Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-01-14
ALGERNON SYDNEY.
FOR THE Eve UyEER.
RELIEF RELIEF,,

"You must sustain the Banks, and grant relief 10
the debtor class, say those who expect 10 live and
thrive by legislation and many well meaning men
who depend upon their for living, are
cheated into the notion, that relief ought 10 be enacted
by the making power, TO those whose fortunes have
been ruined by The and vices of sour credit
system" Now, to eny who will deliberately re.
fleet upon The legislation in regard TO Banks, for The
last years it must appear, plainly, that every Bank
Relief law has sunk The credit of the Banks lower and
loser year by year. See how Bank stock has depre-
c:a'ed few years ago, II was equal to edsh-yea,
better investments in Bank stock, were considered the
safes, that could be made bu; those who invested
their money, now find their estates culaed in value,
least half and the State as Stakeholder, (and,
OF course, the people Of the Sate,) loses ike pre-
portion.
What has produced this depreciation Vicious md
excessive bank;ng-and Bank Relief Laws, enacted
proessediy 10 sustain the Banks against The demands
of the hrckes and 10 enable the Banks 10 extend re-
lief 10 the people.
Under this pretence, Relief Law after Relief Law
has been enacted In fact, i. has been prcveb;a, that
til" Banks, aud their pets, cheat the Ls
gsaiure into any reif that they may dare
demand. Our peaceoving people have silently &C
guessed yet, feeling of dlsrust AID indignation
towards the Banks and Tie legislature has grown
ana strengthened just in proportion 10 the relief OK
tended The consequences in the de probation
Of Bank stock, TO The extent of fifty per cenl-n the
fact, that the State with her millions Of capital vested
in Bank stock, dare not use dollar Of in paying
even Tie interest upon her debts-and the Legislature
is constrained 10 IscREAsE TAxEs OF THE PEOPLE
to cave the crcd. Of the State-fo: If the Stale,
joint partner in the Banks, force her stock into market
tie credit of the Banks will sink still lower, and she
might have TO lose seventy FIVE, instead of fifty per
cent. Such is the argument Of the Bank men, and
SUCH in all probability, is the fact.
Now, it is plain and palpabe, that these consequences
have resulted from the Legislative gencies extended
to the Banks in their wild OF banking, for TIE
special accommodation Of three or four hundred
fovo.ites, who lave monopo 2eG Of The banking
facilities Of the STATE, and who it'll the aid OF banking
facilities, have cntanged their gambling operations
with The business Of the people reduce thousands
TO as desperate 4 condition us their own.
Yes, venture to say, tina, if the names If all the
Bank GehtoTs could be made public with the amount OF
their deats, respectively it would appear that not
than three or four hundred men haze been mainly IN
strumena! IN embarrassing he Banks.hat the excess
size extension Of banking facilities has been 70! their
special accommoda and That the Bank Relief Laws
have, ia fact been enacted to prevent them from
being hrouGhi To settlement Many of them nave
been ruined By The special fovors extended to them
and, repeat, :ha banking facilities lave enabled then
10 involve aud ruin thousands nf other citizens, y TO
join lac in demanding Teii.f al the hands of tie J.
gis!atur-. How many have been rcevedby the Bank
Relief Laws hitherto e,acled One here and there
may have been, who has squeezed out OF bis dii-
culies By the legislative fayors granted him but IN
all probability, for every instance of The Sort hundreds
might be pointed who have been plunged into ire
trie vabe ruin.
And 50 it will be again. if the relief measures now
in vogue should ripen into lrws-Conhdence and
credit, private and public, now, We all know, at
low eb5 indeed. The Banks have been compelled to
resume psyment-for, resume sink, were The a!er-
natives Their lending conductors admit, that to sus-
peud again, would sink them-and every show oil
weakness on their pat-every expedien resored TO by
tie Legislature to prop their credit, whether BY shin
plas,er bills, laws aganat the demands OF brokers'
will weaken them, deprecate the value of their stocks
and notes, and iDjnre The community The world VIII
or likely soon 10 ,oier? Why do you relieve them Of
the inconvenience of furnishing the community even
with "chinquepin change and why say, they shall
not be compelled 10 redeem their notes in the bands Of