Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-08-26
POLITICAL.
From The GloGe
THE CURRENCY, BANKS, BANKING, AND
ISSUES OF BANK PAPER
(E1om me GLDbe

rPsl as mat Oh le currency peCdUSe ts souhuess VI
badness affects Immediately the value OF every man
property not only that it affects the value OF the wages
Of the day laborer, we'll as the saarled ofcer When
the currency OF the country preserved SOUND te pro-
duct Of labor and The articles of necessity and subsistence
bear relative proportion to The prices wh!c each Hnn-
tain When the currency becomes deprecated By re-
dundan issue Of description of that which forms the
general mass it is Then that the product II labor and the
necessary articles Of subsistence lose That reiaye pro-
poonae value which necessary they should main.
tan 10 the aborng and industrious portions OF
the community That quantity Of the nreessafles OF life
for the maintenance Of themselves and families, which
the product Of their industry and labor ought to
or enable them 10 obtain.
There is subject probably that is little studied
and consequently little understood that of curren-
cy Men say that money is scasce; that prices of labor
low, and those OF provisions high that rents are
high while money is dear The effects felt by the
mddng and poorer classes; yet few If any, undertake to
search into the cause .---.
I Such is the OF things existing in this country OF
the present time. Go into all the afgles, boroughs
and villages: rents ure unusually high; bread su of all
kinds have advanced fully fifty PER cent butchers meats
in the markets increased in price, in equal or greater
proportion vegetables of oil kinds fully keeping pace in
increased price, while he arlizln the mechanic, and the
day abprer Compelled to accept OF the former coal
pensaun, something near il, for their day OF toll
| The changes in the increase Of prices WHICH we aave
described have all taken place during the last eighteen
months. During the same period there has sprung up
in almost every ra.l of ibis county spirit for specua
ton before unipard.of in this, and might almost
say. in any oisr country. spirit of gambling has
bern, grndered and practsed, which, if not already, IS
calculated hereafter to reach and Affect the morals OF
| society.
All these evils have sprrng up with extraordinary ra-
pidily and have already reached fearful height
The mechanics are found almost duly entering into
combinations and striking for higher wages; demanding
that thew shall receive addition The former prices
paid them for their Labor propurUnnte TO The advance
| which they obliged to pay upon all Articles OF
subsistence for themselves and families. AT the same
time we spcculatons Of various kinds raging to an
| alarming extent
The daily list of stock operations in some three
of our largest cea gives abunan evidence Of That fact
We view these transactions in no other Light than
as species Of pcrnieio"s gn@Liing
There is, however another ob ect which has for some
months past engaged the attention OF spectators and
engeuderr spcculaion to still more lsrnlenNs exteEt,
| in our op:nInl,-and this is, the PUBLIC DOMAIN.
| The temptations Of the famous South SEA bubble were
hardly more successful in ailnrng Of all degrees
and prof ssions embark in That fatal Scheme than have
been lrs. which have been encouraged by the pros
poets which investments in the public land have seemed
Ia hold Du Men uf nearly all professions and cuttings
have embarked in tie allurng enterprise The saarlcd
officer the LEGISLATOR the clerk, and even the minister OF
tie Gospel, have all embarked in sPccaatiuns III The
| public doinnin The classes, we are informed by
history, seducrd into the South Sea scheme, and
! were overwhelmed IN ram.
II is much purpose 20 inquire, Or TO propLe-
So how these specnatns will end. as it is to show IN
what the rise in prices Of all articles Of subsistence as
well those speculatons have originated; and we thk
we shall satisfy every candid and tprr JUDGED mud
that the whole is caused by ESc ASD EX-
cEssIvE ISSUES OF BANK PAPER
We think we shall have difficulty in showing most
satisfactorily that the whole has originated in e1cesstre
| bankiRg.
By The report Of the Secretary Of the Treasury made
to Congress the last session, the whole banking capt
tai Of tho IT, States the first OF january 1885, (no!
including the Bank of the IT, States) SJ6y 23U QUO
The whole circulation Of those banks ('ncludng the
| Bank of the i. States) was 81 U3.OJ2,UuO.
Tine whole plumber Of banks was five hundred and
| f(ty-seven. 80
Since that period in antci patton OF The charter Of The
United States Bunk not being renewed. any banks IA
different States have been Chartered with large capitals
TO supply the place of branches which 1t was SAID w"nd
| be Withdrawn from them. Not only have those banks
rome into operation and issued large amounts OF paper
but number Of other banks with large capitals, char
Tered in 1884 have added greatly TO the circulation; as
we'll in our opinion, most OF the banks previously
| existing. ~
We believe that few of readers vill be prepared
TO credit the great Of banking capital during ls
short prrnd since January, 1875, in GS country. III
| IS NiNETY-FlVE MILLIONS Og DOLLARS!!-
Almost fifty per cent. IN eigheen mcnths =! Nor has
the increased issues 81 paper, In CIV ophoh eo'
| of il equal proportino.
We la W seen list Of twenty-five banks only, some
of which have been chartered aad gone into operation
since I.auary 1895 and the remainder OF which were
previously IN Uperatian which have added TO the ciTcu
ation of paper since tie first OF January, ls3o, the sum
| OF $l9,0OU,OOO. - L
United States increased lis paper circulation, D'yono
whal il was al that l:.r 900 900 and AUTOBIOGRAPHY
that or greater sam has since been Withdraw from
circulation by that institution; yet owing I" The CONT
nued expansion by Other banks that withdrawal has not
been felt OF tie twcnytwo banks whose increase Oh
circulation we 4a1c given, eight have been chartered
sucr January Ic:S5 Therefore We have inclucsd Dul
fourteen Of tie I've hundred and fifty seven previously
existing; and What nrlion OF those since chartered we
are unable to say But with twenty 1.-Two State banks aud
| e, H. io1 StnIp "A
circulation Of paper lis consequences BOW operating,
rhourh the paper issued by the Bank n the y St1tss
| NAV be whd!awn) 10 the extent of INVENT SLY N
! MILLIONS OF DOLLARS. Now, what sum mas
been added BY the remainder Of the FIVE hundred ana
6hv.srven ban chartered prior TO january 1850, ana
those which have been chartered since, unenncalee by
| Ms in the ,wcnlp two to. which we have refereed
we are iu!Iv satisfied TINT we speak within bornds,
hrn We saw That there has been added to the paper part
of The circulating medium Of the country, flf lI WILL
! LIONS OF DOLLARS since january, loj2: or h''y
per cent Il is not he notes OF The banks, "hch aip"e
are visible 10 their Statements WHICH Dave pssn "uo
II, the issues Of the banks represented IN January y,
lS35 Int there are be added cer1catPs"! pos'e,
letters Of credit domestic drafts NC, all OF when 'a'e
been inereasein equal proportion, and each OF when
arc as Mash paper $anes by the oahNs S''s ''': 10
| the notes Of the banks themselves
| wbo s,n ,ead these ac!s and fail 10 draw correct
concIus.n ~ 10 what the result must be-, when wouic
inevitably i,o" such expansion ID so s'olt 'It
! But then Mnshct says "thsFe Is M
oceop,panies Ill cspusonS, c.ch pr0"aMy c1cec3S tne
"J,,;a n RIO eurrcucp as the sqnares Of The g"nitrs
! nJd,d- as III 2pe. cent. is added, prices will rise 10
! s. if i, to lG: if s, TO 81
| Have not prices siscn since January l'I Of a!os.
every article Of subsistence IN inS an ela'
i,b ,bs increase of the parr. part OF our circulating
medra We will leave it TO those who have hGeh IN
nnnss or salaries TO answer. We strongly SUSPECT ;aai
,herc vii! not be snca to be FOUND ho Will not say
that ,hrs dollars does not procure as Bnch now as TWO
! did the latter part Of 1854.
But boz is it with The rage Of speculation: Has That
no, beea increased in the ratio which, Mushe says, is
the inevitable consequence Of paper espansons In re-
iaoD % this enquiry others can Judge from the news
na,er oo-s Of the rise and speculaons in property
WHICH have been going in almos: every city, village