Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-05-30

"From the going history il will be seem what in.
hnence mas been produced upon The affairs OF the commu-
nifty by the operation Of the Banking system Real pro-
perry has been raised ia nominal value, aud thousands OF
individuals have been led into speculation. who without
The facility oil Bank loans, would have been thus
seduced The gradual nominal rise in the price OF land
has produced an iics appea OF increasing
which has led TO The indugmg of aud
~ anu TO Tue neglect oil productive industry. Foreign
imporiaiols and domestic cosunpiions have thus been
carried TO an extent far beyond what the actual
OF the country and people would justify and in pursuing
shddoto the community has lost sight of the subs nee"
"a similar Committee OF svaton, appointed by The
House of on the 18Th OF December
made report Though their chairman, Mr.. VIM J. Duane,
on the 2Sth OF January, 1920, that,
AS to the extent OF the distress might he answered.
in the language OF the resolutions ich your COM
mttee act that II is general: il extends, indeed to the
pursuits and habitsions OF the former capitalist
as TO those OF the more humble farmer and mechanics:
there Is part OF the aih which calamity
has not penetrated, in aieh victims have
been oInd hut with Iesr.d the of the loss
which the State has suffered the destruction OF capt.
tall the emigration OF citizens the Wilderness the
siagnson OF business the deterioration OF
and the Prosraiion OF manufactures and above all
change OF the moral character OF many citizens
by me presence OF Distress your committee utterly
unable TO decide: the extent oil the mischief they
dehes scrutiny and surPases the power OF calculation
appended 10 the report Of the committee OF the Senate
oil Pennsyvanis, number of questions which were
propounded to members OF the Legissue together with
the answers which given. From these snsw ers we
have formed the following table OF the price the best i'm.
proved land IN Pennsylva three different periods
The second column gives the price the land bo,e in the
height OF the speculation which in different coun
ties in different years, the Banks extended their opera
tons ito them;
1909 1919
Bedford. $50 40 so iolOO Qsi5) 2Oloso
Lebanon, 40 to go $50 ,ol5O QsI6-lD 50,orO
I Tiosa " e'Ol4 lon 2opslD stoIc.se."
he depression oil prices continued hrou ghou the wear
lS2O, and though money abundant retired ami
tais The pressure the great body of industrious PEG
pie was very severe. Our difficulties in commerce. said
director OF the United States Bank writing 10 friend
IN England, continue without abatement. Men in bust
nps are lka oIlenfa in l.cf
hoping for favorable change, but growing worse every
day ill they expire. Dismal the prospects on YOUR
side oil the water, they here You have some
regular and profitable raetUe haze IL all ram.
per aud hap-hsZard The director then states that in
iorner times he would, without hesitation have trusted
some men among his customers with goods the amount
oil lOO,0UO posnds sterling; but he adds snow not
know the persons doing business and there is one
among Them whose order would take Tor 900 pounds
What diforence long continuance of disiresses in
the commercial would has had bad eff
oil the country The vast number OF failures takes
the odum. Men fail in parties, for nience; and the
barriers OF honesty broken down by perpetual
iaon suited 10 the condition Of nsoven de btos We have
now no imprisonment for debt Credit be very rare
as you may wei magine, Tor we have nothing depend
upon but mans honesty. Besides commercial dis
tesses, suffering great alarm in hs (Philadc
pha) IRON incendiares who have in fire
10 great number OF buildings On Sunday evening our
theatre entirely destroyed.
:" Houses which rented for 1900 dollars rent for
400 dollars. Fuel which cost ~ dollars now costs
doliars flour which 10 aud Ii dollars, is now q;
beet 25 cents, other things in proportion
It's thus true we now pay less Tor these necessaes but
we can make no money The farmer is become as poor
as rat the labor of the farm costs him than the
produce isworh lie cannot pay the siorekeeper and the
sorekeePer cannot pay The merchant"