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

i.
The evils arising from Provincial paper money and
from Continental money, induced the iiamers of the E
dcral constitution To prohibit any State from emitting
bs oil Credit, OK making any thing but gold and SILVER
com tender in payment of debts They had felt the.
injuries OF paper medium, and they therefore scduously
guarded the currency from dcbascneni But ifth. S.is
may not only grant the power 10 Corporations t
notes payable to bearer, Ga power do not dcny but
also 10y their legislation drive away all the gold and sill
yer com, and thus impose upon their constituents the
"iordt necessity taking these i'm payments which
may or may not be convertible into specie WHIT have
we gained by The restriction imposed upon them by Inc
constitution: Or, how does II TO sound UNI:
form currency? Great as were the wrons inflicted nv
w lhStrunentaiity Of provincial paper noney-nany
were the families ruined by continental emissions they
40 not exceed the wrongs and ruin of Banking
TONS. mere glance al The history Of Banking in our
country, will satisfy ofthis fact
lie system commenced in New ENGLAND: I mean
he rage Tor Banking; and previous TO lS07 and 1869 it
mad produced lis usual consequences The history Of
the Farmers Bank of Gloucester is given in rcpor, of
committee OF the Legislature of Rhode Island made
on the goth March, lcOa at which time il had 5,; lG
IN specie in its vaults, alter emitting upon capital Of
one hundred thousand dollars six hundred and f,r,
eight thousand and forty three dollars of their Bisy
Mr. Dcsha, of kentucky in speech before Congress in
iell sa!, shat the Berkshire and Northampton Banks
Doth OF Massachusetts, when their vaults were examined
one had perhaps $50 $40 in H. the other believe
was entirely empty; the Coos Bank q believe il was
caiiedD OF New Hampshire, nearly in the same
situation, and thousands of their bills in circulation
Ana Mr. Burwcll, of Virginia. said ..The State of Mas
saclusctts found upon examining the vaults ofih Banks
the whole of them did contain spcc canal tn Tho
ItNN
Bank at New Haven and of the Sutton Bank of Ma,
sachusetts Will also slcw the frauds that were pac
used, and the distress brought upon the community
by the multiplication of Banks; TO which mipht be-
added, the kcnnebec Bank the Bath Bank the Rank
OF NasSalborough, of Burrillve, aud many others
The operations of these Banks produced in New Enr
land the greatest Distress in 1908 o. and rigd laws were
then adopted to enforce specie payments This com
PEELED them, after the War, to wind up nearly NH
their credit dealings; which accustomed new dstrsses
and greatly increased the dissatisfaction of the peope i'm
That section OF the Union with the War itself But they
dld not terminate with the War and as late as Is We
near Gov Wocott speaking of the system as "nfciing
groat Increasing, and rsmeoSS ieS upon all The pco
pie, and the whole nation" And again 1t is amidst
explosions OF credits principally occasioned by the
duct OF Banks that every class of industrious citizens
ana all our cnterprsing young men, exposed to re-
Peated losses, against which vigilance can guar and
no prudence exempt them In the year loi4 the lie.
g'slaure OF fcnnsyyana, IN spite of the Governor Oh
ectons, passed law, authorizing the incorporation Of
ory new Banking Institutions with capitals anountn,
IN tilc aggregate tn seventeen millions OF dollars in adj
dition TO the number then in operation. Here were
Banking privileges in abundance The consequence
was that by 1919, the distress general and te
ScoTctiy 9f money great, induce tie Senate
OF That State TO appoint Committee = 20 enU,ire
into the causes and extent OF the public distress
Condy Racquet was its chairman and on the twenty
nnt1 "t January, lo20 he made report which is VOL
worthy the attention: of every American citizen II
shows the wide spread dcsoiaap which had bee brog
thirteen separate heads, and it gives a -
gene=ai effects Of the system wherever il had mn
Ii was in 8l5-lG that certain politicians in this SIM
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