Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-08-02


-d n-;ca fur busIIei of wheat, without rehec''hg
,h, everp article as risen the same propoFnn inese
bivb nrjces which are, in great oese' I 49, ,hn e.
1852 our, farmers arc concerned eec"he icai 10 e ~
rs our wv -: ii 3, to the iors manufacturers be-
] ba .I,,' receives i;r his gram, mol cepEec'a'eu pa
nor bu pt.d ard SILVER or butts vi exchange anu eH
p, ,,,s meant IN country where ,nilsr Is worth
ana ,lar srd h;iy ia the United States. Urea.
nstonsn,anl has been oppressed al the negotiations OF
foreign wheat, especially fr. Bremen which have re-
Gently taken place but these must coa:lnue 10 nc'
in proportion To the continued depreciation ~ o ~
per currency. Ere long. foreign gam muse c ,,n
iensvely into competition with tia' raised Oh '"'
soil. a. L.,
But of all classes of society tnsc who snhfr 'iSt U"
this depreciation are our mechanics and laDoFers isn
prices are fixed and generally known |" 'e c"i,i""
Il is, therefore, difficult to change 'en anu .s a1v
always The last 10 rise IN proportion 10 the depreciation
of the noper currency Every thing advances before
CIV. rr;cs pf their productions and their labor They
made to feel that although .ey no'nlna'y earn ns
from the Increased price Of all the nrcessaI!es of te
they canno, support their families. Hence the strikes
for higher wages, and the eversh aud excited feeling
which exists among those useful and respectable classes
- Of our citizens many portions Of the Union mere
" glance at these things
This system Of exlravaganl banking benefits nobody
except the srewd keen intelligent who
able to obtain large loans from the banks and how
to take advantage of the perpetual ucuaton in prices
which redundant paper CURRENCY never fails t" produce
he secs in the general causes which operate upon the
commercial world when n,onej about 10 be and
when it will become plenty He sratss the run, as
gambler does TINT of the cards lie knowswhen 70 buy
and when to sell; aud thus often realizes atge fortune
IN few huppy ventures. 1t is system eit nifty cal
cqated 10 make the rich richer and the poor'pCo:eT
The rage for speculation which per"adeS the land
is the curse Of the present tune Gambling in stocks
Is infinitely worse lis eaecIs Epon the community
than all other kinds Of gambling united. Whilst the
gambler is Stunned and dctesled by society," the
gambler Stocks especially if lie has been "tunate,
Is coured and respected Ths spirit Of stock ,j"bO'ng
rapidly extending itself 1t enables those who are
soFf nrtl
take advantage of their less sku neiyhbors ard lo
accumulate rapid fortunes ut their expense
or all The extraordinary privileges conferred upon the
Bank of the United States, by Legislature, beyond
what it enjoyed under its old chatter the general power
Of stock jobJng is by far the most alarming. have
this moment received from friend the copy dt act Of
Assembly, approved the first day ApTlast comforting
this power which did not and could not believe existed
whilst was writing the former part Of this letter 1t is
entitled, IAN act requiring the banks of this common
wealth to make quarterly statements to the Auditor Gen
era and for other purposes and In the midst OF The second
section, in short words it besows upon the bank
the power TopurchaSe ad h0ld eng tank Stock There
is limitation, restriction whatever upon the grant
The stocks of all the banks throughout the United States
and Europe, may become the object OF its specuatons.
The bare proposition to incorporate company, for
thirty years, with capital Of thirty five millions Of dol
lars, for the purpose Of dealing in stocks alone would
startle every mind But our present condition is far
worse than if such company existed without other pow
This vast banking monopoly make money pen
ty make money scarce, at pleasure by expanding
contracting its discounts. 1t will therefore, know with
absolute certainty, when to purchase and %hcr.to sell
stock. IL will incur no risque-no hazard Whacver-
1t make the market just TO salt itself 1t will BIZ in
the situation Of the gambler who has stocked the cards
There are now than hundred and fifty millions
of bank stock in the Union independently Of the Bank OF
the U. States What vast field for speculation IS thus
presented Besides, it will possess the advantage OF
keeping IFS proceedings kobbcr entirely secret
because its policy will be to employ confidential brokers
of its own For this purpose
As have observed before, tic whole amount OF our
State banking capital did reach twenty miE!lcns OF
dollars the date Of the last report of the Aaditor &C.
neral. This bank will then easily be able, should 1t
think proper TO become the proprietor Of sufficient stock
direct their operations, and thus bring Them Immediately
under its influence and control.
The Congress of 1876 which granted the original
charter to this institution strictly prohibited from deal
ing in any such Stocks and venture to say, without
fear Of contradiction from sny inevida that anther
bank Of the United States should hereafter bc
ntcd by Congress- proposition TO confer such general
power of stock obbing upon it, would not receive the
vote of single member of any political party in that
body.
In conclusion, allow Inc to offer to the assembled
company the following toast:
The Democracy of PennSylvania: 1t is ROW under.
going fiery ordeal from which it vii! emerge, like gold
seven times tried in the furnace.
Yours, very respectfully,
JAMES BUCHANAN.
Messrs. F. r. Skunk, o. f. Johnson, Herman Aricks,
Simon Cameron and c. &. Rawn, Esquircs, Commit
tee.