Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-05-30
THE PRESSURE IN 10 and ,3a.


THE PRESSURE IN 10 and '3i.
The pressure in the North seems to have abated,
IL we may judge from the dmnution of the COM
,luints. la fact, it is said, that i'm New York The
times are something easier and thatt very prospect
of relief held out by the six million Loan Bill has
contributed to inspire additional condolences and d-
mnsh the panic. The distress is still felt among us,
but the complains not so loud. Tie u S. Bank is
curailing-andthe Farmers Bank is doing the same.
But hope their customers will be able to meet their
ilstnlments-and so far, understand the opera
ton las answered the design The curtailments
have been met-and not the slightest fear or susp-
ciOn exists in relation TO our State Banks.-Tobac-
co bears liberal prices and it is expected that wheat
will open with 81, ifnot more, per bushel. We see
no cause to despar--but good reason to hope, that
the pressure ofthe times may be that the Bank
of The United States may be wound up, as it ought
TO be-and that whatever priyations may have TO
be encountered, will be firmly borne by Il People,
who prefer their liberties any other considerations
We certainly cannot expect to get clear of so gigan
Tic an institution, without many sacrifices. But
what people is fit for the enjoyment offieedo who
is rot prepared to nuke them? The Constitution
OF our Country is TO be rescued from the hands of
the Philislines-Who doubt that Virginai,s
have the nerve and the virtue to meet the crisis?
The present pressure is certainly very inferior to
that which prevailed in 1919; and this was brought
on principally by the msmanagement of tho IT, 8
Bank-in its miscellaneous expansions and its sudden
contractons of the circulating medium. To enable
our readers To see that those times were much worse
than the present--or what they are likely to Witness
# the Bank should wind up its concerns in good
faiii,, without unnecessarily pressing upon its
rners the State Banks, lay before our readers
the following extracts from Gouge's Book OIL came
rcan Banking" We wish we had for the
whole of his Picture Of things in 16l9-20:
"The Bank saved, and the people were ruined For
time. the question in Market street. Philadelphia. VAS
every morning not who had broken the previous day but
who yet STOOL In many parts OF the country the dis
was great as vas in Philadelphia and in hers il
siiil more deplorabe.
"'From ali parts our country says Mr. Miles, I'VE
hear OF severe pressure in business general
ssgnaon ofrade large reduction in the price OF staple
articles Real property is rapidly depre catng its non.
nal value, and its rents profits are edingly di-
mnishing. Many highly respectable traders have be-
come bankrups, and agreed that many others must
ao: the Banks refusing their customary accomoa.
lions confidence among merchants is shsken and three
per per month is offered discount of
notes. which little while ago were as good as
'od gold aud whose makers have since suffered any
losses to render their notes ess valuable Than
"Four months afterwards, he says, sit estimated that
there are 10000 persons daily seeking work Philade
phia; in New York 10 900 able bodied men are said 10 be
wandering sbouthe streets looking for it, aud we add
them The women who desire something do the amount
cannot be less than 100000 in Baltimore the IRE nay be
about 10000 in unsteady employment actually
suffering because they cannot get into business. We
Know several decent men, lately ''good ivers who now
subsist such vicuss years ago they would not
have given TO their servants in the Kitchen
"A committee appointed by meeting OF the citizens OF
Philadelphia. the 2Is OF August inquire into the
situation OF the manufacturers the city and its vicinity
reported the I'd oil October,
and manufacturing branches OF trade, which they
rated, wcA gave employment 9l9s persons in 1914
and to 9672 10 1916 there were but 2l37 persons employ
ed in 1919.
"a coDnittee Of the citizens of Pitisburg who made
report the 2ilh Of December stated that certain
featuring and mechanical trades in their city and its yic
nifty, which employed 1860 persons in 1916 empoyed
only 672, i'll 1919
"a wriier in the Kentucky Gazette. quoted by Niles
on the 9Th OF October observed "SIaves which sold
some time ago, and could command The ready
ney, have fallen 10 an inadequate value. slave which
hires for so 100 dollars per annun may be purchased
for 300 400 house and lot on Lime Stone street for
which $4,000 had been offered time past sold un-
der the officers hammer for 81 500. a house aud lot
which. am iniofmed was bought for $4,000, after
5000 had been paid by the purchaser sold under
mortgage for 81 800, leaving the original purchaser he
sides bis sdvsnces) $4,000 IN debt number OF sales
which excited at the same tine astonisment and pity,
have occurred ia this town. Comparison OF local suffer
ngs should not be INDUCED in but told that Licking
ton ie less afflicted than almost any other part OF the
State"
currence. Mention is made, among others, of the bank.
ruptcy OF a merchant tailor in the little town OF York
Pehnsy Ivans, who failed Tor the OF eight four thou
sand dollars
This was indeed, an pporiant sfT.r In town con.
tanning but 5000 900 inabsns; but il sunk INTO in
significance when compared with OF the failures in
the large cities $50 extensive these among tile ner
chants Of the ci les OF Bsnore that il seemed he
dsepuiable TO stop payment for less an 100 900 dollars
the fashionable amount from 10 800 900 dollars and
the upiop quality, the support oil whose families had
them irou 10 IL 900 dollars year. were honored with
an amount oil debt exceeding 5OOOOO dollars and neatly
much smiIlon Of dollars The prod gsy and waste
Of SOME Of these almost be You'd belief have heard
that the furniture OF single psor possessed I've canuot
ssy belOngUg) 10 OF he 40, 600 dollars So il
was ib all The great cies-dssh, ,Iss dssh-vendeis Of
tape and bobbus transformed into persons OF high J0Od
and the OF respectable citizens converted into knves
oirGnkhrough ,peculson and the facilities Of the abo.
ninsble paper system.'
'''Ihe Federal Gazette Of the 18th instant, contains
sir solid formidable columns Of by order OF
tie commissioners for conerriOg tho benefit OF the insol.
vent laws Of Marysnd-in all about sixty hch gives
the names, perhaps OF nearly third the persons o
going through milf just this time; several OF
whom those that lBiey counied their affairs by hun.
dreds OF housads, by millions OF dollar; ho erected
palaces, and furnished them with degree OF niiceBce
superior TO that which many German princes aspred To-
WhO still lice an splendid o6uenee aud indulge them
sffUe ia The most ururiOus DIondstIier wives sud chill
dren, Kind relative having been made rich tfoug
their swiudings Of the people
Or the 9th OF December, committee Of the Senate
OF feunsyys was appointed 10 inquire into tho causes
nusfy, 1920, the committee made report through NJ
RAguei, their chairman, in which they said
IN tile performance OF duty Of such big importance
az dat which has been nlrused 10 your committees they
have fe It incumbent them 10 cutter al large into Tie
inyesug alton Of the subject nemplaed by their app lot.
nien Ia order that the people Of the present day nsy
correctly informed 10 The extent and causes Of the ey
by which they oppressed, and that the records OF
House may be furnished with document, whchmay az.
lord eydsnce at luufe day Of the msehes which itis
possible 10 Dnic upon people by errors in legislation
and by the bad administration Of incorporated institutions
elm ascerlaning me erten Of The public distress, your
committee has had no difficulties 10 encounter. Members
OF the Legdature from various quarters Of The State have
been consulted IN relation 10 This subject and their written
testimony n answer 10 iulerrogaofes submitted 10 Them
by The committee, has agreed, with scarcely single ex
cepiion, ell material points. With such respectable
weight Of evidence, sded that which has been defvet