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

appropriate nearly the whole credit aud funds of tei
s. aspes TO the authority of setting price upon ever
acre oil land In the Republic We shall what the re
SUIT VIII be. We venture 10 predict, that every locs
oank as just above stated and diverted iron
It's public offices TO the aud support of
lew, VIII ia and that the sufIerpgs of the conmunt,
M y0'ee upon Congress the passage of act rejec
ues and cause transfer Of the Government Dcpo, e.
az wncn may ldluy be done. and must be douc If III
present policy Is pursued (see i4h and 10th sections
tue act incorporating the Bank."l
(cF AUGUST %, iSi9)
~. B. Bank Stock down 10 "a and 95.
"Fennsyirdnid-The Bank Of Reading has stoned
payment-The Northampton Bank has also s,opoeaw
situation
"Rentueky-The citizens of Bu,!it county AT a
public meeting resoired with only two voices
nat the suspension Of specie payments by the Bank
enueky aud its branches, will tend to ameiorse, in
osueraoie degree, the embarrassinepts by which the
fore recommended.
Oh'o-oi 20 banks in the State, the Western Herald
nors U.s. that there are at present but sir or seren
which redeem their paper with specie
A., Co~se OF Exchange at Baitimo,e-N. Hampshire,
Gon ~ g H. is'and' aud Connecticut, generally,
rou, 10 o per cent ds-Boton 1 TO 2. New q ork
country Banks various, from To g. according IN ber
'pu.e IN the ei'y-Pennsylvanis.C Country Bsnks from
iron, rom to > pirgina. old Banks to 2: Bank of lie
valley LIZ 10 3-.N Carolina penerallv % 10 Ok :
G'ro'"a' to TO- &c &c. Such the Brokers' rates
. In word, those who are conversant with the
history OF this memorable period well recollect that
during the curtailments of the Banks and the con-
sequent contraction of the circulating medium from
the middle of 1918 to that Of 1919, Bills ON London
from par to per cent discount. This is about
ne present rate They also recollec that the overis
sues OF Bank paper, made during the war and during
'nc suspension ofspecie payments, were not immedi.
atey corrected by the establishment of the .N;nono,
1anR, although the State Banks resumed their spe-
ra," "ents very soon after it commenced its ope-
i wa AS Mr.. Niles shows, the United States
C DUNK rent out freely and even recklessly. The
State Banks followed its example, Whnt was the
consequence con The prices of all our commodi-
's oa'he hoh'nai'y so hIgI that specie was sent
om 81 me country, by way of remittances The vaults
Oh Tie Banks were losing their coin so RAPIDLY that
"ey were all driven TO u course of rapid curtaiI-
ieht. This proved most disastrous to MANY of their
a;ges' customers The Banks consequently, sus-
FAMED many heavy losses Look stiu f,rfberi = Smch
nau peen the rage for speculation from the pro(;,
SION oil the circulating medium, that lots Ionds
houses, &c rose from 1916 to 1917 i'm MANY cases r.,
io"r or hve times their real valueand i'm less than
TWO years thereafter, fell greatly below IT, We do
not deny that there have been excessive specu,tons
produce late on of the facility of peting
money-and there has been some over-iradinS-hni
mhgs nave ny no means arrived at tina, point of ex-
as 10 go beyond the absolute reach Of correction
Let us Pracuce economy in living, and forbearance
IN trade Much may thus be effected 1t is clenr
enough-and we too often taught by sad expe
rence-that great checks i'm commercial operations
are incident to over-rading Let Banks expand
~, "a"Sacuops, whensoever they please, to an in
ordinate degree, the community are doomed IN sufIr
IN the reduction that follows-as inevitably as the eb
6lng ofthe tide succeeds the flood The Ta,nmanv
Committee seem unquestonably right. The causes
which they have pointed out, would in all probabi
ty have brought about distress i'm the commerc;ol
world without the removal of the Deposites-unIess
the Bank of the u. s. had continued to increase its
oans for the time. We know, at least, that in the
year 1873, it had at its command 8 or 8 millions of
the public deposites-and yet Notwithstanding that
xVnG l.In 4.
tress, which had arisen from its previous expansions
and subsequent contractions