Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-05-28


iu ,neIr vaults. THeir overwhelming would
| lead 10 tlie over dealing of individuals I:
WHO would speculate in the widest pro
iects, ~ iauuch out in the idiest cxir.iva-
GAUGE and when the bank called upon
Them To meet their paper, they WOULD find
Their means so wasted ar So vested, rs Ia
DE incompetent 10 meet their notes With
oui rum OF the deepest distress. Such is
| The general picture oI ihe inmrs-ihese
| times SD mnch out OF jolat, as 10 puz.
lie The most enlightened sIaiesma4 Tor
means oi settling them. There is a thick
| chaos before ns: but where is Tie mind
which. IN these times, can pronounce,
ltt iheie be ligh,"2
II i lrue thaithp Ess, lndiatradc draius
oil large quantity OF our silver Tor, we
| have scarcely amy thing else bui little
| ginseng ii'a, we eau ship 10 pay for The
I gends We hay IN the Indies Oar silver
| yocs therefore 10 this purpose but /, is
| omr excessive paper cirrnlaiinn that pre-
parrs The Way aud contributes in the
most material degree iU This traffic Our
silver seeks that vent, he, aiise we have
more occasion Tor II IN that way. than any
! olbcr. Bni l. u not our excessive cticu
iation thai h.lps To feed that trade? We
have too much money among us; money
- HE very thing, indeed almost the only
thing that Is waning for that branch of
trade; is II strange then THAT the surplus
OF II should go out in that direction 3
| lndla goods were indeed cheap BURNER
chants would have found il their interest
10 buy SONS of them to sell here and
ELSEWHERE; this trade would therefore
lave been 10 a certain d"yree carried on
by us; but not near 10 the same extent,
AZ " has been, II our Circulating IN dun
| nf hfnt 81.
Gle which they shipped wiz. silver being
So much cheaper here. they could afford
To carry on their trade on better terms. -
Our banks have been so many depuis
where they foundihe precious metals cot
iecied together; instead OF their being
AT The trouble and expencc Of picking
them up. pirce by piece. over the wln lc
country. One piece OF paper stamped
with s 100, is the same as 100 different
pieces OF silver.
Those who shipit TO the East Indies
have themselves generally 10 buy this sd
yer al an advance. Thy bay il of men
who make II their business 10 turn hank
paper INTO specie and who do n prinri.
pally by procuring paper where il j. b"!nw
par and presenting II al The issuing bank
TO be converted into gold and silver Ii is
Idle to declaim a2anst these brokers; these
money changers, who would dchle the
temple itself. Hon sweep of these yermiu
Who continually tease the banks without
reducing tile banking system, on which
| they feed and falten. They form one in
siIument by which the surplus circulation
! l. drawn off. The India merchant, Instead
OF being al the trouble or mourning the
cdlum OF going himselfto the banks with
the redundant paper, pays thu broker for
doing it, have said papsr which as beiop
par. for even though il be convertible al
the bank INTO specie, yet when il wanders
beyond the immediate vicinity OF The
bank, lit be only used for certain purpo-
SEES, and not for others, or lift be not as
suitable as other paper, il will depreciaie
below specie, and some will even Try 10
| deprcciale il below that other paper itself.
Bnt there Is scarcely any one bank, though
II processes 10 pay IN specie, al whose
| counter the holder of "a branch note can
| get any sort of specie he wants We 10
not always like 10 ask them for Specie,
when We know they wish 10 keep il.
! Their notes can scarcely, therefore, be
| SAID IN every respect 10 be equal TO sill
| yer dollars
| Let us then sum up. The multiplied
| ton and Encouragement OF our banks
have caused an enormous speculation aud
| extravaganza on the part ot individuals.
| They Rave run IN debt 10 tue banks
| The Banks issued a food of paper, for
| which they are in debt 10 the public.
They hold the notes of A b. and c.
while ID. E. aud +. G. &c. &c. holt the
notes Of the Banks. The circulation be-
| gins 10 be too full we have TOO much
money aud the notes of the bank go
back uroD il for specie 10 b. shipped.
The bank has either 10 buy more specie
to repicniSh IFS vaults, 10 call in its pa
per, or 10 do both. But how replenish =?
II IS easy enough To make paper tits diff.
flcult To obiain coin. To import specie
from abroad, is expensive and of late,
few banks except the l.. States Bank have
done il: aud lately the u. ). Bank, find
ing that eanSeXpensive an being called
on In IFS turn for specie 10 be shipped,
tries 10 get specie for itself gu, OF the
State Bank funds. lst. Ii worms itself
into the favor of Individuals, and thus
gts their deposits in other banks trans
ferred to itse!f-this gives it one claim
to draw upon the state banks 2d. Re.
celving the u. States dues, and having
little paper Oi It's own out, II receives the
state notes for duty bonds, &c. and thus
increases ITS balances against the state
banks. These balances II nOw faithfully
calls for sometimes by way of favor ia
weekly instruments, but sometimes also
TO considerable amount.
The state banks, tIIeH, being partly called
on by individuals To redeem lis notes, and
partly by the q. s. bank TO liquidaie Their
balances i'll cash, and unablr or unsil
ling to repleDish their vanlls from abroad
or at home, are induced 10 call in their
own paper. This is done by calling on
individuals TO pay up their negotiable
notes ~ whole or in part. You NAV
call spirits from tie vastly deep; but. will
they come if you do call them :" Indi-
NIdnals LAun Irnlnrinllu ,nn.Ind nr .nnlnL