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

22o millions. every Species OF property uouit
s-h Ion twice M 'neCh rs IL did in 1919. On
thr CONTRARY. rs the circulation is reduced. II
ri>es ~ Yaiue. ansl causes property 10 fall i,
Tue same proportion The circulation bein,:
reduced afly co per cent, Hou aienov, IN
ieaiifN, called urOu 10 pay, in value, ten dol
iais fot every four which you contracted 10
pay: that is. 1850 per cen, incre than The orig
inai debt Aud as the currency Is still iimin.
lsliing ny hank cutiai.meEts. and ircn it's being
hoat1cd by sharpeis. Ia make il scarce and
high. Snn may >oon have 10 pay S 10 for cve,y
tour that is. 400 pet cent E,ore than YOU uw-
ct which will be The case, il the currency
should he reduced TO little less Than thi:t ~
lpslions.
Ii WAS 10 please ranied men that hanks were
Established with the privilege of issuing mil
lions IN notes, more than they had capitai-by
Which means, the circulation was increase u
to lis maximum Ii is now 10 please nq6sie,i
men and creditors, that thc currency is rapid
~ approaching 10 humiliation because, eve
~ mans money IL he be @ut of debt, is already
enhanced $50 per cent. and is still advancing /;
and every creditor who is himself, free from
debt. has his claims proportionally increased,
and increasing IN value. That the paper chr.
rebcy was too large. and not fOundPdOn "A sat-
fcient basis, is admitted-but, monied specu.
lators cOnirivcd il, in order TO treble the no
mi.oi amount Of their money, aud impose il
npon ms Tor reality which they effected by
obtaining charters TO make every dollar they
possessed, pass for three. The currency need
ed correction; but il should have been SO
gradual as Ia prevent the fragrant injustice
which is done TO those who owe money!. II
stonld have given them time TO discharge
their debts, ia nearly The Sdne currency i'm
which they were contracted; aud not by so
great and suddena reduction, enable Gre ditors
and few monied men TO take all the debtors
property att fourth of its former value. with.
out diScharging, or forgiriRg the debt; which
occurs every day. Thus. 4 few years ago, the
monifd men were enabled TO treble their
wealth. by causing every dollar they had. TO
pass Tor three and row, they are actually
quat'rnplirg their present wealth. hy purchas-
ing viii one dollar what is worth -four. In the
fisi instance, man havipe 5 1900 was made
TO have 5 3000-and now. with his $1,000 he is
enabled Ia purchase property 10 the value of
> IL 600. Thus. cunning men become rich,
and honest men are made poor.
In country where goyernmshts are ins,i-
tnted for giving protection and atimimisi eting
impartial justice 10 all the members of the
community. il is strange that such unjust and
ruiisous speculations should have met the
sanction Of the Legislature. The Legislature
gave its aid TO swell the circulation To its
height and then refused TO apply any rene
dy To mitigate the enormous evils produced
by the want OF currency. The moaied interest,
though much less ;lan the general veal has
generally been able, by cunning, intrigue aud
combination, TO OverbalanCe. and sacrifice 10
its ACKNOWLEDGMENT. all the other Interests If Tie
country. Hence, nothing was done al the last
session of The Assembly 10 arrest The blow of
speculation which isnOw wOi king iincXampled
confusion aud distress. Ii was the duty of The
Legislature 10 provide some means of lessen.
Ing tue general calamity resulting from its
own former conduct. But 20 any plan ot this
kind, were opposed, LIST. Holders of United
States funded stock, aud of other stocks pro,
fncing IA c:uiar income. I'd. Those who have
more money on hand. or due Them. than they
owe. 3d. oherifls. atiornes, clerks. and all
officers having fixed salaries and are them
selves tree from debt. Among the first aud
third class, are most OF the newspaper writers,
who undertake not only 10 nhsiPad the pub
lie, but ts give an untrue expression OF the
public opinion aud interest This combination
OF interest, whenever il chooses 10 act, has "a
very great and undue Influence. Duting the
last session, l heard Il member say that the
- clerks and sberiffs have instructed many OF
us" meaning the members of tie Assembly
Against this plalanX, axe opposed none but
those who happen TO be in debt, and whose
property, at fair piicc, ismOre than sufficient
10 pay their debts most OF whom are para
ligcd Ivy the present revolution of the currcn-
cy, from making propsrtiloIis for their own
preservation aud all coIden nee between men,
So necessary 10 individual and public prospe-
iUy. is destroyed, in aid OF other means, TO
enable monied men aud creditors TO seize upon
q vast deal of property, without paying for il.
Add TO this, many jus, aud leniepi men,if they
ore as much as is due to them, are compelled
10 ruin others, TO save themselves from total
ruin-fcr men Inns favo,abiy situated, must
he bnrihened with costs of suits, and will he
an exchange of debts
Those who have not a sufflcicDcy to pay
their debts, cannot be injured and therefore,
care not. The bulk Of The people, who owe
little, OF have but little due 10 them, or have
but little money al command, care nothing "a
houi the currency: for. it they sell cheap. they
bny cheap: and, 10 those who owe nothing,
who have noihing owing to them OF have no
appreciated money on hand, IL is immateiial
whether we have ITO millions. or only forty
five millions in circulation. For, when there
are ITO millions OF circulating medium i'm a
nation. all tile commodities, property and
price OF labor will he double what they would
he, IL there were but SIS miiiious-and would
he as rich with two thousand dollars year,
when could purchase meat 1T three cents
pound, az | should he With four Thousand,
when should have TO give six, and every
thing else were in the same proporiion.....
Hence, IL seems that a considerable part OF HE
community arc affected by this sudden curtail-
ment of Tie currency; aud that debtors and
creditors, and money holders are mainly con-
csrned.-Iherefore, as money is porer, and
might rs right, those who owe any thing, are To-
go TO The wall, aud make surrender of their
ALI.
The report the Secretary of the Treasury,
80 far as il acquiesces in this mOnstrOus dImi-
DniioD Of the currency, regardless tf the ruin
OF those who owe money. must lave proceed.
ed from the determination of the STATE legisIa
lures TO interpose 10 remedy for The evil: ard
this determination was produced from the
causes, and by influential classes already des.
cribed. But, are we, the great propiictors
Of The soil, to be totally ruiped, because we
happened TO owe money at time when il is
deemed necessary to reduce the amount of the
currency
The interest Of creditors, of those who now
have money, or fixed income by salaries, or
annual interest derived from public stock. is
plain. II obvieusiy consists in acquiring yoRr
property, and supplying all their wants at the
lowest rate. The cheaper they can live, the
more of your property they will be ena bled 10
purchase at a sacriice--the less You will be
obliged to take as The price Of your property.
IT behoycs yon, who own so much of the soil,
to arouse, and look TO your salvation. when
utter ruin stares you IN the face. TO ward
IL. Ill.