Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1829-03-17

vsoyGys seductiyely spread, and which ultimately
entangted the fortunes Of the whole country; il
was an abyss, into which whole Community
fell where they still lie, and from which thew can
never recover, whilst Banks shall continue TO cx
ist. The Country sooner became deeply in
volved with the Banks. than an increased m ind
for the spare money Of every neighborhood was
seen; and this increased demand for money ,sooa
struck the chord oil avarice. Those who had mo
ncy, turned shauers-and lands, which before had
been the favorite object of wealth, now ceased 10
be in demand; because money Increased in lis val
ne, 10 proportion to the demand which Bank en-
gsgements caused. Almost every day, in every
neighborhood, there was an active demand for mo-
ney, either for the payment of discounts, curtai.
ments, or full notes, which had found their way
into the Banks; and, il man did not want money
for himsehe wanted it for his friend or his friends
friend.
Thus, in a short time, the Banks found the means
Of getting all the specie in the Commonwea in
TO their VAULTS and having a complete controul Of
their own paper, they could, and still can, controui
the whole circulating medium Of the country;
which, alone, ought to be sufficient to alarm any
thinking people. In such state Of things, the
whole country became Stapers, aud value was no
longer attached to lands. The man, who before
had regularly laid out his spare money in new
lands, soon found that he could obtain for his mo.
ney, from two to Eve per cent. per mouth, and, at
the same time, get the debt secured by pledge
Of land for the payment Thus, the avaricious
man had two sources of speculation opened 10
him AZ once; nrst, the great interest upon his mo-
ney-and, secondly, the prospective speculation
upon the pledged lands. Hence, the countless
number of deeds Of trust, with which the Country
nus been deluged; and, hence the ruin, which
has. every whore, broken in upon once happy
Society. At this stage of the ruinous and specu-
lative affairs of the Country, there is one fact,
which now is IN after of history, that deserves to
be forever Remembered and il is this,-that whilst
widely extended distress presented itself thro'
ont the Commonwealth, and this distress known to
have been produced by Banks, so great had the
influence of these Institutions become, overthe
Legislature, that they found no difficulty IN pre-
venting any law from passing, which might afford
temporary relief to the people, whilst at the same
time, they had had the hardihood to acknow ledge,
that they, who had ruined the people, and possess
ed all the money in the land, were unable to pay
their debts, and asked the enactment of law, to
protect them against the payment of specie, the
passage Of which law. they procured without diff
culty.-Let the people attend to these alarming
facts, and determine for themselves, whether the
be not indications of approaching decay and rot.
tenness, to the whole principles OF the Country,
including civil, moral, political and religious
But, to return to the details, showing tn at the
Banks here, produced tho principal nischefs,
which the people are now enduring, and the mo.
dus operandi-my next number will give further
illustrations upon this branch of the subject.
GEO. CLINTON.