Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1829-04-03
FOR THE ENQUIRER.
RANKS No

Sc. which kept every thing in the country alive.
active and profitable; and shall now resume tho
subject of my last, and endeavor to shew, that
since the establishment Of Banks, lands have be.
come valueless, and every thing in the country,
heavy, inactive, and Improbable
think have sufficiently shown that Banks pos.
sess the means Of controlling the whole circulating
medium Of the Country: whether they have exc
ercised those means not the people are sufii-
GENTLY able to judge One opinion, however, I
have formed upon this point; and having formed ii,
I will express it, The unprecedented scarcity Of
money, or rather specie, about 1916, unquestiona-
bly, arose from one Of two causes, namely the
Banks either exercised the power they possessed,
Of accommodating in their v0ults, all the specie in
the country, and there kept l.; they first accu
INFLATED il in their vaults, by means Of their pow.
er, by which brokers and exchange merch ants,
were enabled to draw it out in payment for notes.
which they would accumulate. and then sent Il out
Of the country. Ono Of these propositions must
be true, and care not which it is; for both equal
ly prove the danger to which Banks may expose
the whole people.
The increased demand for money in the coun-
try, produced corresponding increase of interest,
until at length avarice seized upon all whohai
money, in so great degree, that all turned sha-
vers and usnrers. Money would not be given for
property of any kind; IL would sell too high, to be
laid out in the ordinary kinds of property and, in
| the further progress of this destructive evil no
sale for property Of any kind, could or now be
found, in any part OF the country.
The Towns had all the Banks, and the Banks
had all the money; 80 that any man who had pro-
perty to sell, was obliged, he is still, to seek
market in the Towns. Negroes, which had beA
fore been in good demand, at good prices, soon be-
came quite unsaieable in the country, and towns
alone, firr ished market-and who were the pur-
chasers in these towns' The farmers and plant.
ers, who, before there were Banks, were always in
the market, for their distressed neighbors lands
and negroes! No; new field for speculation
's presented, which is embraced by a. new set Of
men, who, in many cases. are but the manties
which cover the real actors in these scencs; for in
aiore instances than one, even in the city of Rich
| mond, II is known that wealthy men, with friends
at Bank, have engaged extensively, in the odious
trade OF dealing in slaves, and tearing asunder the
tenderest ties of nature. Such has been the ex-
! traordnary effect produced by the practical in
tiuence OF Banks, that no man in the country can
now sell his own property, OF whatever kind that
property may be. In the towns, commission mer-
chants, for every purpose, have risen up; and all
that they get, is much taken out of the pockets
oil the planter and farmer. We find in the difIe-
rent towns, that there regular statesmen of
negroes horses, lands, tobacco, &c. all acting
separately, playing into each others hands, and
perfectly unknown in our country, before the Gre
alton OF Banks So effectuay is all this traffick-
ing broken up in the country, that the poorer clas
! ses OF unfortunate debtors. totally unable to
meet the new state Of thinks, produced by Banks;
and tho they could once sell i'm their own neigh
| borhood, horse any other part of their stock
| 10 pay small demand against them, they can
longer do so; nor can they afford to pay the
4 u.
therefore, placed in this deplorab.e situation; ell
| Their they must throw themselves upon the mercy
OF cold hearted creditors, they must prepare e,
| meet suits and Judgments, which seldom fail in
producing inevitable and unavoidable ruin. If,
then, these premises are true, as maintain thew
are the conclusion that Banks have mainly produc-
ed the present ruined condition of the country, is as
irresistible as the mountain torrent, in the heaviest
Hoods Ii 1t be still denied that Banks have pro-
duced these evils, and further proof be called for
| am prepared 10 give it. There are to be found.
in the Commonwealth of Virginia, certain portions
OF country, where the people have less to do with
Banks than other portions Of the State have; and
assert that as far we know believe these peo.
pie are the most comfortable and happy that are to
\ be found in the State. The Eastern shore of Vjr-
ginia, particularly, must be considered to be en-
fireIy free from the effects and influence Of Banks;
and believe they are a thriving comfortable
| happy people Other portions of the-State, upon
the tide waters, (f they be of the influence of
either the Norfolk or Richmond Banks,) are re-
presented TO be quite comfortable. But there ia
yet most remarkable fact state and that is This:
that the whole northern frontier of Virginia. tho IL
has been more improved and fortified than any
other part OF the State, is now represented to be
the most distressed; and il can only be accounted
| for, by the facilities with which the reop!e get
| money from the Banks in the District; Winches-
| ter, fredericksburg, and even New York and
Phiiadephia.-if, then, we fertile country
making Tree use OF Banks, with its people poor
and miserable; whilst, at the same time, we be-
hold poor country, without using Banks con-
| tanning people, who are, comparatively, happy-
can any man, in his senses, longer doubt upon the
subject, if he will look at. and understand the fact
which is presented? If such man be found. he
must be either blind, or too much trammelled with
Banks TO be independent.
am next 10 shew, thet the value of lands in
virginia, have been destroyed BY means of Bank
operations, and that no country can prosper.
| where the lands are estimated to be Of but little
value These two propositions seem to be so in
ierwoyen, that shall treat Of them together; for,
L 4 thA lfr.f ha cfof. Ill -
| follow a matter Of course
have already endeavored TO demonstrate, that
the great power OF the Banks over the circulating
| medium OF the country, enabled them to draw in,
TO their own vaults all the precious metals g. that
they so used this power as to Withdraw from the
interior OF the country, not only all the metallic
currency, but much of the paper currencv az
TO produce the most serious Inconvenience: an in
convenience which has been followed i'm manv
cases, with absolute ruin. ] have also eDdrsvsF.
ed TO show that in this state of things the price
OF money advanced so high, as that all induce.
| ments to lay 1t out in lands vanished before the
glitterIng prospect oil acquiring fortunes by shaw.
| ing.-lf have succeeded in demonstrating these
propositions, II will at be seem that between
the many who are obliged 10 SELL and tbe fem
who are able to buy, no bargain can be made. and
thus lands have fallen into decline TO so great an
extent, That no man can raise money from real
estate, except by accident, TO pay his debts with.
however much he may desire H. Those who arc
creditors will not purchase; and the only arrange.
rnent which can now be made, Is for the debtor 10
execute deed OF trust upon his land, estimated
az double tie debt he owes, for the sake of short
accommodation; and, when IL becomes necessary
the land is sold and purchased by the creditor AZ
one fourth OF its value. In the mean time, tho
occupant, knowing That he can never redeem his
land, pursues the most barbarous and runoug
system of cultivation unon IL In orier a., n, a.. a.