The enquirer. [volume] (Richmond, Va.) 1804-1815, 1811-06-28

that this article fell. When you diminish
the quantity of money which is to repre-.
sent the articles of trade brought to mar
ket, do not wantthe gentleman's mercan
tile knowledge to inform melt is plain
propositioD-that such measure goes to
depress the price II the article brought to
sale. That the destruction OF the bank OF
the U. 5. us it viii lessen the circulating
currency tor time. must go to depress the
price OF produce is UNREASONABLE. and will
also diminish for time the circulation of
the notes of other banks because they
must REFUGE their discounts. This effect
may be but temporary but will exist to a
certain eXtentt
The gentleman from MARYLAND has OBJ
served that no apprehensoHs are enter
tanned by the people of Baltimore on &C
count OF the dissolution of The u. Shank. I
think Ihave been in horned that one of the
most wealthy in that town has said he had
vessel TO load anu knew where he could
SEND her SO as to clear six dollars per bar
rel on flour; for tha, -four at this period
could be purchased here at eight dollars &
.mightbe sold abroad for eighteen; but in
consequence OF the entire ,mpossibility of
obtaining money from the banks al present
from the fear entertained respecting the
dissolution of The bank of the u s., it wax
not IN his power to send the vessel Such
SIT, nave been advised, IS the situation OF
one OF the wealthiest men of that iown.-
The Bank of Columbia has at one stroke
lessened its discounts so DER cent. in con
sequence OF the apprehension en- ,ertained
respecting The diss olution of the bank of the
U. 5. Wha' has the gentleman from Mas
sachusetts tod you: hat 4OO, 900 dollars
arc loaned to the people of This distriC, by
the bank of the u. S. What will be the
etfectln this little district of drawing three
or tour hundred thousand dollars ont of cir.
culation! Sir. totcil me that The reducti-
on OF circulating medium will not produce
Qt may bt but for short time) a CORE
spondent reduction OF the prices of produce,
IS to tell me that Cannot see the noon day
sun. How long this reduction of the cir
culating medium and the consequent de-
preston OF prices may last, it is dificult to
say. r..
When the numerous late failures and
bankruptcies are spoken of, what is the re-
ply = hat they do not proceed from
want of bank accommodation, but from the
protesting of bills abroad; That our mer
chants have much property abroad, but the
difficulty of obtaining returns for it has been
such asto embarrass our strongest houses.
Is this reason why we should accumulate
difficulties OF our merchants? Fifteen mr.
twenty millions are said 10 bs Tied up in 10
reign countries. more especially i'm Eng
land, and such is the situation of Eopana
that we cannot get remi,tances from there.
This is an admirable reason, sir. indeed for
selecting this particular moment for call.
ing on the merchants TO make an immedi-
ate payment to the amount of fourteen
millions. which they owe this institution.
and which, if put down, it is reasonable
~ saytll
ment.
This is regulating trade with a witness
by the humiliation of the Bank of the II 6
a considerable portion of our circulating
medium is destroyed AT the same period
our merchants are called on to pay their
debt to the U. s.. bank to the amoust of
fourteen millions, and their revenue bonds
amount to about IL millions. This too a
period when the funds of our merchants IN
IA great extent are in England, and Cannot
BIZ withdrawn.
10 me 1t appears that the situation of the
as respects commerce, and every
thing else, makes it important, ct this cri
Sis, above all others, that this institution
should be preserved.
bat gentlemen. and very intelligent gen
t'emeh, tell us, this is a mere momentarv
pressure; 1nat the money in the bank of
lhe ". D. and the revenue as collected will
be deposited in other banks who will issue
paper or specie i'll proportion to the add
uonai capital in their banks That there
VIII be mere temporary vacuum, which
viii! soon be filled. II am to be placed in
an apartment from which all respirabJe
air is exhausted, and for very short time.
10 remain there, but till all vitality is ex
tinsuished, it will truly be delightful con
ISOLATION previously TO advise me that this
vacuum is temporary, and after am de-
stroyed, the equilibrium will be restored
and fresh air admitted. Precisely of this
nature is the consolation .fforded to vour rn
med merchants and others What ayails IL
II the cause be mono ntary, but the effect
as to them be permanent This awfu,
moment will bring permanent destruction
to thousands. And for what purpose dn
We produce this destruction ? To get rid
OF the foreign influence produced bv the
stock held by foreigners Yet. sir, this
foreign capital is one of the most beneh
ciai consequences attending the bank insti
tutiun '4
In new country Constantly deyejon,oe
ne" resources of every description. ar, in
creasing population. increasing Commerce
agriculture, manufactures, and multjpl,ed
objects Un which capital car be employed
10 great advantage to develope the wonder
July INCREASING energies and resources of
our young country, we can afford IN nav
irregners good interest for the use of tb.ir
capital. This is one Of the great reasons
with me III favor of the bank. We are adj
monished that this foreign CAPITAL gives 10
foreigners q dreadful uolftical innnenc.