Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-10-11


aud The wide spread reign Of insolvency which peIVades
hr trading 'nd specn,a,ng classes, that the Slate was
Just emerging fum some terrible civil and lniestiae
conmoon. from the bghiing effects of foreign IN
vnsinn But what would be his CONSERVATION on m
curing for this civil cmmolion, this army OF hostile
invaders, 10 owe pointed 10 his aslonshed eyes es
the authors of the calamity horde OF monied corpo.
ratlnns whose lofty efhces towering 10 the skies stand
the enduring monuments Of peoples folly. What
would be bis feelings behoding the managers Of
these Institutions, The pennIlrss specualors OF yester
day, wallowiDg in wealth and luxury, which in fraud,
they had wrung from The toll. industry and sweat bought
earnings of honest aud c0nfidng people; and 10
them they moved past him in their charints Of put
lie plumber smile j"yUusy smile over the havoc and
misery which their ntnmy had Produced he would
inquire do these people breed vampires TO suck from
their vilals the last principle OF lite; DO they create
political MONSTERS 10 eui their substance and make
the mansions Of plenty the ab"des Of famine and de.
SPAR, What lndoo superstition has p ssessed this
people, that they throw themselves into the power of
this baik urg"rnaut 10 be- broken beneath IFS giant
wheels? Can Tins people, he would say be called Tree,
who quietly submit Ia be plunderrd OF half their
ings; an imposition wh!c would shoke TO The dust the
dtspuric throne OF The old world: And that, too,
not 10 support Of conquest glury-not 10
bsh universities of lraruing, works OF public i'm
provpmrn not 10 atun their cities TO bennliiy their
country but 10 build up ignorant, brsuiled and ner.
cpuary arls,ocracy Of sudd money changers the very
lsrapts VI humanity!
Len il urv.r again he said of the Mssissippans that
they turbulent aud ds"beGent the laws, Tor they
patient and !rns suffering.
The evils ni deprecated currency operate with pc.
cuiia hardship upOn the industry OF the cotnn growing
States 1hr pri,r ii This great staple is regulated by
The foreign drnund and supply and Of course
cd b. HE specie standard q" vaimr hc prevails in The
countries 10 which il is eypnrted While the cotton.
growe compelled TO purchase his lands slaves stock,
pruvsuns. and article which goes into The al
The pioducnn OF cotton. by The paper prices he uhlg
ed sell his product by the specie standard Of Europe
Thus to him The dppr-catInn Of the currency; or, in
The uhaIcI u,h he mai mn
induces total ard rtrevahe loss IL Us lax upon
mis- labrr, fur which! he receives return directly
directly Ii is tribute LEVIED upon him Tor the benefit
Of The hanks and heir managers. The interest Of The
staple States, hrrrtJre, imprrIpusy demands currency
always fanivulrnt la gold and silver. N0tw outstanding
the cbvius truth 81 this position, within few years
L. g!sia has chartered about GU millions al bank
ing capital wIlmu; The least basis 10 sustain H. and which
the business Of The country did not require warrant
The stock most !nstancrs has been taken whnnl The
payment oil mare than few dollars in the hundred and
The whole business has bern managed on a cndu "i,h
stock notes WIKI this Ira udu!rnl innndatGn the bank
prOcrt Grj MAKE issues Of fraudulent pro-
msrs IN pay As necessary consequence, their notes
a! teprpciaed, and have for series "f years
manned depreciation OF from twenty IT, fifty per cent
The general suspension OF specie payments only accrlr-
rated br issue ii this spurious paper and but Tor the
infrpo ion Of the Executive veto Of the presen, Go
vprno;, would have added greatly to The number oil the
banks.
NJ, con,en, with throwing out this immense crcula-
ton Of depreca,'d paper, banks in this Stale turned
eichan,s aud cnirrrd The vide field OF ira c and spe
culaun They d"all in PROVISIONS in negro c"thing,
in haauinr and rope and in almost every article of mer
chandlsp sometimes openly, but often indirectly,
in the name OF their agents The consequence OF this
traiicing was soon ir The banks monopnlz-d the
Market contracted prices and forced the community To
them BY the operations Of few banks on the Miss,s.
sipp river the prices of prrk baggIng md rope and
nearly every artIcl OF provision doubled IN very
few months Of The FIRST u' This speculation But,
in order enable the banks To deal extensively It was
necessary have capital 10 purchase with This
was seriously felt in Mississippi where the banks we're
generally destitute OF actual means and capital. To
supply this want the banks this State under the aus
pcrs Of The United States Bank Ut Pennsy ivanla that
buased regulator Of the currency, entered the cotton
market and commenced the most extensive specua'ions
in the great staple of the South. AZ first they purchased
their account paying the planter IN their depre
ca,pd pnper II VAS snon seen that switer race OF
plund,I might be This was effected by becoming
factors and shipping the cotton for the pnner, at bis
own risk making i.im large advance thereon, secured
by him in g"od note, well endorsed BY his ne ghbors
This advance, lie banks made in their own deprecated
paprr Now the game went brnvelY on. The banks
had bv deuding thu planter, placed themselves in funds
They had COED funds the pr"creds of The cotton,
10 sr. cua!a upon; and Immediately the directors ard
favorles n The BANKS obtained the cotton proceeds COM
mpnc purchasing lands, negroes and other property 10
Immense amounts tits fact no, 10 be contested, that
nearly all the bank directors in The Stale have suddenly
become possessed oil large estates; some OF them own
500 negroes and many broad acre who, short time
ouenIIy in absolute indulgence. And in ratio to The worth
pssncss of the paper of bank The augmentation OF
The wealth nt lis GIecinry
The planters received The drpreciated paper Of the
banks gave two prices for every Thing they purchased,
and cnnsnrd themselves with the reflection. that al
though he money deprecated, they bad obtained
OF il in The shape Of an advance. Their notes IN
The bank fell due-we renewed; sill no returns from
the cnnn bnI expeclrd by thr arrival OF The Great
Western The bank directors thought the people easily
duped anghe in their sleeves and drank their vine
Alier most Entertained opposition on The part OF Mr.
Bddic and the cotton corporaiIons public sentiment
drove thu banks general resumption OF sprcie pay
nrpr.s Specie pay MS and srecuating in cotton
would MOI thrive lng Their but the inventive genius OF
these banks were at l"ss for eypedlent. They
commenced extensive issue at post n"rs, with as~
enlarged operation in cntton. The banks thought. and
tuy to-" the oil post notes virtual sus
prcs"n of sprCir sment. and did not have that ugly
sound in The 81 The people. while II would enable
them to carry their nqIious and fraudulent sprcn-
atirns qnp as We'll. II not better, IMAM nominal sus-
pr nsion nt specie roym' Bis
Tire effect of this policy was E,rcold, and eIpe
renccd. In SHIRT lime there was in circulation no
convertible currency Mississippi ca;rol be sind at thus
time to have any thing but shnpsser. Irredeemat'e
currency In ord nay circulation IL very doin That
a note pa yable and paid demand be met with =
Even these bnnks expected TO renrm the currency have
fallen into these post noie issues. and embarked IN inc
cotton speculation, ard their paper ~ al discount OF
% PER cent Such has been the bad alth oil hHse whele
the public had earnerfd up It's hope Of better things
The present has opened The public eyes os 10
the character uf business by ihr banks In many
instances had departed bei"e The returns Of
the frs, shipment made by the banks, and when
they arrived The amount Of the return shipment was
from twenty FIVE TO thirty five dollars per bale Tor cotton
that the planter could have sold tor good money IN
hand on the bank nf The from Gty TO seventy
FIVE dollars per bale Thus The planter has received
twenty five dollars deprecated money for that which
he could have sold lnr y dollars in good money he
has LAID Of his money for twelve months or two years
and mid inter- 81 10 a bank advance of from 6
" 10 spvpnty.rp dollars Nor is this Sill the planter Is
now beirg sued r HI balance Of The adyance and he
bank viii! in oil probability, buy in his property al shs
riffs sale In Wany ances where The planter cou'o
have purchased Up the deprecated paper and pa'o Tue