Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-02-11
one GOOD string TO uour Jo,o

One good string to your Lo,c!
The Compiler of Thursday repeats lis doubts :,
the additional Small Note proposition. /. ts.It ''
states that The proposed relief, from tie au,ho,
the Banks TO issue small notes TO the amount Of 6s;
or twenty per cent upon their capitals, We feel s,
fed will not answer the expectations OF its friend,
We repeat, that the banks would not, in our on,:
exercise the privilege, were it accorded to then
They cannot, under the circumstances Of the tmrS !
this, with due regard to their own strength and :.
CURLY.
1--WE hold, adds the Compiler, that relief can All.
be afforded TO the extent OF the increased circuaor
An increase of fifteen per cent upon the capital. =
the banks, would be an increase Of above one fs,.
on their present circulation. This increase the tsp
will not now, in opinion, undertake 10 mania.
Such is the state of affairs indeed, that doub, VII
Their they can keep it QUIT Will be returned rpo,
them, and they will have to continue the redemp!.'
with specie. As has been well remarked the circrl
ton can only be increased by enlarging The cap,,r
for its retention aoat. AS with sponge that Is nj
OF water, it can hold more unless you increase 4.
capacity. This is owing 10 the state of indeLiedre,,
and peculiar condition OF trade at the present time
The issues Of the banks returned upon them s,s
unprecedented promptness. They can keep no cl,ca
ation out of the State of consequence; and houe
what they lend out is soon returned 10 pay them
bought III by broker TO demand the specie or Sorh
ern drafts This is the natural effect Of the d,se.
abroad in the land-a disease which industry and e,o
nomy alone can eradicate.
at is true that were the banks authorised 10 isr.
small notes for two years, and the mother institution,
were not made liable for the redemption in specie oh
notes Of the branches, an amount OF increased crcu
ton might be thrown ont proportionate to the nce,s
difficulties ofthe collection and return upon the Bops
ind to the additional trouble OF gathering up notes n
their denomination. But this would not be fifteen n,
cent; ace doubt ,eheer 1t reoutd lie sir per cent and
The outside do not beiiere any rery paipcte reof
could lie attended thereby, to Mose nh0 crying o.
for Stay Lac. We apprehend that after ALL The sre.
est benefit Of the small notes, will be their eonrenisE,
in retail trnde; which will be faciituon Of less,
transactions, and ofthe collection OF small debts wLpl
il is true, real benefits.
1.-THE law just passed for new issue of small no,s,
is almost dead letter The time for the issue ban,
only Till October the banks would not 10 the sxpeE.e
of plates and printing, nc. Bnt if that net N
objection the banks here cannot expose themse'vesa
times like the present, TO the drafts upon their spc
in the shape Of the small notes issued by Their ~.
merous branches, and they will do il; or il The,
do l. will be in such q cautious way that little good "
follow.
"Our opinion has been, and is that there is no rtmt!
noao but economy and industry-herc IS Longer az
hope from physieking and experimenting n.N
be left to heal the general disease Ly her opn recuperG
and irrepressitle energies" sS
This sounds in our wholesome doctrine. Bal,
it urges with great fiankness and much ingenuity :
One 49, that we should receive quota of the Lar:
fund (some S36, 000)-and the other is, that the L.
gisa,urc should accept The offer made by the Bank Il
Virsinla-vz: "The Bank proposes 10 receive from til.
State $500 shares Gifts stock at The market vae
Of $50 per share-total value S425 900. IL proposes
pay this thus:
5000 shares James River and kanawha
Company's stock at $l5 $ $3.50
or Virginia per cents lG00tJ
OF Virginia per cents 45O0
And to pay the lst July next l0jGd
DO. do. lst January next 10000
Si2j 00U
This will at quidate the floating debt, as II i.
called of the State and there will be nothing e 70,
the Legislature to do, but to provide for paying
the interest the State debt, and, as it deems expr
dent, the ultimate liquidation of the principal.
AS there does not appear be much if any chance Of
either of these propositions being pied by The lie
gslature-as of the members the force Of
reasons, against the reception of the Land Fund
though the Compiler does not-as though he con.
slders 1t '' a purity question:, yet the Republican.
consider that founded on principle and
in point of fact, this case if not IN the forme
distribution of the surplus, (hough that vas pa
in the law itself on the footing OF a ioan gift
the Satee, money must be raised by the Federal &c
vernmen, in another FORM 10 supply the deficiency
IN the Treasury-that is, O tax must be raised 81
the people to be distributed among the States, wheel
the Republicans hold TO be without warrant IN tx
principles the Cons'ituton-nnd as moreover, there
is not much, if any prospect of the Legislature making
the exchange, which the Bank Of Virginia has p.o
posed, We are sorry the Compiler has laid so much
stress upon these two suggestions, and diverted th
public mind from the effectua means OF sustaining IT.
public faith by direct and manly mode Of lesis!aC
at once. We say then, let Us throw ourselves upcr
the plan of"passing the tax bill with Dispatch" L.,
US raise the taxes, or impose ones, Ike men
not sacrifice either principles, or our Bank SocA
Tor 30 per cent. Let Us make adequate provisions 70
paying the interest our debt, and gradually on
floating debt; and then gradually funded debt an
our State stocks will rise, and every share that h
Banks or capitalists own, will soon command specie
par-be convertible into it-and thus afford ayaab,
resources for new accommodation at our Banks, ar
new operations on the part OF the people, These az
the true means Of relief and upon Them e, us procee
10 act at once, with frmness, without any party feel
ing, without any doubtful experiments or new project.
The arrest of the Stoy Law serves 10 support pyal
credit. wise system Of taxation snstans the cred
of the State, and gives efficient relief TO the Bank
and the people. Instead, them of having two doub!
strings to our bow let have ore good, strong oG'
on which We may all depend for the harmony ol OF
system.