Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-04-10
From the Glnt's.
ppJf,I'S CURRENT.

The tactics of the leading organs OF 'he oPpos'ln'
in paradinr the present low prices OF several common
ties seems to call for brief notice NhIie among lhc
NOR, decent tn, causes Of the existing depression are
.trd;oyl srd by the protigat they are
G;nn,n,l, ,,,r;utod 10 the SUI .TREAsURya measure
which has not vet been adopted, but WHICH must, III tue
view Of all need and udicons men, Afford 10
certain extent and efficient safeguard AGAINST tue f"cu
renee ofsmiiar evils to those under ""ch tile country
is suffering. 81.
II is. rnha2plly no new thing in the history OF the
United States that commerce should become cnIbar-
rassed and prices suddenly decline from the operation
Of the identical which have been at work during
the last three years. Repeated instances Of ms kihh
mipht be induced. We viii, however, content our
selves with referring the great rcyulsion OF ~9 The
prcdgal expansion Of paper currency by III" Bank OF
the United States during l-l1 and >lS-thc great eX
poruon of specie occasonedb by the pcntilulcss ana
comparatively cheapncss Of this fictitious substitute,
plunged that great corporation into the deepest difficult
Ties Notwithstanding il then exercised unlimited con-
troll over al the receipts and expenditures othe General
Governments the suspension OF specie payments coulG
only be avcrted al that time by struggle 10 severe, as
TO require sacrifices of property on the part OF MS
debtors, far exceeding any thing now hear Of
The memorial to Congress Of the Chamber Of Com
mcrcc of Philadelphia IN April. l-20, which may be
found at length in Gales and Sratons State Papers,
Finance Vol Sd, page J3', shows that the price o.
flour had declined in that city, short time, from
twelve dollars per barrel to four dollars and seventy
five cents, and that real estate and other property had
fallen in proportion still more ruInous. In Niles
Register in the years le9 and IS20 the vast fall Of
prices every part OF the country may be found stated
IN detail The distress produced at that time by the
operations of the Bank Philadelphia, the seat of is
power but triling, compared with the general de-
vasaon al property il occaSioncd throughout the South
and West Mos, of the local banks in these regions
were Frustrated. There commercial medium in
circulation either for the payment of debts, or for the
transmission of merchandise 10 market The measures
of relief adopted by State authortlcs--the confusion
and general Reorganization resulting from this state OF
things which was produced directly and immediately
BY the operations Of the Bank of the L. 3, are too well
understood to need specification. The ruin Of farmers,
merchants and manufacturers, was almost universal in
many extensive sections Of The Enon which had been
previously the scenes Of the highest temporary pros
peri,v, occasioned by the food OF speculation Such
artificial spring tides inevitably followed by a
corresponding cbb in the ocean itself The laws OF
trade are as exorabe those of the solar system.
in view OF the repeated experience oil our mer-
chants and manufacturers 1t can only excite amaze
ment in the mind Of every rejecting man, that any IN
dvidual of either of these influential classes should
DESTROYS 10 perpetuate system Of management which
has visited upon them such destructive Influences.
One would suppose that the manufacturing and bank
ing corporations had already suffered quite enough
by their subservienCe To the schemes oil .hc Grcat
Regulator. Yet We find il stated in the leading Fe-
dera organ, published at the capital Of New Hamp-
shire, that the proprieors of the great manufacturing
establishments on Merrinach river, comprising Low.
ell, Nashua, Manchester, and other principal seats
OF manufacturing industry in the East, have lately
determined 10 enforce large reduction of their pre-
yous rates OF wages. Those who have examined
the history, and understand the consequences Of
binaons, whether OF employers or operatives, Tor the
purpose ofcompeling party the other submit
TO deductions or enhancemens OF wages, by general
consent, will not fail TO perceive the ultimate results
ofsuch measure Whether these wealthy and pow.
fIl corporations have been induced TO make common
with the combination nvowcdly entered into Lr
the banking corporations for the purpose of expeng
sound currency from circulation, and to compel both
States and individuals to trsmple upon the provisions
of the Constitution Of the United States in the practical
medium for payments Of debts is left 10 be inferred
When private corporations think proper IN combine for
such purposes and like the eudal robbers of old,
pei their vassas to hazard their welfare TO carry their
schemes into execution they must bear in mind that
the ignorance and stupidity of the American people
on which they have heretofore relied for success has
given place to different state OF things. Within the
last three years progress has been made IN general
information these subjects than during the previous
half century. Dearly, indeed, hare many merchants
paid for this increase of their knowledge. 1t will be
found what TOO late in the day for few monopo
lists, revealing in the enjoyment exclusive privileges
TO coerce the citizens OF this country into submission
by INJECTING "srrFERISGs upon our productive IN |
dustry The grand attempts made in 1884 and So
show the futilIty Of such enterprises few lndivdu
ais may be caloled inundated but the great body of
the people, under the increased knowledge the truth
which now peryades ali classes, will vndicate their
birthright. Nothing of much Importance 10 the
bulk ofevery community as the means of Subsistence
Those who have repeatedly swinded all classes out OF
The jus, rewards Of their labor, and who propose
if their leading organs 10 be believed 10 cheat
them scale still more gigantic, III order 10 con.
fir:. their Irresponsible power, VIII Do we'll to reflect
upon Tie consequences of undertaking SO innIca!
to cred!! and property We shall he:eai,er.esuine this