucus on
Monday night, ard il nshered in BY flourish -,
trumpets frcn The Richmond Wing on Tuesday morn
ing If the issue If bank rotes can give relief why
may not the Banks give relief by The ISSUE If FIVE do
lar notes, we'll and twos: If loanin2 h. me-,
chants aud others, relieve tie pressure, WHY -
not they receive the loans in other denominations:
it not because the Banks unable Ct this lime 10 +.
tend their accommodations 10 much larger extent;
Besides, the old objection to small notes occurs 10 the
new operation. They already authorized to keen
up their small notes 10 six per cent on the capital a,
they were before To extend il 10 fifteen per Ger,
would be to pour many small NOES into the market
as would Danish and more OF the specie from CT,
culoon This is strong objection at oil times such
an ssue-And in fact, welloTgshized Bank, Ut any
is hereafter 10 be chartered ought 10 be permitted t.
to emit notes less than Q certain denomnet on, ST.
twenty or even fifty dollars, lest il should hay
the effect Of banishing gold and silver too inuc,
from circulation We speak Of the charering OF any
banks at all, ard Of one OF the great element,
which ought 10 enter into their composition. We AZ
happy, az all events, that this proposition rejected
and repeat with The Compiler, els it not better 20
make no further efforts on the subject of relief
The amount of small notes, which the contemplate
scheme would put into circulation would be very great
Say, that the banking capital OF the State is Ten million,
Of dollars-6fteen per cent. thereon would give ST.
100000 in small notes.-the present six per cent
would give 100000 The present circulation Of a.!
the Banks is now near S6000,Oc0 Thus, the proposed
small notes would be about one-fourh Of the vho-
circulate on large and small-much too large propcr
lion TO be kept in circulation. In fact, we understand
that under the present arrangements of the law. q
per cent Upon Ike capital would he as much or nor
than the Banks could keep cut. The no;es wou.d IT,
upon item for specie nearly as ias, they wee
issued. We must then change system. in o.Gsrio
admit of muc!, larger expansion, in small notes, ir
yond the 6 per cent. All such relief measures are
therefore unavaii!ng.
Blu, wonld The Legislature give efficient reiisfto III.
Banks 10 The People, they mas, raise the
thus the value of the Stale Stock 10 par, near,
ly to par-and thus enable Banks the Capitalists
who hold it, to send it out Of The State, and convert
into specie available funds 10 enable The Bark,
to extend their mmodaion, and conse quen, relief
10 their customers and the community.