Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-06-01


+ Of one manufacturer Therefore let us
! send the raw cotton abroad, though at 10
cents a pound, aud purchase the specie
that We want, {; ia>iead of trying 10 keep
The specie al homr, using our own raw
cotton, and banishing foreign cotton
siu.is from our markets.
weigh these projects well and there
Is no doubt of The last being The most
consistent with The true principles OF
trade. II will take tine indeed 10 effect
cure In our situation. Violent diseases
| cannot be arrested al once. The East
India trade has most probably been car
rled too far Mat will cure itself The
trade IN British goods has been az er done !:
they are almost numbering our shelves.
and uuch smaller stock O! ihem will
be imported !or The nrAt seasons. In The
mean iinte, our products, though they
viii yicli "A smaller profit than ;hcS have
done, will from their reduced prices here
afford 10 be sent abroad and II specie be
~ demand here, pari OF the proceeds
VIII De vested M the precious metals.
ne Srcai disease III our ere u!diion al
present Is, that We have too much paper,
and too lliiie specie. The one Indeed has
banI>hed the other. The hanis have
Thrown out so MI; ii paper, tina, the cir
cuiaiion has been over Stocked, aud he
specie gone abroad; and nov when tie
Dauhs are tunnpon for specie, they try 10
call IN iner paper: but those " Io Dor
rowed II from the banks, had hy The very
abundance at IL been iniuced To give so
much Tor articles, which will not com
inand nearly the same money, that they
cannot again exchange these articles for
The same money Ui.at money too being
raised III value, partly by the less supply,
and partly the greater demand for il D.
some have so completely uverdealt, that
they cannot turn all these articles back
aSain inlo money enough 10 pay their
debts Others, can only turn them back
again, so as barely TO raise enough 10
discharge their debts. Iitlc banks could
only eurai! IN "a very small aud gradual
ratio; if,hey could bu, wait in this man.
ner Hniii their dealers had time 10 sell
their property, and until the surplus pro-
duce OF the country could command the
specie We want; il The bank paper could
be much more gradually called in, and AS
II disappeared, It's place could be sill more
gradually supplied by the specie purcIlas-
Ell abroad: 1t IN this manner, the paper
would rise 10 the rate of specie, while spe-
Gle fell in lis price by lis gradual impor.
iailon ami abundance, until tbe cilculat-
ing medium of the country was no more
Than lis circulation would absorb and
employ, things would thus wind mp more
easily and less ruinously 10 ali concerned.
In Inns lie whole difficulty consists. The
great problem Is, not whether things
ou5b' TO Windup; not whether HE bloat-
Ell banking system ought 10 be reiu-
ced but whether il is not winding up
will too much rapidly? Ii so, what
measures can be adopted 10 prevent il
lac Il, 4 a
wish 10 call out some ADLER pen than that
OF QUESTION.
" we may Judge of the condition of
Baltimore by the ioUe of her newspapers,
thc gloom which reisns over that popu-
ious city must be OF The deepest hue. The
Federal Republican of Tie 9Th does moi
hesitate epcRly 10 declare, that the IA
nous South Sea scheme in England Tie
cxccraicd Mississippi scheme III Frame,
each, produced in their turns Tie same
ruin and HE same distress which our city
(balirmore) feels at ii!is moment. We see
our monlrt institutions on The vel,ge Of
THih-our weaitlllcSt, and some OF our
wor'hiesi citizens falling about us. The
gay croNd OF fashIonists, that but yester-
day were slruitipg In Marke, 81. in all
The pomp OF naughty osieptaiion. are no
only with the asionished victims, study
ing lhelr various modes of ruin or remedy.
Our whole city presents AN aspect of
gloom which would hardly be eqnalled
during The reg" Of peStiience and though
we are 'dr from wishing 10 give strangers
IN alarm, we feel a conviction that The
shock OF tins period will carry us back |
Will retro gression more rapid than our |
advanre, and will for years shrond mau, |
aiace with mpilrnIng that has been al,ays |
stranger IN care" lit is impossible 10 |
dip the pencil in darker col0rs aud The |
number Of distinguished mere hants ~ hose
accumulated losses have been variousIy
described to us, bear a melancholy evl-
dence towards the truth of the deScrip
ton. The overwhelming in bank stocks,
III European goods, and IN the East India
Trade, has been probably The principal
occasion OF the mercantile embarrass
ments OF Baltimore. The pressure, loo
great before on other cities, will be still
further increased by this visitation. Mrr-
chants are like cards sci up at AN cad
touch one, and there is no knowing how
many more will follow.
The Federal Republican states, that
the Baltimore banks IRE ON he verge of
rum" This is indeed at once an evil
dence aud effect OF The dSireSses Of al
most all classes. We have understood that
the cashiers Of The stale banks, AT Bali
NOR, have had a meeting 80 consult upon
the times. Those who iho gilt them
selves too weak 10 weather lie STERN.
were in favor Of suspending specie pay.
menis The others were opposed 10 IT.
The proposition had accordingly failed.
VIRGINIA ELECTIONS.
STATE SENATE.
=. Benjamin W. Johnston of the county Of