Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-22
.N0usfurU Concerns.


another mammoth State Bank A Correspondent Of the
New York Post Of Saturday last. states that 'he rag
barons it would by article in morning paper,
nre Matching twin 10 cope with that of Penn.
syIvania bnnk Of lhir,v.fve millions is il seems
qnred to enable the State of New York TO make war
against our sister STATE least 10 protect against
her fruernal hugs VIVA, glorious sislerI'ood The
story of Cinderella is nothnr to the Of his
tory IL seems we must saddle ourselves with despnt
make dictator, in act;o protect ourselves from The
hostility If beloved honorrd, and respected sister,
Pennsylvania
But the Evening Pest hopes for lis defeat from The Sc,
nate. 1t quotes tic Albany Argus, which ni:rms that
the Senate will make stand line small bill law, and
that having conceded 10 the House Of Assembly all that,
in reason, they could having met the House more than
half way, and having aSsened to bill which meets all
lhS the emergency requires even according TO The pin
cpes of those who make the most nf the emergency,
they will refuse go any further We glad 10 hear
this If the Senate ready 10 give this ponf OF firm.
and consistency they will elevate themselves in the
public opinion. We shall then have some ground 10
hone That the great project Of granting charter 10
mammoth bank will not find favor in their eyes
The last u. York Journal Of Commerce gives us some
very iaerng statistics 1t STATES that that day packet
Che l6th) will carry out quotations oil exchange which
will sci the cen The other side in motion on large
scale. There con he nscalculann on this point
We have thirty millions of produce Ia GO forward. Our
debts paid and imports will not absorb more than
half The amount. II is, therefore, clear, that the p't
OF exchange only be stopped in lis decline, ny being
millions Of dollars in exchange accumulated within the
next six months, with absolutely no demand Our pro-
gress through commercial disease Is going on by rs re-
gular and sell understood process as ever doctor
watched over Twelve months ago, Our business was
conducted OIL m expanded system OF credits at home
and abroad. Under that system we had contracted 4
heavy debt to European nations, &c. The whole Ia
brio broke down. The consequence was, great en-
barrassme,, depreciation in The value OF prnpery and
general FEELING Of pnverty in ourselves, md dis
yfs tharu
ed his expenses, and instead OF meeting old obsa-
tons by contracting ones, set himself in the hest
and real sense Of The word, 10 pay his debts Wen,
what have we accomplished: The rate OF exchange
shows that our foreign debt is paid, and The balance
thrown the other side Al home amount has bren
liquiduted and paid almost beyond calculation. The
Bank debt in the State of New York has been reduced
nineteen millions oil dollars, and Bank circulation
half, twelve millions Other debts have been
duced in proportion The products Of this year, escep.
the supply Of absolute necessities, have been employed
in paying debts What will be done with The products
Of the next year, Every body can that"
The N. York Herald Of the 18th, also depicts more
cheerful prospect for the U. States it contends that
"The balance Of trade is gradually coming in onr jnror
If the present. movements continue, England will he in
deblpd 10 The u States by June or August near $780,
OO0 900 perhaps $4,000 900 In order TO understand
this reasoning is only necessary 10 Iuok al The fow
ing table, based on official data, which may be considered
in the nature of a commercial diagram:
,s.s d a"yGT 5 soo "a hISs pc" soo e ;o hg :o Ell Ep
1887 1887, I4O,SOOOSo is,GcOScO aSS0o,SuO
1893, 0Oovo,OOO III, uou,Ooo 3o.ooN,Ooo
From this il will be seen, that in few months Europe
will be indebted 10 America This Indebtedness arises
from cotton and other Southern exports. which com
bned with diminution Of imports, will soon place
the whole credit system of Europe in our power. AL
ready this extraordinary deduction produced by
fall in exchange, without precedent in the last half
century. By the packets which sailed yesterday,
large Of foreign exchange has been purchased
both by banks ind individuals, at ranging from
lG5 l07 in paper. What will The banks do with this
exchange in England? IF they should order the
in specie, is il not probable that such drain suddeny
called would produce panic and revuson there? The
great dminuton of imports would increase this reaction
and thus the spectacle might he presented Of the u s.
causing great CONSERVATION 10 EpeIlnd in 1885 by
welding their cotton exports, as England did by with
drawing their credits given, through their Anglo
American houses in 1S36-ll, The contrary, SPECIE
TO large amount, should be drawn from England for
the balance due for the present crops going forward
there will be panic caused in the London and Liver.
pool money mar els-nnolher fall Of prices-snd the
cond chapter Of The great revuson which begun here
IN April, 1887.
s.Frum these brief views, it will be that the
merca action and reaction of England and the u States
are beginning 10 develope and extraordinary fea.
tures. Much depends on accident-much banks
much on individuals. Whatever revulson. pressures
panics may attend this struggle between Europe and
America for commercial supremacy for the possession Of
the balance Of the oatins specie Of Tie ro,d for that s
the real contest, doubt exist that this country
no md nj he ic,o and