Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-10-15
No. 4G.-vOLUME XXXvH.\


have been realized in this immediate neghborhood for
the last days, have had parallel in the history of
the Republic. Men of reputed capital who have with
stood the shock OF former changes and times; men who
for the last forty years have stood firm erect, and unds
mayed before the tempest of the times that has assled
them, totterng the verge of bankruptcy and
ruin Their fal! bears excessively heavy upon the poor
and !aborinG classes who By the way really the
principal sufferers. Deprived of employment destitute
and irlendless, they thrown upon the world and
know not how 10 obtain livelihood" In April, l-29
Mr. Bidde published in the National Gazette an essay
% explain the of the embarrassment and distress
under which the country was then laboring, in which
ne SAYS:
'The question IS what is the cause and the nature of
the present scarcity OF money?
i .tThe IS easy
1.-The currency Of the United States consists of coin
and OF bank notes promising to pay com. As long as
the banks always pay the coin they promise, they
useful, because a country where the mUneyed
capital is dsproportoned TO the means Of employing
capital the substitution of credit for CONS enables the
nation TO make lis exchanges with less CON: and, of
course the expense of that coin But this advan
tage has, by ts side, creat dargsr Banks often
directed by needy persons, who borrow too much, or
by sangune persons anxious ONLY 10 increase the pro-
hts, without much pecunlary interest or personal re-
sponsibility in the administration TnE CONSTANT TEN
DESCY OF BANKs therefore, * 10 Esd TOO MrcH and 10
MANY NOTES CIRCULATION. Now, The add
tim NJ many notes, even while they are as good as
coin by beng always exchangeabr for coin, may be
injuriOnS because the increase 81 The ired mass Of
mOney 0fBcratty OccnSt0HS rtSe IN the price OF all
communities The consequence that the high price Of
foreign productions tempts foreigners to send large
amount of their commodities, while the high price OF
domestic productions prevents these foreigners from
taking in exchange large amount OF our commodities
When therefore, gOH buy from tdreigncrs mare than
than they buy from y0H, they cannot take The paper
part OF your currency, they must take The CON par II
this is done consder aGte extent the danger rs,
that the Banks viii be obliged pay much for their
/ ~, laaya hon "a sniff To an
the demand for IT, III which case the banks fail,
and the community is detrautcd
In conclusion, Mr.. Bidde adds "These simple Gle
ments explain the present situation OF the country lis
disorders is ONERTRADlNG, brought on by OVER
BANKING The remedy IS 10 trade less and 10 Bank
less.
/ There was truth in this The United States Bank
and It's branches had literally flooded the country with
their papcr-had stimulated the undue credit system
and forced rs many OF their notes into market as
possible They lat caused tie OrertrGd'ng-fhey h""
prOduccd The distress.
With Biddle at ITS head the Bank became the
leader Of the great AntiJackson party Of the country
The confession OF Biddlc that the distress IN the couu-
;ry for the last fifteen years had been produced
by oyERrRAplSG brought on6 ovERssNKiHG, was Tor
gottcn-and a simultaneous charge was made upon
Gen jackson and his administration by all the bank
presses having produced the dstcss-jor ten years
b,f0re Gen jockSOH 5 ctcctton.
For the first time de Gorcrnmsnt was now charged
BY the bank with the offences known TO nave
been committed by the bank itself SO absurd was The
idea that no had yentured to entertain before
lis object panc hobby upon which TO ride INTO
political power.
| This criminal concern now sunk the banker in the
politician Il had applied for renewal OF IT'S charter
President Jackson known TO be hostile to us con-
tinuancc and after putting all us energies III requisl-
ton 10 force the people 10 sustain It ''by suffering
from conractons and expansions, loaned HEARLf
THREE MILLIONS OF MONEY TO members OF Congress,
whence the charters renewal was TO be obtained The
Il tInn
man public institution, became every day act OF
the Bank-when the people were grooming under the
distress which lis conduct produced from one end oil the
country To the other.
President Jackson had the runous effects of that
Bank upon the industry Of the conntry-and with as
much sagacy any man living he iorcsaw The despo-
TIC end for which II struggled. He that it had pro-
duccd al! the distress annually complained of for nearly
twenty yearsthat It was beyond the control alike OF
the people and their defed m
vcstrgutionclosrd lis doors against the Committees OF
Congress and publicly avowed motive OF action as
irish 10 shoe its contempt for Me sorTnment-and that
had brought up the question OF IT'S rccharer before
the period OF his own reelection with view TO intiii-
date him into an approval of bill The celebrated veto
Message did the busncss-and crushed the most fearful
monster that ever threatened the Liberties Of our united
people.
Exaspcra,ed BIZ defeat not only by the reelection of
Gen Jackson, but by the election OF MIR. Van Buren,,
the Bank exerted all its powers TO produce general
suspension of specie payments throughout the country,
so that the specie funds of the Government, removed
from custody, would be locked up IN the vaults OF
the State Banks and the Treasury be compelled to IS
sue of its to keep the wheels Of Government
in motion. This rcvcngeiul step was effected; but It's
effect was temporary
The deceptive scheme of indirccon b. which II OBJ
tanned new charter from the State OF Pennsylvania;
its free reissue Of the OF the former bank, winch
i held as trustee under circumstances subsequently
declarc ed bv the Government OF the |. . 10 constitute
criminal offence punishable by fine and imprisonment
IN the Penitentary; without an example IN HISTORY,
and in good keeping with ITS conduct ever since
that period Knowing It's real condition. Biddle soped
ont of It's Presidential char than year ago, see
nr that it Is as compelled to take the lead IN another
SUSPENSION
It's tale is no,c told, in few words, by the New York
Journal of Commerce "a Harrison Wing paper as fol-
lows
mTur SroCKs-For some time past the stock mar
ket has been aborng under very unusual load OF de-
preston Immense sums are IN position which eX-
cites great uncasiness. The capital OF the u..,ed
States Bank the Morris Canal Company --:,n The North
American Trust and BANKING Company, constitute
an aggregate of forty fer millions. snd the debts of
the Morris Car SAID 20 make uplls fearful amount
to Ger fifty ....ions of dollars. Eighteen months
aro H. stock of the United States Bank was nun
bred and twenty three in the Market ana last year
at this time il was hundred and twelve and hall
We have no doubt the stock is worth quite as much
now as it was at either of those periods The manage
ment of the Bank ever since Mr.. Biddie resg-
nation there is no to doubt has been ludi-
cons and that the officers have made the best OF their
position But what the real condition OF the Bank
was nobody knew then and nobody knows now II IS
nroh,hIv cutie as we'll that the truth should be devc
oped gradually for TO the truth in the case OF pub
lie sentiment has not vet reached the point which seem
ed to US perfectly apparent twelve months ago: Inc
fac, is the Bank received its mortal wounds in its po-
It;c,l controversy with Gen Jackson From its c,0r
nous erpansioas and sudden conroctioEs for pol'cat
effect il has never recovered Now that the mtsch' u
done however, there little use in mourning over 1t,
and certainly is saying or doing any thing to en-
barrass the gentlemen at present IN ITS management:
should il attempt to resume It's rank as accredited
Bank the movement should be resisted for twou!d be
certain to result in disasters TO the currency cI
the country. Bat such movement, We take IL, IS
d.nhia Banks will nut an end to the struggle, and put
L..