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

anu II tcy .s.,. s..oo,o..-
our own records, report similar to that of Condv Pa
guet.
In New York, the system must have been found -, h
equally disastrous, for in IeIS committee OF the Ie
slre eid inc following language OF all aristocra-
cieS none more completely cnSayes a people than that
oil money and in the opinion of your committee no
system was ever better devised so perfectly TO cnv ,
community, as that of the present mode Of condnco'g
oa'iAihg establishments. Like the Syrcn ofthe F.lcE
they enticc to destroy They hold the pursestnrs f
society ana ny monopolzing The whole of the crculang
edinm OF the country, they form pTcoariouS standard
oy wch al property IN the country houses lands debts
and credits personal and real estate of all descriuion
arc valued thus rendering the whole community de-.
pendent on them and little further The Co,in;,
Pe on takmg general view of our State and comma
ing aOSe pGrtS 5oheye Basks lure beea far same , 90
i9'ttShed 'oh ose that hGrc had nome ere 0stoa6e4 m
'no %,afMhg d'SPaTHy They see in the one case the
aesoatons that have been made in societies that were
pcoIc prosperous and happy the ruin they have brought
81, an i,1ense number OF the most wealthy farmers ana
uey ana their families suddenly hurled from wealth and
independence into the abyss Of ruin and ,lcspair'
VIZ must all rccollcct the effects of an extended ava,
lem OF Banking comforting immense bankin,y ,,;r;
legcs on the Western and South Wcs,rrn Ss,a1t
iol1 they greatly increased the number of their Bank
IN ioio, hcntucky chartered forty three aud Tcnncsss
ana ONO eight or ten each Within ten years from to,
me all the specie of the country was Withdrawn lie
paper dscrcdited prices d property and produce sunk h
hothng universal distress prevailed clSnours for relief
were loud and vehement; and then we had the relief
SYSTEM, with all its injustice in a time of DrolounJ
peace Let US not forget that the relief stem grew out
oil the banking system
In TN Southern States the Bank mania never prevail,
CD TO 50 alarming an extent. It's evils were however
severely felt in South Carolina Georgia and North ca
Tolina The Bank of Darien evadcd spccie p,pToen,s
" fraudulent regulation; the Bank Of South Carolina
did not resume The payment of specie regularly until
1913; am TIC condition of the Banks of North Carolina
may be seen by Inspecting report to the Icoisotr in
leS5-J, which concludes with fhc ass,rt;., H., H.
Banks there had ''volacd their charters and committed
great frauds OF the people,
All these evils were experienced i'm f;rnc Of r & 49,
peace AID during years wien the balance of trade was
IN our favor Previous to ol failures had taken place
N Dol'inoic, to the amount Of than million If
WiIout property to pay the creditors twenty
cents IN lhe dollar On the first OF January I5!7 u.
dN ., me ~ D commenced operations, and 20 manag.
ed its aifrs, that according to the expcs, Of Mr. CIy
thad ON the 18th Of April, 1919 only S7l 5c2 AZ cent
IN It's vaults and it owed TO the city Banks SIgG4Is a
cents. fortunate arrived Of S210 go from Chic and
~ ~ 'ie next day, or daJ two after ya,ds say.
eu INC c'untFy from universal bankruptcy. It's losses
IN - no this exceeded considerably three nillio and
nun ana I'D Baltimore alone amounted to ':sl G7i u.
~ - 'ns After that period its uccuniarv aT,irs
were better managed, bu. its operations In conp,,;,
win those Of the Stat, Banks continued To produce &C.
cos i9nai pesses Oh the money market very adverse TO
me interests OF the community
they occurred ia 1872 1856, 1880 1892 and in the
PS Of uie list year Thee facts prove, that tie evil
IS inherent Hn the SYSTEM aud neither depends upon ca.
suaibes, nor The clnractcr OF tie officers entrusted Viii
the mana cement of Banks
" was once ftyof.te doctrine that the coarertb3a
o. aiH notes INTO specie. sufficient check 20 over.
issues Ot experience has shcGn, that The check rather
operates to correct tho evil after il has taken place diam
,@ prevent It, IL IS check 10 the words of Sir
Nt'uts ulit operates not By necessity. Tut by
H' Jud4mc and discretion Of those by whom the paper
Is circulated Banks, controlled by specie payments
may not be able to circulate permanent excess Of papcr
bu thcy eau exercise por,cntous p0sgcr over CONNER
cia enterprise and national indusff. bv c;rc.,f;n ,
fmpoTary excess This, ,rbcn dsc0rerrd produces \
RON upon tc Banks for specie. This causes curtail-
ie temporary excess rs succeeded b. Temporary drG.
ciency hence the fluctuations IN tic value # n-o.
Pely' am Of opinion, says writer ofa series az
et.efs 70 Mr. Oailan, (who snrd hInself P0biicoa
ihtt the consequences OF this alternate excess and e
oieuey, are in tic former case 10 imgar an cxce.
nchts ana IN the latter undue depression TO
eh'rpf1c that tho effect Of tae former H. to create an
ul',urii iaciiy ln procuring money, and to cnhansc
nnhatufaly the price Of commodities while fbat of the
a.ef IS 70 produce an artificial scarcity and to cheapen
prices arNhcmiyi tnat The victims If these vibrations
arc the great body Of lhc INGREDIENTS whose cofi and
average deposites cannot always command discounts
mat ino gainers icw intelligent and shfcwd caD.
ISIS the magnitude Of whose dcpositcs commands at In
times enormous discounts, and who being Esh;ed ~,
curtain, know when 20 buy and when 10 scl ann u
opinion that these sbllticns nhic OWLS which desc