Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-05-11

decline in the price Of specie In Europe il would still con-
fuue TO be exported.
The committee would present another striking analogy
be;we IN uIS situation OF the bank in April 1919 and lis
presen, condition. At the first mentioned period Mr.
Cheves informed the Secretary of the Treasury that the
bank would not pay the Louisiana debt of three millions
without negotiating loan in Europe, and two millions
were actually borrowed in Europe, the Indulgence of the
Government being obtained to that effect The bank A.,
this time spreciscly in the situation; it has asked
the Government to postpone the redemption of the three
per cents from itof July LIST of October and has as
sumed The quarters interest on these stocks
eng substantially equivalent to borrowing seven millions
OF the Governments money for three months
Inc supplying OF exchange by the bank, as has been
done Tor tue last hvc months aud the curanp of dis
counts are but mere paLiGtjreS, the committee fully
oeeNe; ana they are persuaded that measure can be
nrcnted TO restore sound currency anda regulor s, Of
'hngs generally, aud give solid and permanent value 10
property but the Withdrawal of large portion of notes
now in circulation, by the bank, which will compel other
banks TO do the
The committee will here Introduce 4 quot alton from, M
hlSh III is Treasury Report in 1898; which fully ac-
CORDS with their sentiments alt is the preservation of
Sood currency which alone impar stability TO proncr
~, ana prevent those fluctuations in its value hurG,,
alike TO individual and national wealth" Again he SAYS.
"Ihis advantage the bank has secured 10 the commun,
by conmng within prudent limits its issues of paper
whereby restraint has been imposed upon excessive inn
poration, which thus kept within the true wants
anu capacities OF the country" According TO the ren
maj report OF the directors 10 tho stockholders of the t
OF August, OF lS2S, the amount of circulation then was
Si'p4i'oo a.; and ON the LIST of April last, as before
stated, 1t was 231lIiil ii, presenting the astonishing
difference of $l067l,7S0 -, in less than four years
Can this be considered, according the sound doctrine of
Mr. Rush. combining its issues of paper within prudent
limits whereby restraint has been imposed upon excess
Sivc imporatons That great contacons are injurious
The committee consider they have adduced AN authority
that cannot well be doubted and that great one is now in
operation there too MANY general evidences in conr
nation OF the fact 10 be reutcd. particular one will
suffice which is taken from the documents called for bv
the Senate, and presented to that BODY bv the
The Treasury on the 18th OF March last; in which will
DC found communication from the President the bank
stating that the amount of branch notes redeemed by the
Bank oil the United States at Philadelphia during the
month OF February last only, TO be S726 600; and the
amount redeemed, in 1881, during the same month was
only $36S 9l0. "
In letter under date of the Goth of March last to the
CHAIRMAN OF the committee, the President of the hank
S9Ss' S' Ve amount OF branch redeemed AT the
A'cW Ok ONCE during Tue year 1881 was IS on 625
and at Philadelphia, $539S, $780, making total f SIS
6lSl3o, with an increase OF circulation between tho 81
February 1881, and the 2d of January 1872 of moro
man SIX millions OF dollars, per monthly Statements
and decrease OF its means between the 2d of February
1881, and st of April, 1892 immediate demands
OF more than twelve millions of dollars, viz:
In specie, funded debt, and notes of other banks which
at first named date, amounted, per monthly statements
10 SS2I,75 SOS 10
anu inc last 10 9,640000 90