The enquirer. [volume] (Richmond, Va.) 1804-1815, 1811-02-09
[ No. SO.


ms senses ship specie 10 England, when he
can purchase bills of exchange eight ~, ter
per cent: below par ! wiz he ioSe .our ne,
cent insurance, freight and comtnjs, ions.
when he c n make tisht or zen by rom; IAN.
,ces IN bills exchange III, e questions carr
~ CONVICTION 10 very man, unless re sup
poses money IS worth more than this differ.
ehce over the paper currency IF he cnun
try. Although The exchange is i'm trye, of
Holland four per CEN: ii would be cheaper 10
lose that amount, than pay ifeen or twenty
per CEN. insurance. &c FIR he transported.
on OF specie, subject % ,isque from Bri Il
cruizeis. and seizure iron French rulers in
port. No one viii say that he Dutch have
any motives to Draw their funds from the II:
States.
After shelving, hope to your satisfaction,
'"at specie Cannot be RENTED in the actual
state OF things. l Will snppose foreign s ock-
I holders should transfer their capI.al-. ow
would that operation a fleet this country -.
FROM what haze said, 1t appears that the
one million he,d in Holland, and six millions
IN England, Ut Withdra wn from he u States.
would only be an exchange of funtls with the
hmerican merchant, and would not afFect the.
money W circulation. ] confidently believr.
'he present embarra ssments of merchants
arise from the spolia ions of the be l,ige.
rents, and principally from the accumuja :
uGn OF funds in England. which they. cannot
Withdraw but t great loss. For some time
past shipments have been almost confined to
England the prices have been good. and
the proceeds far above he demand for En-
glsh ACKNOWLEDGEMENTS ed 20 this whenever
shipments have been made elsewhere, the
profitable purchases Of bills have INCREASED
their funds in G.. Britain.
he fact is clearly demons rated from,
the state OF exchange, which Tor the first
time is greatly in our favor. II then ha
stockhoiders should remit their funds bv
OILS OF exchange, it would bring six mijlia
ons into me marx t, and not only Re Ii, We the.
American merchant from the nntavorable
ate VI eXchHnge. but would at once furnish
Tue means OF meeting is en- agemeriS nd
reue'ihg ms emoarraSsment,: il would be
loss VI that much capital to the II Stres.
but we CAT: bear the loss, as is evIaen, tr. m
the raPidlty with whiSh new capita IS supk
pied t. form new banks. Sh uld thew give
preference to m MED institutions here.
me community would be equally relieved.
IL may De asked, it foreign capital re-,
mans, shall we not be exposed to it's infu-
ence d. not, sir, ject to the So OF o.
reign cap ii by individuals. but | nevc, ill
Consent TO organize 1t ander the patronage
OF the government ; in he hands of an indi.
vidua' its niuence is comparatively- MO
n nc n. Combined in the form OF a rlarin,al
hank 1t becomes truly formidable tn the best
h't res OF the ma ion besides | wei Know
that Individuals, who can o'tnin ~, ne &C
an interest less than the profit it Yields. cam
no. be prevented by law from borroyiry--
~ 'niS FORM It may subser,e the puip ,es
vi INDUSTRY but cannot control public CD ni-
vi Oh oostrnct public measure,. II. sir, he
pre sure afon tHc Community should no, be
re o'ed iii he mode | have suggested The
oank VIII naturally proceed in the collecti-
OF OF debts, IN a manner best Calculated
20 secure itself. L cannot imagine measures
VIII D. adopted which will force the nerx
chants either to fail or to refuse payment-
ouch conduct on the part of the bank would
De "antoniy cruel and unjust and would
ProoaOiy terminate III the greatest Iosss So
~ the event OF such procedure the mer-
Gil nts would compel the bank to resort I'm
the ordinary c urse for he eeovery of derts.
ana under such c,rcufii ,taiiEes do nor a.,
Prehend their credit would be aft. ted with
o ner banks The alarming scarcity Of enc,
cit' produced by the facility which the r. nl
mas furnished, to procure it for exupr,at,on
and specHlations in bills sold ". the aqcnts
OF the BRUSH Tor the use of their tronn n,
Ianadh and the West Indies, cannot be 100
strongly Impressed on the mind of the COM
mittee OF too soon stopped by the povernL
ment / is rue that a Temporary ;,,corynr;T
ence results LGnm the latter mode of fxncr.
tae'on' because 1t is soon brougat back IN res
turn Tor provisions supplied b, he middle
states. IL must be known, sir, to YOU. wbv
the import o specie, which nu,tured the
Eas, India trade, has ceased since the revo.
luton IN Spanish America, which cpeneG
tue directtrade To he English for supple, ne
British and East Indian manufaciurrs nd
the facility Of shipping specie dlrec t. SD n.
without the intervention of Bills of kx,h noe
obtained in this country ON Eur pc ; the IN.
ply of american produce to the Spa.,th
colonies has never been more than sufir..,n
to Keep up the necessary quaint ty for our = n,
use and for the India trade. to an ex,e,t.
limited by our own wants-hence the. disad
vanta8es OF the paper system Which furA
nishes the means of prosecuting this trade AZ.
ter its utility is done away Gent.em,n viii
tell me ths evil will CORE ct itself an. ,bat
the merchants will not persist in a branch of
business improbable for "; NJ Of markets I
readily admit this position to be correct: bu,T
before all those sanguine adveu urers Willis
convinced, who are tempted by the accom.
nfo'ldtion of the bank, we shall be an S,h
drained OF our real capital, as to be incanss
bic ct sustaining public confidence in me dts
bility OF our money institutions There is one.
elect from the extent TO which he batk;oc-
system has been pushed IN this cnun,rv
which deserves serious attention. + Iii
the capital of The banks should ra,her fai1
short than exceed The demand o. tbose en-
gagged in trade (; whenever there is anrvress