Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-10-22
(From he Hartford Times
n,IlL, pRESSI Il L

and intimately connected with Inc hnahcIa concerns u
Ills civ that lie had known SO severe pressure
ns Exists n, the present The panic of 1884 was
most agreeable period sort OF pea timc, win all .ne
Bank gentry. Then the dsless and rum OF HE country
wss a matter TO be talked nbout- vas Inc occasion Tor
public meetings, and the standing subject 81 wing
speeches and ewspsper paragraphs Commuters were
appointed 10 collect them together and publish TO me
world The number If failures and circulars were fsuea
for this purpose
inn The Bank of The T. 5 FOX entire year coDll'
nned turning the upon the merchants, WHO re-
licyed themselves from their sufrrlngs,- by cnrsine
sold Jackson and lhrt nlenrg 10 march TO Washington
with len thousand men and put down The AdmInSt ation
bv force. The suspension mud panic OF 1851 was not
aue so Joyous u season. the money pressure was not
mere mutrr 10 BE- talked about; il ttt as lie bosom
Of destruction thousands IN our cities But sun, me
privilege and the preextw hch IL afforded OF cusing Inc
Administration, and making political capital out OF IL
rendered it, the whole, very agreeable tme esPe'
cuIly 10 the Wing politicians.
AT the present time, there IL no such relie oil ihe
"sufltrnns Of The community. There IL now no pre-.
text for charging The distress upon The measures OF The
Administration There has been no removal oil ihe De'
poses, Treasury Order no importation 81 specie of
Neapullun and French indemni'ies no aurpius reVe-
nue. or distribution law The Treasury has now no
connection whatever with the banks; neither attempts
10 stimulate or restrain their issues IL ~ ms mat rem
d,rs The pressure serious affair, than those
al 1894 pnd 1887 IL cannot be charged upon the Ad
m;:sr:aiion there is prospect now OF reaping po
lnico harvest ION the "suferngs Of The people Even
The longer hr hunhrgecd ty The great
esl of all humbugGers, the Eapk al The L. =
The quarter from hence the present blow carc IS loo
obvious 10 be mistaken he wayiatIrg man though
bind must perceWeit. The Bank Of The United States
has within few months, thrown into HE market, ten
or twelve millions Of dollars in Post Notes, winch have
been disposed OF at the Of eighty Two dollars for
hundred, bearing six per- cent interest being iwen-
four dollars !or the OF one hundred Tor one yeaf
As long the credit OF the bank not doubled, these
would he readily taken. no business can htnrd
such profit This process has drawn Of Ten or twelve
millions # The capital used in commerce and manuac-
lures \ large portion of THIS immense capital has been
sent 10 Europe IN specie, 10 support The credit ., lle
Bank 81 Tie United States, there
That these of the Bank hay occasoned the
present pressure Tn The nancy market, s so obviois,
ho, all must il aud admit il. II IS Inc great "Reeu
n,or whieh as produced The present state Of things.
There has lern cer cause deficient harvest, 10
exec ssve mpnrn;iGrs general p!!i al over nGihg,
srtcu!ucr x'iauTdluary sales Of the public lands,
cr unusual accumulation Of revenue. Never perhaps
tcoie, there sudden revision in trade and gene
rhl distress for money where the cause. aFpa III
ard so free rou perpIexiiy In Ir31, causes
crnhinfd excessive imp"rlauns, amounting 10 nearly
ore bundled rrr cent an alarming e1reHs:Cn OF the
paper cuutrGy; reckless and Unprecedented spI %
Cvtrnd!nE ard spcCuIaon; an excessive accumulation
at revenue. swelling into n pus Ct fifty millions AnG
to these causes added The Distribution act Of 1886
Some of these causes hrd been operation nearly Two
years. before the crisis hrough, about
/ None 81 these have occurred Mt the present
time ] lie merchants in general have been cautious
and pursued regular business; the manufacturers have
no, extended their business there has been no spirit Of
ovrrraGing speculation Of any kind. The examples
Of le6 ard he conssqoc", cni1mi'ts OF e21 were loo
have becn forgotten. or their influence lost on
The trading portion OF lie people.
But what has the caution and prudence OF The nifr.
chants aua manufacturers awaited them; Nothing 70.
will II ever avail them. long they encourage such
wrecLed system OF Banking and paper currency :
They tie victims Of their mistaken policy The,
wished for Re guloior, 10 control The currency art
/ 81
TIE Prnusy vania Park of the States which Mr. BID
de declared was stronger thin when acting under IL
Federal charter The frogs in the fable were dissatisfied
with hing Log; they wanted more cnierpfSing snC
powerful! sovereign Jupiter answered Their prayer ind
fent them k'rg Stork whose ,oracious activity made
terrible havoc among the poor frogs who repenes Of
eir folly. ard prayed In Jupiter. that king Log Oh,
he restored 10 Them. The children Of Israel desired
king. 50 Tint they might initiate the heather nalnns
wbuut them. Gust the Wings wish 10 have NATIONAL
Bark, TO follow the example Of EuglandO ind Samuel
the prophet told them, What sort OF o king they would
have. J hat he would them for his p!sar;If ;
make them Eewers Of wood and drawers of water that
he would Drrun their ycuEg men captains over iaits
and hundreds, md make their madens singers aHc
dancers EGt this waning, even Gaming from man
inspired lrom Heaven, was not needed. They must
king to be Ike the nuti"ns rowing about them JET
irrSon. jackson. Benton and The Journals Of this
ny have warned tue country. have warned tie people
against ih" dangers Of National Bark. Bat the warning
has not been unIs edcd by the Fed"EGss but treat
ca with rdrcnle aud contempt. Mr.. Benton lart.no
Ho'iuHs nave r!oICuitd rs 'hUmbur MI
Riddles bank credit nouns garded HE perfection
wisdom. What will be thought Cf The intelligence o
he present day, even twenty years hence wien III,
present banking system will he either exploded.
senaliy modified IN lis principles What Will be thought
OF The intelligence Of an age, IN which the grt0t hnH
tS'n"t!htd ty he history q ME wC1M that G"LD dnI
SILVER constituted ne cry tnsis for stable md safe
'enty, was made the subject Of sneeIs scCing and rld
). cue and characterized os "humbug" Surely,
ihaiun0n must give 10 the present period The appei.
ton nf The age OF the paper humbur
W hen Calico was COMPELLED on his knees 10 r.
n"rhce his hcresy that the Earth and Planets rcvolvd
round The sun. he IL said 10 have uttered in wie
$ 'it IS true, true notwithstanding" So however much
Inc paper money mongers, and the credit mongers ma
treat ne great principle that gold md silver The oy
bDsIs OF safe and stable currency as .sbum buu' II
VIII DC true. Notwithstanding. In the let's cen pa
per and s"ld there can be no doubt the final lie
The truth in this case as in respect 10 The solar SYSTEM
must prevail
Are the Wings satisfied win, The g,ea, Regulator ,.
They complain hut I,, i've e reign of king "Slok:--
committees 10 ascertain and hs4no public meetings
, of bankruptcies. II they still blind they Music
few lessons from The Bank, which nslruc,s its adhe-
rents as well as lis opponents, by their "sutierngs.
The BASKs.-These are few plain propositions
connected with the present condition Of Banks
which il may not be amss 10 recall 10 readers
II is we'll known that New York, universally s ere.
dlor city, and queny, be drawn upon from
elsewhere. There therefore, be danger Of any
drain Of specie from banks 10 satisfy debts other
pluces.
Nevertheless, hear people talk of drafts for specie
from Philadelphia though the debtors n,tead
Of The creditors This is frightening ones self with
shadows.
Again il is said cannot now collect our drtls in
Philadelphia Baltimore, &c Why not; They cannot
indeed be collected par, but at the difference between
specie and rredeemabe paper they be collected
he loss thus incurred would be the subject of after sd-
usment by the debtor, on whom it should, of coarse,
lall.
But the freisn demand, it is urged, will drn the
vaults Of our Banks 1t has not had that fleet herelo.
fore Probably some three millions OF dollars haze been
sent 10 Europe from this port within the last sixweeks;
yet IN that same pPrnd the specie in the vault OF the
city Banks has actually increasd and now tha specie
has ceased 10 be The standard in the cities south ma il