Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-01-04
Richmond, Va. Saturday, Jan. a.
.MO.VET.ARY SYST,EvM.

MONETARY SYSTEM
| We have now before us the proceedings of the
numerous Meeting Of Philadelphia, and ofihe Board
| of Trade of " York. And let us ask, cui bono?
They sorely disappoint all the opposi,oniss,. Mach
was expected from both; but nothing efficient was
done by either. The Philadelphia Meeting do not
mention the public Deposites once--nor do they
call for the renewal of the Charter Of the Bank
They speak only in general terms of the public dis
| tress; and appeal to Congress for such Immediate
measures ms may appear best calculated to relieve
| the pressure. What are those measures? Not
word is said of them. Not whisper is brenthed
about the remedies for the public distress Every
| thing is left to the ,cisdom Of Congress.
| The N. Y. Board of Trade little more spe-
cific in their statements They refer to the benefits
| flowing from the establishment of the Bank-state
the unparalleled prosperity which commerce enjoy
Ell, "until the renewal of its charter and the ques-
ton of the withdrawal of the government deposites
from II were agitaed"-sate their opinion, that "ihe
withdrawal Of the Public Funds has been the prin-
cipa, if not the sole cause of our present embar-
rassed situation"-and intimate TINT we cannot get
on without the u. S. Bank. care you there, old True
penny" Then Join issue with them The
friends of the Constitution can permit the
Constitution OF this country be sacrificed to the
wishes or the speculations of N. York Bonrd Of
| Trade.
| But admit that both these meetings did desire the
restoration OF the Public Deposites. Can that
sure he regarded as complete remedy for the pub
lie distress? In the first place. it is far from being
an adequate remedy al this time. Several of the
State Banks to which the Depostes have been trans
ferred, huve discounted upon the faith of those De-
posites, actually received and probably expected
Take from them the Deposites, aud their custom
ers will. be curtailed and pinched in their accommo-
dations. Thus, the distress will only appear in an
other form.
But in the 81 place, put the Dcposites back into
| the u s. Bank now, and i'm two years more, ION
the 18th March, 1860 they will have be carried
back again. We mean, if the Bank is TO cease, and
i'm that point of view only, will cons-
der it. What, then, will be the state of things? All
the Public Depostes will have be transferred-the
private depostes also, will be removed-and the
notes of the Bank will besides he presented for
demption. The pressure will be greater than it is
at this time. The distress of the country must be
aggravated beyond its present embarrassments.
No sagaciy is necessary to perceive the game
which the Bank men are now playing. They not0
putting the screws upon the People, for the purpose
of increasing the ponic, and forcing the restoration
of the Deposites. When they are recovered, they
will increase their discounts, multiply the number
of their debtors, and when the pinch comes in
| March, 1885, the screws will be again put upon the
People, the public distress will be augmented i'm
greater degree than it is at this time and i'm the
midst OF the pressure and the panic which will be
generated, they will trust to the clanours of suf
ferIng community for the renewal ofther charter
We say again and again. the question is brought to
this issue-Shall the Constitution rule, or shall the
Bank ?-Shall we govern it, or shall it govern us?
We admit that there is much pressure at the pre-
sent tlme.-But who can expect that such an inn
mense Institution this, with capital of 35 mil
lions, can wind up at any time, without producing
great embarrassmens-l its concerns be closed in
ever such good faith But who is silly as to ex-
pect from an Institution, which has been corrupt
ly conducted, that it will be closed, and that it
will not strain every effort to the People into
the renewal of its charter?
| But great as the pressure is at this time, we have
| no doubt 1t has been greatly exaggerated. thou
sand false rimours have been thrown into Giro ula-
tion.-Speeches have been made, meetings got IN,
resolutions adopted, and paragraphs fabricated Tor
| IL.
always intended, TO increase the actual pressure
by the violence of the panic. We have evidences
of this policy, both in the Philadelphia and New
York Journals The Philadelphia Sentinel of the
31st December us, that the agitation i'm the
money market has been formed and fostered by in
terested persons to promote specific object, (mean-
ing 10 doubt the renewal of the Charter;) and that
| nothing can dam the current of this pressure but
| honest determinations" And we have i'm the N. Y
Evening Post of the date (he 3Is,) the follow
ing very striking summary of the false rumours that
have been recently Propugated for the same pur-
| pose:
"Those who have not suffered their party prejudiccs
prevail their Of right and wrong
the enormous inventions which circulated create
panic among The commercial part Of the community and
thereby TO destroy confidence, impair credit. and posi-
ble ruin those who could otherwise have stood fast and
carried on their business prosperously The wickedness
OF reporting falsehoods of this kind is great that
the felon who sets fire his neighbours dwelling, and
the iniamy should not be less Hundreds OF people
dependent for carrying their business thousands OF in
dus'rious workmen rely Tor their daily bread upon
confidence, which those who invent these aim
destroy. BY fault in the organization Of society,
however. the wretches who guilty of this crime
cape the punishment they Deserve The man who bre
and robs your house in the night, who puts torch
your dwelling is cent 10 the State prison for lfc but the
villain who fabricaes and his accomplish who ccuate
the falsehood which throws you OF business and de-
prives those you employ Of occupation and their families
OF bread the political stock obber and the unprinciped
newspaper editor, suffered to walk at large unpun-
| ished
cit s a common remark however, that great the ef
forts have been 10 get and increase the panic and
merous and alarming have been the invented
Ivy those who would not scrupIe involve the in
ruin II they COULD for political purposes, the wonder is that
little has been effected, that few failures have fol-
lowed This fact shows souDder Of the trading
munty, than the incendises who circulate these false
hoods supposed Their industry, however, has not aba
ted Stories Of "grea failures in Boston, trumpeted
through the city. Yet the Boston Daily Advertiser Of
Saturdsy-an opposition paper-says "AIhough there is
great scarcity OF money, failures Of have
taken place Our merchants generally able TO
meet their demands and confidence remains unimpared
| Next there awful rUmors OF "smashipg work in
Pbadephis;" yet the Philadelphia Sentinel OF yesterday
arms that The number OF failures in that city within the
last sixty days is but four "The credior continues
the Sci incl, of Of these houses will be able 10 OBJ
tain dividend of from 30 10 100 cents in the dollar
The pecunary pressure can scarcely have arisen be
continued by the insolvency of our banks IDercbans
story has been published In Bal imole paper Of
express from New York to Washington, COVE yDg the
intelligence that The Ohio Canal stocks had been
back ION England hy the last packet, ard that the
veTpmen bills had been urned dislopored. Yesterday
this tale had assumed another shape, and
current that brokers in this city had failed for
q ghf and HOIIa In ~