Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-09-20
.o~s,airs wrong n The dire elton ., The

~ Pennsylvania bank.
E,rlr B,nk OF Ne@ Haven mus, sill b. vivid
H. ,c,,.o,y "i many Of thu sufferers by the atroc"rs
',,,,,s d! that institution That too undertook its
'--rv ii pos, notes. and the tens and hundreds Of
Hs,cEs on, Of which the public was swindl d. fur
:ll evidence iha, post notes, in that instance al
" srs only notes given 10 cheat The holders out o!
=, : lac that hsd been given Cor them.
;;,w ua.y Instances can be found in which mnnird
,.,..,rs rr Individuals threw large amounts of paper
~ MA stree, 10 be sold 4, ruioous usury-@here The
-" n mas nj been ro,tnnness and bankruptcy
~ repeat, that ne DO not charge The u S Bank
~ h.,ur m lts category; hut II Is not htral an,
10 i, say, hai the Bark rs furnishing one evidence HI
-. >, rs aa,!ir To one ut two suspicious An ins,i.
W. !, acting ike that of the U Bank, must be either
,sd 10 dangerous extremity Of financial opera tons
FsSirnuS al GRIPPING IT'S sister institutions What,
ma, have been the motive. the effect has hid
,udencv The act has not only pa-a'yzed the he ath
&c the banking institutions in this city bu,
h very much impaired the public confidence in the
.,, ,sganiaciory 0; post notes, itself What further
the continuance of the system will have what
a. ,rs AMI investigations II will lead 10 IN relation
T,;s 81 The iiauS, We d" not undertake 10 PREDICT
,n,s,h !, certainly Is not Official, to divine
r,,r Norss --lhe Charleston Mercury thus argues
49, c,yst,on of post notes issued by the banks:
= ouits unnecessary 10 argue that these notes can
circulate at all. that they circulate 10 The
" I,.,on of paper redeemabe in gold and silver. No
.,nlv Bower make them move together. Our cur
y must, ,herenre, il in any degree be wholly of post
= ~ cns issued in pa ment Tor cotton actually put in
ss,on Of the banks-no debt will therefore be created
= favor of the banks By the issue OF this paper and il
consequently will never return TO them-excep, for
lnoon These nutes have no circulation out Of
,hs S;ass issuing them Mississippi pos, notes, for
,.,h the State is responsible are % 10 30 per cent
b.,w par in New York II they offered here
,re ssues Of the circular themselves they would not
80 Ih,m at that rate. If il be answered that Misss-
.,"oi IS IN bad credit we ask Why Because she has
chased her currency. The same fa.e awaits every
st,- that does the same
Kings been held up 10 The exccra,ion ofmank nd
;,- -bsng the gold and silver coin of their realm, and
,u.gpling mske il pass al its nominal value. The
( u,hsrn States recomme nded To initiate this high
c,as against the pDhlc for if paper is money, there
IS 10 difference effect between diminishing its value
bv corporate State regulations and debasDg gold and
sys- by the ixture OF base metals The runous
effects upon the public, too are the samoa rise in the
prcp nf whatever they must buy fraudulent speculation
and general diStrusI. What security have that bank
t-c,ofs thus freed from all restraints will not depre-
c.- their currency for The sake Of making money
b buying il up? What security that they will confne
their issues 10 the purpose designated that they will not
fp,d the country with worthless papers
depreciation in paper money like revolutions,
gees ba kward while the remains IL will there
fre constantly require of it 10 fulfil the purpose
Of circulation. Every body thai takes it in common
uauSac"ns vii! get shaved every step it moves will
be downward; contempt and dis,rus, will orerwhem it
TINS is the universal history of pos, notes wherever
,s~y have been used. From China Mississippi there
cannu, be pointed solitary instance in the history
al the world. where rredeemabie paper, imposed upon
the people currency, has not become al last an in
,etsble nuisance, endangeing The industry and moral
worth OF the community
The following article from the Naichez Free Trader
exhibits similar infatuaiion the OF the Yves
,ern Banks:
From the Matches Free Trader, .9us. 3O)
.Posr NoTEs-lt requires no prophetic vision TO pre-
dc, ns entire downfall of system ensrafled upon
a, lime Of great commercial distress and finding It's
cnY sooogv in the e1igsncy OF the times. We have
ben led on by sep, until forbearonce cease TO be
virtue and there is fixed determination 10 throw
~ the shackies that have long bound US hand and
t,at 10 the Of The Rag Bsrons Gold and silver is
ur Constitutional currency Of the country; ye, how lit
Il. IS there circulation.
When he banks suspended specie ayment and their
notes wee aoai Al heavy discount, il proclaimed
, such state o. things would not long exist and that
only llue time required 10 meet all engagements.
Tie friends OF reform willing to extend every
s,aaa- indulgence, and many Of them assenied 10 The
CIRCULATION of post notes, bearing interest and redeema
BIZ SIX and twelve months provided the banks issuing
then were compelled pay centytre FER cent damages
in The their not being promptly met at maturity
The e1nS men having majority IN the Legislature,
succeeded passing BILL drawn up by bank officer,
imposing only tr.ire per cent damages and limiting The
tine /, should be 10 force That is now dead letter.
As as the people consented 10 toke The Post
Notes freely the absence Of better currency The SIX
months notes we're gradually drown IN and those OF
s- while retained The old notes and issued new, for
the purpose o saving The interest that had accrued upon
the M thus swncing the holders out of that for which
they FIRST consented 10 take the notes st par.
Whsn banks resort 10 such practices Tor the purpose
Of sustaining their sinking credit the sooner they are
made 10 surrender their charters the better or the coun
s; ard be wondered that IN their last throes
tnr, should be made 10 Sustain The drspo,c po
e. hitherto exercised the minds and business opera
tons u The people.
A correspondent Of the las, n Evening Post, calls
III Of the public this extraordinary and
suspicious Of The Bank OF the United States,
and asks What is the meaning os this desperate game
o. 9osnoes pushed abroad in all quarters 10 raise mo
upon the runous Of teenfy per cent discount!
On- Of the intelligent and reliable authorities IN
Wall Street estimates their amount in New ork alone,
from data within his knowledge, at upwards OF ten mil
Ions Another not less So remarks that he has reason
10 saow 10 be not less than ,,etny millions lney De-
gan as speck on the horizon scarcely bigger than
man hard and TO- they appear 10 be rapidly oafken'
my The whole sky. The excuse put forth that ms
loss sustained by other institutions ano inoSouas,
tary being wiling 10 take them as cash from the
Bank, and rot Dy The Bank itself, IS mseraoiy
iuus; tor the question immediately occurs, "hat
sort Of parties must those be, IN responsibility sno
strength. who can be willing 10 pay the Bank SIX per
CEN "r these loans and then turn round and convert
the funds thus received into cash al further discount
O laen'y per cent? Is Tom Benton right after all,
"ho has tor years back entertained profound canVic
ton thar The Bank was bottom insolveat, and that u
merely Staggering on from expedient 10 expedien
10 h is responsibilities and postpone the evil day Of
payment. Is this the incoming OF Mr BIddle sudden
resignation and departure for Europe, and OF the suos
Ton 4 Of 10 the throne SO long and proudly
htrd BY him: Is this the meaning Of the go long with
held monthly publication of lis condition required oy us
Charter Is This the meaning Of the late rapd ana un-
pa'ar!ed depreciation Of it's stock!
Ba admitting that us is exlravagant suggestion;
admitting that the Banks recent taking oil The loan Of
near two millions from The State Of Pennsylvania Is
proof, as others contend, Of its entire competency 70
perform all It's engagements YET nothing better caicu
lated 10 ausch suspcion which il is bound to avoid
than THIS extravaganza Of it's post notes SO mo-
'"'i"us have been it excuses in this respect, that
has drawn down upon it the censure OF some OF It's
eest Trends of The Wing Press II has Justly earned
ivtrse'F he title nf The Great Dis'urber, instead OF
'he Great Regulator II has called forth further src
'nes f'oa the New York Gazette Of Monday last VINO
o'c'ares. that Those murmurs aod something more
Nan murmurs ,ciN reach shem however, loud and deep