Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-08-09

favorable The Western Georgia" Coy :, W. ~ .,,v
''e :. Iii ,e.,sin inactive during the contest i'r
Snor. while our friends are well pleased AT 'e
onnor,mn,v they will enjoy oil giving Mcdonald heasy
M Ih STATE Rights men of Cherokee have an e.
nsc;,I dislike for our townsman, and exceedingly
5;san,oin,ed al his nomination 4,
o''''' [.4h.ns (Go) Banner, 7"gust =
BANKS ASD CoTrnN The New. York correspondent
OF the Na,innal !n'eigencsr is out again thus mo.n,hs
in favor OF Bank Of the United States 10 Trs".aee "
Bank of England and thereby the price o. GU" III
There is certainly most urgent can 'i s0., a. :; 90
tuition at IA moment when The Bank OF Engiahu Is ~
weak that it can hardly sustain Itself ACCORDING :" n
London correspondent Of The New i"tR 'oui"a' - ~
nercc, the specie 10 its vaults is reduceo -
sterling. and il in nment danger OF suspe"u'"s sP'
payments =, ,or,rd.
Much m,v indred Be done in this country TOWARDS
regulating The price Of Gotten abroad; but ms en "
TO be done by first regulating things al nome. no
guution is be effected moi ey erca'rS u. ~ ,ai
bu, by bringing back those that already efist 70 'er
proper functions This object can be accomplished 10
no other way than by separating Inc hscs concerns "
the u from those of corporations, ana oy PIoh'ounS
The ;ssup ne notes of small denominations hen Inc
banks will in manner be compelled 10 coniHe their
credit DEALINGS 10 he discount Ut business notes VI SNORT
dates Then currency will beer just ratio TO comIho
d,ies Then prices will be comparatively STEADY
They u he Affected, indeed, more or less, by political
events abroad and by all those causes both foreign ano
domestic ubch hive relation To supply aud demand =
Blu, The great cause of domestic fuciuaun being re-
moved hy substituting sound tor an unsound currency
we shall as far as the nature Of things will admit re
pua,e The price Of cotcn abroad BY hrst regulating al
home. r.,L
ANY other p'au than this must be delusire. Neither
bv the es,ub!. huen Of banks, nor by The conece
ration of existing banks, any thing like seadinesso OF
price be gwen TO great staple while bapkng opera
TONS are conducted present PRINCIPLES. cunning,
combination, and cout.iyance, aided by privilege, cam
indeed, Eff wonders for short periods lhey may
even 20 far raise the price OF cotton SIX cents
.l,a,,, IpFF
Of len cents a ound in The next year They may Keep
back from The market great part Of The cotton crop 10,
one, Tor two, for three seasons out they WIN
thereby only lead 10 over production, ana cohseque"
glut in future years.
More especially when the country with which We have
mos, sGe a5orng under con'me rclal
must cunning, combination, ard conlrivance, on hIs
of The water lie int ecual IN producing any lasting
If. CT on prices abroad When the banks OF q Britain
are forced to their circulation 10 preserve their
Gre dit The price of will tall in Liverpool IN oes
pi,e of bauk combinations in The U. 5. when the
ma acurcr al Manchester finds The demand tor The
manufactured article declining he will diminish Inc
demand for The material, though cotton circular
after circular be issued by The dealers IN America
The laws Of trade are laws OF nature which may noeed
be violated by bankers md brokers' but which cannot ee
violated with IMMUNITY. The great mischief 49, that The
consequences OF these violations OF The laws OF Trade Ia
not with much violence the bankers and brokers'
the authors Of the evil. the cotton planters aud
other productive members OF The community -Gto1s
THE REMEDY FOR COMMERCIAL DISORDER
The public have periodically experienced eve! since
the establishment OF the late Bank 81 the United STATES
porcxysms in trade ard currency In 1919 20; IN ls2l
25 ard 26; in 1898 in 1897 ard % The whole nihc
of the tossed on The waves al he banking
inundaons and retuxrs; and, after every III n conpu
SION The remedy proposed was "lhe hsr OF The deg 10
cure the bile
the credit ysem ha, The gre re.crv"r the Bank OF
Eng be attributed the last and present parnS.
ysus 10 the present case she eject is pfoducedh 10y rails
ing interest in EGgland In The former. the Bank stopped
lis conduit pipe which fed the great houses n he Anne"
rcan uade and The resu.' their immediate sloppnse
Then came The sioPpuge OF The Banks IN New YORK,
which was instantly followed Ivy universal suspension
Of the banks throughout the Union All The experiments
o the credit system under every State Of noes,
establish point heynnd all dlspue-,he great mart,
which is the head of This syse co",ro's Al as abSo.
lulely The head Of an aniu,l does the body What
Engands bankers resolve IN regard 10 the poPer
currency, the fiat Of fate. II they decree IT, they can
drum every bank New York through their dePnstors
by the first steam ship they may despatch for the pur-
prse and our commercial cities are as omnpotent over
the banks of the interior, through The command held
ever thsr issues ard merchant Grp0sitofs the great
emporiums OF Engiard The credit system OF our
Atlantic cities The simple fact is, that eTtdu is sought
in, aud impaired from. the great emptriuns Of com
merce, and the tides no, nhedent 10 The at-sc-
llon rf the and moon Than the Gibbs and flows Of
credit 10 The Influence oil the great mnr,s.
How weak is II then, 10 SEEK STABILITY tor the currency
and business OF The people hy extending Ee piper cred.
system, and al The same time rendering It's symPahe6
intimate and universal by cn,nJiHUtinn 1t is pro-
posed 10 ally The banks together particular section,
and make them the absorbens Of the whole trade of The
country, making post notes payable al distant dates the
medium of paymsn, and o! the circulating
rency. This making combination Ut haniis 10 esta
bsh monopoly and substituting The standard Of value,
post notes Tor convertible and specie These post
notes will be anticipated before they fall due by other
post notes, and In this way credit VIII become The only
currency. BY this refinement the system will become
al,enuaied, until, like The love vine, mus, live the
air without root in the soil.
To restore stability and security 10 the producing, as
well as the Hed,ng interests among us-to establish their
independence of foreign conirol-we think the course
which led asray should be reversed Banks should be
drawn Of trade and speculalon-they should be
fined To The business Of lending capital and transferring
large umounsand their paper Issues should be dspled
to these obrcis by being restricted to The higher demo-
mnalion VI notes. The constitutional standard Of value
should be bruug into universal circulation in all The
minor and domestic dealings of society. The state OF
things now existing in Ftance would then be reazed
here. The banks OF PARIS hold hundred millions and
The Bank of England is their borrower Tie currency
If France is ndePende of The working of the credit
system Of England, although lis Mex door neighbour as
China which has guarded against all convulsion specu-
alion and frauds in the currency of the empire By ad
herring 10 precious metals tie medium of commerce
The credit system, es II stands among u.s. puts
every hing in The power of The greatest and most prvleg
ed capitalists and corporatons The producers of the ar
Giles OF commerce ale but sheep submitted TO their
shears The banks buy their commodities and pay lhem
in paper They sell for specie II is the interest of The
banks 10 deprecae the parer issued for the purchase for
just proportion TO the fall in value Of The paper in the
interim between paying out and redecmng their issues
the furnished by The crops sold the profit of the
banks. The Brandon Bank gave seventeen cents for
cotton in lis paper. can purchase up, through
agents. every seventeen paid for each pound Of
cotton, with four cents The SPECTATORS therefore,
who deal with this currency deraud the planning
muniiy of the whole amount Of this gain beyond fair
profit Mr. Walker in his able address to the people of
Mississippi, shows that this first is the only sacrifice
pu, upon him by the bank specualors His next crop
taxed by The enhanced price he is obliged pay all
provision be is obliged 10 make for raising 1t, in TINS spu.
rious currency; ard in This way, when ne comes into
market with the ensuing crop, he will be with de.
pressed prices in the foreign market-the result of the
slL anainsl ho