Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-10-25
"Ihe io!loWing y lah!e q lhe sm9sl967

"The greatest proportion Of the Issued by he
Southern and Southwestern States. has lren issued ~
banking purposes, and will be involved in HE I>.ue q
the present crisis with The exception OF Louisiana
which State the banks appear TO be in better cOGton
than IN the neighboTlng States in New York $50
Pennsylvania the amounts have nearly all been eXPsnd
ed in canals aud railroads. most Of which. IN New irS
yield income which the interest of the sloCSs
already sold In Pennsylvania large quantity at ne
public works in unfinished State and the income
Is by far, not sufficient Ia meet the interest Nhh TIE
result may be TO her credit in Eng lard after the ia"i.
Of the institution through whose hards The stocks n'a
passed. and Who has SO 900 900 of purchases:
can but be com eclured.
THAT the necessities OF the United States Bank Ar:
the position in which she placed with a':.
amount Of unavailable securities in her possession y
meet accumuallng cash responsibilities. was tn c'l@
of the stoppoge of the other banks OF Philadeph tr
is but little doubt II is well known that BAGS.
voted against suspension, seeing no immediate nsc-
sly for the measure but The influence OF the Cnis;
States Bank brought lhem into it,
To these amounts of Stale Securities, add the leo"
contracted in England by oui Railroad, Canal, BanSt;
Companies, DC &c, and the aggregate OF our io'si'
deb, is fearful enough IL is this debt, which cons'usi
most serious EMBARRASSMENT and our creates; mts
dlment 10 resumption.
good crop or two perhaps might pay tie debt Of ne
South west 10 the North, and of The North to The '
chants Of is this foreign debt OF CompHne
and Siates, that stands much in way. We O.
not ask how the principal IS ITO be redeemed ior, N'
great country aboundng more Than any under me .'
with astonishing resources, WILL in the course oil uas'
extnguish the whole We do not ask how capita
10 be obtained TO carry on suck WORKS Of intern' IT,
provement as have been commenced, and ought 10 +"
prosecuted-Bul the great difficulty after oil seems 10 g
how we conveniently TO pay The interest on cur "
reign debt This subject is presented in strong 's'
by the following extract from The Charleston pa;fio O"
OF the first Political Economists in the Union:
(From The Charleston Patrjot i.
"rHE SrspEssios-From the tenor OF our rfm''.,
yesterday, il will be that We view the pTfSs" "
only continuation Of the first suspension ne sao:"
tuition Of rredeemabe, for such consider Posi- .D
and similar expedienis, for redeemabe paper. can 1 ~
Tac,erised as nothing but fraud on The pubic u p,
duced the popular deuson that suspension had oee"s
ceeded by bona fde resumption, while the resumptlo" w
apparent and not real We do not embrace IN ms cr
oil the banking establishments Of the unnn :,
an TO include in it, however, the Bank oil Inc y S
and many Of the Northern Institutions when "''
given a credit and currency 10 species oil en''s
that, by gaining time, postponed 10 distant ahG '".
finite period the settlement Of large outstanding nha
ave are in hopes, however that good will come oU
evil We have fortunately cut ourselves oil rom ',O.
extensive credits in Europe than which no greater "
curse in the form Of boon blessing has ever Sn.
any country. The European capitalist WIN oe In"
future Of mercan Bonds which have HOODED 'pe L
lish Continental Stock Markets in every lmag'ha
shape. The British Merchant and Manufacture
shorten his term OF credit and limit his advances
smaller number Of American Houses. nr ne" incb
Importers will not consequently be abe 10 g',,r,
exe nsion Of time purchases had been 'heiI
TO the South and South West. This will genefa'y, al
row the range Of credit in the United States y
Danish from the sphere of circulation all 'ha' sp' les
mass Of fictitious paper that has filled 'of ."e
years II will impart a general soundness s" ,cs.
cal transactions and induce o steadness OF p,,aa
leaving more 10 the influence Ct individual COMP -
and less 10 the operation Of combined mo'e"'"
give an artificial value TO commodities ,.t,aat
We not Of The opinion OF those VIM VA 1,,,lJa
The present suspension will be Of an indefinite eo,., N
Our commercial debt can involve the couh..
pcrm.nen n, embarrassment. Our hcsTics! Inc