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

venue 10 the Treasury nor THAT The banks nave not me
means ultimately TO force ihe Goyefhe a :" e,;n
paPerin payments to tie treasury nd " ,Psl De-
was not wanting i me "pft' If was in his
Tn;s r,s RI. answer 5tplefalie confession OF the
eond ito t which he Fedrai Treasury hsd'eea teauc
I'D by eisng State baM paper IN pay~ ~ner General
Hamilton aud followsy up by other Secretaries, III w.
ation of the laws aA Constitution, unli nothlis uu
uncomfortable parrr remained ~ tne -,
Ittle else in lie cua,ry All their hne phrases aoou'
.nsc;s nsr;nq barks and paper equivalent 10 SPECIE
and mn nsner bu, what the collectors ana 49,
the reyepue w,uld receive as cash; all 'ese End
phrases had eided as such schemes must io.s 49,.
IN The eyentul general use OF paper the e'ehu ~
-, hnsbn,lnt Of specie, and the eventual eP
maze of banks and universal dePrecaloh 81 pup. ~
sey Tbs was the only answer winch coula "
1916 am the only one that could oe gwen r.
Jacksoa measures for restoring The coiss'lut'ou ~.
shall have raised that currency TO t
HON of dollars There is now specie enough III Va.
eo.ntry TO make all revenue payments IN go'o a'o
aad the purchasers OF the public land, sPeeu,a GA,
bank borrowers excepted have found no ulineuiy ~
ting specie make their payments: hnu o ;,n ,h
prove this The sum ct 81 4tI'eoo was palu inp ''e
land offices, in gold aud svsf rom tae fosi No.
wenber I'm which the returns were made up this was
million and Ialf for three months, being a. tae tu
of about si- millions per annuni This would guy heas
Soc lIIlions Of Of land at the present minimum
price, and FIVE millions Of of public lands IN ao'
diton to other of supply double as much as le
progressive settlement Of the county has ever required
Does the demand for this small sum-a sum Wh'cn goes
not go out Of the country, but enters Immediately INTO
general circulation through the government payments
svs m;tsBsh demand be supplied out of the seventy,
half millions were ssains OF the sc1! anu
ye0r, nG ~ tbs country the banks alone were comPu
P The Secretary Of the Treasury to nave
81 mt DnrP
millions in their yaosg The eoun,ry especially when the
Hou. ,as nr President Jacksons Administration nave
ersoseS their supplies Of the precious metals ut'
twenty FIVE 60 fory.fve millions IN three years a s,a,e
specie in all The banks in the United states, as
apas obtained ut the Treasury Department, hrsl PIe
banks in the United States und their branches
1,0OC! Their names occupy twelve columns IN o'cK
nes Counterfeit Detector, with nearly eighty names IN
each column The Treasury report does not lnciuoe
them all but the main part and their specie Is reported
' October, 1888, s25ooo,ooo
January, 1884, G,Goo,oOO
January, 1885, 43,UOO,OOO
January, 1886, 4O,OOoOOO
Dece'br lS36 45,000000
Here is increase of specie in their vaults SAID MI
B. of twenty millions in three years, and of five millions
Of dollars during the very year OF the Treasury "fder
exislence-a fact which, of ITSELF exposes and puts to
shame the whole story Of their distress and uln and in
ability to aid the community account Of this order, or
furnish the specie which it requires. The fact is con-
elusive it stamps the whole cuntrvance on the part Of
the banks which have engaged in it, as shameful and
fraudulent imposition upon the Public. 1t is enough Of
itself; but the custom.house books show that these
banks would in reality nave increased their specie to
ten millions this year, had it not been Tor the
ported to foreign countries. The exports of specie,
near the end of November 81 43o oI5 Of which
1912 Sl in gold. Blu, this is nothing, according TO
the Philadelphia letter. 1t is nothing while onehl!d
Of that sum going into land Offices, and thence
through Government payments to the People, is
intense Distress derange The exchanges, deprive the
banks which affect to be injured by the Treasury order
of all capacity to make loans 10 business men, and justify
them in throwing borrowers into The hands of usurers
TO be fined at the rate of cent per month discount
equal 10 per cent nteresD for the use of money.
But Mr. had another test 10 apply to the capacity OF
those banks to furnish the small amount of five millions
OF dollars annum tor the purchase Of public lands II
in the exhibited by the thousand banks
Of the u States with what is done by single banker in
the English couny-he nigh almost say kingdom in
stead Of countyfor Lancashire in point of wealth is
equal the second rate Kingdoms Of Europe-n the Eng
gsh county of Lancashire and where there local
paper.issung banks bankers He would give the
words of Samuel Jones Lloyd Esq, banker, exatained
before the committee of thirty members of the House
of Commons in 1852; committee OF which Lord AL
thorpe chairman, and such Sir Robert Peel
Lord John Russell, Mr. Goulburn, Sir Henry Panell,
Mr. Es:Ig, more than two dozen scarcely their in
feriors, were members and on which such men as the
Governor of the Bank of England, Mr.. N. M. Roth
schild and hundred distinguished bankers and mer
chants were witnesses Mr. Lloyd among other things
testified to the quantity of gold paid weekly by single
,---;-s esabah"ens (his ownJ for wages to working
people the city Of Manchester, out of the many
great cities which Lancashire contains. This is the part
Of his evidence relating to this point
ga great amount in gold is paid at Manchester, in
wages Witnesses house issues about Is 900 gns
weekly. That issue was formerly in one pound notes
There ia no legal issue in Lancashire"
Here three statements (said Mr. b. which ought
be stereotyped the head and heart every friend
a. khoo poEo
tyhve thousand soveregns paid weekly by one banking
house, for wages to working people. 2. This amount
formerly paid in pound notes j. No locu! bank
suing paper now in Lancashire.
Confnng his remarks TO one only of these statements
the amount of weekly payments in gold-Mr b. said
the annual amount was one million three hundred thou.
sand soveregns equal six millions and half of dollars
This paid by single banking house; and we to
believe that the OOU banks in the United States
furnish the same amount for the purchase of the public
lands: And are we, alter attempting tn make them DO
it, 10 be clamoed down by combined ey from specu-
ators, part of the banks ei politicians that the
try parszed and desolsted by the experiment. and
that all further attempt must Instantly cease?
MIR. B. would make short issue with all these CON-
planning banks; they either have or have not, their pro-
portion Of the fortyfve millions of specie which they
report is in their vaults If they have it, there is
difficulty in furnishing specie for the land Offices if they
have it not, then their returns decepive-her peri
odical exhibitions Of specie nothing but shoe aHo@ey
and the the people find their hoowncss and
emptiness, the better for the whole community.
But Continued MIR. b. let the amount of specie be
what may in the banks, the fact is that there about
seventyfve millions in the country, and goodly part
of that is in the hands of the community In October
1888, when the deposes removed, the whole
amount of specie in the banks returned at about
twenty-five millions, aid thai in iIe hands OF the COIN
muniy computed at only four millions. The COM
muny is now computed to have twenty eight millions
and the annual increase thus reported by Secretary
of the Treasury:
Dates. Specie 10 active circulation.