Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-12-21
RictaamOmal, saturday, Dec. II.
THE BANK OF THE U. STATES, Sc.

hoOf. The opposition presses chuckling nj his
apostacy. The Administration prints of New York,
understand him perfectly, and speak of his conduct
ms it deserves. According to the "Standard," the
"Star" is quite happy That Mr. Selden has violated
his solemn pledges, and betrayed the people who
sent him to Congress. The Albany Argus speaks
Of him as the Z" Member of the Delegation Of that
State who stands alone in his apostacy from the
party that was so generous listen TO his pledg-
es, or so crednlous as to imagine that he could,
any time, think of fulfilling them"
Who then is surprzed the dark and distant witt
cnatons OF this member, in his late speech in the H.
OF H., upon the subject Of the Deposites? He pro-
fesses to be anxious for nm Immediate decision of
the question. He was opposed to its reference to
tile Committee of Ways and Means. He expatiated
upon the pressure and panic which prevailed i'm the
money market of New York. He stated, that the
great cause Of apprehension the disproporton
which existed between the quantity of specie in the
vaults of the State Banks, and the large amount of
their notes in circulation He calculated that there
was not one dollar in specie for every fifteen dollars
OF bank notes in the State Banks ofN. Y" "With
facts such as these (says the consderate orator) what
would he the result of panic among the holders of
bank notes !? 1t would be difficult to predict
that run upon the Banks of n single day might
produce the stOppage of specie payments Such
result might arise although the of the different
Banks, no doubt, were sufficient, i'm time, to meet
their outstanding engagements. 1t is not easy to
foresee the course of events in feverisb, ngitntcd
state of the public mind and, although sum equal
to the whole amount Of the public deposites might
I've lost by commercial disasters, by shipwrcck or
otherwise, yet the enterprise and ability Of our mer-
chants would be equal to the occnsion the effect
would scarcely he visible in the general operations
OF the country but where apprehension and alarm
are excited, either with without sufficient cause
the consequences can scarcely he measured. In or
der to illustrate this subject, it is only necessary
alIude to the period when the banks formerly sls-
pended specie payment; on the 25th of September,
1914, Committees from the several Banks i'm the CT
~ OF New DIRK met, and unanimously resolved that
there was no necessity Of suspending specie pay
ment notwithstanding which, on the list day of Oc-
taber, only fue days thereafter these same banks
were compelled TO refuse the redemption of their
bills and nearly three years elapsed before the cur
rency of the country was restored"
Here is pretty politician indeed! Here is man.
who in one breath is painting the effect of panic
IN bringing on the suspension of specie payments
and in another, is darkly limiting, that unless the
subject he Immediately decided by Congress, the
Banks Of New York may he placed in n situation
to compel them to some such measure i'm the course
of 60 or 80 days. Is Mr.. Selden SO inconsiderate
as not to know, that such prophets may realize their
own predictions? That coming, as he does, from
the great commercial emporium, his worst fears may
be fulfilled by the emphasis with which he expresses
them? Does he really wish to bring about this ca
tastrophe ?-Great as the pressure is to the North,
does he desire to increase it? Does he wish aug
ment the panic he describes?
We think it our duty to state, that so far as our
enquiries extend, they do not result in so fearful
state of things as MIR. s. pourtrays The best in
formed among our banking men certainly do not APP
pretend any suspension of specie payments. The
distress among the over-deaers in the Northern
Towns is no doubt great and oppressive. There has
been one house i'm Philadelphia, said to have broken
for or 100000 dollars-but it is believed that the
great and sound portion of the commercial interest
will weather the storm.-The PENNSYLVANIA" of
Philadelphia gives the following account of the state
of tile market, and the causes which have led to the
pressure:
"THE TIMEs-THE MONEY MARKEr-A concur.
renee OF circumstances plays into the hands of the
Bank party, and they not the men, when fairly
barked in desperate game, TO allow any event. which
ingenuity and the excitabily OF The conu
nifty, render available, 10 uselessy. We find them
bringing forward dreadful array against the President
and the people. and their late movements in the Bank
question, the results of not having the
relationship TO the removal OF the deposi,es The
kind Of trick tiled the pronuIgstion Of the Veo,
but not so successfully The panic then passed away like
propious Now however, the Bank faction Is more for
tunaie pressure the money market does exist
would have existed at the present moment had all been
plain sailing with the Bank and if nothing had happened
to rule its feathers; to the same extent certain w.
The bank men know too we'll when to act, not throw
their weight into The depressed SCALE and try the
other kick the beam. But let show the causes which
cooperate with them.
ain the first place. the shortening of the credit on the
import duties and the payment OF those duties in many
cases in cash. is sensbIy felt for the BY the old
law, the average credit import duties very nearly
twelve mon,hs-The law of July 1882 reduced credits
TO three and six months, credit being given wsoleDs
or on any sums under two hundred dollars. BY this
change third OF The duties payable in cash. and
the credits from twelve four months The change
took effect in March last and the payment OF the old and
the duties brought into this year. 1t is supposed
that about ten millions OF duty bond credit is thus with.
drawn which is the wtbdra wing the same sum of
money from the mercantile capital Of the community
This cause will rease TO in March, when the old
bonds will be paid up.
ain this city and New York, where the pressure is
greater other causes operate eruy. The spirit OF
speculation which ragged not long ago. has done its work.
subscriptions then made to the western loans, and the
western banks principally taken here and in New
York, amounting 10 several millions OF dollars The in
salmens falling due al this time, when city mer-
chants have most TO pay, and when they receiving
scarcely any tbiDgom the country Thus large SUN is
Withdrawn at once from the immediate circulation. A
strong evidence that this is OF the principal causes of
pressure that the pressure chiefly confined to New
York and Philadelphia the cities doing the larger part il
not all oil the western business IL there were an actual
scarcity in the country il would I've felt every where and
would not be confined il, the cities in which
these stocks have been taken.
$50 much for the real causes Now for the "unresl
mockenes the phsnioms got up TO produce a panic.
The first In importance Of these, is the conduct Of the
friends OF The Bank, who, stalking about here aud there,
inDuate doubts OF the ability OF the State Banks TO
the uid in safety; talk Of the amount Of paper
offered and refused proof of the wants of the
chants, forgetting oil course to state, that when there is
any doubt OF accommodation, double, treble nay often
times the quantity required, is usually asked &c.
"In very short time, the market must be relieved n
the true commodity specie, Is srarce in the natural
OF events II will flow towards the vacuum, and suppIy the
demand The low rate OF exchange which makes specie
above par In this country, will IL TO from
all directions In England and France money is plenty
IN The market. and that commodity, like every other will
highest Price Therefore, let the panic stricken endesvor
10 rally their TIosa who are in