Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1825-11-29
COMMERCIAL DISTRESS

The oVefdeaiing IN cotton the bills returned from
ABROAD Gle failure OF three neighboring banks, the
refusal of the Banks of the City of N. York to
receive the oils of most OF the County Banks
Tone account states that they had received some
time before az least 30 millions of dollars of them)
all these and other circumstances have produceJ a
pressure IN the money market of that City almost
without parallel The Banks had found il necessa-
~ TO cu't"i The amount of their accommodations,
al me Ney Time when their dealers most wanted
iuHdS, ana the fuhlic most wanted a good circula-
unS nednni.--t The sensation has extended TO Pnll-
uel"i'' shd we presume the agitation ofthe tempesi
VIII make Itself be felt; lessening however as il
spreads, ia of the Southern Cities II has
PrndICc: some little sensation we have heard of O
losses, among ourselves: AID on the discount davs
OF i"St wees oar banks found il prudent to take in
u. ue san ny way OF precaution, and Il row out a
good deal oil good paper that wa, offered 10 hefn We
nus tha' inc excitement OF the present moment
WI" nor pass over without having some salutary
eiec IN arreStlns the bauk-maiia IN the north and
That the Legislatures of Vermont, ~ Jersey and
y. I ork VIII he warned by these dangers, against
lhe Incorporation OF the many banks that are press
ing or aooHt To be pressed upon them--The follow
inS article from the Philadelphia Freenan's Hour
nal VIII supply our readers with some of the infor-
nation they may req ire as To the causes and con-
sequences OF the existing crisis:
. The distress which exists in the money market
IN New York. exceeds all that has beer known for
many YEAR past. Within few days no less than
Seoeh failures have occurred i'm that city, which are
OF suih'lcnt Importance TO hamper and iniil.. ii
% 10 PROSTATE several commercial houses, hitherto
eilrNlh% g'eat confidence and credit. The n
America, short time since, conradicted our as
-sfio (erroneouslN impniing it 10 an evening pa
1cr IN tins cit, which related 20 failures and The
ne Prcness C the available funds 10 meet the claims
~ lhSt The l'iliHg merchants MUCH a. the fact Is
" De regretted, we now repeat, from information
lot 10 be doubted, that oD-erva atoms were cor
rect. We take no pleasure in stating these facts,
mt the truth l. knOvn, and il ~ folly and u,pro-
priety TO concea it. Failures have taken place in
Nev Yo'k, daring the week for immense amounts.
Inc Scagcit' OF monev mas been increased bv the
limitation 1.-THE circulating medium, caused b. tl,
refusal OF tie bank that city, % recei, the no;e.
@ 20 country brailS, tha heavy discounts
have been suffered Eor are we without our failures
III Philadelphia, aithough compared with the forcgo-
=, 'iey are not 50 many in number nor are they
Tor 'hieavY aiuopnts Bu' Il season OF difficulty
and pressure has visited u. Our banks generally,
h~iiosn- he'd Tor their prudence aud caution, now
reuse discounts, where they formerly bestoy, ed
llier laFours II such they may be called without
ne lishiest hesitation or apprehension. Not only
does this emolrras those who are DESTROYS 10 neel
hcir engagements already made, but il paralyzes
nat spIrii of adventure, extensive in its opera
lions, which depended upon bank-assstance As a
proof ot the latter, and incident TO this sub
lec, 1t may be mentioned, that goods are sent from
New York 10 the Philadelphia auctions in order to
raise cash, which sell from ) TO 20 per cent less
than the usual auction cash prices, because GU,
dealers are unable TO obtain funds through the hunks
hat they may enter upon speculation Nurb nj
this distress is the result of eXrayagant adventure
and that upon fictitious capital, but we have reason
o believe that ], l. in is orst condition. and that
the next change in the posture OF Affairs will be for
;hc better