Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-10-25
VOLUME XXXyI.--No. 40.

Irc'uding The number very many who have been mos,
decided in their hostility the doctrines Of the Demo
Gratis and not only dsregarded arguments upon the
subject, bot have bitterly denounced for having adj
vancPd and maintained views Had they sooner
attended 10 The voice Of wisdom and being by
The dictates OF wisdom, they might haze aided in coGn
erarting the evil course which has tended rapidly TO
ruin and perhaps have been instrumental in mea-
sure IN preventing the occurrence of the present Gala
mites But there is still hope; particularly many who
have acted unwisey have learned wisdom; and dis
pay disposition 10 change entirely their course.
The u ). Gozette and some other papers both IN
Philadelphia and New York, earnestly engaged IN
hoserng up The reputation Of the Regulator nowith.
standing the conclusive evidence which is furnished OF
lis perfectly rotten condition. and that has been the
chei means of bringing upon the country It's present
calamity The Gazette SPEAKS al his having sustained
commerce By the purchase Of cotton in the South, and
lis having supported the merchants BY its issues until it
has sunk under The load OF lis liabilities, aud has been
driven 10 the necessity of suspendng specie payments
and drawing all the other Philadelphia Banks with il;
and for having done this il is commended that il is
titled 10 great credit This the precise point upon
which and The Wings have been and are still a, is
! sue The Banks not and never should be allowed
10y their charters 10 engage in monopoly Of the trade
in any species of merchandise. Such business be-
longs 10 the merchants and should not be nterlered
with BY the Banks The institution 10 question, by
having engaged in that business, incurred iaal,.sg
which i, could not meet without sacrifice. This err
led 10 The adoption OF another which in lis opc
ration was still more pernlcous ls issues for The
support oil the merchants as asserted by the Gazette,
was of character calculated TO ruin any man who
would make use Of them. 1t flooded a the cites with
lis post netcs order 10 draw from them specie with
which TO sustain lis cotton speculation in Europe Those
notes having length Of lime 10 run, enabled IL for
time TO sustain its fictitious credit But pay day haG at
length arrived it's cotton remains unso!d the supply OF
means by The of the post notes hos failed; its drafts
upon its agents in Europe 10 an immense amount have
been proested has been compelled 10 suspend specie
payments al lis own counter, and lis stock has fallen,
within very few days, 80 per cent And is Il entitled
credit for this? These who think SO must certainly
be exceedingly liberal
The Gazette iu,Imntes that the merchants in New
iork when the Banks continued to pay specie, propose
requiring those Of Philadelphia TO pay oil their liabilities
which due, or which may become due, in specie
funds and Of this it complains in loud terms. II is
alleged that il such be adopted il may be the
Of inducing the merchants Of Phiiade pha, who
have hitherto depended, in great measure, upon the
New York market for their supplies, and in consequence
the former city has become largely the debtor TO the
latter, to import their own goods This would undoubt.
~ be prudent and the remark applicable
10 Baltimore as il is 10 Philadelphia.
That the suggested will be likely be adopted
cannot be doubted. II caRno, be reasonably supposed
that where goods have been sold for specie funds the
seller will be disposed 10 receive in payment my thing
of less vnne and il The specie funds should be refused
the credit Of those who refuse il must suffer. The
pension cannot therefore aurd that relief TO the trading
community which some have imagined. and the carnes.
desire OF every must be that il will speedily terml-
aie-Balum0re Republican,
TnE FACE OF AFFAIRS There were several features
on the face Of affairs Yesterday, which looked well for
The stability Of New York In the first place. Bill or
Enoand were found I>~r per cent, there were other
bills than could be Sold and they were offered at
declining prices 10 9 a 8 premium great number
Of adve Of bills remain posedup the boards
in the great of the Merchants Exchange Second.
~ there is very little movement TOWARDS the shipment
OF specie, much less than expected. II is common
10 engage insurance specie days before the ves
sci sails. Our Offices oil full, two three days
before The sailing of the Great Western and The British
Queen But yesterday enquiry al six Of our principal
Marine Offices, only 5000 were found engaged in them
all. Larger sums had been contracted for, and the
contracts afterwards Withdrawn The agents Of the ship
had but twenty thousand collars engaged There pfo-
badly will be more than this, but the amount II is quite
certain will he small The price Of specie declined yes
erday decidedly. Another fact which we deem iavora.
BILE To the stability of New York however it may be
favorable TO other interests which should be glad 10
sustained The rapid deterioration Of Philadelphia
money. llrun down 10 sixteen per cent discount shew
ing that market is flooded with it, and the power o.
he great issuer Of currency sinking. We have good
vid,nce that not only grand effort made by The
Bank Of The United States some weeks ago, by demand
mr. large sums coin within twenty minutes OF three
o'clock, with notary in attendance to get an apparent
iishonor against ou. Banks n cover Of It's own fell
IRE, but that The Gosiga is now * work with
he frndsh object of compelling suspension here.
lecne in Philadelphia money lessons the power
t this sort Of action. II failed however, when it was
rieG with ten times more strength Than now exists
Upon The hole The matter OF sustaining sound position,
GEMS be easy There is gffa, deal more specie in
he street. out Of The Banks than will be shipped by the
Liverpool and after she is gone tere will be linle else
do with il hut 10 make good money OF hby deposIting
in the Banks. Tie which have been drawn this
week and they amount 10 CONSIDERABLE as they have not
zone abroad will begin to come back next week. In
Iced we think that the battle will have been fought and
he victory won when the Liver pool hos sailed and that
rex, week shall find ourselves in cheerful condition,
II,
[N Y. Jour Of Com Oet Is
Within day or two pas, several notes drawn in New
York md sent South for collection have bcea ,oesed
md back to that city, consequence OF the draw
rs refusing 10 pay the large difference IN exchange be
the specie and specie paying banks, being
from TO 10 per cent.
(From III, Philadelphia Spirit # Me Tim.s
TnE Laws PRoTEcTED.-By the following letter,
copy OF which has been sent 10 oil Banks will be
seen lha, the instructions Of the Attorney General
rpidy followed by his faithful representatives Messrs
Barton and Brook in this city The Banks will not be
permitted 10 farther violate the law With mpuny. For
this prompt avowsl OF their determination 10 do their
duty and nothing less, they merit the countenonce and
appreciation of oil lovers of law snd sperie We shall
now see whether the law or Bank pleasure is predomi-
neni:
Sir-We have been informed that since the prose- mt
suspension of specie payments the Bank Of which you
are an officer has either Issued paid out, transferred
bank notes. bills ckels purportng TO De Bank notes,
&C less denomination than five dollars. This proceed
ing is only violation of the act Of Assembly passed
the twelfth day Of April, thousand eight hundred
and twenty eight, entitled "an Act concerning small
notes for the paymen, OF money; bot IS performed in
total disregard Of The letter addressed BY his Exeeency
David r. Porter, 10 Ovid + Johnson, Esq, Attorney
General Of the Commonwealth dated the tenth day of
October instant and The circular Of The date is
sued by the Attorney General 10 bis several deputies
We have been expressly instructed TO institute The pro-
ceedings prescribed in The Act Of Assembly above
toned against all persons and bodies corporate who
shall violate any Of lis provisions: and in performance
Of The duty thus erjoined. will institute the proper
proceedings against your Bank and oil her Banks Of.
tending against the provisions Of the aforesaid law, if
such violations shall hereafter be repeated We beg