Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-06-16

Ncar the conclusion, The article says In the pre-
sent aud immediate example, fail TO reeve
at hut Tor the warning restrictive imposed by the Bank
oithe u. ). and the leading State Banks The events NJ
the last six weeks would have brought many of them 10
he verge OF insolvency whence they could only escape
ny some sudden and desperate shock TO the community
In these extracts given the operation and remedy
OF the disorder Now for the cause which is also given
IN the same article, in the following, These s,nnlc
elements explain the present situation of The
IRIS DISORDER rs ovERrRADiSc, BRouonr ON BY OVER
BANKING. Tue REMEDY IS BANK LESS AND TRADE
Thus, in 1923, owing To an export of from four 10
hVe millions OF dollars in specie, during the twelve
months Previous the country was brought 10 such con-
1uon, tnat out Tor the Earning restriction imposed L the
Bunk Of ne United States and Me LEADING STATE Bankx
srenfs occurred during SIC cesks ,chieh ,couid hare
brought many IF them (thc banks) 10 ne r,ygc Of Lo,h
by orc,banking." '''s'' 0'
Let US examine, and sec if facts and circumstances.
wnch nave occurred and which exist are not some
wnnt similar to those described by Mr. Bddle in l-os
money as Then, has been plenty for nearly twelve
months past Now as then, there be superabun.
oahce OF the mixed mass of circulation and the paper
part became deprecated in Proportion as the coin part
thc conniry not at the rate, them four to
live millions in twelve months but al the rnc of nil
non ana quarter OF dollars in about one month
As, in iSS this is the result Of osertradng brought
Gn Jy St,ro0mhg and that oycrtradng done by the
DthK OF the United States itself In April 1898 the
date OF the article the loans of the Bank of The limited
States were 1886 67 and the anou: of lis notes
IN circulation were Sl07l6.S0G CO. Now in loans arc
S63O42 GIG 50, and the amount of its notes 10 c;rcn,
ton $22 ,47I 40 N''u'"
WHAT practical man practical banker cnn fail 10
perceive That The same events must in their natural
course; occur now as occurred then They must and
VIII follow, unless speedily arrested by tho wnrnino
instructions not Of the " Bank of the United STATES
ana the leading State Banks"-as then; but by The
warning instructions of the leading State Banks alone
The Bank of the United States now socks 10 cnosa /,
calamity, which it becomes the special duty of the lead
ing State Banks to avert wy ~
The Bank of the United States seeks TO eou,e sncb
calamity, by means which condemned bv its own
warm admirers and euogsts.
The writer of the article, Pitkins Statistics in tho
last Quarterly Review of Walsh after bcstovipg the
highest encomiums upon the Bank gives the onoun,
OF the increase of its discounts during the mouth of
Niarch last which were 2,2S5 ,Sll doars-and then re-
marks Now, whether such increase be prudon, in
inc Bank; wiser heads than must determine We
only urge upon It's directors, the moral response
bIhty they accumulate upon their hands in Tins char
ing iacihtIes which must be wholly withdra
Now, what will this writer think of The weight of
moral responsibility, which the direction Of the RAM
Is accumuiating upon their hands when he is inform
ed that the Bank increased its loans during the on
"a ip p; q, - SI,SI9,209
NAV '""e INC "'on'h oil May, 3,22l
mani. 1852 43O