Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-05-25

/ "hS anu uHpTOhuCIiFc anu as one al
The signs of these melancholy times, wt
are told, That " the factory built by Mr.
Sanders, which, with The! machinery
cost upwards of S 1905 together viii
many other valuable buildings, ana up
wards of one hundred acres of land. were
sold the first of this month. for S 2I COO
upon credit. - need not seek for cX-
anipics in Virginia and particularly IL,
! ms ciiy. Here Il deeper gloom hangs
over us, ;han ever was Witnessed by the
oldest man. The late war was sunshine.
compared with these times. The blockade
ut The Cb, sapeak was nothing, in com
parlson with the deep distress " hiclI rei.ns
over us. IL IL mol az, business 10 disguise
The facts. II is rniiculous To atiec, IA
| secret al whai i known 10 lie whoie
W. rid. We cannot unkc USE Of rose
waller. The present season require, =
piaih, manly. unsophisticatctl truth. And
whai Is HE cause al this state of things
say, II IS pyt'"tEoliy oeer drcting il is
orer-deah"s. principally brought on The
country by Ore' bapking.
~ rs melancholy may Gorse, il is
disgracciui) FACT, that l!is country.
blessed beyond an, ih;:t tie world ever
s'Ianr np,D, has been brought 10 this
con'iti"n, principally By monied insii.
tu'ions 10y 'l,rrmpd,ptcrtirr, and n,isma.
"dsrme"f. Banks have sprung up Ike
mushrooms. One slate in nre tuomep,
sOot up iorty ot Them another, thirty.
uere Is no State, which has not been ours
eiby them, as Egvpt Mas by her lnc, SITS.
bu' every new bank added to the em
barrassm mis- of the circulating medium
III these two ways; IL cripplrs the old
ones by r"bbin9 them of part Of their
specie, and II Threw out more paper, thus
increasing circulating medium, tLatwas
already too large.
Dui III MAS HE Encouragement, more than
IN" multiplication of The banks, which has
Drought on Tie pressure; or rather il was
HER multiplication which principally
contributed TO acknowledgements. Beng
created, they must go 10 work or else
they could make little diridendy. and ,lrir
stoch mus, sell low. But il they could moi
go 10 work judiciousIy, they must do il
injudiciously. Il is thus that their cx-
ceSs'vc competition on the one hand. and
ignorance oiihr irue theory OF bankinp
on The Other, bave led 10 II miscarriage
oi Their funds. And how miSnanagcd 7?
Ii is the province of banks only to lend
helps tor Il short TINA To rcaf capital not 10
create i fictitious capital by arcon.moda
ton paper. Adam Smith Tells us " hat
KIND OF tirlp he thinks iais OUGHT 10 be
" What bank an ~ih propriety advance
I" merchant or undertaken OF any kind.
~ mol eiiher The whole capital with W lIich
ne trades, or even any considerable parI
OIL ihai capital; bui that part OF II only.
winch lie would otherwise be Obliged iu
keep by him unemployed and in ready
money Tor answering occasional dc
mands. But iustead oil this minimum, our
numerous banks have sometimes stretch
ed their loans 10 the uttnosl-lt,eir issues
have hecu made ior every sort of purpose.
They have created accommodation ,,gpcy.
to enable one man 10 buy up large real
estate another io bii,id houses and buy
iurniiure; y third, iopurcl:aSe whole crops
oil tobacco and -four, or whole cargoes of
fnr"!gn goods; d fourth opurcliase the tx
ed capital at large manufactures. They
nave led MS MO temptation and it must
be confessed we have easily fallen into il.
The uncommon facility of obtaining fic.
,iilpuS capital IN paper has given birth 10
The widest spirit OF speculation. Specula-
ton has generated banks; and banks have
generated Il tenioltl spirit OF speculation.
IL Is well known, for Example, thai when
the Farmers Bank Of Virginia was first
established, II almost threw omen its
doors, aud begged for customers. IL il
Is so here, what must The case have been
with the 40 OF so banks of .runsy lvania?
Ills orer dealing WAS displayed, accor-
ding To the field on wiiicl, il fastened IL
self. The trade in BRITISH, goods liza. been
vasilc oyerdone; and so has that to the
East Indies 10 The south, the trade in
cotton: With us, the speculation i'm -four.
III tobacco, aud in lo,s.-And mark its
eft'ctS iou upon The mOrdi habits of This
nation. A wild, intriguing, chaiiering,
subtle spirit OF speculation, has taken tie
place too Frequently OF patient, aud bo-
norahle industry. We wanted TO take
short cuts 10 fortune. We would not sioop
10 work hard for pence and sIlillngs,
wien we saw our adventurous neighbors
accumulate thousands OF dollars by
bold or cunning stroke of speculaii0n.-
Economy t'oiwas deserving, us rs we'll as
iii';usiry.' We HiuSt live high drink
the cosilicsi wi0es dash out in The
hnest equipages build DENT palaces.
and furnish them III the most sutnpiuous
manner. Our manners were silently
corrupiing; our republican principles
were rndermining. Wealth, fashion, a.
ristocracy i'll expenditure, we're becoming
Tie ORDERS OF the day. To give further
scope To speculation, or extravaganza.
when these banks began 10 be more re-
served IN Their favours, we began 10 bend
The knee 10 the authority OF bank direc-
tors, III present or threats 10 The usurer's
knife. Great God almost start al the
| picture have drawn; and ask myself.
IS this republican America ? Is il posi-.
bic That this Is any thing like The truth
know the distress which is brought on
10y this drplorabe occr dealing. | know
Tie agony * not yet over. know that
NAVY a generous and high minded man
iSyei 10 weep blooH, before that agony can
he over. Humble az lam, TOO have NV
share of the calamiiies of the times: loo