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

have had the control OF matters long -
they should give up, and conclude most likely by inV-
ing you to come down the Log CABIN to parake OF
gourd of hard cider. 1t is not to be wondered AZ, IN
they cannot tell what measures their nominee VI, WI
port am not surprised, because he VIII no. o.. 49, en-
consequently they cannot inforG, us but oir' an' -
" truly surprised they should allow themselves y "
thus pa,ered with by this snperahnaa'ed oo sei .n
man Notwithstanding his tortuous course nol%iui
s,nndo his supporters sustaining HIM as benz both
for and against Bank Of the U. notwithstanding
some of hls most staunch adherents Southa few State
Riuh,s Whgs-are and ever will be opposed to such 4
Bank ut least under the present CONSTITUTIONS; YET or, y
;s clear to nv mind, that elect MIR II President TO NOR
row he would sign bill for the chartering OF Bank
of the United States. When reflect upon the ma
terals composing his party generally-the position 'ey
have occupied before the country from the Pefoa Oh
President Jackson's veto Of the bill re-charteTng
Bank TO the present momen-thelr UNIFORM aau con-
sistent advocacy of such measure-,heir hosl'y "
the late Administration upon THIS very suoyj.el-a.i
these things concur to prove that Mr. II. woou eo'
der his election evidence that hs party expected
This from him. and bill he would sign, II required.
His letter TO Sherrod Williams is enough his dehun-
citation of the Independent Treasury-his doctrines on
the reo porcr 10 which will presently reer-ali these
he would point TO as furnishing an expose .. ms up
Mons and in connection with his election would en-
5eavor 10 Justify himself before the country. SIR, a
United States Bank verify believe is considered by
our ooooncnts generally the grand panacea, to the
want OF which, all the embarrassment of the country IS
to be attributed From the rising OF the sun to the gong
down thereof, the changes have been by them rung
against the past and present Administrations, because
the former crushed and the latter viii not revive Ma
tonal Bank both preferring the triumph OF the Con-
s,itu,ion TO the existence of an Hercuean power; a
strong adjunct TO the Executive arm, had their design
been might il ao But, rlgh-an institution to
use the apropos and iorclbe language OF Mr. HARRISON
in 1919 Which man be concerted into an immense po-
L;cal engiac 10 strengihcn the Of tic General 90
crpwrst and ,rktch may ar future time be used 70
Cypress and Jrcak dozen the State tiorcrmmcnts"
Let examine, Mr. President, in cursory manner,
the of tire commercial reriStOns hare acit
ncSsed-and of the embarrassment Of the country
On this subject my opinions have been long form.
cd-not hastily, but from the best examination and
study ! could give to the causes OF cvents--as the
events themselves became developed Schoolcd il
commercial life, necessarily felt an abiding in
,crest in whatever related to it. In the course OF
nv investigation nothing struck fcfchly
than an article in the Ednburg Review of july, 1880,
on the subject of Banking in Great Britain. From
some of the extracts to which Will refer you, you will
mud that the seeds of our troubles were sown IN
that countrv to it we must inevitably the root Of
our disease, arising too from the almost unparalleled
increase Of banks sPrccs had risen rapidly in the pre-
cedng twelve, but especially in the last SIX months,
which have lcd 10 aRy SpeCuiaORS GRd enquiries as
10 tic causes ami proJae consequences Of such St"s"
lar phenomenal -''In point of fact all periods of gene
raj excitement or periods marked by great tendency
TO cuaton and BY general rise of prices have both
IN this and other countries, been uniformly distinguish
ed by some extraordinary facility in obtaining supplies
of money Of credit, both. And how was IT, Sir,
at THIS time in England In los act was passed IN
Great Britain prohibiting the establishment OF houses
with more than sir partners Tor conducting banking
operations In lS2., tins act repealed, and au
thory gwen for the establishment of banks with any
number of partners. The consequence was that up
to 1888, 81 joint stock banks had been established
up 10 March, 1886, 62-and in the months following,
Is: two of them having each about 100 partners
the rate of this extraordinary increase has been Sinct
augmented rather than diminished" "Since 1854,
their circulation has been nearly doubled All
this Mr. President is leaving out OF view the opera
lions of 800 pirate banks aud the Bank OF England and
its branches Most of these Joint stock banks shave
been in the habit of trading, not IN their own capital,
the deposcs made with them, hut on the credit
obtained the metropolis and elsewhere Instead of
retaining the bills and other securities they have dis
counted in their Golfers till they paid, many banks
have been the habit of Immediately forwarding them
TO London TO be rcdiscounted To such extent has
this system been carried, that we well assured that
certain Banks rh less Man ESQ 600 IF putt up cGpt-
ta hare discounted rms md made adrdaceS 10 the ef
tCnt Of from > TO q NILLoSs-and the engagements OF
others have been more ncommensurate with their ca.
pal The banks which have acted thus, have borrow
ed the funds in the metropolis al about per cen and
have charged or per cent. to those to whom they
afterwards advanced them Sir, need / tel! You
the results OF action deplorable--so vitality ms
chev inordrate system Of spcculaton--castie
buldng-schemes of every kind that the Imagination
could devsc-a general advance in the prices of all art
ces Allow 10 call your attention simply TO the
Of incorporation for railroads and ether purposes
"About three months ago, list was published IN the
Manchester Guardian of the various JOINT stock COM
panes projected in Liverpool and Manchester or prin
cpally connected with them, in the preceding part q
the present ycar The list is known TO have been IN.
complete; but such it was, 1T exhibited the names OF
hHndred md tOur comFGnieS-havrng, or pretend
ing TO have, an aggregate capital OF t3I - ,jN0 Mr.
Poulct Thomson stated in his speech III the House
of Commons in the discussion relative 10 the budget
that he had made register be kept of the various
lnnt stock companies at present on tic tapes IN dii-
ferent parts of the Kingdom, and that he found
their numbers amounted 10 between three and four
hundred and that capital of nearly TWO HUNDRED
MILLIONS STERLING about twenty times the capita
OF the Bank of England, would be required according
to the statements of the parties to carry them into ct
feet -"Ihere are companies for the manufacture o
cotontor tannng-for the manufacture Of glass, pins
needles, soap, turpeRtne, &c; for dealing IN Goals FOL
raising sugar from the beet root for making railways
in Hndostan; for the prosecution of the whale fishery
and so forth. There is company with capital %
t30O0,o00, which, however, it oSPcciaHy provided
may be increased TO 100000 far hadiHy amt foH"d
1,g SCttlemeHtS the Southeast coast at itricd Ano
company, with capital of &, 900 OGO called The
Agricultural Loan Company. In Manchester, only, nc
fewer than SIX burning compdntfS hare hta tOrH6d
Iron has "adyanccd IN little than twelve months
from about II CO, to fl2 or Ga per ton, caused
in part, by the increased number of railways b0t an
much greatcr drnree, bciiCrc bya speculative de-
m0nd. Sir, | have been full and minute in this out
line, descriptive Of the monetary and commercial con
dition of Great Britain; and why: when we know the
intimate commercial connection existing between thai
country and ours, that shock revulson, or blow
ut the credit ot the former, must necessarily be felt BY
the latter. We must admit, that, under such con
dton of things as have portrayed, could not have
expected to escape from their baneful influence. We
did not. Take for example, the great staple Of our
country cotton. How did that stand affected: In few
years saw il advancing IN price from and ~ to
II and IT, cents per h., Produc'd hy the adrdnrC IN
Great Britain: and what was the consequence: Why,
sir, the planting interest believed that kind of nil
ienum had arrived that people could 90 10 bed poor
and arise in the morning rich. This State and her adj.
joining sisters, lost of their best inhabitants
Our roads covered with them, las il on cru
sade, l-uoving South, leaving friends and kindred 10
reap rich harvest from the cultivation of cotton, viii,
the hope of returning in few years wallow'ng IN
wealth 10 their old associations with their early
companions SIR, you know state facts. No touch
shall my pencil give 10 heghtcn the colorng; there is
necessity. Negroes advanced from 100, 800, and
coo, TO 500. 1000 and 200 dollars Lands also ad.