Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1818-08-28
RICHMOND. AUGUST ~
UNITED S'TATES RANK

Inc Following communication, from gentle
u,an ~ Tue country, Is made public, because
Tue subject OF which he treats is of much pu b.
nc lmterest.-As to the speculations TO which
| lie ailudes, we have no information
TO THE EDITOR OF THE ENQUIRER.
SIR-The apology which you have made
III Que OF your late papers, for the large.
anu. 10 some, distressing curtailmeni of
The Bank ofthe United States, is very cha
| riiabie, bul not satisfactory. The Bank
must have loaned by This time, To the a.
| mount of one and "a half times lis capital
otherwise II could not have given divi.
dend, as II did, preceding The last one. nj
The rate OF eight per cent, after de,lucting
ail It's enormous aud Wua'Td,itaJie expen.
ditures.
Though il is admitted that the denos;,s
in the Bank of the u. y. and its branches
have been considerable, and NAV have
been discounted upon, to a certain, extent
yet IT Is Impossible that the directors can
have been so lmprudenl as to have dis
counted TO so great an extent, as 10 have
required curtailment Of TWENTY-FIVE
per cent. Even, II ii be allowed, that one
hall OF the Whofe OF the Louisiana debt is
about TO be redeemed, (Which is not the
case, as you have demonstrated, the sum
required would be but seven and a half
millions OF dollar. Now, if We calculate
that the u. S. Bank has loaned out filtv
millions, which is short Of one and half
times lis capital, and thatit NAV have dis
counled,On government deposits TO the
amount of 1--WE millions more. (Which is
as much as, III prudence, they ought to
have done, out of fund so contingent.
so constantly drawn upon, and so iicon-
staniy repIenisiling,) and which five mil
hons are nearly as much as the Louisiana
payment al present demands, still the
curiailmenis called for are near double
The amount wanted for that purpose. The
fourth part of fifty millions is thirteen
millions seven hundred and fifty thou
sand dollars, and this is, as we under
stand, The amount of The curtailments
called ior-namely Wv elve and half per
cent. AT every sixty days, for one hun
dred and twenty days. If the whole
sum TO be PAID on account of Louisiana
was seven millions five hundred thousand
dollars, there is surplus curtailmept of
SIX millions two hundred and fifty thou.
sand dollars. II only about five millions
be required, as | think you state, then
the surplus cmtaiimentS are 10 the friyIitful
amount of eight millions seven hundred
aud !ifty thousand dollars. The payment
then OF the Louisiana debt is mere pre-
te't: Your apology, therefore, made in
The Denevoience ofyour heart, but founded,
as IL is, on that preter, is, of course, in
admissible
The true reasons, for there are MANY,
OF Tins monstrous curtailment, which, we
opine, IS not general and impartial, though
1t Is pretended 10 be so, are vet TO be de-
vcloped.
Can you not imagine that one reason is,
10 Draw from O"e description Vf people, in
order 10 lend TO another? From the safe
and vlrtuous cultivator of the soil, to set
the town, otjobbers and spectators up
on their legs again?
Gan you not imagine that those, who
have incauiiously pledged their stock for
discounts, may be compelled to sell that
stock at It's present reduced price, occa.
sioneds by the late reduced dividend
which seems to have been intended 10
pare tile way for the curlailment thai fol-
lowed, and TO favor the new SIP; culation
that grows out of both
AS this stock was raised, purposely, TO
45 and50 above par, when the Bank first
opened, by premature dividend at The
rate of eight per cent, by which the spe-
culators III Baltimore and Philadelphia,
who had the nefa,iOus advantage oDey every
body else of dlscOuniing for their second
instalRent, pscketed vast sums, can you
not imagine how this same stock may
have been, puypoSely, depressed by the re-
cent small dividend, and the cnriailment
treading upon its heels. So that the same
spectators may profit beth ways, by the
faH.now, as they did by the rise at first?
In a word, sir, can you not imagine how,
by welding this formidable instrument at
this Guncture, the price of government
lands, of wheat, -four, corn, tobacco, cot
ton, rice, and all tllericI productions of the
SOUTHERN STATES, may be artifcieliy
depressed below their fair market value ?
Whv is enc Mother Bank Director, and
he the very Beelzebub Of spectators,
walking TO and fro,' at this moment, in
New Orl ans Why is another-
" The court Of cards, aud dsxtrous Buke Of Disc"
playing lbs game in the western interior ?
Why is another All? Another in
- &c. &c. &c.
You have an excellent nose, Mr.. Richie,
for an Editor, and, TO your honor il is
spoken, frequently scent out danger 10 the
common veal in the distant air. The trail
is laid,
II is for you" to beat this ample heId
Try what the open, what the covert yield"
ARISTIDES.
August %, 1918.
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