Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1837-01-10

hosts
their way all tie States 1t was evaem d ~"
,;ona, domain was becoming fund for the feaemP'iu
of ali this paper. 1t all receivable IN e@ehals
lands; and the holders of these o'is seem " I.i
L u'a ss;nots like those of the French National
Convention con vertibe into the territory OF te H.
lie at the will of the possessor, and the iaster TIE
This was the state of things on Inc rse OF Cong M
the two halls of that body had resounoea WIN ''e
deouncioton of The ruinous aspect of this exchange
of land for paper, for months before the Adjournment
took place. The President acting under the Const!u,
ton and laws of the country, applied the remedy WIZ"
the crisis required and which The laws anu SonSutu
ton authorised. He saved the national ooh"ii n -.
checked the expansion OF The paper system; ne
Treasury from irightul accumulation Oh @nntN S,
funds" and he prevented that catastrophe 10 l''e
banks to which The Bank oil the u SUITS 20 rn;;
looking systematically promoting md ln'Patrhy I
inc that catastrophe the local banks winch WIN
again disgrace and discrediL them, and bring i"ft 'e
whole u. States Bank party to exciaIm ace foc g'" "
we told you this would be the consequence oi nol e
n.wing our charter! and you all see IT. ana we ue
mand The e-establshment Of the national oahn DIS Tic
only means Of regulating the State banks fresoeht
Jackson has prevented all this; and has SHOWN uSt e
constitutional currency can regulate the Slate DanKs;
and for this lie has drawn upon himself the dehunc
atoms of disappointed spectators, disappointed P''
tcians, and disappointed bankers. Tie mas pre-
vented many and great evils, ana among olneis' LII.
further depreciation Of the currency FIFTY millions OF
additional paper, put out in two years, mas ehap'eu
the banks to inprison forlyfve millions OF Specie
aud the whuie hundred and Thirty millions "i pa
per money ahoat during the summer, has uePfec'aeu
the general currency; which seen oy The importation
of whea, from Germany and the Black Sea, By the I'M
porlalon Of beef and pork from Ireland hay from sc"'
land and many other necessares OF lie from Eu'ope'
Icss % fsen II lhs rise IN pF'ce OF every ace M
the notes UUU banks uu taken for lodey,aa
tobacco and cotton have not risen lh- progress ana the
evils of this depgecIaon which commenced before tie
Treasury order, which that order checked: but which
| must recommence with lis rescssion, IS powerfully
ske,chcd III that part Of President Jachsons message
| which relates to tile currency. lie says:
'Ihe progress of expansion, or rather drPrcea'
OF the cufsncy, by excessive bank issues Is always
attended BY nss the aburng casscs j his portion
Of the community has neither time oppuIl unity to
| watch the Gibbs and flows OF the money market
Engaged from day TO day in their useful tolls they 40
perceive that although their wages are unm!nully
the same, somewhat hg he'll they are greatly re-
duceo fact by the rupd increase OF spurious cur
rcncy which, appears TO make money abound, they
FIRST inclined to consider blessing 1t Is mol 50
with the specuato by whom tins operation Is better u
dersoVd, aud made 10 contribute To his advantage IL
Is not until the prices ui the ecesSarIes oil HE become so
dear that the aborng classes supply their wants
out OF their wages, that The wages rise, and gradually
reach justly proporlloncd rate TO that OF the pro-
ducts of their labor When thus, by the appreciation,
in consequence Of the quantity Of paper clrcuiu-
ton, wages well as prices become exoroant, 1t Is
found that the whole effect OF The aduieralon Is
tariff home industry tor the benefit oi The coun-
tries where gold aud silver circulate and MAINTAIN UNI.
urmity and moderation prices. 1t is then perceived
that the enhancement of the price Of land and labor pro-
ducrs corresponding Increase IN the price OF products,
unit, these products do not sustain competition with
similar other countries, and thus both nanuluc.
turing and agricultural productions to bear exporla
ton from The country OF this spurious currency, because
they lie sold for cost. This is The process by
winch specie is banshcd by the paper Of The banks
Their vaults exhausted 10 pay Tor foreign COLI
nodles the step is stoppage Of specie payment
Total degradation Of paper as currency; unusual
depression OF prices the ruin OF debtors, aud the accu-
mutation Of property in the hands Of creditors and eau
lous capitalists
This (said MI b. is the progress and effect Of de-
preciard paper currency The Imp udcnce or the crl
miuaty Of banks Vi issue, equally The Of this
depreciation; and The community is equally the victim OF
their miscpnducl whether il results from accident folly,
or design 1t is established in England that sudden in
OF 81 900 OUO sterling, by Bank OF England
ISSUES, will, in many states OF Tie moneyed system,
produce depreciation in the value OF money which
will BE- sensbly Eel. in the kingdom. What. then:
is to be the effect of increase of fifty millions OF
paper douIs in two years, in this country? 1t must
be what every person. and feels it TO bee dePrecia
OF least third Of the value OF paper money!
that every person living suaries fixed ucone ard VA
ges in the condition. crhavng suereda dinnulion Il"
Uuethrd of theirincome. Living is becoming us dear
in our young and prolific America in the aged and
crowded countries of Europe Let no one deluxe iinI'
self with The belief that there is depreciation while
bank continue to be convertible into gold and Sill
yer; this would he great error for 1t IS U! the very na-
Of deecll4g paper 10 carry down god and silver
with 1t, until things rrach that pom! when prudent men
begin 10 e.ac. payments in hard money, or, which is the
thing, to carry home in silver al night the
amount Of every note received during the day When
things have reached that point, and about The time
wliea all prudent have laken OF themselves,
the public mind begins to get uneasy Some cause,
matter what, starts an alarm and in few weeks
the explosion is universal. Such the poi mt to
which we were rapidly tending in July last. PresI.
dent Jackson has arrested this depreciation, and saved
the country from dire calamity. His Treasury oder
has saved It, Ii has stopped the issues OF host OF banks
Incrl ntIrp tlIrn
cayerus. The raging winds are now imprisoned: 30
reas, Eurus, and Auster, now confned The iuou-
ous conception OF the tahcT ut poets realised not up
on the ocean Of waters, but upon the ocean OF paper
money. The elements Of destruction are tied up ana
wo to those who initiating the rash conduct vi the
companions of Ulysses, shall unite the lated bag, and
loose lempess storms and desoalng fury upon LIE
land.
Mr. b. said it would be unjust, after saying much
Of the expansion OF the paper currency and The over
issues Of the local banks not to add that the picture was
intended to BE- applicable To the Whole Of these banks
that he knew Of many honorable exceptions, anu There
might be many more that he did not know Of. Ills
ea,is of information limited 10 the official returns
of the depose banks, about ninety in number; and
WHILE Of these he many whose paper dollars IN cir
culuon, to say nothing Of their deppsites, were ve
len fifteen for their specie dollars in their vaults
yet there others where The proportion the other
way The Merchants Bank, Boston, had S254 GOO spe
cie and $751; 0O in circulation; the Bunk vi America
New York. had 81 100000 in SPECIE and $572O 600 notes
specie, aud S;56G,OOO paper out; the Planters Bank
Georgia, had l97 900 SPECIE S36 900 paper and many
others whose bu, slightly exceeded their specie in
hand IL due to these banks, and doubtless to many
more whose returns not accessible to him. To ex
cept them from the ccnSure and the complaint which
lies against those whose unjusiablc issues have pro.
duccd the expansion aud depreciation Of currency which
is visible TO all.
Advcrtng to President Jacksnns great design of in.
crcasing the specie in the country Mr. B. said there
an ndissnlube connection between the state of the
specie in country and its prosperity distress. They
were cause and effect, ami and fell together. On
this point lie had table produce, which must carry
conviction 10 every mird which open TO the infu
ence of facts and reasons. 1t liable which covered
The most disastrous and the most prosperous period of
time: ard which required but the application Of
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