Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-06-05

away unsasca; no mater how cxorbi,en tine amount
o;hfw snn One length OF time for which nc Wished thc
Recommendations. Aud wlsst tic result OK those i'm
pfudcO and unboundcd by the Bank at that time?
Why, while the Directory ofthe Bank was thus reposny
IN false security reaction he'd already CONNIE UNI
seen and uneli in its operations at FIRST which broke
forth with such force and fury that like the rolling of
mighty waters. it could neither be restrained nor con
trolitd The Bank was being numbered among
the thousands who ruined by following its example
IN extending their business
30 IN $50 1t will be found that during the first six
months oil TINS year, credit chcapcr money
was never more abundan and spcculatons never ragged
10 a inuch greater extent No man wanted money who
asked Tor II IN vain from the Banks. The Bank oe the
u states, nj that period, again led the creating
extensions Ii was then striving its dividends
so US TO advance the price of its stock Before The cnd
oi the year IL again involved in difficulty i'm octo-
per- oil mat year according the testimony of the Pre-.
siovnt oi the Bank, rccurd the Bank itself was in
great diiiculty and he then, for the first time lclt
casincss about the banks OF this country The conse.
luences or cxpanson aud the sudden reaction
winch followed, disastrous and ruinous to sn ex-
treGlc TO the commercial community. Numerous and
heavy failures were the consequence
30 also again in 1881 The early part of this year
.hVie was superabnndancc of money. Credit was
again cheap. So anxious was the Bank of the United
ottcs 70 extend its business, that in of the large
atanuc cities, the dealers with the Western country
ceud Obtain the cash for notes having twelve aud even
fourteen months to run. made payable lis Vest
ern branches received for goods sold before the ink
Win which they were written fairly dry and long
before ie purchasers of the goods and payers of notes
nau eit The city with their goods The consequences of
inns wild course of management by the Bank was Il re-
action, alarming in its course and destructive i'm its re-
suits. he Bank itself was obliged, in self protection to
part WITH more than five millions of its specie and in
cur large foreign debt and increase its domestic one
we appeal to the merchants Of those days and To the
banks, to verify these statements We know they must
confirm them
IL was not those alone who totally overthrown
ia .ese changes from great expansions to sudden con
fractions, who sufferers Thousands of others ~ no
ou'Ycd the shock, received wounds from Which they
never have nor will recover. The losses by fail
n ., Diners by depreciation OF all kinds of real
i'e ny the decline in value of all kinds of rnerchan
uze domestic as well foreign and the check which
artc commerce receives reaches all classes of the
community All must suffer in immediate or remote
degree. " 'e
We warn the public, that the same operations which
ad the foundation of the disrcsscs and disasters which
followed lele, lo and 1881 have been in full motion
'oi some time past and STILL and without the i'm
mediate adoption OF the most resoute prccau and
prudence, the same results must follow The Bank IL
SELF II II wished, could not for time prevent IL This
VIII not wish 10 do Its present course of policy is TO
endeavor to produce that state of things.
In each OF the years of disaster winch we have re-
irred TO- the Reaction commenced in the large Atlantic
cltes It's commencement unseen. unfelt
WIN the means which we have at our command of
arriving at facts and just conclusions should cons
ucr ourselves delinquent in our duty did omit giving
warning TO the community that the reaction which is
as certain TO follow the rapid and expansion of
the BANK during The last six months, that cbb must
follow iioodtde, has airoady commenced
The Bank itself has felt il in the los; of more tb,
Two millions of lis specie during the last month princi
palty IN New York, Philadelphia, and Baltimore though
IL VIII not willingly acknowledge it. EXCHANGE has adj
vanced to such prices that gold silver can be EXPORT
ed with saving.
We address ourselves to the prudent not to the rash
and gddy portion of society. TO the former we pive
the adinonltion like prudent navgators to take in sn
before the storm, which they approaching reaches
sen 10 me later we merely say, act as they please;
be The result to them what it may, shall be content
with having done duty.