Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1824-04-23


him, at once, his own frghtful image, and that
no less appalling of the dearest objects of his
| affection. What is The CAUSE of this wide
spreading distress, of this deep depression,
which we behold stamped on the public coun-
tenance We are the same people. We
have the same country. We cannot arraign
the bounty of Providence. The showers still
fall In the same grateful abundance. The sun
still casts his genial and vivfying influence
upon the land and the land, fertile and di
versified in its soils ever, yields to the indus
trIous cultivator, IN boundless profusion, its
accustomed fruits, IFS richest treasures. Our
sisour is unimpaired. Our industry has not
relaxed. If ever the accusation Of wasteful
extravaganza could be made against our peo-
Pile, it cannot now be justly preferred. They,
on the contrary, for the few last years at least,
nave been practising the most rigid econo-
my. The causes, then, of our presen, Attic
ton, whatever they may be, are human ca,is-
es, and human causes not chargeabe upon
the people, in their private and individual re-
latiOns,
What, again / would ask, is the CAUSE of
the unhappy condition of cur country, which
have family depicted II is to- be found in
the fact that, during almost the whole exist
ence OF this government, we have shaped our
industry, orr navigation, and our commerce,
IN reference to an extraordinary war in Eu-
rope, and to foreign markets, winch no longer
exist in the fact that we have depended too
much upon foreign sources of supply, and
excited too little the native in the fact that,
whilst we have cultivated, with assduous care,
our foreigp resources, we have suffered those
al nome 10 wither, in state of neglect and
abandonment. The consequence Of the ter
mination of the war of Europe, has been the
resumption OF European commerce, Europe
pean navigation, and the extension of Europe
an agriculture and European industry, in all
IT'S branches. Europe, therefore, has no long
er occasion to any thing like the same extent
as that which she had during her wars, for A
merican commerce, American navigation, the
produce OF American industry. Europe in
commotion, and convulsed throughout all her
members, IL TO America no longer the same
Europe as she is now, tranquil, and watching
win the most vigilant attention all her own
peculiar interests, without regard to the OPP
Grafton OF her policy upon us. The fleet of
.hIs altered state Of Europe upon us, has
oeen 10 clrcumscrlbe the employment of our
marine, and greatly t0 reduce the value of
the produce of our territorial Iabour. The
further effect of this twofold reduction has
been to decrease the value of all property,
whether on the land or on the ocean, and
which suppose TO be about fifty per cent
And the still further effect has been TO dimin-
ism the amount oil our circulating medium, i'm
proportion not less, by IFS Transmission
abroad, or its withdrawal by the banking in
stitutions, from necessity which they could
not control. The quantity ofmoney, in what
ever form il may be, which nation wants. is
M proportion to the total mass of its wealth,
and TO the activity of that wealth A nation
that has but little wealth, has but limited
want 3i money In stating the fact, fhsre-
fore, that the total wealth of the country has
diminished, within few years, in ratio of
about fifty per cent. we shall at once fully
comprehend the inevitable reduction, which
must have ensued, in the total quantity of the
circulating medium of the country. nation
Is most prosperous when there is Il gradual
and attempting addition TO the aggregate OF
its circulating medium. 1t is in a condition
the most adverse. when there 10 Z rapid dimi-
mutton in the quantity of the circulating me
dun. and Consequent depression in the va
lne OF property. In the former case, the
wealth of individuals insensibIy increases, and
income keeps ahead ofexpenditure. But in
the latter instance, debts have been contract
ed, engagements made, and habits OF expense
established, IN reference to the existing state
of wealth and of lis representative. When
these come to be greatly reduced, individuals
nents unexecuted, and their habits lnyeterate.
They see themselves 10 the possession of the
same property, on which, in good faith, they
mad bound themselves. But that property,
without their fault, possesses no longer the
same value and hence discomfort, impover-
Ishment, and ruin arise. Let us suppose. Mr..
Chairman, that Europe was again the theatre
OF such a general war as recently ragged
throughout all her dorninions-such state
OF the war as existed in her greatest exertions
and IN our greatest prosperity instantly there
would arise greedy demand for the surplus
produce OF our industry, for our commerce,
for our navigation. The languor which now
prevails in our cities, and in our sea-poIts,
would give way TO an animated activity.-
Our roads and rivers would be crowded with
the produce of the interior. Every where
we should witness excited industry. The
precious metals would re-how from abroad
upon us. Banks, which have maintained
their credit, would revive their busUess and
new banks would be established take the
place of those which have sunlFbeneath the
general pressure. For il is mistake 10 sup
pose that they have produced our present ad-
yersity; they may have somewhat aggravated
IT, but they were the effect and the evidence
Of our prosperity. Prices would again ret
up The former value Of property would be-
restored. And those embarrassed persons-u no
have not been areyhy overwhelmed by the
times, would suddenly find, in the augmented
value Of their property, and the renewal of
their business, ample means to extricate them
selves from all their difficulties. The greatest
want Of civilized society is market for the
sale aud exchange of the surplus Of the pro
duce of the labour Of its members This
market may exist at home or abroad, or both.
but IT must exist somewhere, il society pros
pers and wherever it does exist, il should be
competent 10 the ASSUMPTION Of the entire sur
plus Of production. IL IS most desirable that