Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-04-20

not in the root. 3, the base and not at the apex pa
per currency has increased but hule we may say no.
thing upon lie bases Of 1911 and 1882 our sPSe'e ms
increased mmeasurably no less than eight iod, since
ISL and four fold since 1889 The whole increase Is spe
Gle; and of that we have 20 millions than IN ioil
and 60 millions more than in 1882 Such are the ruso OF
Genesa Jacksons policy!-a policy which we oh'y nav
10 persevere in for few years, TO have our county
amply supplied with gold and silver as france anu
land ate that France and Holland in which gold is DOT
rowed at per cent per annum, while we oi'eh ooio"
paper money ALL per cent. month.
Fu, there is specie. Not ne.penee 10 oe tu'
for servant; not picayune Tor oeggari MOI ,e.
oen niece for the post office Such the assertion; out
how far is il true Go the banks, and present their
notes al ,heir counter and is all loo true NO goo,
DO silver no copper TO be had there IN redemption VI %
solemn promises 10 pay Metaphorica!ly II mol htefay
speaking, demand for specie at the counter OF oah
might bring 10 The unfortunate applicant more KICKS
than coppers But change the direction OF the oemaho'
90 to the brokers' bank note there no sooner
said than doae gold and silver springs torth IN any guam
ty the cushed YOU are thanked tor you. Gus
tom invited 10 return again. and thus, the counter oil
the broker aud not the counter OF the oanK, ~
place for the redemption Of the notes o, the oa"A
only part Of the transaction that remains 10 "e o,
the per cenlum which is shaved oil Anu Whoever
will submit to that shaving can have all the bank notes
cashed which he can carry TO them les WI s
dent, the brokers' and not the BANKERS NO" ,ts, m
bank notes There is deaEth OF sPece loI ..'a'
pose They have enough TO cash all the no'es o' Tue
p.nL, and MI the Treasury notes Of the Government
into the oarpain Look their placurds! not Viage'
not city, no, town in the Union, III "nch 'he sgn-
boards do not salute the eye OF 'ne Passensei'
him 10 come in and exchange his bank notes. und lrea.
.ury notes for gold and silver And why cannot Inc
banks redeem, as we'll the brokers'? Why can they
not redeem their notes. Because peto mas issueo
from the city Of Philadelphia, and because political
revolution is 10 be effected by in;urng the country and
then charging the injury upon The folly and wIckedness
of the Republican Administrations. This is the reason
and the sole reason The Bank of the Unlted states
its affiliated institutions, and It's pont'cai
are the sole obstacles to the resumption OF y
nen,, They alone prevent the resumption IL IS they
who nre now in lest the resumption shall oegn
and 10 event it, hear the real shout ana ieel Tue
real application Of the rallylng cry, SO Pat"eIcaly ~
tered on this floor by the Senator from
mi, Webs,erl-oncs more to the breach, dear friends
once more! =.
Yes, Mr.. President, the cause Of the resumption
of specie payments plain and rndeniabie IL IS
rs plain as the sun al high noon, in clear sky No 1.-TWO
oonons can differ about it, how much tongues may dit
Ter The cause Of not resumng Is Known anu tue
cause of suspension will be known likewise "eh
ternen of the Opposition charge the suspension upon
the foy the wickedness, the insanity the msrue, anu
lnispoyernment of the outandsh Administrator, as
they casscay call it, expressions which apply 70 the
people who created the Administration which nave oren
so much viIfed and who have sanctioned their poNcy
by repeated elections The Opposition charge 'he sus'
pension 10 ,hem-to their pocy-to their acts-tn the
veto of IS32-,he removal Of the deposites OF 1856
the Treasury order of lS36and the demand Tor specie
for the Federal Treasury This is the charge OF the po
cians and of all who follow the lead, and obey the
impuson Of the deDalonalized Bank of the u States
But what cav Others whose voice should be potential,
and even omnipoient, this question: What say the
New York city banks where the suspension began, anu
whose example was alleged Tor the sole cause OF sos
penson by all the rest? What say these banks whose
position at the fountain head Of and whose
answer for themselves is answer for all: what say
they. Listen, and you shall hear! for hold ~ my
hand report Of a committee Of these banks mnde un,
.,;,n hu ther
deliberately approved by all the city institutions IL
signed BY Messrs Albert Galatin, George Newbod, G.
c. Lawrence, G. HeyeI J. J. Palmer, Preserved Fish,
and G. A. Worth seven gentlemen OF known ano es'
tablshed character and not more than one ont Of the
seven politically friendly to the late and present ADM.
nstratons Of The Federal Government This is their
report
banks of the city of New York to suspend specie pay
ments, on the 10Th Of May last are we'll known The
simultaneous withdrawing Of the large public dePosltes,
and excessive foreign credits combined with the great
and xpected fall in the price OF the principal article
OF our exports with import of and bread stus,
such as had before occurred, and with the conse'
ouen. inability Of the country particularly Of the South
western States TO make the usual and expected remit
tances, did, at one and the same t'me' TAU prlncipay
and necessarily, the greatest commercial emporium
OF the Union After long and most ardnous struggle
during which the banks, though not altogether unsuc
cessfully, resisting the imperative foreign demand LOT
the precious metals gradually deprived OF great
portion of their specie some unfortunate incidents of
local nature operating in concert with other previous
exciting causes produced distrus and panic, and finally
one Of those general runs which, If continued no oanks
that issue paper money payable demand, ever re-
sist and which put of the of those oil
this city to sustain specie payments The example was
followed by the banks throughout the whole country
with much rapidly the news OF the suspension IN
New York reached them without waiting for an actual
rum and principally, if exclusively on the alleged
grounds of the effects be apprchendcd from that
pension. Thus, whilst the New York city banks were
almost drained of their SPECIE those in other places pre-
served the amount which they held before the final ca
tastrophe'
ITO be continued)
Mo,d1u -9DriL 16 1888,