Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-03-06
RE.MINISCENcCES

We lay before our readers this morning very in.
tGrestlng Report of Committee of the Merchants.
traders, &c. OF New York. 1t developes the causes
and the remedies of the present distress. II ottr;.
bues much of the pressure the extraordinary err
passions and spasmodic contractions of the isse of
the Bank of the United States On this point the
analogous sketches, which it draws of the pressure
of 1919, are peculiarly striking and seasonable.N
This news is old, but it has become almost new to
u.s. Most OF us have forgotten the history of those
DAYS. Wlseacres are now in the habit of saving
that no times have ever been SO hard upon rs as
the present. When, they ask has exchange been
so much disturbed-property and produce so low
banks threatening to snap in pieces-bank notes at
Such great d'scount-and general alarm spread
Ing over the land! We answer, at once i'm 1910
and, for verifcation of the fact we give. in
ADDITION TO the statements which are made i'm the
Report, the following excerpts las the pedantic Mr.
walsh might call them) from Niles Weekly Regis
Ter OF those days. Much of the distress WINS oc
casoned then by the msmanagement of the political
Incubus, the present Bank of the United States
And we ask at once, whether, if the Public Depo,tes
were now restored to the Bank, we should not wit
ness the same nordinate expansions of its circuo-
ton, and the same difficulty of calling i'm its issues
too years hence-nay much greater difficulties when
all lis deposltes will have to be withdrawn similar
pressure, and perhnpsa greater panic? Restore tho
deposites-and the Bank will plead il as direct in
vltaton to expand its circulation. The spider will
then more widely weave its web around us. And
HOW are we to extricate ourselves from IFS tolls
10 the People seriously intend TO re-charter or to
they must seriously put to themselves If thew are
opposed to a re-charter, then how will restoration
OF the deposites facilitate the great object?
(FTOm the Weekly Register
JUNE &c, 1919.
When The Bank OF the u. s. started, discounts were
granted TO almost all that asked for them-l 600 900 to
sands until the came down to tho one and '
thousands which sober and productive people we're enc.
ed TO borrow-Bank bills could not be signed fast enough
and Congress was bored TO permit the Bank TO emnIov
about twenty men for the purposebey could not with
out some such relief I'LL up The demand their curren
cy-Ihey wanted nothing but the means, through sign.
ing me notes, 10 give The people wholesome nedis1nl
But in the heyday OF tie times the Bunk seems to have
forgotten possible that payment mig Int be
for these notes-aDd when they began 10 come in ,hsr
was necessity Of diminishing the of their dis.
counts" = $500 VS.
viVe among the SPECTATORS but MIR. Cheyes no soon
er seated at the board than he appears to have oe,,ed
he course oil measures which in operationfrs
10 cear out The great speculatos at every hazard and
indy, TO make the Bank alpoweriu by creating an nm
necessary scarcity OF money The effect Of the former
already understood TO be- that a vast amount of the sfock
notes are lying overihat from To 10 millions of wb,
should have been its active capital has reverted IN the
oss ana us losses on account of these notes, by
oil The extra 70 per ceDt-whch granted TO the IA.
vored few, and other losses for the wear are %
mated at three millions OF dollars reasonable Dividend
OF course, cannot be expected for years &c. &C. The
effect will be the ruin OF many Of the State Bsnks--ca,-
ryng degree Of distress into all classes of The comnuni.
y never before felt in the u States. The Bank and lis
Offices viii not now issue any OF its notes-not epeu
g'ue small notes for one If greater denomiration!
IL pays only in the bills Of the banks or i'm specie
well knowing that 1t Immediately regain The latter by
drawing the State Banks The general desire of Banks
Is 10 get their notes out, and give them a wide crcua.
on the Bank Of the w. S. refuses circulate its own
notes at ALL and denies TO the People the very thing the
mdrdudt thing that caused ii 10 he Incorporated The
operation OF this proceeding is that the currency Of the
country Is more deranged lhan before the Bank as
established. "
"Whst the secret motive OF the present proceedings
OF me Bank OF the United States IL yet clear TO u.s.
tf possible may grow out of its necessities from the
losses and difficulties has encountered bu, this certain
That tnsfeadef cquoiziug the Erehange has disorder.
ed most severely; aud that the present state of things
cannot be permitted TO endure, If we can hello H. The
People cannot bear such rapid retirement Of the repre-.
se"eahye' OF money as The proceeding OF the Bank Of the
U. States commands"
FRoM TIE W. II. OF JULr g. 1917
baltimore From ell We csn learn there arc otI,sr
cities and towns, whose condition not much more en-.
viabe than Baiimore's. But, happily tey have no &C.
neighbours proclaim their Insortunes and make
bad worse by telling that which true OF them The
sale Of all sorts OF commodities, except such as are mme-
datey necessary severely checked that Il is impo,
sble there should be much money afoat-snd every dol
lar Is grabbed at by the Banks 10 support themselves
against the unprecedented procedure OF the Bank Of the
| United States.
(OF july, II, 1897
"ret, nevertheless, some such still retain their power