Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-10-02

ercEogc, mp.' We peyr.rga.. he whole II y
enatiu:' o. Pal tivS hia-tiut IS /
|. The cove siun Of inreiga paper IN,
ar owG
ii. Tha ru,ch.,.e All sale of specie.
III. i'e urci,aSe OF srn,,s ~ sci! aga;r /
II wholes2% = retail
~. The!.ucchasc aud sale nc real c .atc.
V. Tie rarcaa ii so,,ds ,or export.
VI The pay be5.t OF uS.- debts, domes
tic and FOREIGN
VII. FAe Iayment ut WAGES.
VII. fhe p. cae,c Of the daily ncces
saries o lie, - ,1cet a0d- 5,int, cl,tai'.a,
wood, and the >qpnt,. Of al The il.u ,au',
wants thatao,h.is mgr 70.
TX, Topay faxes and duties, to support
chsrtable Institutions TO advance the arts
and sciences--ard the fees Of professional
meu.
y, The Improvement ol the CITY, in the
erection of public anu privnte buii,iings.
Ali this msss OF alienation, constiiut.
ing SAM 1t at least g f50:eo0, eco or goo
CO0-Ooh per anrum. Is Il, be performed by
a sum Of 8 ,U61,OO0. This sam neycr cnultl
aceoiupiisb tiietasS Il u.iai,cd bybank c.,
/ OATS, Ent large portion oi banS c. edit must
rest ON part Il tnis So $3.50. md On the
discount at 0o.es. The S,G0o.OO0 d. notes
the banks are determined to reduce 70 a
less sun, aud by refusing 10 discount.
notes, TIC amount et bank credits nas st al
SD be reduced. The necessary conse.
quence must therefore be reduction If
the aiirnatioG ot this ci;y. That is,
L. Foreign paper received in remittance,
must dcpieclate daily an,l thus greater
difficulty must be experienced by sul mer
chants. to collect in their debts.
/ II. A less amuunt III sales, both 10 ,ner-
chants III the Cit, OF in the country.
! VI. a iiginaiion in the value Of real es
tate.
i ~. a reduction of our commerce, botl
tafeisn and domestic ofimports aud also
IL. exports.
] v, a want of pnnctuality in the paw
inent Of debts, AID consequently numerous
failures.
! vi. A depreciation Of the ya.ue of all
stocks on hand. and consequently the .rin
lofa!l who have large stocks i. they are
forced to make sales.
| VI. The destruction of cur mcnr.ac-
t;,tes.
! Viii. General distress prevailing among
tae poorer classes q society who i.aye beea
cmrloycd in our manuf,ct0rie,, ia daily la
DIR &c. bat who viii! be discharged and an
Increase 81 tie poor taxes.
| ~. Ddties ana taxes irresp'aly paid s.
tae uecleDsi0n at t,.1 ;.sts and sciences 3
ard retrogradatien oi society.
Thee are only some q tue destructive
consequences. which must arse from an
Z Inference Ia this pernicious system. Nao
1 can view this scene III deseiatiDn which pre,
ie5ts l;Selt 20 the mind, without lecIing
s.ie st,anget eiu0tioiis of indignation 81
iins,,its authors an,. lis ahettorsf
Bat what renders it, folly aud absurdty
1 'he mpre 2sariiig. IS, that it defeats itseif-
* does uos ptosilce the effect intended. Z,
The banks expect!to call in their notes
i tyrcducng their discounts. Instead of
/ selilH9 Their government stock, the sub
iscriPi,rn 40 when 0ccasioned an issue not
i only 81 thcii' mates, Dnt Of their specie -
md the sale 81 which would produce the
retuIa Of a portion Of their notes, or might
enable them TO obtain specie, tIey seek 10
lprccare their notes from tie merchant, by
tahiug away his,b9rrowed capital. and thus
Feducing his business. Tsey will not con-
sent to lose aidsii;roh account of The err
sors ;hey have co,umit;cd, Bat they make
ihe ne, chant bear the loss Tor them. How
/. Is tie merchant to possess himself OF bank
& notefs ? In three ways.
! T. By collecting the money due him. III,
u ~ converting ms properly, personal or 70,
4 MO nars notes.
III. 81 ssl!ing his Own notes, for those Of tic
r. banks.
r The moesy ewing to the merchant is
either debts ia tie country, d debts IN the
icity. II ia the c6uuty, ne cannot inme-
, dIate'y Gil lin. The debtor in the coun-
ny can do iarge his ereegement only in
loi eign pa s.. bdt as Tue banks reduce
the circuiot.ng met;n here, ioreign pa
per continues to dcpree!ate, ard tie cOun.
= rs dehtor seeks to evade payment when
i9uchs loss Is to b. sustained. Tic debtor
ia tle city, equally pressed by the Banks
Win hiuself, and having his funds dlso 10
the country, tiads ersst difficulty to inlhi
MS engagement, or fails 70 do 50.
q The receipts Of the nerchant falling
5hdrt of BIZ peymefts to Tie bank and lis
3 rea. ebscg omchts, lie must have recourse
&c oae 81 his other resources. He tries
be sale Of prOpeety; bat the very curtail-
lnant ii the banks mas destroyed ms mark
+. et. Every oi.c - aaSipus to sell, and few
aole to uuy. ii DC Forces sale of his
4 goods, the fruits u anxious toil aud petse-
= IYcdng Industry, are at once swept away.
fl Ruiu Is st las hceis. II he thtvws bis notes
lntO tie hands VI brokers, tie same fate a.
4 waits him. lie behoIds the property he
/. had collected together, TO give comDe-
: ltence 60 famdy, which he had hseed
= .gou!d have given peace and cOui0r to his
lpcii ,ir,r 400 at, L. 4. his cff ,,,ipc- he 49,.