Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-09-01

every day-"the trade Of Manchester, birmingham
ad Sheffield suffering grevousy tile great staple
of The IT, s. fallen 'r'fai" 'ceeE cents per pound
o. ~" ~, Mills out of work-streets throngcd with
-, of wretched and dirty appearance-all manu-.
cc,urinr towns have seen present the same aspect
The New York Herald of March says "1he depression
of cotton IN LrcrDooi Ocing to tie late Of
rank NJ EnGland" What succeeds this information in
our country: The first dngs from the South are,
saturday 18th March, Of our largest and most in
huentia houses failed for seven millions, carrying with
il full five millions more. Orcrtrnd'Rg IN lite staple
articles Of the country on Me PdnGt fec, has
Id N mis- disastrous sa,e ofthingS On o. True time
ricau.) This was Mr. President, one of the largest
Southern houses in this country the Joint liabilities OF
which and its associates IN hnsiness, was ten millions.
The house of The Josephs involved BY this failure
Il 900 OOO-ENesc lork GG-ene) 1T Immediately fol.
lowed and after IT, goo heavy suspensions took place
New York in about months, say nothing nf count
less smaller ones ~ y Com. .idrerSer, 81 uay) In
two DAYS, six houses in New Orleans suspended pay
ment owing an aggregate sum oil more than 2I ,OoO,-
Onn omo,T ,bc,n were three whose liabilities are sta
ted nj 81 ono 600 each $780, O0 So COO 900,
and one 1T ( 900 O00.-(Ncr York Joarna Of Conn
merce) The ball Of destruction, onward in lis mo-
ton catherine Ike the avalanche increased power
It moves, prostrates the banks throughout ms vast
country-a qeneral suspension of specie payments
takes nlacenha TO succumb, from the Giant TO the
P;pmv Their great shield, Confluence, is Shanered-
they cannot bear up against the eitings OF the storm
Sir have presented YOU with historical dclnrntion
of The revuson we have just passed through from its
first incep,ion 10 its consummation and wherein ark,
in perfct candor oferery Intelligent and impartial man,
was the administration then IN power 10 blanchard
how conld The Bank Of the I. States had il remained in
existence have avcred the catastrophe deeply rooted
il WINS and seated causes over which ntttr tbs Go
rer,ucut NOR a Funk Of the L. S, could hare hGd any
controlp If the Bank of the U. s. could have avered
this state of things, by parity of reasoning Why could
not the Bank Of England nave aVercd the caIauitous
| ,t,fr 4 han I,,,,Ft tod
bs the strongest institution in the world, certainly
yards il power it being coextensive almost in that
r.spect with the Government itself and still, sir, It
could not avert the Of things have described
Why did il not avert them in 1928, in lSlI-i5-lG
and ~: and why did not the Bank of the L. States
aycr them in lcS: Why, SIR, the fact is you vel
know that substantially the Bank ofthe T. States was
IA existence in 1887 charter had he. granted
lit in September, lS36, by the State of Pennsylvania
with the same capital, 80 IN lions, it had under the
charter from the u. 5, with Is branches in different
sections of the Union The President of il, Mr. Bid.
die said himself he preferred the charter to that held
from the United States. 1t gave the Bank privileges
it had not before; for instance that Of commercial ope-
ratons, which it used TO purpose and would still
use but it was forced to surrender practice the
odium of the commercial public opinion, we'll in the
old country in this. 1t dared attempt 10 monnpolZe
in great measure, the cotton trade Of country.
Sir this Bank, with lis admitted superiority by MIR.
Bldde himself had to 20 b. the board and, had been
in existence under a charter from the Government Of
the L s. and another like it combined, they could not
have averted the calamity. Reason and experience
both say No How stood this very institution II ISIS.
On the 3Dh March of that year, Mr. Bidde ncd
us President In rendering his resignation, lac ald a
leave the affairs of the institution state # grf0t
prperifu and in the hands of able directors and Off
GERS Yet, Sir, in few months after, it wa. the first TO
suspend specie payments and II has not resumed TO this
dav Sir no bank Of issue and circulation that have
ever heard Of can withstand sudden shockcan bear
up and sustain itself against run, such as would be
made under such circumstances What commercial
house that ever existed, doing large and active BUSH
ness speak generality could bear up against blow
produced BY want of confidence: Give either the house
the bank the necessary time TO close its business and
get in its assets, either might pay dollar Tor dollar and
have surplus: hut come suddenly down upon either,
by pereptory action and surrender they must and who
can deny it. Sir am free 10 admit that the effect OF
the veto of the bill rccharter the Bank Of the IT, s.
in Of course causing the Bank prepare for lis close
and the disbursement of the surplus revenue, hc first
taking place 1856, the last commencing its operation
in January, I-37-and by the way, only partially
RED out) lent little aggravatlon TO the calamcs
of that day But they were events that could not be
aver,ed The first produced by that homage due In
the Constitution of country, which that hoary head
ed patriot, under the solemn obligation OF iS OATH felt
constrained TO perform What other motive could have
actuated hn' Would any voluntarily seek such
responsibility: Did he not bring down upon his dcvo
ted head the united and unrlng opposition al the
mercal class Of country, backed by The vengeance
Of this monied institution and lis money! king which
had but suffered the blow that the fundamental law
the land called for; Did not anahcmas loud and deep
ussail him day BIZ day: Was not his very life threaten
ed And no, all this 10 have been toresarn, What
other motive then, save patriotism alone, and Gevo
ton the Constitution OF his country could have nc
tuated him:-Tkc last act rendered necessary
by the great cclmuaon Of the surplus treasure anC
performed in accordance with law that had beer
inst passed by Congress. But to gravcy say, as dc
our opponents, that the administration of President
Jackson, and tie putting down Of the Bank Of III,
4 United States the causes Of the great revulsior
wc have passed through is wha; cannot understand
I-wha, IN my humble opinion, cannot he sustained BY
reason experience and common Sir, they had
as well tell me, that President Jackson and the Bank
had the power hush the thunder of the Heavens, t.
Shroud in darkness the ljghtnng's vivid fash. Oh
servation and III. study Of the subject have taught me
land the opinion IS not with original, that these
revulsions will at least in generation
The commercial history, well Of Great Britain a.
country, proves ii. Look to the periods havt
already referred TO for confirmation Of what say
Constituted as human nature isgrasping and avarl
cious, making wealth God, it is hurried onward Ill
its own folly lmmoIates is prospects in the vortex
| created by nordinatc love of gain We not salts
fed with doing well; must try and do better. W.
apply and credit and every dc vice tina
be invented to push forward to The goal Of am
bton, that our golfers may be filled, TILL alas we tot
ter under the load. We cannot longer control our bu
siness-t controls Us. AZ sea- without chart compass
less speculation Credit gone, confidence destroyed,
escape from The wreck poor and pcmnyless In hunt
ing for a shadow NC have lost the suhsance-wc ar,
utterly ruined Is not this picture "! The human cha
racter, true to the l;ic: Apply it to individuals in III.
general and then 10 nations, and YOU viii truly find The
key To commercial rcvulsicns. May the rising genera
ton al least profit by what have Just Witnessed
gather wisdom from the events Of the past, and be-
tistied when doing wc-uot 10 heedcssly rush for
ward to do better. But the administration Of Presi
dent Jackson has passed away; still the warcry j.
| against his successor-tle notes of opposition
peal on the ear with the cry of low prces-all pro
cccding from the mentioned by tho Opposition
with the additional Que. that the Independent T,easur,
aids in producing them Well, 5ir President, L.
us examine with brc"iiy this CHARGE OF Low
PRICES.
In the last two or three years have not seen whoa
50 - 10 per buslel flour, corresponding prcc: Wa
no tobacco during the last higher than it la.
been for years:-arer"ging about So per 100 lbs =
| and there United States Bank prnper:-none
The is 10 lie found in the shorncss ." those ps
! OF late our country has been grooming under Tho
WeIrlt of urst bnrntifu, Ia