Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-09-20


new debts nnd new alarms The Pennsy Ivana Bank O:
the United States has been The first and mos, active IA
SITTING this evil exanple. None has been GsDgusd
in encouraging the cotton spsculaons % The Wrst-o.4
IN holding back those articles from Furri n narAer.
where they might have been prof'ahiy s" 10 rhe r.s
of mat keis and The benefit Of exch,nce None IL,
issued SO many post notes; that weak ano asrmir,
resource OF an embarrassed institution The n,I,Xir,
articles from the New Haven Register and ohpr p.pci
show how Wild and mschievous have been its opsr,
tons:
From Ike Mac Harea Rtsisi,r)
"THE REGULAToR.-The vast sprcuaiiuns in cote,
of the u $ Bank, ('sTRosGrR' according 10 Mf Bt
die under IFS new charter then il IVES under lhr t,
have produced result in the money rn- OF tie
country. that pG2zes the best friends of The Fqn
1t was a curious movement Of the 'R.gua'cy' WIEN
these speculaons commenced. 10 SEND snn Of Slr
Bdd'e, youth Of bot go yenrs Old in connection wih
an unsuccessful ne chant Mr. Humphreys 10 form The
house of Humphreys q BicdIe in Liverpool and tiloaeh
that concern undertake 10 monopolze all the cotton IN
the English market 4 boy, undrr age backed hy rh-
friends of ths greatest banking Institution IN America To
regulate the cotton market of The world Ah-bu, BID
die knows hat he is about, said The Federal Wing %
they put their knowing looks-'and he II icach
the shrt'ess Loco Focos thing Two in matters OF
siness that they dreamed of He will, coB'Iuu.
ed they be President Of The L. States set, ard Gye
Van Buren, and his cabinet into the Potomac Thus
matters went on icr whlle fortunes such The word
never knew of before, 10 gu, Of these cotton
speculaors, and then We were 10 have not The gotten
hSCengcncg,
for all future time But for other. arYrr
vet fully explained, MIR Biddle instead oil becoming
President of The United States abandoned even IT. rc.
sidency Of The bank-an event, which when first his.
pered about in Philadelphia, was pronounced Loco
FOco lie, but was afterwards admitted 10 be- true. IL
then said that he sought repose, much as Mr. CSy
ia snid To seek repose since the route IN the Vest
but he would leave The nst utnn IN The best possible
condition imaginable that nothing but The
exampIed prosperity of the bank, could reconcile hm
etirIun man
business men, whether friends or foes OF The bans
astoulshed now fud that The post of the ins.
tuition nine millions OF which is said have hees pot
afnn-ale selling al discount Of from eIghtrra
twenty-one per cent bank that lends money Ct
six per cent. has become The borrower of money
The extra usury of eighteen and twenty PER
cent What would he thought ot any other institution
that should manage in this "ay-specuIa'e IN Cotton
and then borrow money for lis al usuroGs nt
rest' What individual could live under such course
of misunderstanding at il and lending nj b SINE
of the papers, however, say Tint these usurons u mol
ruinous sales not account Of the bank, bu, that
The bank lends its post notes 10 customers ard these
customers get them shaved BY the brokers' al The
VACANT rates above II so, il only makes The m7I'e'
worse. What sort Of customers must they be. who vii
give their nwn paper al per cent tor posi- notes aud
then get these post shaved by broker further
price of Is 81 discount, making from "a 10 % e.
Tor The use of the MONEY; II the customers o the bark
manage in that way, it shows they are Of The m"s d's
perale character and urtit To deal with any nsg'rn
been worse than the banks We should have better
op,non of bank that got shaved Itself 10 raise mnaey
through the brokers' bad that opinion would BE- than
one with Of customers no were driven daily Iaoihe
hands nf the usuers such rates F the notes OF such
customers never could be worth much Iurnt Therefore,
which way lou will either that the bank gets shaved 10
raise money TO meet lis own specuaons or that 's cu
toners the hands OF the shavers, 10 the amonni H
nine millions 10 meet their specuaii0ns, and IT tells 4
sorry story for The hoased Regulator, that is stronger
under it's present charter than was WHEN chaf''ftdy
Congress- There is another evil growing col ot tafsr
opera,iuns Many OF the Sinte banks shave "se posi-
notes 10 bolster up the mammoth institution the Rfsa
Iator instead of lending their funds they ought oc
10 accommodate regular business people and Mss addi
TO the unusual Ighiness in he money market, fho''
who complain should nnmber, that there TO Tfn"Fa
of the Dr. specie circular and no other asi
the Administration, 10 which these evils can be charged
by The Federal politicuns-we only ask them 10 WASH
the movements Of the Reguistor.'
from the GiOJe
"TUE POST NOTE SYSTEM.
1.-THE operations OF the 5. Bank are undersiand,
producing q pressure in various parts ot the conn'fy-
The Delaware Gazette complains OF one ct the Sanhs"'
lmington refusing regular accommodations 70 we
merchants ond investing funds in The post notes at
the mammoth Bank In Baltimore, is SAID, money ~
fairs comparatively easy, I'LL The Bank OF The ,
stepped forward borrower and by Offering from 10 "
Is per cent per annum absorbed all the spare cash 81
the capitalists The citizens uf Washington have aah
he ame tempting offer made 10 them by the Bank. or Us
agents. the brokers, and If they have not yr!ded I" hr
temptation, il has been for reason unnecessary 10
mention.
I'VE gave on Friday an extract from he Journal Of
Commerce, showing the effect this bankhoH0"lng Sy
,em produced in Boston. The following, iIom The Even
ing Post, refers 10 the existing stale Of feeling 10 view
York:
against The Bank with the long Name the U s k4'S
Of Pennsylvania, which now prevails among the iae''
camille par, of population Every bocy undrrs'a"'
and declares, that The operations OF winch ihat beee
md Tho anl
ruIysm Of pressure. Every body sees that regulars
currency and credit, to be sure but regulates them Efa
view It's profits IN the cotton trade, ,ron "aSh
it has elbowed every individual merchant u regulates
The currency by throwing out debased isspe Of 2'
notes. it regulates credit by heslowing II IN large 2o
portions upon its iavorlte customers and by c"mPree
the smaller banks, by run upon their Vauls !" COW
tract their discounts and withhold their usual accdI'"
dations IT storm Of execraions could blow GOWN we
Bank moi stone Of lis walls would be left upon aaoh"i
"Hurd words however hive no EFFECT; The 6ana a'rp
the tenor of lis way lis managers, 10 Use "r
smile which OF lis friends once applied TO us "''''
president IRE as calm as a summer morning Nri~'
the cursing and swearing of some, ih" more "'a
sured and more significant condemnation OF "hSfs wa
prevent them from using their power 10 me 'ha""''
most conducive TO their private interests u th"se -.
teress require that some few hundred OF The eTen1"
in this city and elsewhere should be ruined, they vi"
ruined there is alternative. Already We near -
failures which induICently concealed by me error
ors in consideration OF the emergency OF he h's'
casoned by the unexpected measures OF the q
Bank.
'l is time that thrown about thso 'sT''ln'"'
and that his propensity TO mischief was RESTRAINED ~
the merchants take their choice between hs foPt's' -
tyranny of these great banks The one band '"~ .
Independent Treasury and the specie clause W 49,
other
From the .Ntp York Gazette
"THE UNITED STATES BASK.-1he BanS'Rs ~ -,
ny incorporated by the State Of PennsytTan'a ,'".
STYLE and title OF the Bank of the United S'a's'
ius far lied IN he
community, lis acts squared TO the 'rs'silae I,
poses of its creation, and farther That Their "''
any predsposon judge harsh!y OF those ae's,
deed, TO feel anghL bu, good will Tor H. on she b,,
mercantile interest in this city. We deny
been every disposition TO look favorably upoa " ~ t,
strong desire felt it prosper-nn ARDEN a.
il might be so conducted as to be mutually ao'u"'s
10 its stockholders and to the public at large. $500
L. 4 L.. L. cAIuH