Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-01-29

not With mercantile srcculslion that they nj 10 IN
hinge ard disorder tbs rcgulor routine Of commerce
aAd 'ntrcccce ~ enc noncr. Split wild and daring
Speculation, aic At another prostraton of confidence
and sagn,ton of business that these fccrrs are trans
ictrcd from the counting the Preside; that the
Visionary profits Of one day stimulate and
the positive losses of another cngendcr spleen irritation
restcssncss. spirit of gambling and domestic inquie
ude- Agan--"Ihe evils Of banking lucuation ends
not Win me mercantile community II extends 90 every
thing That coni,cIcia erpris. reaches II ininrcs
TIC farmer and i,chsnc the precise ratio OF the va
ciiiaii"n> 81 public icelin..
10 the cfl;e; is the opinion Of Lord Iycrpool
gwen M debate in t House 81 Lords February ic,i:
ne dVchinc,' said he 'nantainrd by some that
u" ng was better than p PER crcultiiun convertible
INTO gold IS true 10 lhis xientct if convertible into
com, the evil would itioG whilst one not convert
iole would lead 10 nothing bat ruin But how is the
cuc 10 te operated? by the downfall thousa and
hundreds of thousands and The convuson OF all kind of
property Ii is true that the evil carries its own cure
out wan snei terrible consequences, that the
worse thln the evil"
The Norfolk meeting rdver,cd to the aourshing con.
u''on OF certain cities OF the Union, conrascd with
e southern towns and IL ascribs their superiority
tneir more extended banking facilities. | have already
spoken OF other clements U prosperity by them
W.cA ought to be taken into the estimate But is She
iact 30 certain at the people OF any par. Of this Union
are really more prosperous and happy than the people
'irgnia know that tic cities contain more wealth;
but how was acquired. and how il il diSi,iLhted2 No
one d'his mat banking increases the inequality Of for
tunes ana builds up for the Il W ''shrwd and Intelligent
o'pti'isls ocn'nd The curtain enormous wealth. But
are its bSncnts equally i't by the community large.
England Is the wealtest country in the world but sys
tenn which should give us The money kings and the 9,
persn OF England, would be enc OF deadly hostility
TO IN" policy which this country ought pursue Our
policy ls to encourage the acquisition of wealth
py honest industry, and its diffusion among all
classes who will practice it. But banking has no ten
dency Of THIS kind II noncd arisiocracy upon
inc RUNS of our plain republican system 1t makes 'te
r,c richer and The poor poorer Snch have been It's
eiiee at t'c North Tie condition oil the great body OF
the people the cities canno, be subject of envy
to u.s. CT the doeiul Of distress heard from tcn,
dung the last Spring have been altogether ficti-
10 u,i.fn k.pi in
prominent fact
has been said that banking may be ecryiccable to
country by substituting notes for great part oits specie
ana exporting the balance, which rcplac, by goods Of
value equal TO the money exported If there is any adj
vantage IN exchange for articles OF luxury, necessary
n"uuh Oh SOUND currency useful, also, the
say mas shown, that at much less considerable than
people may fondy imagine but, be il much or little
IL has no bearing upon the present question The adj
vantage snch as 1t 10 can he experienced but once and
that time has passed with Our specie has been OK
ported, and little none left in the country. A
part oil II mas returned without embar ssing trade;
anu ciinot brliev" that Legislature will charter
more banks, Jor The ereSS PaPcSe cf jring Mot part
dtcdy.
II has also been said that bank notes f,rnish bc,o
circulating medium, instead of an expensive one Mir
Sallatn asses these words "Thc substitution of pa
per currency Tor the precious metals does not appcar to
DC attended with any other substantial advantage than
cheapneSs The gaia has been estimated about forty
cents apiece to each individual in the United States and
II has been asked, If is wise for iring gain To
derangc all noncd operations and incur the dan
gers To which all admit She banking system is liable? But
~ may Dc 0ououu whether paper money IS cheap me-
dunn OF circulation. 1t cheap TO those who issue it.
bul is 1t cheap to the people who receive R Banks on
Their capital receive 10 or ~ per cent and they
dN.dc on average not than SIX What becomes
oil the difference which is paid by the community Ii
goes TO pay the expenses their several establishments
tho salaries OF their numerous officers and the losses in
CURED by making bad debts Ia estimating the cliran-
ness oi paper currency, ali ;rS items must De taken in
to the account and If they an% shall inclined to
doubt whether II possesses the only recommendation
Mr. Galiatn was incIcd 10 ascribc 10 it,
IL s Also commonly received opinion that If there,
were no Banks exchanges could be elected, and
specie must be transported from pax OF the country
to another at great expense and risk X expense and
risk would be much less thln is gcncrs lined not
probably exceeding in any casc. - >L:.rar cent
II holland,