Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-11-16
RICHMOND. -NOVEMBER no.
TO THE EDITOR OF TIE ENQUIRER.
SIR-The iron aspect which tie times

present difficulties. Some ascribc more
effect 20 TINS, and others more to that ; bu,
all agree HAT certain combination OF
events H. The source OF our embarrass.
menis. What Is the remedy, is the sub
jeCi OF unirersal enquiry. Anonymous
writer's are proposing specitics-ihc peli
ticiaDs disC usSing vents claborately, and
explaining iheiF Teas Of the subject, and
HE people listen Ia all with patience /; bul
not being skilled IN nIaiiers OF this sort,
remain uuccriajn as 10 The exprdicncy Of
the varioas projects Submitted 10 them.
ihvy ardeu,ly desire that The times should
become more settled, and ihaithere should
be less fermrni in the public mind. The
legislator discusses these questions among
his constituents, that he may ascertain
their sentiments, ard know how TO act
III manner acceptable 10 them.
For my part, sir, do not take up my
pen 10 propose remedies, or To enquire
mio cauSeS-l have been somewhat alarm
ed at The idea OF Legislative interference
in any form or shape-i think see sutli
cicnt indication among the constituted
authorities, that they would adopt some
measure of alienation, il u,ey knew what
was best. An attempt is made 10 ascer-
tam the public sentiment, by means of
the newspapers, az well as by hints, that
'" at as expected Congress Will direct an
issue of treasury notes, 10 certain
amount, 10 answer the purposes OF circu-
lation, and 10 give The people lime 10
prepare for the change which is abou, to
take place IN money matters" For some
tine II was thought, THAT things would
be suffered TO find their own level. But
the signs are ou,inous; and point to an
mi. rts,r,, I, -
ment, hich, instead of mitigating, will i'm
The end aggravaie the evi.
We hold II in this country, that the
people are capable OF governing them
selves-and that they are the best Judges
OF their own interest. Notwithstanding
this is one OF our Fundamental principles,
there are many among us who are for
taking the people under the protecting
wing of government, and shielding them
by legal proiecliou, !rom their worst
enemies, themselves" The legislature is
10 say when men sital, and when they
shall not, comply with their honest en-
gdgemenis. When money appreciates a
litlle, Congress shall step forward and
reduce ii again by an issue of paper,
bottOmed only on the credit of the gov
ernmen'. What can he expected TO result
from such policy, but embarrassment and
want of confidence The regular and
progressive Improvement Of the country
is checkcd-all sober calculations are
defeated, and every thing is left 10 caprice
and 10 fortune The fluctuations which
have taken place i'm the affairs of the
world during the last four years, are
without parallel in history. 1t does not
therefore follow that means are 10 be
resorted TO, as extraordinary as the times.
All must agree that the prevalence of the
paper system, united With the diminished
amount of specie received from The mines,
are the principal grievances of which we
have 10 complain. A paper circulation,
based upon any other than an adequate
specie capital, is, of all things, the most
uncertain, delusive, ruinous. With "A
circulation of this description has the
country been flooded for some time. Ii
things had gone on well in foreign coun-
tries, and the balance of trade had, by
means OF the high prices of our produce,
remained I'm our favor, The paper system,
would have yet been in successful opera
ton. But, under the most peculiar CIR
cumstances, with every thing operating
in its favor, II was impossible Tor il 10
continue long. In fact, IL had been car
ried TO such an extent in some paris OF
the union. that money was almost as
plenty as oak leaves. The consequences
have been serious 10 the morals and
habits of the people. will not pretend
TO describe them. They are before the
eyes of every one. All see and feel them.
have seen many sensibly written es-
says III the newspapers on this sub
cct aud from all [ can learn, there
seems To be general concurrence III
the opinion, that the banks have lost
the greater part of their specie, and hav-
ing too large circulation in notes, 10 he
represented by the remnant of specie left
them, have been under the necessity oil
pressing upon their dealers for large
portions OF their debts. Take into con.
sideraiion, the amount Of banking capita
IN The United States, and suppose twenty
thirty, or forty per cent. called in within
the space of twelve months, and you NAV
form All estimate OF the amount of money
which has been withdrawn from the coni-
muDiiy IN this way. Add TO this the
capital of Tive small banks that have
closed their doors, and whose paper nOw
out is dead upon society Hence the
comparative sCarceness OF money.
| The paper system, necessarily, sup.
poses y specie basis and while IL has the
confidence OF the community, the specie
lies useless in the vaults of tie banks
That article, however, is too valuable q
| commodity to be permitted TO remain
inactive. Being collected in large guam.
| titles, il offered every necessary facility
to the East India trade, and was employ
ed in that way, until the consequences
threatened the existence OF the Bank.
themselves. This result grows ont Of lht
4 very nature of fbiuUa for IL xo,, oesi,r,
that which has no value in itself, Il
| perform the functions Of that winch j,
really vaiuabte--ihe latter will find lis way
TO some other country where it will b,
employed.