Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-06-03

an accession 10 Ire machinery u tie
country in the weaving trade, which,
though not likely to throw so many out
of employme as Sir X. Arkwrgits iu-
vention, yet babe far TO throw out great
number of those already Wreiched cotton
weavcrs. He alluded 10 what was called
the power loom, by which ole child could
do as much work as two W three men.-
lie would tell the House, however, what
was likely to impede the further progress
of mechanical Improvement. 1t was now
actually found, for the first time, III the
history of mankind, that the wages OF la
Dor were SO low and the distress so great,
that manual labor was making rtp.lsals
on machinery, that II was coming in COM
petition with machinery, IL making IL I'M
possible for even Que child TO maintain ITS
ground against the diminished claims Of
two or three men. There were other
branches OF manufacture, such as the
printing trade, and lace trade, threatened,
1t he might.use the expression, with the
introduction of machinery, and which,
not even the low rate oi wages was likely
to'keep out. The last 5, mpiom 10 which
he should ailude, was the state the mo-
Dey market. He was aware there were
some who regarded that question in We
nv different light to which he did. He
did not know whether the right honora-
bile gentleman opposite OlIc Chancellor OF
the EAcheQuer) concurred in an opinion
which was entertained by high authority
in another pkce--by no less an authority
than tic Prime Minister of England, and
who was also at the head of the financial
department of this country. That Noble
Earl had INDUCED in tie most tlattering
hopes, and derived the most favorable
Al f,n,,, No Inn ,.,f ba G,nle,
which he was pleased to attribute, in some
sort of way, which he (Alr. b. could not
comprehend, to the suspension of the ha-
beas corpus act hear, hear. That
measure was considered, by the Noble
Earl, as, at least, favorable to the com
merce of the country, whatever might be
| It's injury to the constitution. But sup
pose he were disposed TO turn the tables
| upon the first Lord of the Treasury, and
| ask him to look at the still greater rise i'll
the funds after the report of the commit
| tee appointed To enquire into the contents
| of the green bag. That report first un-
| folded the existence of the Spencean sys-
| TEN, which might be found TO have some
| analogy with tue funds, because though
the landlioiaer, in that system. was to be
! despoiled, the fundholdher was still more
| violently denounced, as monster that
should not be suffered TO exist. There
fore, 1T he chose to assume SO trivial a
principle, he might, with more propriety,
argue, that the rise of the funds immedi-
| ately after the PRONUNCIATION of that ter
rible plot by the committee, was at least
"A proof of the total disbelief OH the part
| of the fundholders, OF the existence of any
such plot. He should not, however, re
! sort 10 any reasoning of that kind, but
L cnntanh that tho anf,,nl ST Of be-,
ney market supported the arguments he
| had already advanced.
| 1t was well known that there existed AN
unprecedented facility i'll obtaining dis
counts for bills at "A short credit, at and
| IL per cent. which could not have been
| procured two or three years ago. The
| stocks also had risen, and were about 10
| per cent. nOmInally, more than they were
| two years since. What did all that
| prove! ifhe saw there was any proper
iiOnate facility III raising money upon
| land ut . per cent. that was upon H.. We
| ry best security our law aiforded-name-
| ly, a mortgage; he might be disposed TO
stop before he stated, that that rise in the
| stocks, and that facility in obtaining dis
| count for bills, was only proof of the
| .lut which prevailed in The money mar
ket. The fact was, there was more mo-
| ney in the market than could find en-
| plOyment i'll the trade OF England, and no
| capitalist close 10 allow his money te be
more than six months beyond his reach.
1t was on the same principle that there
! existed the negotiation for loans TO TO-
reign powers. One ofthesc, namely, that
with France, had been concluded, and
there was little doubt but "A very conside-
rable part of the money advanced would
i,a al nf q
| try. America had also two negotiations
of a similar nature in progress; with the
| particulars of one he happened TO be ac-
| quainted-it was what was called a stock
| operation, and would most probably be
supplied from British funds, from the ut
ter impossibility of employing the capital
of the country in any encouraging spe-
culatlon, either commercial or manulac-
turing. The only remaining point con
nected with that part of the question al
which he should cursorly glance, was
the rate OF exchange, and he would only
assure the House, that before he sat down
he should feel that lie had entirely failed
in the views he had taken of the question,
if he would not bring home TO the con.
yiction of the House, that what was call
ed the favorable rate of exchange, was
but another proof of the depressed state
of our trade-tlat it was the natural result
of forced expectations, without any i'm
port in return. In France, for instance.
owing to those expectations, and there
being 10 import, and in the consequent
demands for bills TO make renittances,
the twenty shiliugs British was raised
between 9th and d 18th higher than the
par. When such WIS the lnexdmpled
embarrassment and distress under which
these two great sources Of national pros
perily labored, it was futileto expect that
such an unnatural state of depression