Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-06-04

weather the rising storm.
Let the fact be truly stated. The
banks, IN their anxiety 20 make large di-
vidcnds for :leir stockholders have ad.
united immense loans of their paper
They l'ayeinancd 20 almost every surt oi
person ami 30 every sort OF cnicFpi,ze..
The faciii'y oi obtaining leans has en-
conrag"d HE mast unbOnnded eNirava-
gancv, and thew Il,ieSi speculate = :n.3ny
have lived even upon the money th-y
have borrowed /; and others have vested
Their money III such articles AT high prices
as they are incapable of turning back
again into money, when "a demand Tor $40
ney u generated, without The most enor-
nous SCIENTIFICALLY these ioans orisi-
naiiy, Il vast quantity OF paper money is
threwn INTO the market iSOre than the
circulation OF the country requires. No.
ney deprcciaies. The ovcrplnS, and that
the most precious part Of If, is exported +
Silver IS more wanted for the India trade
than any other article most oi ii takes
that vent part of it goes To Europeto
pay up occasional balances Of trade
produce here being nominaliy so high,
fha' II Is morr profitable 10 ship public
stocks, bank stocks, and even Tie Pee
Gus metals. ToralSe the specie Tor en-
portailon, the redundant bank notes
come drained of the metals thea Ia save
themselves ihe banks curiaii their Gus
to,neTS TheiT aper then ris Al so,ts of
lrHpeTiS rel'tiC- y all ri Iiinsp who have
BORROWED a. tnein soulr are unable 10 pay
~. other are compelled L. sell property,
at enormous sacrifices. A general pres
Sar" and gloon pervaIc Our towns But
II Is nj confined To them The farming
interest gradually feels n The capital
at the towns, winch would have .ouu 10
purchase The products al The earth, iS now
waning iosa cthe merchants credit, and
Ia paid into The banks When craps
! come Into market, there are few compeii-
tors Ia buy, berause there Is iiiile money.
Not only do the banks cease To aid, bs
new loans but they crppi the u t,,ai CAPT
TAI by railing IN on old loans. Suci, is Il
! rapid SIX 'tch oi the tim - The iOvns
have over lived; and over dealt. The
farmer generally has, ~ ought IL have
fhrIvrn, al the expencr OF The merc!,amt
those OF them only excepted WHO have
Ike the merchant dealt with the banks :;
or those who have over lived ur over
| specnlated and gone too deep into debi
for lands OF gnois.-Bui thewh cI is NOW
| shifting; and The farmer is in turn about
to pariake OF the pressure of the times
| His crops will sill lower cor want of the
| necessary none, 10 purchase bat If ii
| does sell lover, the reduction OF the price
will be IN great degree comp ~ saied by
| the appre CITATION of money. a iol,ar Is
| worth as much nowas niue siil'ings were
| al the last harvest The circuia ing me
| dunn Is scarcer, and more valuable.
| Though wheat and tobacco sell for less,
so also will other things which farmer
requires. How happy would he he if he
4 IF no L.
Near 1000 years ago Virg said OF them,
| FORTUNATE minlnnl, sua 81 6ona moriat Han
| py. indeed, iibesiles the blessings which
~ commemorate, we are TO throw in tn
| relgning Encouragement of the towns,
the evils OF excessive banking, the ire
mendouS train OF discounts, curtails, no
| tarIes, and protests, from which the pru-
dent agrlcnlturisi is so happily exempt
| Besides, !! the farmer does receive less for
.ls crops, he can help TO make mp the de
hciency by economy and industry. Mean
lime, no reduction of his profits ought to
divert him from the great duty OF improv-
| ing himself and his children. Reading,
! schools, vigorous pursuit of in.elleciu-
al pleasures; these are the Instruments
by which the character and politics of our
| country are to be preserved and Illus
| iratcd.
have said, that economy and indus
try are great means for improving the
condition of the farmer. | ought the rather
TO have said, that they are The only great
means Tor enrlclllng the whole country
| WORK assiduOusly and save as much as
you properly can of what YOU make ;
these are the simple bat magnificent ele
ments OF Tie permanent riches of every
| great state. A few may dash into wild
| Spcculalions they may flourish fora few
hours; but ihe bubble sweils until into
ii bursts.
But ere we return finally 10 these good
Old lines, there Is much privation and
misery TO be endured. Should we not
sooth these as much as possible? Nav
"e not furnish temporary alienation TO
the prevalent distress leave IL To much
wiser men Than myself 10 say, whether
These dividends promised to be so large a
to induce individuals TO give high bonus TO the
state for the privilege of banking. This high
bonus is itself 4 proof of our erroneous views
on this subject. The men who had to paS II
were of course to plunge into over-bank lng
that is, to lend out their money in an eAtrava-
CANT manner.-We have had tee many banks
asa too many 6onuses.-But, IT we say tins
what will Pennsylvania and Kentucky say 10
IT five say it noIo, what w5u,d have been
The situation OF Virginia II she had been cur
sed with that monsirOas bate n OF banks which
some wild projectors were so a9xIOus to bring
upon her d tew years agol
This blOated system would sooner or later
nave come to conclusion, hut the u S. Bank
has FASTENED, while IL has added 10 the catas-
trophe. That bank OF S35 900 900 capital, as
soov asst went INTO ration be an TO throw out
IT'S own paper with the utmost prOiusion It's
ofhces seemed TO have d carte blanche To do aI
the business they could The Office in this
CITY alone baS discounted at one time more
than three millions. The bills II threw into
circulation added to the already bloated paper
currency aud our specie left us. These bills
came back upon the Bank, for specie aud so