Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-08-30

whoH, TEL CO u.rf,san she v,js u.g-.,., . liz, ysr-
upon any itl,aa i" j. mntG 3e;Hncf1;l. L p,:r'
State Rnh,s pnilicrHn. M friend of Nalloun Bank;
liberal C"ns'ruc"nisl. will secure her sutrsges-
Upon This you M5Y"rely
The Chiffon Spec0nt,ons-Axp BayKs
The Banks III thu North and Suuth W est have stepped
out of their legitimate vocation, by dealing produce
themselves. or BY mailing The speculanr Ia hn!d IN L"
vai'rs articles wh;ch should If themselves have gone 10
market ard brought FINDS 10 relieve themselves The
Banks and ;ht Country
! Bink' werr never Intended 10 dtbbr in cG:nmrrce,
and o deal i, p'uucr indrfd .! I;,rr express
! J. 10 h'di'n i; iIr charlrrs from enga.rrg such
Transactions Their tue junction Is ~ lar cGmi!scr
ucrnrd TO erd tnue, vino pui CHASE sell upon
'hrIr own accnunt-tn lend any Tor limited periods
and ~" ~ such Ia encourage HE sitcuIa
l"rs 10 carry out what is called hr hold system
Such rs has been lC!y The with those "nnp"llsls
who have purchased ana kept back ar.e qlintites oil
! VIII ut, -four c.ttnn. bacon NC &c.
Many Of ,lr Western Banks have engaged in cotton
and believed, that The u s Bank r,srIi, has beer
dahblng IN ir article assisting other 3guks do H.
With ew If shedding I'M her uhi upon i< suhyrct,
We lay before readers tine article Of Mr. lngrrs'
he ag. nj Of Humphreys Il Biddl- ho cnnrs:rdy
the age Is VI the Bank 81 lh S-Wr shall lay before
our taGris nnr ueX' admirable urcl- from late
number ii The \. T. E:en'rg Post, ON The extent 10
which Tie Banks were ncrrnrd IN The Cotton m"nu
Poly. and on NE mlScheis Of which II has been pro-
duc..rr
The Nj spiaa trIuhalfs ID, conduct of The Banks
in relation 10 this subject aud shows how unscInpu
lousy they have entered into competition with ihr
gunr merchants These merchants have too rrudliy
ac9niescrd IN the intrusion because tIl- Mssssippan
says, many Of them dtctrs the Banks ana gar
hcpaie IN their profits; and others dr,eudrnt
upon The Banks Tor credit and capital that they dare
not raise ihrir voices against any aik measure how
ever absur and And what HE eff; CT oil. his
Ill-gitImate come between the Banks aud The p
duce OF The country, The late Mississippi paper says
that the les Of The Banks $50 per bale The Irda-
nipos Journal says, That ihr State Bank "f Illinois
lost fifty thousand d"Iars in recrn, pork specnIa
lion "A just relribu,on or lis ransgtrs'i"ns The
Nlsssspplan gives the gio"my hsrry OF these losses
in q i,w words:
"rhp cotton operations Of The banks in State
familiar 10 nlllhy have cast the planters mnns
The !, ndlng merchants and The chant banks
bT.d usiPnsibIy 10 keep the price at col"m-in
ally, obtain the property of the planters for their
worthless notes. The S. Bank sci The and all
the lesser banks in The cotton growing region, Tray,
Blanche, and Sweetheart, joined in the cry.
81, demonstrated al lha, time that the policy was
rulnous 10 the planting interest Experience has CON
irm+d The deductions nt abstract reasoning The cotton
shipped By the commission banks brought only from %
In 81 dollars per hac-or about and eight cents
PER pound according 10 the banks returns II Is we'll
known that when cotton was al It's lowest rbh, dGrra
the panic of suspt nsnn in 1887 rrndy brought from
seven Ia ten CENTS per pound IN good nds So that
the baks actually sold il for less than the
planter could have cbInin,d Tor his cotton in his
market Had this been The sole boss 10 which the planter
has been subjected he might lament his folly in
h.inr duptd by such shallow Geroes- but when the
immense less, nccasontd by lie depreciation Of the
currency in which these bank merchants paid him is
cnnsldered he has good 10 ubhnr The mrn BY
whom he has been cheated The commission banks
paid him in currency d.preciarpd from twenty FIVE l.,
seventy five per cent, loss which has, directly or ind.
recy, fallen upon The shoulders Of Tie plunler. The
average dPprecIalrn 0 the currency in which The com
Rssiun banks paid The planters cannni have been less
than fry PEI WHAT The consequence Why,
simply this The commission banks sold The planters
cotton for seven eight ce"'s per pound and pa them
in a currency deprrciIed fifty per cent by n,ans OF
which hey actually received three and half and four
cents per pound for ttrir cotton
"Nn w"nG.r that The common merchant ia broken
wonder that our courts are filled with lngans-no
wnrdr that The farms OF The planters daily knocked
off under the hammer ni the shelI, al tenth o their
vaue-no wonder that citizens are smgraIirg and
Running away with the remnant Of their property
wonder that fraud. vice. aud desperation stalk abroad
the land M one. labor hard MS he would. BE-
nomical as he would has been able 10 make any thing
for three kept commission banks and merchants
connected with ihrm. VIII" have drfauded the people Of
their earnings and brought upon as unrxamred scene
OF bankruptcy and ruin
BANK SPECULATlONS.
The following statement which We ind in our South.
prn exchange papers relative 10 the cunn spcculaors
Of the Bnnk of The United Sa,ts is al aud
authentic II forms mott important addition 10 The
history of the regulation of The currency ty The Bark.
These who have carefully studied lis pfcc, etngs will
probably oh little information lr"m the de arls here
given by tie parties themselves, further than the nams
of The vIGuss crnctrnrd, among whom The nIGeT
merchants viii not fail To recognise one WI" perform
a Conspicuous part IN those operations which c"nvuscd
the whole Union twenty years ugn, and who was the hst
who ven,urrd rubcy I" propose the general suspension
of specie payments III leH.
As 10 The denial that Mr. John lrgprsnll had been
lhnr,zrt Tor Humphreys ard BItde Of Liverpool,
which il was drawn up by MIR Nicholas B'ddlf,
then President Of The Bank Of The United States. M
acquainted with he 81 s'tmaIlc management that
nsu"n feel The slightest surprise at so gross md
hartfacrd attempt deceive The commercial commn-
n,y. great number Of similarly successful attempts
might he ms n'inned -Gl"6e
(From ME .Iaich'= FREE Trailer. Of .4mg l2)
THE COTTON CIRCULAR
The further nllusiun circular OF nine OF the 22d
October last in the Manchester Guardian, and whirh
has been rrpubshrd IN This country induces me I" lay
lie following letters and extracts before the Mississippi
public. and which hope will be satisfactory to hem as
far ms am oncPrred
In the fall Of 1887 while al New Orleans. had
veral letters addressed me by Mr.. d a. Smith (my Ia
Their n.law and TREND Of Mr.. ilumphreys) relative 10
nv removal 10 Na,chez To agent Tor The firm
IT, s when finally received The following copy Of a
letter from Mr. Humphreys 10 Mr. A. Smith
"PmILADELPHIA, October H. 1857
; d n Smith. Esq Bohtm"f:
'Snce your departure have had some further c"nver
saon with MIR Bldde,- relative TO cnnsgnmenls Of
cotton from Nachrz. through The agency OF Mr. John
lng"rsuIl II will be quite agreeable 10 my Liverpool
h.,use. Humphreys and blddlr I" open crfdIi con
fra, ny tie Barr for Mr. lngerso!l 10 value on Bevans
and Humphreys. &c.
This understanding is N accordance with The wishes
Of your son, will have The credit prepared and sent 10
5 him Immediately Say to what extent does Mr. lnger
coll think lie will BE- abe cooperate
Very truly am yours
NJ. HU MpHREYS"
To which replied, that would rern"vs to Nachez.
and take charge of lbe agency, and for which wond
t3prc return commission Of per cent The reply
10 which was letter of credit guaranteed by The Bank
OF the u S. From that time I'LL last winter (nore than
a YEAR, went inducing cnnsrnmens o cotton, ard
making advances on them by Of bills o! exchange
Whilst these shipments going on last sens"n Hum.
plteys md B,dde's letters frequently Breasted "i
Their ability 10 hold over cot"n for h CHER prices, &c
and urged upon the prnpriry of my making my Mis-
sisspp friend. fully understand the effect upon their
interests of resolue resistance of the course par.