Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-08-29
nysrRussgs OF rHn TINES.


DlSTaESSES OF THE TIMES.
The following piece present, Just and striking
views OF so''e 81 the canscS IF or dis;resses The
reduction Ia hr quantity IF our circulating medinm
is principal source of tbem.--But are compelled
to dissent from the remedy, proposed by rURLIus.-
rom them. We ought TO forbear how adopt any
circniatin. medium, bni specie paper Immediately
convertible into it, any other is lasle depreciation
(See Ucdh Of Nations for the proof OF it.) No other
can guarantee TO us that shall have Too much or
Too Hfie for sound circulation. All other expedients
appear TO us worse than useless either for permanent
system, or as Il remedy Tor present disircssss.
FOR THE ENQUIRER.
TO TIE PRINCIPiL LAND IND LOT.ROLD
ERS IN md NEAR RICHMOND,
AT a time when you could not have anticipa-
ted the rapid diminuliom, aud consequent rise
OF the circulating medium of The country,
some OF you purchased mncl real property;
which, OH account of the almost total suppress.
sion OF the currency, YOU can neither pay for,
nor sell, to raise The means al paying your last
instruments. IN consequence of the large re-
duction of the United States debt, the, great
drain OF specie from the country, occssioued
BY excessive impOrtaiions, which likewise
obliged the Banks 10 cnrtail their notes, from
fear of the expectation of their specie, anG the
diminished confidence in banks ocr.sIoning
men who meant TO keep their money, to hoard
mp specie from all these causes, the currency
OF the county has been reduced, i'm two or
three years, from no, TO Is millions and this
reduction is still proceeding with nearly The
same rapidiy.
This sudden and violent alteration in the
measure IF rdluc, has not lesseaed The intrinsic
value OF your property, il you could keep it,
with justice TO your creditors or were You
free from debt: for, altho' You receive smaller
rents, you pay proporiiona!iy less for what you
have 10 purchase. On the other hand, the
consequent appreciation Of money has enhanc-
ed beyond all example, the value of the non,i-
nal sums which debtors owe TO their creditors.
For every ) d5, which, two or three years ago
they contracted TO pay, they now have TO pay,
in real rdiue. S 10 or what is more probable,
they have 10 pay 200 per cent more than they
owed; as property is not selling now, for more
than one third of its value, when The circula-
tipn amounted 10 10 millions.
THE circulating medium, which is the meas.
nhe of raiHe. would generally find its own level,
and undergo very little variation, il left TO he
regulated By the commerce of the WORLD
ftuinous and unjust is that policy which, at
one time nmndat.S the COUNTY, with super
finous currency OF fictitious value, and then,
unexpectedly reduces II below the absolute
wants OF the community, and entirely incapa.
citates those from paying th,,r debts, who
were not only soirent, but rich.
Nothing bnt specie is tender in the pay
ment OF debts: Suppose 1T aHnilIi'ated, or
buried deeper than ever the ore was, in the
bowels OF the earth; and what change would
be made in the relations betweendeblors and
creditors In such case, IL the ,redHkied
| man owed a begsW one dollar, the former
would have TO Surrender all his wealth 10 his
| INDECENT creditor, and even iheu take tile ben
eht OF the insolvent act. The situation OF
| cedithy debtors is not quite so bad but, il is
| not much better. After gold aud silver had
been. in measure, banished from the country,
| by the substitution of an OVERLOOKING paper
cur eDcy, il has been determined, all of sud-
| deu, to 70 back TO a specie medium, and near.
| ly 10 abolish paper, before the specie which
| has been driven from US. can have time TO re-
| sumo its former place. What is the situation
| OF the most punctual and solvent men. who
| three years ago, contracted TO pay debts by
| instruments. noU becoming dine? BY tie re-
port of the Secretary of the Treasury, il APP
hot 10 oil, n
| per cent in little more than two years That
| is, from 40. to IL MILLIONS. Consequently, a
man who III 1916, contracted to pay SIS, has
| HoNC TO pay what was then the value of $40
! because, by The reduction, and consequent ap.
probation OF the circulating medium, S i5afe
| now eqsaliA valne 10 y 10, at the former date,
| and will purchase more property or produce
| in the market
/ A reduction of 60 per cent, IN the circulation,
would reduce 10 millions TO Al millions. Lay
| on $50 per cent upon ~ millions, il would be
| again sweIled TO 10. Therefore, those who,
two or three yeare ago. engaged 10 pay ) IL 600
| at this time. have noo 10 pay. according TO the
former vane OF money, s Ito 600. The secre-
tary says that the evil is not yet. at its worst
| aud signifies that The country, Chat is, people
| who happen 10 owe money! will have 10 suffer
yet more, until the natural course OF trade,
nOT lett TO itself. shall again restore our circii-
| lsiion 10 its former amount. BY the continu-
| ed curiailmeDts of the solvent, and failures %
the insolvent. banks, il is probable then, that
the circulation will he reduced TO 30miilions,
before II can begin TO increase by necessary
intlux Of specie. In which event, the unfortu-
nate debtors will have TO pay, in rdlae, nearly
four times as much as they owed though
nobHindHy, the same amount.
IL is scarcely necessary 10 demonsiTate thfS
truth TO rejecting men but, will add, that
the circulating medium of The country, repre-
SCENTS its circulating property and this has
been, and always will be, the case, whether
the amount of the currency be great or small
because, in either case, il is still the measure
of rdine though, this measure is sometimes long
T sometimes short, in proportion TO the quantity
OF the circulating medium.
However necessary it may have been Il
correct n redundant, baseless circulation, j
appears TO me that sncl sudden diminutior
of the currency. sncli an unforeseen NubreysiOi
of rSiues IL, except war, the greatest calainil,
; which this country has ever sustained.
. tends 20 reduce 10 poverty almost every mai