Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-06-15
Ting mediums OF different values can cir.

iafing mediums Of different values can cir.
cuiate together The best IA b. kent
back and boarded up, wlnle The worst
Will he forced from hand To hand, and fiji
up the circulation. THIS will be true. 50
long as they do not differ very much IN
values; but when one cannot be convert
Ell into the other but with considerable
loss, aud when I'm particular place, YOU
cannot pay ordinary debts with II, and
Therefore there is no demand tor ii this Law
OF circulation ceases the deterorai-d
currency will only be used for he purpose
ot paying desperate debts, and il will
FINAL, vanish from The general channel of
circulation. It's place will be suppiir Il
bN The other medium ~hicb IL had dis
placed. II there he ilIrermedia. the Sd " i'll
III THIS IA e, give place 10 The 2d, and al
last The 2d To ihr Isl. But as there is lat
Tie intermediate grade OF paperIn our pre-
gent circuia'ion, uor Instance, Valley or
District paper aS soon "a North Carroll
ia paper van,sheS, the Virginia state pa
pee must fill the ,caucy ~ has i,fi.
The y. 4. paper mas hitherto bamshed,
! IN some parts oil Virgi our own pane
IL M circulation On the South side OF
The James river, IN N"ri"lk, Petersburg
aud tins ely, aud hi the district OF couu-
Try contiguous 10 those towns, lie \. &.
hoieS have been used for all ordinary pur-
poses; while OF late our noies are "a
ihered and kep' w, for pay ing our drbl,
/ 10 III banks Bn, banisll The \. L
money trom the State ;-aui that of Virg,
| MA will flo, ba k agaiu. What is let on
from the bank, wIli stay al home ; snme
Of what has gone abroad will come hnme.
and "ii' mol so easily go abroad again
Our notes will rise in value a broker III
| HE northern towns will find il more diff
| Gun ana expensive 10 buy them, AID iew
er VIII return back upon lie banks To
nr exchanged tor Speciv, 10 be sent To The
| North.
| le fact Is. our state banks have two
I prin ips! vents inr their specie the one.
| hy the u. States Bank, which receives
The government dues, &c. III state paper,
and then draws specie for IT; The Other
| ana the principal mode is, by being call
| ed on 10y the brokers with the state notes
TO be exchanged for speech. Il e
| course af ev' mis- is this our merchants
| &c! geo SIN The northern iOvps; we have
| Shippc~. the products of our own TO paw
Tor the goods hence, there is a balance
on 'rade to bePald Ia the north-our pa
| per goes 10 pay the balance but cur pa
! per being at II discount 10 the north,
brokers md II to their interest 10 buy
banks Tor specie. The specie is sent ba K,
where II bears premium is again
vested IN Virginia paper. Each operation
Is repeated IN d short time, and the mass
| al profits becomes considerable As
| Virginia paper becomes more valuable
at home, from Withdrawing the Carolina
paper, The brokers viii make less bV buy-
ing up our paper. and our banks will lose
loss of their specie. There is another and
| more important thing to be taken INTO
view. As our cIlIZeuS will use less foreign
goods from ihier high prices, and az the
| corps OF tobacco x wheat go out for sale.
| the mass 0fdebts owing ,ous to the North
will come nearer aud nearer, and finally
| equal perhaps the debts we owe them
lnile al none of our paper will 90 north
! ~ the dram of our specie will Hag or en-
| tircly cease.
This last effect. (to wit. on the balance OF
iradc.) elll depend on the tobacco, wheat,
&c. they take at us.-rhe other TO Wit.
! ID" exclusion of n. G paper Twill depend
upon the n. q. Ranls-if they pa snrci.
more or less freely. their note will remain
! a logger or a shorter time ont, and tn,
! Virginia notes will remain lnmg.r or a
Shorter tim in taking the place OF The
| absrnie"
Wheihcr ,ce, Chat is, Virgiaia.) have
more or less money afloai, than our na,u
| raj circulation will absorb and emuiov.
am al loss 10 say "" are moi To mis- ak
! the present demand for il 10 b. a. natural
demand. Ttere is now an Artificial Il =
mand for it-a demand, not to supply the
actual natural circulation of cnmmodl:
ties, but 10 meet the engagements aiready
contracted. principally with the banks
This demand is the one which now so
| greatly presses on Our citizens LIT this
Fictitious demand cease let large par,
! OF The ~. c paper vanish from circula
lion, and doubt much whether we shall
have too much circulating medium, Chat
IS, money to supply the circulation. y
When we arrive at that point, paper will
! be eqnaitD specie, and viii no, go back
| 10 the banks to be exchanged for specie
PHlLO- ECONOMICUS.