The enquirer. [volume] (Richmond, Va.) 1804-1815, 1807-04-17
CHE Gnquirer.
RICHMOND, 1871 APRIL.
Dangers from an exeslfve multiplication Of
RnnLf

fpecSlations respecting the, deprecated paper
of many of the Maf1achufetts Banks.
The Bsltonians divide their Bank paper into
foreign or ont Of team Bank Bills, and denefie
bills. The lat are emitted by the Banks of
Betton; the former blythe country banks.
1t is the igf fpecies of paper, which has I'M
dergene 10 evident and alarming depreciation.
II ia no longer complete Representation of
gold and fiver coin. What is called E" ont Of
team bills" fels at not lefs than from to
per cent. difcount for even BoRon Bills.
1t 10 the efiential principle of bank, that
they have always gold and FLYER enough in
their Golfers, to give in,exchange for their own
paper. It in this way only, that their bills
become equivalent to coin and that they are
able to circulate their paper to two or three
times the amount Of their fpecie capital.
But few of the country banks of Manachu-
fetts, however, are able to give fpccic for their
own notes at fight as viii! appear by the fol-
lowing extract from late Bottom print
Bank THERMOMETERS
AS 1T sreop Ely LAST MAIL.
Northampton refufed to pay in foreign
bills. Coos, pays by bills at ten days fight on
the Treafurer of the Exc change Ofice-whch
bills the Treafurer refufes to accept !-auc-
tuating.-Portland and Main, longwinded but
fure-fnal fums 90 days--2d order, 60 days !;
and it is faid very large fums three months or
over. Several others are reported to be on the
pole, whether to pay so days or 60 with grace
Premium l-o per cent and riGng-probably
VIII be 10 per cent if the runners chooIe to ak
it''
This alarming fate of the country banks is
attributed to different caufes. The country
towns afcribe it to " combination Gf the Bof-
ton banks to the influence of their ftock-hol-
ders, directors and preiidcnts, and their agents
or brokers."-A committee of the Merchants &
Traders of Bolton have afcrbed it to two other
caufcs; LIT the executive circulation of foreign
bank bills in that and the neighbouring fates !;
principally encouraged by the facility with
which they are received in the Bottom banks (;
and cd. the multiplication of banks in Malta
chuietts & the other fates.-Both thefe caufes
however may he reduced to the laft. 1t is be-
cauie there has been 70 great multiplication
OF banksin Maflachufetts and the other ftstes,
that there is fnch an executive circulation of
foreign Bank Bills in Bottom and the country
towns.
Let Mafachu!etts therefore profit by the
lehon, which is now before her eyes. The
executive circulation of which fhe complains, is
principally derived from the multiplication of
her own Banks. There is fcarcely CONNER
cial town or village in that fate but what pof-
iefies Bank. Bottom itfeif mas fire great Banks,
S"PPa' vi . VI tiiliOHo Oi
while 1t is afierted {fays Salem paper {" they
have not million of dollars fpecie in their
vanits."-It is therefore time for MafIachuietts
to adopt different Banking fyftem and to
put an end to that pnnecrliary facility, with
which Bank charters have been obtained from
the Legislature.
The politics of New-York hae- .numeo az
IN tersfins afped, which AZ Journalists of the
day 1t becomes us TO notice.
The federal party having determined not to
rapport any candidates of their own for govern
CT and Acknowledgements, have generally de-
termined to- iuPport governor Lewis.--The
CinioniAn or oppoiitiou party have brought
forward Mr.. Thompkins.
1t is not the low humble psrtifaD alone who
coRes forward in this encounter; it is not the
pinch OF the PuPpet-ihow, worked by the lead
ers behind the curtain bat it is the rival chiefs
themfeives who mix in the encounter. 1t is
Mr.. De Witt Clinton and Governor LEXIS
who come forward and attack each other under
their own proper iigRa.urcs. Mr.. CIintonr
boldly and publicly reprehcnds governor Lew.
is tor his official conduit; particularly "in re-
gard to the appointment of iherlff for the coun-
ty of Wet Chefter in March, 1906" Cover
nor Lewis has replied in manner equally
pointed and acrimonious. AS fpecimen of
the ftyle in which the controversy is conducted,
let the reader take the following Introductory
paragraph ofthe governors defence How four
rilous mutt be the manner, in which the inferi-
Or partisans attack each other, when fuch feve-
rity of invettive belongs to their leaders
=" l confeis have had my Gruggles on this
occaiion, and fhould think myfelf difhonsured
by noticing thus the Handlers of one funk, in my
elimination, To the loweft grade of political de-
pravfty, were il not for the reflection, that he
Us man OF fcnatorial rank, and has acquired,
by little artihce, under iuarc of name he
has often tuIlied, high place in the good OPT
mon OF many an honcit citizen"
The concluding paragraph is till more fevere,
tor It charges Mr.. Clinton with " ranking
malice, which /; iniatiabe as the grave" which
=" demands new victims to its perfecuting ven.
geance," and which g has been yentred''
againt the governor SIN the mot in(idious
aud daItardly manner"
| The federafs, however, have not been
backward in bringing forward their candidates
where they expected any chances of fucceis.-.-
l his Effort they are now making in the CT
! ~ OF N. York * it is this cire umfance, which
has called forth very curious difcufIion.
Mr.. k'ng is placed at the head OF the tickle,
tor members of the Legislature OF New-York
1t is impoflible therefore, that the following
ietter' which appeared in the National Intelli
gencer ihoud not at this particular time have
excited comfortable attention:
|" MY DEAR FRIENe
God knows with what fsRtiuenfs IF E,rd 90