Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-09-24
POLITICAL.
From tie Columbia South Caroiinian)
BANKS, POLITICS, &c.
Extracts from iet,er, da,ed


money market lis pressure, prosr ects &c &c.whci.
throws all others into The shade-eyen politics, Of which,
lIltr IS SAID The pressure IS very great, and general
and The prospects for some time very gloomy. The
Banks said TO be in much alarm and doing absolute
y nothing, in the way Of ordinary business Stocks
exceedingly depressed aud The common rate Of dis
count, on business rrpSr is 10 : per cent per
month! Ore of The Banks understand, recently
unable to meet cheek for S20nH0 II would seem
though another susps nson almost inevitable; aud
many think II desirable, mean ns relief; but gen
lleman of distinguished financial ability, and mmed.-
uiey acquainted with the affairs Of the Banks
ii will not UccG'; for that The banks nj least the
leading, and probably larger portion Of them, ere able,
with great sacrifices, 10 proceed without II ard, not
daring 10 brave The legal qucrcrs Of another
pension promptly making these sacrifices and PIC
pairing for future
Public opinion in This ccn, hos experience pcat
change. in relation to hanks-u change which is s
progressing, and would rot is said al all tolerate
Their Suspension. The effects OF the late discussion
beginning developc themselves Tie grea, evils II
tic banking generally understood, and
public opinion seis strangely 10 favor of t.orm. The
mos, decided bank yield 10 il. und talk mildly
and quietly the subject who formerly threatened sEd
denounced violently, the least mention Of il, en
tempted thus TO sill, ice oil enquiry. All admit the
crssty Of some reform; and except those Immediately
interested against n-bank officers, directors large
stockholders, &c.-cw very lew, attempt 10 stay ils
progress.
The fleets Of all this will be most sslutary. We
shall have R.mm not R.ro'uton-refarm, tco in It's
mlder aud better forms. The late immense profits Of
thu banking system will be curiaa, by It's prcs
and future sacrifices combined with the great compeli.
ton existing that The business vii be brought down
the level Of others generally The wild, reckless gom.
bling spirit Of specu0hon whch has FOR years past been
ninslng itself INTO H business but especially that ct
Banking and teuding and corrupng all classes OF
ciyiy will be- gradually excluded "mii AID large por.
ton Of The hauks-tose less needed by the regular bu.
sness portion Of community, and of courfe becomii =
daily less profitable and more precar0usWil be vosua
iarily abandoned broken and destroyed. IL is the
opinion Of able and exptf6 need fnanc;ss, of s city,
that the Banks Of The Middle, Northern, and Eastern
States. under sy stem Of greatly increased Grd
necessary rfcrchment and economy, vii! not be aLI
her, aier 10 divide than six rer cent at the "
most and in shor, l;me not that. The results OF
this Ia the system genercy can scarcely fail to be such
as have suggested
The "Hhigs" seeni much depressed in spirits since
the lar Northumberland they ARE, OF The results
cf these Of The West, where they hsd expected Mr..
Clay 10 carry very thing before him The more candid
Of them acknowledge, that MIR Clay chance is al an
end and as To Harrison they seem IL have Hale lhir
for hope Of hm-al least The commercial portion ii
them whom J lave mostly mingled WITH and who set n
scarcely TO think OF him
This reverse will hope, turn their attention
10 rather Than mcn and ht:" already.
grsird - perceive, some lli,lr Indications Of IT.
Losing ell hope Of getting tie Government INTO tier
owa hands they Gin Ia talk more Eaonsl'y, and sp-
parenly sincerely, Of proper, radical reform o itut
,cYt reirenchmenl and economy and Such measures
alone aud restrain those III power HER
opposition 10 the great CCr ncy reform would seem to 10
less hi'ter; and they ory hear with patience ard RI
t"u,ion. sugges 0ns rnr Just and equitable Adjustment
Of The Tariff hu, occasionally make such themselves
The old Tariff interest seems by no means much IN
favor as expected. They admit that lhe nlanuiuc.
turing interest doing well, and placed on sale. per-
mnnpnt fouirg that Ivy proper course OF prudence
ard economy il has scarcely felt The gradual reduction
Of the Tariff duirs; ard not the pressure OF the times
than other iniercats and that II perhaps does not
further protection An equal ad raiorem duty oh
al ,|trppt hl
cdious 8muEs ,hem as cyFrcied nd indeed, one al
eir leading aud nnst Influential papers the ht'c lOrk
CONNER rini .3drertiser, has, nndorsoa. recently de-
c'afed openly in favor Of the laiter-diroct tare,!
ST. far as can perceive these things seem The result
of their loss of hope from the Presidency and tend /"
shrw whn. corupting influence there is every party
contest for that ofice--as Also that apart from that
contest, there is perhaps but little difference in pracI
piles, between The two antagonist parties OF the North
Cor To these Of their opponents, who like myself, care
nothing for The Presidency beyond the principles ami
measures il affects, or may affect. they talk, as have
shewn Of proper and radical measures OF onry,
lrenchmen and reform with suitable crest. modera.
ton, imparliaIiiy, and regard for the general good
(Fro,n tie .Ntr Horen Co'umhion Rtgisir)
THE GREAT DISIuRBER
There thousands Of the business men Of car
country who satisfied. though they formerly
thought otherwise that the United Stairs Bank OF Penn
sylvia na instead of being the regulator is the "g,'ai
dsurLer Of the currency end Of all regular dealings.
They unwilling 10 believe that On institution whose
first duty il lend It's capital 10 the prudent dealer al
six per cent should have become enianged IN It's own
specaiions; az 10 he compelled 10 borrow "nry -
ard u per cent But they cannot shut their eyes TO the
facts tina, daily passing before 'hrm, and which the
sales Of post notes as constantly reported N Inc New
York Boston and Philadelphia papers verify. " III"
evils The post note system were confined I" The United
States Bank they might he borne with; but ia greatest
difficulty is, TINT many # the other banhs. all over
the country. instead OF aiding business people as iEfy
should with their leans employ their funds in shaving '
pcs note paper of the United States Bank Then
chanc, manufacturer or merchant, "ho goes 10 'li'r
counter with well endorsed mole nf 4 iCw hundred
dollars. is told That he cannot be accommodated Inc
civil Cashier dces row, formerly tell the nppl
cant that the de posiiss have been removedo the Specie
Circular ssued-ard that money ever can be plenty al
the Administration nj the General Government is over
div be available with men Of any party. The pull
lie havr closely watched the dividends OF these bank
and have discovered that while the people are cramr,t
in their loans and told that money
when short. the banks are doing nothing ovrr their
counters ma Their mike larger dividends nn they
yer did before How s his hen according 10 the rules
of old fashioned banking the dividends or profits should
depend upon The prosperity Of business md the sI per
cen, cnus of those most active IN business pursurs
m, ,he c.reer Of the S Bank selves This mystery
II has sci an pxampe which has reversed The old sysit III
Of lending money at six per cent That institution !"
offending those 10 do business has undertaken
IA trade and speculate lis own hook. a nd wheptt
wishes 10 borrow money carry lis trading operations
hroug il offers 10 pay usurous interest," 50 Tar bnycnd
Tho reouar six per borrowers that other banks
tempted yhs,ax their "n5s ,p" the business me-
or in other worda they buy it's post notes al III"
r,,es or eighteen and twenty one per rent ycnr ard
lao their old s1 per cent customers take care OF
themselves, as tEpy can
All onr principal cities have been thrs inte.eret
nh nv the ere at disiurber The city of Boston la.
heen ill quite lately exempt, and was getting along
comparative prosperity but few days ago the great
i.,.rber" pu, lis suckers in he midst OF them aEd al
ws al once thrown into confusion II Vas done in his
wny: An agent Of the United States Bank appeared IN
Boston with SsO0000 OF post notes, at six nine and
twelve months 10 run-which were IN the market al
the tempting offers of Is per cent or more discount
These Offers snapped at by the capitalists and
hankswho advanced the cash 10 The agent, he quickly
drew The specie from them, and carried II to the u s
Banking House at Philadelphia, where IL was doubt
w,n,ed 10 meet the pressing engagements Of that insli