The enquirer. [volume] (Richmond, Va.) 1804-1815, 1811-05-07

Vi idShities IOr commerce., out 10 the 10
great facilities afforoed to speculation II
consequence OF this, persons who formerl,
Carried on their speculations, according 4
their means, now given into the widest pro
jects. In the hope of realizing extravagan
profits. Had not persons of nOtorious y
small capitals risen on sudden through
this to be merchants fifth first consequence!
The evils which now pressed heavily on
the commercial world, we're not produced
by fair legitimate trade, but by B" wholesale
gambling" In the present posture of at
fairs, such spirit of gambling ought not t.
be encouraged He wished to ask under
what restrictions the relief was to be ex-
! tended? He was apprehensive lest inste cad
of being what he could wish it to be, a &C.
lutary relief to the distressed manufacturers
and the thousands depeading on them for
bread, 1t shoeld be productive of serious e.
wills and tend to raise the prices of all com
| modities, raising last of all those at present
| most depressed, as from their wanting a
| market. must necessarily be the case. No
thing could secure the interest of the coun-
| try; but the taking effectual means to damp
that spirit OF en- erprise which had fatally
led to such ruinous speculations. He wish
ed to know II the Chancellor of the EYc!,e
quer culd not devise some means for Sc
lecting proper objects of relei, and for
guarding against ne sums advanced being
misapplied! What securities would he
exact to guard against the money borrowed
from the Commissioners being made use IF
to purchase the new loan! They hal
been id the bankers could not make tur-
Their advances because their capitals were
locked NJ in bad bills that others were
locked up III Suuth America. The Report
expressed AN expectation that returns tor
/ 'b' last might be looked for in year. o.
ther ca2i' ais were said tn be locked up IN
imports, and thus the want OF q marked
made all parties loser He could not think
the whole OF the causes Of Ike present stag
nation of trade was from South America be-
ing overstocked with British produce. Had
no losses been felt where a market was ex
pected 10 be found, and he goods sent out
been seized and confiscated! The plan
submitted to the House would do good.
more or less. as it was confined to those
classes whom they ought TO feel most anxi-
Gus 10 relieve. When Bill was brought in
on the subject, he hoped particular attenti-
on would be paid to the claims of the sui.
ferlng manufacturers who were most emf.
nently entitled to the aid of Parliament.
NJ. Rose was of opinion with his Right
Honorable Friend On, Cnanceil = of the
ExchequeD that if the plan afforded a
chance of relieving the dist ess OF the com
mercial world while there was no pr1baJi
Ivy of its doing injury, that was sufficient
ground Tor IFS being adCSred. Agreat parl
OF what had been stated by his r ght Hon
FRIEND with respect to The ,uatGu of things
in 1898, was stated to The Committee. vet
with all that betprc their eyes the, gave
the advice on which his Right Hin F end
no" acted. he circumstances the Right
Hon. Gentleman (Mr H. had stat, re-
speeding he Bank, were he thought. os a
very encouraging nature but the Bank on
ly discounted for Sixty days, and that would
no. answer the purpose of he merchants
IKE Exchequer Bills for nile or twelve !
months lie (Mr. II. had said, that in 1898 |
the whole OF the houses that had stoDued |
payment. in the end proved soiyeat. In
this instance his memory diff red from that |
ct the Right Honorable Gentleman, as, so |
far from that beng the tact, he remembered |
that more than half of hem were ultimate
ly bankrupts In thu town of Bristol ONLY
there were six, some of whom did not paw |
more than SIS in the pound. The Bank IN |
lending money to spectators did but as any |
Priva e Gentleman would do, advancing mo. |
ney at 5 per cent. on a mortgage The |
gambler. had felt the effects of their mis-
Conduct, and now smar,ed for it severely -
he merchants who had not gone out OF
their way, 1T was the duty of Parliament e.
protect from suffering Trough the bad con
duct of others. HIS Right Hon. Friend (Mr.
HI had expressed wish that The relief
should be confined in a great measure tine
suffering manufacturers. He (Mr. Rose)
rusted proper objects would be relieved bt
me Commissioners, and that proper mea
sures would be taken for guarding the
public money, as, # the parties could no,
give good security, and prove there was |
OF its being repaid by the sipu-
lated time, 1t would be he duty of the Com
withhold the loan When the
had sent heir goods to America
II was impossible Tor them to know that the
market was smut and when in consequence
Dt that, the articles euaincd on their HANDS. /
WI bout their being able TO dispose of them.
ne thought they could not come to Parliament
with farer claim.
The Right Honorable Gentleman oppo-
ste had said, he thought VIVA, had passed
~ mat House was the cause of this evil -.
ne (Mr Rose) had stated that the exports
% America amounted to about eleven mil n
lions sterling, of which five or six millions
were consumed by the United States of A.
Derca &c the rest went on to South America II
and he had expressed hope that the ex-
ports to the Spanish and Portuguese colonies
would become greater and be attended with /
a larger proht from their going directly
rom this Country. Subsequently, instead OF
The 5000 O0Ol. sent there, $4,000, OOOl. had Il
been sent. He had no conception that any
loose statement of his could be the cause of II
this, and he would ask il it. was likely that |
any merchant would engage in a great aud |