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

2oth instant, Mr. Roosevelt, from tho cub COMMITTEE. prc
sened the following Report, which having read and
discussed unanimously adopted, aud ordered to ks
signed by the Chairman aud Secretary aud published in
all me papers OF the city.
ee IN part discharge Of their duties would respectful
y '"o"'''o me'r Fellow citizens, the following
NEPORr:
ln the performances Of duty OF such high Importance
as that which has been conded to the con,nitts. thew
have teIt II incumbent them to enter somcwh.t at
large iuo the examination OF The subject bv
their spPoin'mco They have been DESTROYS to demon.
'a'e to all such at least as do not wiIuy close their
eyes agastth the truth the injuries which may he Inflicted
upon people BY hasy aud mproviient legislation and
by the improper IL not dishonest administration Of is,u-
tons incorporated ostensibiy Tor the public good
One of the most common errors ia popular reasonirx
aud OF which the artu too often nv b.u,
Selves is the habit OF regarding whatever goes before
necessarily the cause OF whatever Immediately follows
striking illustration Of this position is to be found in tho
opinion row strongly entertained by some persons but
rsssment Is the effect OF the removal OF the public suo
sites from The national bank the banks the States
any one who looks into the matter cooIy and di.ps..
sonatey must be obvious that far least city
is concerned the alleged of distress has been
real cause OF its partial alienation; inasmuch large
portion Of the public which, under the iormer
arrangement, collected be loaned ewhere
arc now loaned here, where they are collected.
The true causes in the opinion OF this committee, Of
me present arrangement ia moned affairs, DO
ouhu principally, first, in the unavoidable reaction al
Ways consequent upon great and sudden expansion Of
aud fundamental alterations made by the last Congress
both IN the amount Of the commercial inpos,s and the
In regard to the first of these causes It's discussion AT
the present time, is mingled with so many of the elc-
mens Of party and passion, that the moderate por
uon OF me community are becoming dsfusifuI Of even
the soundest arguments. and the most candid
III any way connected with il.
The committee have deemed proper the re fore 70 re
Ter to refer to the history of another period
In the frs eighteen inonhs Of it's existence nameIy
United States through lite numerous branches had , '
according to the report Of Mr. Chevcs notes to an
nous amount LIS discounts in this short PERIOD although
nj lie tif.l, he'll
ceeded or'y-tree millions Of dollars Every depar,nest
oil business, and speculation and living was as neces
. .sy stimulated to the ntmostcosy
SONS were erected, and adorned with the most expen.
s've furniture, sumpuous entertainments were given
anu splendid eqIpases were 'es up. And every man
seemed TO imagine that because credits were album.
oah'' Tienes must equal abound. The prodgsIty and
waste OF some OF our citizens almost yond belief
We have heard,' says the Weekly Register Of isIe
'hat the furniture OF single pariour possessed nv M
cannot ray belonging Individual (wbo be
came BANKRUPTCY cost forty thousand dollars" In this
way according the views Of those Who looked onIv nj
the surface. the country enjoyed sae of "unexamDled
property. And what without any .'rcmovai of drpo.
sites was the sequel Of this previously brilliant drama
rapid enrichment of discounts was commenced. Tb
southern and western offices were directed not TO issue
ther notes. the bank ceased purchase and collect ex-
changes on the south and wes and the local institutions
were called upon TO pay up their balances.
These measures, according The report ofits then Pre-.
dent, Mr. Cheves, simple and obvious as thew are and
Of them strangely overlooked 80 Iong lifted ,h
bank, in the short space OF seventy days. from the en-
IRENE o. po'lraon 10 state of safety. even, in de-
gree, OF power and enabled il to defy all attacks
'Ihe bank, observes judcious CONNIE ntaor ON this
statement was saved and the people were rined For
ken the previous day. but who vet stood suits. warrants
nnd executions took the place OF bank credits Fron ali
paris o, inc country, says the weekly Register Of April
w. 1919 I'VE near OF severe pressure men in bust
ness, general stagnaiion of trade large reduction in
the price OF staple articles. Real property is rapidly de-
precapg in its nominal value and its rents or profit, ara
exceedingly diminishing. Many highly respectable ira
ders have become bankrups and agree that MANY
Others must go-'he banks are refusing their customary
accommodations.
aud per CT month offered for the discount OF promisso
ry notes. which little while ago considered as good
ola go'u aud whose makers have not suce suffered any
losses to render their less valuable than
-FOUR months aiterwa ards August 7h, 1919 the same iour
Ut estimated that there are 900 persons daily
SEEKING work in Philadepha in N Y 10 600 bodied
men said to be wandering about the lookiny r
~, and we add to them the women who desire something
sPpointed by meeting of tn. szs"" or com
r, on the 2ist August, lSI9 to inuuire nto The
OF the manufacturers Of the CITY and is vic; VI" situation
ne "a OF october that Of thirty mechanical and p1 Q"
gav" branches OF trade which they enume which
employment 10 9SS persons in 1914 AM, IN os1o =:
ioio there were but 2l37 prisons employed in In
ne,e men We have case Of former DAVIS precisely, -
Tar as he effects OF moned credits are concsrna 90
A." PRESENT. As more recently in 1921 so in 1877 ,n
nooa gales OF circulation had been opened u;d. :, VIC
n,oxicaon property as II seemed but Of deIusiys
"'. w.. as II really ,ods, ensued. "'
me day OF contraction, however "a ve b,v.
I, VIC T.ee 40 Tor mat purpose issued from pbiIa
following the curraments had amounted n ,h ' o. Api
sum OIL So'oSOi59. And what then become Of ,
SPsu prosperity, about which, then as now az 49,.
bs, a sau' being mere phantom, il vanished as 40.
o,o :" an instant, and universal r, in and diana,
fe,, :. a.. 'oo's'ePs. i he community then saw sna
en' as they now feel, without seeing and NJ c, sna
OUT acknowledging, that paper money like Nm
'e'eVes lot The moment by the deceitu sen -,
es, put gradually exfausting the natural hsa, 80
W. 10y o. 'ehg'h IN worse state than il found /,
we nave ,he authority OF the printed staemen, i,;,t
a., oes.o,uets oy their then president Eor .,y;,
.na' during all this time (Is7, 'Is and I0 Tho yaS
% au'a"'age OF Immense government depo,itestha y,
..,t 10y Inomeh' when the curtailments were orde,sd
sose,nmeht deposits IN the Bank aud its brancbs.
H. en, .ne possession OF the deposies did no, preve,
me contraction aud consequent ruin Of 1910 h I,
'ne ,emoodi OF the deposites be the cause nner
s'ar circumstances, OF the contraction and r; 'e.y
rum 49, the removal OF the deposits. unIe.s i, -. h
.a'"e "ouVe Tor course oil Inc asures v,h;,b 1919
no, o.herwise have been adopted has a. yo Uuo
m no agency Whatever in producing the prsssn,
ih; but on the contrary has prevsn,a
m e q, hueh greater than they are
Gu, Doh"ee believe that the directors of Tho TJ,;,a
nanks IN The enormous addition in the ye $40
anu Oh OF twenty sight millions TO the al,e,d , .oso
quai'y Oh bank facilities Ito say nobing n ,h Po
questionable design OF the Heasurc,l were ys;,,,
P,o injury ana by thus, themselves cre.,io,
cess"y Tor the present curtsilments were M. ,a ,
VI ny var ue larger portion OF the csIames ,h;.h "
MY seek 70 sscrIbe TO the President OF the Uoited s,,
pc second leading cause OF the present eom,.sa;st
ports. ~ '' " aones Oh IiD-
The influence of the late tariff acts in tx;,o;, -,
me slate OF things loudly complained Of aoou'
os n''ie understood, and still less spprecistsd ="
ios say that partial reduction in son. ....,
,e9sai OF ouues on mPosts creates copne d;.,
"Vui" appear, at h'st Diush paradox R,t 10,