Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-05-05

beyond their Depth exposed to its wrath Aud not
such alone, but honest enterprise; all who
trusted the tickle of bank credit will it spend its
fury and fortunate will he be who shall escape shpwreck
and destruction.
ders. The Bank is not dead. The snake is only scotch
ed not killed When, in the of the next win
ter (pcrhaps earer) it begins to close upon again
ought not TO be better prepared than arc, for the
attack We advise readers reflect calmly
hings-and To prevent another Ponc by their own pru
dencc and precautions. We beg them 10 avoid all rash
speculaonsthe running up ofheavy debtsand 10 look
to those two great sheetanchors of all private and pub
lie prospcrity-fadnstry and Economy. Make much
as you by hard work and wise management-and
economist what you do make.-But to the articles we
promised in the commencement of this article!
STOCK-JOBBING.
The tendency of the Stock jobbing business, which
the Bank of the United States has put in full blast by
to extent by lending il stocks is finely expos
ed in the following article from the Evening Positive
ask for 1t an attentive perusal -GioLe.
(from the Ne,o York Erening Post)
If any person supposes that the United States Bank
will not make another vigorous effort to proong its
stcnce, he must be very ignorant Think only of
the character OF that corporaon but OF the principles
human nature generally lie be blind also the
signs of the times, which palpablc that he who
may read them. Let him consider the inflated state
of currency the high prices of all commodities which
that initiation has occasoned the rage for speculation
which exists; and the fearful extent to which men of
moderate actual capital have pushed their credit No
who duly considers these circumstances avoid the
conclusion, that it would be easy thing for power
full financial institution the United States Bank sud.
denly to arrest the Astounding stream of credit,
|
trusted to its deceptive current to be overwhelmed by
| the refuent
1t is firm opinion ,hat the United States Bank il
preparing to produce such result Its only hope of
getting renewal of its charter is by coercion lis ON
means OF coercion arc pccuniary distress. Mr. Bid
die long ago prophcsied, when examined before Com.
mee of Congress, that the dissolution of the insu-
ton which he prcsdes, would be followed by gc-
neral arrangement OF the currcncy the explosion OF
State Banks, and the suspension throughout the country
of specie payments lie seduously directing his
eoits towards the accomplishment of this prediction
Oi Rnuk havp l,,act,. aytc
cd in the last twevemonh upwards of fourteen millions
of dollars Every State institution, large and small has
followed the fatal example, and the credit of all
stretched far beyond prudent limit IL is estimated by
those wh' have as ample means of knowledge and are
of as sound judgment in fin ncal matters any the
community that the loans OF the Banks in this city
the present time, between fifty and sixty millions of
dollars. The natural effect of this unprecedented cx-
Pason has been to stimulate speculation: and advance
the prices of all commodities Jar beyond their relative
value, as compared with the standard furnished by
markets OF other countries To so great extent has
this advance of prices proceeded that nearly the
only staple article which be exported profit The
rage for Importation in the meanwhile is undated A
spirit of overtrading exists, which the United States
Bank is doing all in its power foster 1t has expanded
its loans fourteen millions of dolars and has lent tho
paper unusual, if not unprecedented time 1t still
lends its credit freely in exchange for bills drawn Mt six
and eight months This, beyond doubt, in minds,
Is with the direct object of stimulating commercial spe
culation, and inducing excessive importations
While the United States Bank is pursuing this course
in the seaboard cities, it is at the time withdraw
ing the specie from the West and locking If up in its
vaults in Philadelphia We understand, ON unqucston-
tllat IN OF Its Western branches,
has positively refused TO receive payments of debts due
from other Banks in drafts sig on New York and
Philadelphia but insisted ON being paid in specie pre-
errng the expense OF transportation TO suffering the pre-
cious metals to remain in the West Our readers will
remember several recent accounts of the arrival of large
amounts of specie in Philadelphia from Cincinnati and
other places in the Valley of the Mississippi.
What course, it may be asked, will the Bank pursue
to produce the pecunary distress which is anticipated
There several modes by which this result in the pre-
sent inflated and insecure state of currency may
eiccled 1t is expected that the cotton crop of the
present year will bring some ten fifteen millions
than it did last The proceeds of this crop
are counted the fund to the debts which our
merchants contracting abroad by their excess
sive lmportatlons Suppose the Bank should into
the market as purchaser of bills OF exchange, and alb
"a s Ws e nTge R1ri Of aa p5GSseSs of o the
pursuing such course Suppose it done, and who does
not sec the effects that flow from this policy
Inc merchants are required to pay the British nanufac
urcr but there are funds in Europe which he can
purchase bills of exchange. The United States Bank,
winch alone owns funds Abroad refuses TO SELL but
the other hand demands payment of that long paper
which 1t is now ready to discount, and which will tlen
be falling due. The other Banks find demands made
upon them for specie and alarmed, Immediately begin to
call in their loans. Too late! There funds in
the community the debts which have been con.
tracted. In month the whole country may drained
of precious metals. Many of the State Banks totally
unprepared for such reyulson, may be obliged
pend specie payments Merchant after merchant will
iaii Trade Will be suspended Agriculture will Ian
guish over her unreaped fields, and distress ruin
! spread themselves the community
| We will not dwell further this picture. We have
no hope that holding it up to the public gaze will check
inc inau demorahZlng spirit OF speculation which has
gone abroad through the land doing the errand of the
| United States Bank. We shall be looked upon as
alarmss for utering these warnings; but the day is at
mana when their truth will be too sadly demonstT
In that day of ruin and considerations MIR Bdde will re.
mind the country of his predicon he will tell them that
all these disastrous results the inevitable consequence
of the winding up the affairs of the Bank and hc will
once more demand a renewal of its charter. Will the
people, trodden in the dust by that autocrat Of money
| bags, have the irmncss TO refuse
(FrOm Tie Boston ChTOnicfo)
| BANK BREAKERS, AND BROKERS' BUBBLEs-The sons
OF trade aud merchandise running before the
wind, with all sail set, and precious little ballast-while
the Bank Mormaids warbling their discount ditties
and using all their arts 10 hide the breakers which
den change of wind viii disclose under the lee.
To speak without fgnTe-tbc present abundance of
money! and consequent for overading and specua-
ton of all sorts, symptoms in the condition OF Anne
can affairs which every prudent will regard with
distrust and apprehension.
The toPor caused by the panic season, sunk the trad
ing thermometer down zero; and the restoration Of
confidence and plenty bids fair it up to fever.
heat These transitions will occasionally happen, but
their evil effects may be mitgated by prudence well
IN lending as ia borrowngas in buying and selling
There are three great of mischief present,
against which the trader should be put upon his guard
and these arc, thcUnted States Bank-uc local banks
and the whole army of Brokers and Spectators who
on the crcduy Of the world Of trade, their pecuar
| prey.
The immense loans which gave the u. S. Bank such
lever the community of business during the panic
amounted to serenity millions of dollars The bank with
the help OF its Senatorial ninions made all the distress
which they impudently attributed to the Administration
by contracting this loan million two a month"; until
Il Al