The enquirer. [volume] (Richmond, Va.) 1804-1815, 1811-02-09

tional phrase, GAS good as the bank of Eng
!tnd.' How is it now! The funds Of ,he
bank have been borrowed by the government
-i's paper circulation INCREASED. & Par.
lament has been compelled TO make i,
a tender tor the payment of all contracts.
| Who, sir can estimate the complicated
mischieis OF deprecated paper currency
without specie for its redemption Should
we be involved in war. or our property SELL
zed abroad, nothing can prevent universal
bankruptcy --one widespread ruin will
pervade the continent At this time the
Country is inundated with paper bottoned up
on the whole Heating e real property of the
community should an alarm exist, can
these funds be converted into money to
redeem its credit! Certainly not Will it
not be prudent TO diminish the extent OF this
EVIL by putting down this bank which is the
| FOUNTAIN from which the whole system fow ,
1t is ct little Importance, az it regards the
internal trade of country what cons flutes
the representation of property. Paper, ron,
or any thing else which passes current. will
answer every purpose of barter and trade :;
but in its commerce abroad, it is indispensi-
Die that the circulating medium should be
equally valuable &c readily acknowledged
among all commercial nations otherwise
! all the operations of commerce carried on
win none, will be abandoned or prosecuted
under disadvantages equal to the difference
IN the value OF the currency at home and a.
broad In countries actively engaged in bu-
siness, this branch of trade is not only prea {
IN amount, but by far the most profitable -
HOW unwlsc, therefore. not only to substitute
Tor the precious metals paper currency.
whose value is confined to the U. s. but to
augment the quantity until it depreciates e.
ven among ourselves.
1 Il,
sion at a state OF things which exposes us to
'rreparabe injury whenever a foreign ma
uon shall interrupt our commerce, or nv
regret at the daily ascendancy of this fatal
pohcy. In my opinion, sir, the true Correc
tive VIII be applied. If the government. IN
steao OF receiving the paper of a particular
oank IN pay ment tor the revenue, shall re-
quire specie as the only tender Such an a.
peraton would secure to the country its due
proportion ofthe precious metals, would res
tram within rational and useful limits the
circulation OF paper, would insure stability
20 the monled institutions, save ,he peopIe
from the dreadful scene of bank windlinq
which is exhibited and res ore THAT eo,,ali,
I ty OF trade with iorti ign nations. which de
pends upon the fixed value OF the Circulating
medium L am far from n'inating thar
banks are useless, when established with a
aue regard tn the actual wants o the Country.
measured by that standard, hey form tue
chiet resource ut industry Intricate tn.
wheels OF commerce and acce crate their
motion but the consultation has wisely
entrusted tins measurement To tue states +:
| they are he NOS cUmpe ;ent in iges. If The
Bank of the u. States tended u resr,in tbe
multiplication of banks and the ruinous :
mission OF paper, l acknowledge i, wonld be
powerful argument in rs favor--it would
go far to satisfy ne OF its exp diencv Blu,
instead OF producing this effec we have
seen 'nem like mushrooms in genial soil
| spring up under It's fostering prote. t On
The bank OF the y. States has AN in er. 9, in
| the multiplication of similar institutions he
| cause they all tend to secure il from dan
ger ana enable II to encrease the discounts
10 the greatest amount; before the u. States
bahk Can be affected, all the other banks
| mus be ruined; because the advantage O:
| public deposits and the great extent OF ca
| sltai will Afford the means Of averting the
storm. What has been the fact on this sub
lJeCt' Rave nor the most shameful systems
| OF oank swlndbng been prac,ised. The
| state vi Massachusetts found it necessary
either to suppress her banks or limit their
discounts. They found, upon examining the
vaults OF the banks, the whole of them did
no. contain specie equal to the paper issued
ny single one. Yes, sir instead of finding
= 'o"u oOuy, they round Corpse rotten q
decayed the specie had fed aud The pub
tic were lett without the prospect of remu
neration' Rave you forgotten the bank of
Nhode islandf This bank had issued notes
10 the amount OF 100000 dollars upon ca
pltal OF Is dollars. Will gentlemen tell me.
the BANK OF the u States has checked, or
VIII Keep down in future similar fmpositi
ons lam justified in considering this bank
instrumen al in deprecia,ing the currency
OF the coantry, and banishing its substantial
| capital.
| here is no branch of industry more ma
terally Injured by the artificial state of ere
DIT and the Deprecated Currency of the
Country, than manufactures. The preca
rlous condition of Commerce has naturally
turned the public tention to this subject :.
and we may hope that the time is not di
tant. when the United States will furnish the
articles OF substantial utility tor themselves
ne war IN Europe, by deranging the ope
ra'lons OF the manufacturer, and the taxes
with which his industry has been burtbened
nave consPred to give vigorous mOulse to
'hem here But, sir, we shall probably wit
ness their destruction by the rapid tepreci.
alton OF paper, which raises The price or Ia,
Dor and impedes the accomplishment of this
|oSt desirable object: The exchange of Ia
Dor between the inhabitants of America
ana the Old world, has always been disad
Vantageous. We have not ONLY paid fnII
p'ohts upon the capital and labor employed
IN 'hc production Of what is Consumed. but
nnff