Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-10-22
VOLUME XxXyI.---No. rs.


"1he post bills which are notes signed by The officers
of the hank and made payable the agency of the bank
IN London, but without MIR Jaudon acceptances, must
be classed with the above noned acceplances, all
liabilities must be redeemed out Of The property and ca
pital OF the institution before the shareholders can touch
dollar and therefore their ultimate redemption NAV be
placed beyond doubt These notes are chiefly held by
capitalists TO whom delay will be OF serious
quence, and great portion Of them have still long pc
Rod to run before maturity, that timely provision may
still be made for their payment here.
The prospects OF the shareholders not certain,
and the value oil the shares will be regulated by what
will occur on the other side Of the Atlantic. Should
Mr.. Jaudon be forced 10 stop payment il must be appre
hended that with large amount Of dlshonored claims
returned for recovery Philadelphia and for subse9uen,
payment IN Europe and termination Of the power Of
drawing on England ana France, The United States
Bank will be driven to suspension of specie payments
Such suspension forleils legally the charter At the
time of the last suspension the resolution suspend
general throughout The MON and considered -
inevitable that universal suteraDce sanctioned
and the forfeiture of the charters was not enforced
But IN the present II is not certain that the suspen
sion Of the bank OF Philadelphia although il must carry
great many with it, will involve the stnppage of all The
banks throughout the States and the whole question of
banks and banking has now become completely The
subject of party contention, that The continuance Of the
forfeiture of one charter will very much depend upon the
| majority in The Legislature of Pennsylvania. Should
the charter be continued future profits may compensate
the shareholders for present losses should IT, the other
hand be forfeited liquidation must ensue, and though
there may be ample assets TO protect the capital, yet
those assets OF such nature that much time and
direction will lie necessary for their advantageous rea
cation. Yet the evident policy of the shareholders
this country would appear TO be TO wait events present
prices, and not as is often the in similar circUm
stances to sacrifice their property under the influence Of
vague apprehe
Upon the whole, therefore, the event. 10 the possIl
lily al which we allude, however much IL would be de-
po,ed would not seem necessarily TO involve
mercal crisis, or great CONFUSION Of property IN THIS
country.
with respect TO future transactions between the L.
States and this country. is evident that check TO The
vicious system of The United States Bank will be be
nett to both countries although it is 10 be desired that
II could be applied IN genter mode. MIR. Bdd:e -
known 10 have considered the resumption Of specie pay
in The United States premature. There is
thing in pas, events TO Prove The truth Of that opinion
but they prove undoubtedly that the resumption
accompanied by That curallncnt OF issues and engage
nens which ought iii 10 have preceded and followed IT,
lie extended The aysem oil credit in every direction
if determined that the resumption should not be perma
ncnt The fault, therefore, not that specie payments
resumed Too early but that banking facilities have
been extended too widely and rashly.
Trade will now It's usual channels prices
will be regulated by supply and demand the merchant
will be able calculate, and The manufacturer will buy,
both with the securiiy That no great monopols can at
any time their operations by forcing, either from
:apricc necessity, his overwhelming supply the
market. Any combination aricslly TO raise de-
press prices is not only unwse, but must fail in lis
principle Of the Dutch who destroyed great portion
Of their spices in order 10 enhance the value of the re-
mnuder the knowledge Of the existence of large sup
plies either side Of the Atlantic, and that they must
ultimately find their way TO the market il sufficient 10
the manufacturer never buy beyond ms pressing
We observe that transatlantic friends enter
tain the idea that the manufacturers combine 10 keep
dow The prices OF the material Let them be assured
that The manufacturers will be ready pay any price nr
if they sell the manufactured articles
espording rates 10 secure profit bot when is
ous, that during great portion Of this year twist
selling at rhes which lett loss The purchase Of cot
on, the Americans must not accuse continental Gus.
of combination, and they viii Understand that
lie agreement amongst masters 10 work short lime vas
order TO adopt uniform conduct towards the ope.
raves, md TO place the poorer manufacturer on the
same footing with the richest capitalist
Equally g0uudlcss is lie idea that The Bank Of Eng
land made against The cotton prices II Insrd
whether wisely noI the rate OF discount rapidly ard
largely 20 protect It's Golfers from the continued
IRAN u bullion that OF affected the prices
Al all articles which were not maintained by scarcity
Of supplies; but The Bank ght well be accused If
desire to force prices up IN December when i, IN
rcased lis facilities and made money SO abundant as
Il wish by lis conduct this year force down cotton
"Anothet advantage will arise from check 10 Tie
unlimited operations Of tie S. Bank II has lately
tcted i2 led 10 foster every mushroom scheme and
has advanced money on every loan, rel yrg the Eu-
tnpean market 10 realize the securities by such inju.
.ciuus advances works have been begun too rapidly
md too large scale, aud loans have been issufd
against every principle Of prudence and credit his
marker has been consequently gIued with all sorts Of
American securities. Those unlimited issues vii! now
cease. Loans wi, not be authorized without some re-
gard to Tie demand The U. S Bank can no !anrer
speculate in them.
"Bu mus, not think that what was sound ara
good will he made worthless by the difficulties of Tins
institution The fall ola bank cannot PROSTATE a EATON
few rotesed bills will parayze the energies -
active and industrious population, sink the re-.
sources of a growing and favored country. Schemes
will be checked prudence vii! be bougbi-oter banks
viii be deferred from running the course if not by
their foresight by the caution OF customers; but
America will still sell and buy Of U.s. both countries
will continue 10 be mutually enriched, and England will
continue TO invest with discrimination a portion Of liz
surplus wealth and annual savings in the securities Of
The United States because nowhere else can il GEd
better guarantee for safely than in the national charuc
ter the purposes Tor which the loans created and in
the gradual developemen Of Inc Of that coun
try.
In the preceding summary Of city opinions on one Of
the most momentous questions ostaed there there
are which consider too guarded, and others too
free inference from The present state Of the affairs
OF The U. S Bank II will be collected fro" hem, how
ever, that cautions given Gom ",r- 10 ,'e uh@-- .hi
head respecting The msnoge mr"t OF mat nsn!'G
bEg fn2p 2tfi Sii@iad have been bu, TOO well founded
Its mpsovideni support of other banks, whose connec
lion next 10 certain ruin; lis upprncpled intrirues
for laying The money market Of London undrr .
ton; and above all its speculations in coltoni NnI
X r ne sdy and made manifest
1t will he consolation, FOR the word "trumph
not to he used in connection with such catastrophe,
that the warnings pat forth have not been wholly dsre
garded; that numbers have been induced by them 10
whJra " their confidence from the - Bank al time
when lis credit was where rise publicly called in
question Those who have sighted them, or imagined
Them 10 proceed from improper motives, viii now learn
their error.
The advice to those who holders Of The stock of
the limited States Bank, sacrifice their property
under manic feeling that all is now lost, be
rather rfnous They must clearly await The issue
in quiet submission, as saes Of me s'oek 10 large