Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-11-05


spirit that has given rise aud reality TO the
picture, now give of the circulating me-
dunn M this county.
conhne my views To a single county.
IN ORDER that they may be more striking,
though know iull well there must he The
same distress every where. OF gold and
silver we have next kin Ia none of V,r-
ginia and United States Bank paper. bun
litile-of North Carolina money, # il had
| credit, enough 10 pay taxes, buy ueces-
sarles, and discharge debts: bat IL has
lost MS credii-the merchant Will not take
II the sheriff demands a discount when
he receives II for taxes-ihe creditor lakes
" When he doubts the solvency OF his
debtor II clrculates freely among pro
fessiOnal men for their professional ser
vices, and a few independent farmers, i'm
whose hands some predict ii Is destined
! 10 perish, tine emblem of their folly and
IN better days The remembrauc.r OF an
non age that has passed a~ay. The
preponderance OF North Carolina money
1 mere, over all other money, is produced
by our coniiguity 10 that state. Here tao
Is manufactured annually, one hundred
tons OF bar iron, besides large quantities
ct castings, most of which is sold princi-
pally to the Carolinians. Add to tbs, d
large portion of that slate is supplied
with Wagons in this county until very
iateiy II was estimated that HUNDRED
Wagons. seilingfor S l5O each, went from
our shops TO The north state. Our soil in
general Is indifferent; but our iron mines
are OF the first class, and our manuiac-
lures are excellent and deserving. Thus
from the nature of things, the money
here must be that in comm mon circulation
IN North Carolina, aud you are prepared
TO estimate ourditiiculiies from the depre.
ciation OF the Carolina paper. The iron
business lansuIshes The Wagon shops
are shut up {; taxes cannot be paid in The
| required money The tiiniy creditor asks
! Virginia paper, or gold and silver Tor his
debt: the debtor unable To raise either.
gives up his land, and ruined and undone.
! seeks home for himself and his family
ia the western wilderness. This picture
Is sometimes realized. A tract OF land of
'hree hundred acres, sold a few DAYS ago
amour "a miles from my house, for 5 800
| of!y. The improvements OIL this land
have heard variously represented in point
OF value some say they were worth
| 5 1900, some much more A horse VA
'ued al S so, was sold The other day near
my house Tor S 10 and two Wagon hor
SEES were sold about The same lime for
s 40, which | well know cost nearly
: 300 IL the stale of the currency was
calculated only 10 ruin The kuave, il
might be endured without complaining
but alas /! II Is calculated TO ruin the ho-
| nest man also. The writer Of this article
can weather tile storm he owes nothing,
| ne views HE sceRe With impaTtialiiy he
ieels for his neighbors, and hence lie has
devoted his thoughts to their relief.
| nave sand distress Is every where |
prove 1t thus: In Tennessee and Ohio,
the banks pay no specie in Kentucky
The half of the banks have closed their
doors; IN Pennsylvania twenty AT least
are broke, and manS more approximaiing
| 10 bankruptcy. In Maryland and North
| Carolina the account stands but little
better; and from the balance against ms
abroad, no bank can issue paper with
| safety. On The contrary, all must curtail,
and continue 10 curlail. What then is 10
be done
have thought of plan aud proceed
TO state II; ii was formed six months
ago, and approved by all to whom
communicated it.--Cone ress should cause
twenty millions OF dollars 10 be struck IN
notes OF from one 10 twenty dollars
each redeemable in four years. These
notes should be divided among the staies
according TO the population Of each, and
lodged with some fedora officer 10 loan
oui 10 such as choose TO borrow, for three
years, ON All interest Of z per cent. per
ahhhm, IN sums moi exceeding twenty
thousand dollars, the payment being
secured 6y him OIL real estate. One per
cent. OF the interest would pay expence
OF striking and distributing, and the
other SIX should be applied 10 the pay
mept OF the national debt. These notes
should be received i'm payment of debts
due 10 and from the United States and
each state IN the Union no doubt would
VIII avidily pass laws 10 make them re-
celvable in discharge of taxes. They
would instantly occupy the same ground
as gold and silver | augir that this
| system would be attended with the best
consequences. In three years, If frugal.
Iiy and industry, the great pillars of ma
tional prosperity, were observed, the TO-
reign debt, great as it is, might be rxtin-
guished, and lie balance OF trade becon.
ing. IN our favor, the golden age might be
revived. II il be desirable TO press dowa
the banks, this plan would do il, az |
shall eDdeavor 10 demonstrate in a future
number. The paper thus emitted would
in fact take up itself, and skllfully ma
naged IT The situation Of the country
should require new emission at the end
OF Tour years, the national debt might
also be greatly lessened by the cleared
interest. II something like what is above
recommended, is not done, the result will
be shocking. AS | propose to address
you again on this subject, have Only 10
| add that the plan should be considered
before il is condemned.
| CIAYBROOK.
| TT Orr correspondent presents ms with ma
| ny just and striking views but he does not
seems TO lay sufficient stress upon the mis-
| chlevons cOnsequenceso the Bank nIania.--
Ihe Banks have essentially contributed by
theIr excess TO our present embarrasSmeUts !;
not only by increasing extravaganza of HriAg