Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1815-12-21

= tie by importing or buyg specie for winch they
must always put an equal quantity OF their paper
into the market, c;,v < always the quantity
IN circulation. lis, therefore, evident that the
Is mode they have oftc'luc:ns their circulating pa
per, is eutal the ,oans to- their customers; that
is To lessen their discounts aud the elects prU!ue-
ed upon the ccunidaily, by such reduction o. their
floating capital. VIII depeud nuch, on the various
uses, the different Customers 81 the banks ,>c matte
II the moaCy lent taoa: one thing u evident,
tia, they would moi borrow this money from the
bank, Il au interest of per cent To by IL up ia
their uOns boXts; Of course they must have bought
luGs, Ia So, ships son,e,ling with and now,
that Tie - payment b. Gem necessary, tAey mos;
probably nnst resell tllat ptUpcrt,, wiicn will
cause great uans sellers a,d lew buyers in the
"'rrhet; uevcAJ lowering the value OF property
generally, L ~ other words raising the price "a
noncy: when Ire value ol money RISES, it not only
steps all expectation, but encourages importation of
spCce. Tie i.tn al operation Cd forcing so much
paper on the puk,R nas, the rise of all property,
more particularly IN the lsrse owns, whch hal tc
lean g ui0sc act s. The l,ts in. baiidug rOse Co
10 md III Uc pacestc 20 times tEcir ancient
value aid you Nigh have pa,ch2sed house, With
2atdei oi half an acre the middle 0f Pais, Tor tle
7ne none, HAT small lot % feet by 80 could he
bought ia NCw-Nors fhial -lpiid --Ol the re-
calling Of the surplus reies, the reverse most proh,-
bly, viii take place, by Tie failing oiail such proper
! y IN propoI lion.
| On export commerce, it Ail! have The effect, BY
! lowering the artel, m the HON, mar ket TO Owe
! gn; which believe, hes notbeen the cas.. rem
| orally, since she great acre OF bank notes
| rreeteal ststemen may eiuciiatc this 81 beet,
viz. Flour With you,a,presentis 6 dollars per bar
! rel, which is nearly duublc what il is average
| IN Eurtp pc IL cannot, therefore, Le exported but
must 'nii NOS, probably To dollars beore it can
but fiosr is the riydu CO OF land, AND the value oil
land, Ike every thing else depends III tie value of
what II produces 50, thatlsnd worth dollars, where
aour Was at dollars ought only TO be worth dol
| lars, when flour is st dollars.
1t IS titus thar The foreign value of an article, re-
S''la,es the home value. An Euglishman, with his
! bark note in Lou don, NAV suppose that ii is ".
s;ermg which Is worth, At par, 81 francs, bat whea
| lac comes to France or Flanders, and the people
| there give linn Gully 1G i4Ic ior Lis bank note of
2ts lac ,hen finds out the deprt citation of his paper
20 will onr people, (wher the dollar at par is worth
3 ianes sous Offering their dra II, q be paid in
bank notes, would scarce get iiascs for then. dol
lar here, loss Of Eearly 80 per cent have reason
TO repent not having bought specie, in New York,
| where 1t can be got nj per cent This profit viii
| Indu &c every coming to France, TO purchase
hard dollars and bring taen with them in place OF
letters at credit until the value of specie meets ne
depreciation OF paper. 1t IS because specie has the
icint properties, oi having Intrinsic va;u and be-
ing oi easy transportation, thati has become the
general regnla tor OF value. Land is ol an ntrin-
sick valne, but cannot lie trarslor od--Paper can
| be transported hut has inttimsich value. Nei-
| ther o them, therefore, can ever become the gem
crai regulator o! value.
|
aiterour example, that which supporte, the Frenci.
revolution, were issued for * bcuo 81 of he
| government, who only paid the expense OF ~ hitting,
and reaPed the whole bene6t of the circulation -
These curr ncies, daring their gradual deprecis ton
ana hn;i anIilatiun, acted rs taxes IT. iOrrs Bile
equal pr portion, 10 the property of each inyidu-
ual and like all other taxes for the purpose uf sup
| porting the eoveinm mt. The paper-more y in cir
cul-tnil, at present, in Denmark, Sweden, Russia
| and IA ira, h1ugh upder the name o. Bank paper.
| q av, f,F
printing, and curing their actual depreciation or e.
raj ainhliatio", q tax the na'i0a. Cor the
! support exclusively Of gov rnmeEt Great tain
| when reouced 20 the necessity Of havirC recourse
tn pHper-m0n IA the true spirit ct 1crcaatile mo-
| nOpoiy, Ua!2 titr national property tn
means cf ring the aecupnulstion Of the arsio-
cratic powcr by giving the Bank I, e priyiledee If
issuing tie Jepcr, and Tie right Ia exsct per cent
per anuurn, for al. such issues bot, from the eny-
crhInrsi n 1t the pubick. / his papc:, like al o.
thor, art 10y it, depreciation, and perhaps by its
tna' utilization, tax upnr the nation, but no.
!er The exclusive pnp ses Of ,hs rvernnent ui the
Whole milton, bat III great measure, for the in Il
iinalbcueft the propri tor If bank stoci5 Re-
.ieved roe the necessity d paying thtirpap,r spc-
ee capital lyi j. their c .if,is, becomes unneees-
sary Of coursc, the Who'll amount of taeil issue
pro uees pr. Ct. Der suDum the eyerag- a".uun
OF "hchhas be e' FIR NJ Any his last 20 y, l., ahoet
| Is ".an5 sterling, Ct is much more at pres MT bat
tbs Statement, beUg only is way az eiuclatiOn j.
siiiisiendy eSsct,) which in ii years, Al ; y. Ct
Hnnoi y, w'ich y nj siie them Captai o so ~
lions 1870, and Of loo nii!i1 sin 1924 &C. &c
| Whstrv-r T1} be III, caasc Of c stol pag.. ufar
banks, the effects Il heir refusing t. pay succe
iort!.ci notes, must BE- the same as IN the case If
thc Bans Of England; that Is assuni Q he pi!vi.
ledge ~ Issuing paper, with the right of charyi
| o pr Ct interest, per annum, 10 both The cove n
ment and he public < the Ultimate eOnseq.v nc
If It's depreciation, possibly its final all hiiatio
must get as tax IN The country ling on each indi
'iduai, in proportion to bis properly, in ike rnap.
ncr, as our Rev utionary paper currency +; nut.
with this difference thst IN l4c OF being excu i've
y Tor the benefit Il the government, Is or paper
currency during the revolution, vel an s,ich
must be) It viii Ire exclusively tor the benefit cf
Bapk pr0priet1rs AID their custom.rs
| The supporters Of he IN rcantie and paper sys
ten, assert, that Use VIA lie community profit by TIE
'ise, in prise Of produce, and that il put in IA ion
o great quastun Of prOduc i've labour, and by le-
gtrdemaiD, works miracles, &c II is I'll speciots
delusion for, farmer who is not Grop;ictor Of
| bank stock. or aborrOwcr from lie bauk on dis
count, isnot bcuedteGby receiving III .her price IN
paper, ior this 'impe reason whit he receives Cos
spfoduce, must either be isii ont in the purchase
OF Tabor and oLhcrortcies laid up to accumulate
as profit 1.-THE FIRST, he nHst pay in paper for those
| articles, IN the SAME increased ratio Of price, as ~
| rseeyediOr his produce aud IL he puts The paper
ntohs strong box, profits, Is suffers by die Ge-
probation, and eventual loss. II, TO avoid that he
! hujs speci' be phys premium egusI ~ the aIii-
! tonaipiceh c got Tor his pro 'uee5o, that lie IS 70
gaiuerby che circulation Of the paper currcacy but
By 'he depreciation or final annihilstoa OF said pa
| per.
The 900 and odd banks Of the Z. S. pryilt eed b.
cb nj.