Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1846-01-06

We had hoped, that the past repeated failures
of The attempt to obtain from The Legislature au-
,hori,y for the Banks TO issue notes under I'VE
dollars, had settled the question But move
ment, 10 this effect, has already been renewed
and we cannot doubt that il will, as II ought,
meet a similar fac A mammoth National
Bank. 10 s'regulate the currency" is now an Job
soleie idea" The Republican regulator Che
specic standard) has proved emlnen,ly success
FIJI in producing as healthy state OF exchange
and cnrrency. as this country has ever known,
Would i, rot, then, be highly impoliic and
mischieyous in our Legislature 10 attempt
10 ",inker the currency" and disturb the pre-
sent ouiet state Of things, by adopting a mea-
sure. whose certain effect would be the expulsion
Of specie from the channels Of tradc2 No pro-
nos,ion is more true, than that the circulation OF
small notes will drive specie ont Of the ordina
~ business transactions. 1t is The policy OF Vir-
enia to promote, as far as possible, the circnla-
lion Of specie and we, therefore, earnestly hope,
that this "small note" movement will again be de.
feaied.
Already proposition has been made in The
House Of Delegates, more ef1ectually to prevent
the circulation within our borders Of the small
notes OF other States. Let this important ohjec,
be zeaously pressed and carried through, and in
no portion of The State will the friends of "smal
notes" have The least excuse for urging their
"Nlonsieur Tonson" scheme.
We know not from what quarter this "small-
note" call comes. The Banks, from what we
hear, are in such a condition as not TO require
any such favors from the Legslaiure-nor 10 We
know, that they ask for il. But in whatever quar-.
ter il has originated We hope that the appea will
fail. Our correspondent brings forward some
powerful and conclusive arguments against grant
ing the privilege:
FoR THE ENQuIRER.
To the Members of the General assembly
You are again pe,itioned 10 allow the Banks 10
issue small notes. under The prelence of the scar
city Of change for retail transactions. IL is a
bank-born pretcnce; and, 50 far as any real scar
! city exists il is bank-born scarcity; and The
question for you 10 decide, gentlemen, is, whether
you will allow The people Of Virginia hard mo-
ney enough for small change, or compel them 10
submit 10 an exclusive paper circuatona A
m,rcd currency may be tolerated, so long as il
will stand the test OF the specie standard, but a
currency, consisting of paper exclusively, is de
prccated by every man OF sound sense, who has
turned his thoughts upon the subjec, OF currency
Even the ablesl and warnest friends Of our bank
ing system admit, that it is important 10 the sta
bility of the circulating medium and TO The STA
bilily OF The Banks themselves, that hard money
should enter largely into dffusive circulation
They all know, tha, small notes drive specie
| from ciiculation-and that wherever they are
forbidden or discredi'ed specie teA certainty cir
cuate 10 the full requirements of the retail trade
ofthe community. Irepeat the question, then
will you allow us to have specie for our retail
transactions, or will you compel Us 10 take "shin
+ paslersl" Al this time there may be some in
convenience experienced a. some places, on &C
count Of the scarcity Of small change-bul il
you will forbid The circulation Of small notes, or
let rs alone, specie change will speedily flow ID
every point al which il is needed and 10 the full
extent OF the demands Of trade. This is abso-
luely certain. II is matter Of fact, altesied by
: allexpeience known by all men, OF all parties,
excep; such as refuse 10 Investigate the subject
refuse to think for themselves, but suffer them.