The enquirer. [volume] (Richmond, Va.) 1804-1815, 1811-04-30

state Of Commercial Credit.
Your Committee directed its attention to
three points IL. The extent of the diff
cultes and embarrassments. 9, The eau
ses OF them 8. The expedency, with a
view TO the present and future Interests of
the merchants and manufacturers, and of
the public. OF any assistance being afforded
by Parliament
The Committee then proceed to state,
that the principal part of the distress had a
risen out of extensive speculaions which
commenced on the opening OF the South A
merlcan Markets.
Mr. Garden, the Chairman of the Cham
Der of Commerce and Manufactures, at
Glasgow, had been examined, and his evil
dence was,
" That in Glasgow the distress began
mong the manufacturing body of the peo-
pie, and it has pressed more severely upon
them than any other class. The cause of it
was, that set OF Merchants in London,
Liverpool, and Glasgow. EN- cred into very
extensive exports to south A nerlca and to
the West Iudies, chiefly intended ,or the
Spanish Col MES I; these expeditions not
meeting ready market, these exporters
had not been able TO pay The manufacturers,
when the bills became due; he bits there
fore were eturncd upon the manufacturers
which created great deal vi distress -
thai the manufacturers have their proper
ty locked up IN b .ukrupts' estates, tha. part
OF IL viii be lost no doubt, bu, yet h 1t in the
Course ni 9, IL II Is months a considerable
part of he capItai will return Go the manu-
facturers 1t IS the Glass oil manutactu-
RES VINO have Capi.ais tina. oue.u To ue
relieved because q little aid fronI Govern.
ment would enable tnem go on 4.d ,.e-
tain .,LIo DuEt on o. the1r work peopie
or laborer>.
t" The banks which had discounted The
bills OF h merchan or the manufacturers
are not able to 81, e the regular accommod.
ton which they had Ueen used 10 do to their
customers.
2. - That IN his opinion the demand would
in a great measure como round to the manu-
tacturers again; that the home trade and
some other nnarkets are still open to them
that he has always seen in his experience of
80 years, that Slutin a market is follow
ed by a brisk demand; for no person will
supply the markets, or adventure at all
when they are overstocked, hence they be-
come exhausted; and of Course a very good
demand arises afterwards. The markets of
South America and the West India Islands
are overstocked az present. but they will ma
turally come round, and the nome trade al
ways takes oft Certain Quantity. so that he
increased demand will do more than take
off what IS on hand now, or what vii! be
manufactured in the mean time, which will
be very limited quantity indeed.
That the distresses were immediately
and in the frs. instance occasioned by the
want of payment for those that were ven
ded; but at the same time the want of
market is certainly part of the cause -
The markets ut South America having been
for a time o. erst CkeG, there Is no ereAt de.
mand at1present and even though there
we demand, IN the present situation o.
things, with the want of conhd nee and the
wan Ut credit, II uld be difficult for he
manutac urer, 20 knnw t. wnom tn sc with
safety; hat IL IS cnehy occasloned,by the
want OF payment for the goods sold that
viii IN some measure come round in the
course ot twelve months, and then the
manufacturer will have his owt CAPITAL A.
g
That here had been great fall in the
price of tine manufactures; that when he
left Glasgow, there were some articles or
marufac ure which had fallen pernap, 40
o. so perCen bu. he under stands from
communications since that the ia is er.a
ter. because ne distress is become more
general With respect to the failures that
had happened, there are several houses
winch WIN PI'DdOIy pay very large diNi
dends and indeed there are several of the
houses IN Glasgow that ne ailudes t., which
stopped payment, have undertaken to paw
their creditors IN a certain TINE one VINO
had more than 200 900. OF bills out, has
undertaken TO pay mis- creditors IN three.
four. eight, twelve and sixteen months. and
probably he will do it, but in the mean time,
the manufacturers cannot Command a shil
ling OF this money; that the failures Of those
houses, before he left Glasgow. had amour
ted to rom one totwo millions; one house
THE same which the witness alluded 20 he
fOre) has failed since that time for SIG.
0OOl. they have undertaken to pay it in
full
"That the failures of the export houses.
certainly arose from their having gon,
greatly beyond their capital, having expor-
ted goods 70 tar greater extent but he
understood many OF those houses were not
without capital and some even had large ca.
pItal, but being disappointed in the mar.
kets, II was found ;hat they could not max,
their re urns so quickly as heir bills be
came due ;--kheIe are houses of tina, dc