Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-08
AfunLfllrn .lfnrEtt.

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The n Y. Herald OF the It states that ''arr ';y.
inc week. during which stocks declined almost d!
and money seldom scarce, something Ike plI,
took place yesterday, and slight trnncss was "bsery
bile in The prices of securities. Curlamens oil The Cur.
Ieucy which have in ceased here arr rv!tc.
" begun To be felt in other quarters There Is cra.
p!eie fermentation in money matters over the wAo:
country.
From Boston and the East have Of the mo-,
astounding bank disclosures. The Legislature oil ill.,:
Stale ha We been examining the conduct ui In" Comm
wealth. the American, the Lafayette, the franklin III!
other banks Some Of these banks have been nana.r!
on the most corrupt principles Ihe Transactions Of d.
franklin bank have been characterised by fraud perry
and rouue1y Of every kind. II has been discovered
Mr. Smith, a member of Congress from Maine borroa.
ed ( - 600 OF lis specie 10 set q hdhE a.gong there
Also that large amounts Of Mr.. Webster paper Is Ian
over protested in the Commonwealth Bank. Some
these banks the agents OF Governme"'-ot!eFs u
The assets of the American bank are supposed 10 !:
Woodland the bills worth their full value.
These startling developments, showing The ca:
rupt management Of the Boston banks, have entire,
destroyed The character OF Eastern money IN MS cay
Every kind and description are returning npon the
ers This state Of things has produced slight smpra
sion of business in Boston Little Is selling II IS e
but the necessares Of liie flour al s. and other pos;
sions Great complaint is made OF scarcity OF cHnea
cy-and fears are entertained VI reFul''oh among u
men Of business
The same paper says, that " We have seen bushes
letters Of the first authority from Charleston T.. gn-
Mobile giving account Of the new and ma-H!.ce@
operations OF the L. 5. Bank the cotton market
those regions At the last dates, the agent Of Mr. Et
in Mobile had gone into The market and purchased a'
quantities OF cotton, paying Tor It III the old uncancr
led Of the Bank In Charleston. similar Operations
were performed Northern funds In consequence ii
these operations, exchange the South has sunie"h1
vibraed, but It's ultimate effects i'll not BE- rea! SrG It:
some time Ii is generally believed now tina, tie / ::
Bank has outstanding circulation, in uncancc!y!
notes Of $4,000 0G0 principally in the Southern ard
Stat, - ~ uptp IIp can net,
form advantageous operations III the cotton mrrke
in inland and in foreign exchanges.t is due TO uu
to s,ate however that the commercial interests engage
in the cotton and inland exchange business view le
operations of Mr.. b. with great JEALOUSY and alarm.
The Herald Of Monday states, that " the week ha.
commenced rather iavorably. There is slight improg
nrnt upon Saturtay-which i, Will be remembers.
evinced better condition in money ailis than vas 81
ticpated. Stocks have generally improved, ahou-1
but slightly. We hope that the week beginning thus
auspiciOusy may show favorable change. 1t is mTca
needed. In specie, nothing is doing. The only quota
TONS archlcxicnn dollars, l04; half dollars l03 81
l0l Treasury notes are al par Five per cents, J 3i
100"
Later slips from N York represent the situation Of lie,
Boston Banks, not SO gloomy The n. York Sun II
forms us, that The Report of the Massachusetts l..
gisiaure upon the American Bank, Boston, states ta]
The total amount Of its Liabilities is l5Ie3 and oil III
assets 5000 25 and the committee give it Us their Un
nmous opinion that the resources OF the Bank amp
to meet their liabilities. With regard to the Rby ban
the Mercantile Journal saws that il rcdeems all lis sa
bills al its counter-iha it is under the direction Of
able and highly respectable board Of dectors-and th
lis liabilities are not large The Journal concludes
advising those holding its bills not 10 part with hrt
under their par value. The Times says the notes OF
klhy Bank worth dollar for dollar; and calls The COZ
duet Of the associates towards it 'sscurvy trick. tn
whole amount Of its circulation is only about %J C5
of which the AssUciation hold S 10 UU0."
In Georgia, the Bank IF Columbus has yielded 10 Il
recommendation OF large meeting of the citizens, at
suspended specie payments. The Millrdgevlle Un:
expresses itself sat loss to understand the prophet
Of their suspension now when accounts from all dir
lions, show great depreciation 10 the rae of cIchaH
aud premium on specie" The Insurance BonE Of Il
same town has done BETTER and is determined 10 wen
thelstorm. The following is the ''prasewnhy rePly
the President Of this Institution, declining comp
with The request Of the meeting.
"lSsuHANcE BANK or CoLrMsrs.
"C'OiumGuS, GG0. january lG, ISIS J
"GenHcmen-Iour communication, transmitting u /
proceedings Of the Citizens Of Columbus, requesting
suspension Of specie payments by this Institution. ol
been received. Enclosed hand you the action u "a
Board Of Directors in relation thereto.
g." |, in common with others, am not inscnsibe 10 4
present state Of affairs, growing out Of the want Of
necessary circulation; but at the time End /, &
icut 10 reconcile The proprely Of placing this ns'
ton in the situation decline 10 pay specie for lis b
while lis affairs abundanty solvent and part
larry al Ii is time too, when believe the indications
dcnccd by The lower rate of Exchange and premium
specie, much in favor of resumption by
Banks generally, i'll the Of the approaching spr
aln, gentlemen, with great respect,
Your nbedicnl servant,
}. G. WATSON, Pres. /
Messrs. ID. HcDO"ynld, and others. Committee, &c"
n Fai,e Rumor-.9nd tie true course