The enquirer. [volume] (Richmond, Va.) 1804-1815, 1811-02-05
NEv-YoRK Ian. o5

Mercantile Credit. ~ gentleman y.s,er-
day handed u some remarks signed A B after
the paper was full, in reply to the paragraph IN
the Gazette OF the morning He thinks thu mer-
chants OF this city belied and abused by the ar.
tcie, which is calculated Gas he says) to DESTROY
the confidence of the public in the mercantile
character, and irrevocaby injure the commerce
oil the port, not only throughout the union. but in
every part OF Europe, where we have any con-
nex'on or concerns, where the merchants and
manufacturers must be deferred by snch nc
counts from answering the orders from their
corresponding in this city, and induced TO send
forward Their demands for immediate collection.
rhis last effect A. thinks will also be produ.
ced IN the different parts of this country as NAV
De ieit ny the draughts upon the N. Y. merchants
which may be poured in from all quarters. in
consequence OF the alarm thus excited He no.
survey contradicts the assertion of the Gazette
that =" not less than twenty capital failures have
occurred in this city in the course of 48 hours -
aud says, that not third part of that number
OF eminent merchants have failed in their engage
men,s, and the major part of those are solvent !,
nor have ten capital houses, stopped payment
ior the last two years. even including those of
this week"
We may add on this subject, that although on
Monday and Tuesday IA very severe and nnex.
ampicd shock was sustained in the merc,ntiIe
World, and tear detection prevailed to a great
oegree throughout the city in consequence of
conference between the different banks the H.
sual discounts were resumed yesterday, & bust.
ness assumed its customary aspect.
we are told that a great proportion ofthe iai-
lures IN TINS city may be attributed to the sus-
pension and stoPpages of payment in England,
from whence protested bills to the amount Of
one million OF dollars were returned in the Bril-
fish Packet, lately arrived. And we understand.
that single British paper contained the names
OF upwards OF eighty bankrupts, number al
most without precedent in British history &c
lumbar.
NEW JERSEY The Legislature of New
Jersey convened at Trenton the 5th ult.
The Treasurer reported that the Banks of
Trenton, New Brunswick and Newark have maid
their quotas OF tax on their stock, and that the
!erse. Bank had not paid theirs, :Hd from report
intended to epade the law.
Petitions were presented for the incorporation
OF bank at Newark ,one at Camden, { c oopersfer-
ry,) one at Bridge -Town--S< for state bank-all
OF which were referred to a committee of five
members, at the head of which is Jsmes /. Will
son, printer of the Trenton True American. a
conspicuous and influential democrat.
IN the l9th' tins committee reported TO the
legislature, that the Jersey bank having with
drawn from tue state, and the probability that
the charter of the bank u. would not be re
newed, an encrease of banking capital would be
benefcial but it was not egpedien; to charter a
state bank. They propose that 8 600, 600 be APP:
por!ioned among the several towns applying for
banks, viz. To Camden, 100000 New Bruns-
wick 100 600; Railway $1,000 ElizabetI, Town
$4,000; NJ wark 100 O0u l. 10 Morris so GOO
Ii the legislature should think proper to charter
any more banks they propose that the charter
should be for IA years-that if the capitals are
authorised to be subscribed by individuals, an
equal amount in each shall be created and reser-
we'd for the state to be filled up when convenient
-" and that the legislature shall appoint the
president and one haf ofthe Directors of each"
Mr. Wilson, submitted sundry resolutions
galnst Congress re-cbartering tie national bank
and toinstru t the representatives of tie state
in Congress to prevent renewal of the charter
of the baik.