Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-03-14

uhuer the denomination OF III, and Afterwards unde
that Of 800. 3d. That the amount of bank dividend
should be limited. 9TH And above all, that, upon tb
occurrence of another suspension, the doors of tn
banks should be closed at once and their affairs place
IN liz" hands Of commissioners certainty that suc
must be the inevitable effect Of another suspension
would do ;Hnrc 10 prevent than any oLsr cause. II
i reform and not TO destroy, was my avowed motto.
know That the existence of banks and the circulation
OF bank paper, are identified with habits OF OF
people, that they cannot be abolished, even If this
/ desirable.
Such reform in the banking system as have indi
Gated, would benefit every class OF society; but above
all others, the man who makes his living by the swcu
oil ms brow. The object at which aimed by these
forms was not pure metallic currency but curfenc;
OF mixed character; the paper portion of il AWAY.
convertible into gold and silver, and subject rs lit
Decentralization in amount the regular business of The
coGalry would admit OF all reform: iais IS what III.
msclIanc and the laboring ought most to desire
would produce steady prices and steady employment
audi under its influence, the country would march sea
Oily Oh in It's of prosperity without suffering from
the runous expansions and conractons and explosions
which we have endured during the last twenty years
W hat IS most essential TO the prosperity Of the me cha
ME and laboring mani Constant employment stead,
and fair wages, with uniform prices for the necessGre:
aud Comforts OF life which he must purchase, and pay
mcnt for his labor in n sound currency.
Let in theseEparlicuars compare the present con
dItion OF the laGorIng under the banking system
which now exists, with what il would be under such
reforms | have indicated. And first, IN regard to
constant employment. What is the effect of the pre-
sent system of bank expansions and contraciOns and
revulsons, in this particular is absolute by Ger
tain, has not experience drmonstrated that under such
system, constant employment Is rendered impossible
1t Is true that, during the short period whilst the hub
bic is expanding ana the banks increasing their
loans and their ISSUES, labor oi every kind finds EN-
Payment. Then buildings Of all sorts are erected,
manuac tories established, and tIc carpenter and
ne of lrrn nr, IN and p,,b
lie works are prosecuted aud afford employment 10
an immense number Of aborers. The tradesmun Of
every description then finds customers, because the
amount 0I paper in circulation produces dcluSve
appearance OF prosperity and promotes spirit OF en-
tavagance. Bu', sir, uadrr thls system the storm is
10 succeed The sunshine the explosion is certain
to follow the expansion; and when 1t conies-and we
suffering under t-what is then the condition
of the mechanic and the labcrng man: Buildings of
every kind cease, manufactures closed; public
works suspended, and the laboring classes are
thrown out of employment altogether /, is enough
make heart bleed 10 reflect upon their suft5ngs
particularly n our large cites during the past winter
In many instances the question with them has not been
what amount 81 wages they could earn, hut whether
they could procure any employment which would save
them and their families from starvation. Ii our State
Legislatures, which alone possess tie power, would
bat regulate our hluaIcd credit system wisely, by re
strainng inc banks within safe limts, our country
would then &c permitted to proceed with regular strides,
ana lac IaDOr!nr man would suffer none oil these eVS
because he would receive constant employment
In the second place. what is the effect Of the present
system upon the wages Of labor and upon the prices
OF the necessarles and comforts of life: Ii cannot be
denied that that country the most prosperous where
labor commands the greatest reward but this not for
year merc ynot Tor that short period of time when
our 5ioated credit system most rxpanded-but for
succession oi wears: FOR all time. Fcrmancncc in the
rate Of wages is indispensable 10 the prosperity Of The
tVnuue.,. -" :, ~ "nr 10 look forward with
lie iitl,
10 rear and !" calculate upon beng able
and to %"hs " a s aGat of his brow
under our present system: Whilst he suffers
il than anv other member OF society, he derives rom
the fcwcst advantages 1t principle OF potca eco
nomy confirmed by experience, that whilst the paper
currency is expanding, the price OF every thihg else
increases more rapidly than the wages Of LABOR lhy
are the last rise with The expansion, and me hrst 10
fall with the contraction Of the currency he price
OF day or of months labor Of ans klnd-the Price
of hat or of pair of boots, OF pound Of leather, OF
all articles of furniture, in short, OF manual and me-
chanica labor generally, is fixed and known 10 the
whole community. The purchaser conpia ms WAeh
these fixed prices are enhanced, and the mechanic or
aborcr in order retain his customers cannot, ana
does not raise his price until he is compelled TO co u Oy
absolute necessity His meat, his flour, his potatoes
clothing for himself and his family, mount up TO an
extravagan price long before his compensation IS IN
creased II was formerly supposed that the productions
Of meat and -four vast in our EXTENDED ana hgh
IL favored land that monopoly Of them would be IN!
possible ne experience CO The last two or 'Aree years
has proved the contrary. The banks, instead o. CIV
ing credit in small sums TO honest men, who would nave
used the money wisely in promoting Their own "eharr
and as necessary consequence, that oil INC c'H''!l
tv have loaned il lnonopclss, TO enable tier: 10
raise the price Of the neccssarieS Of LIFE tc n coi'sie
Have we NOT al learned That million OF dollars iaS
been advanced by them TO individual! for The purpose
of enabling him - monopoIl2e The sale OF all e oeel
consumed IN our Eastern cities: Do we 30; ali hno"
IN l.srt tnp
in raising the price of this necessary Of lie, 10 Twelve
and sixteen cents, and even higher, ror pounc Now,
Sir although The wages of the aborng man were h'n
Eoinaly high, what was his condition: lie cona nor
afford TO 70 into the market ard purchase Eeei i"r MS
fnily II his wages increased with the increasing eX-
MANSION Of our credit system, aggravated il ~ ekecis
bv the immense sales Of State bonds in Europe, still e
prices of all The nccessares of life IN greater pro-
norton, and he was not benefited might MENTION
also the vast monopoly Of pork produced BY concha
,ion of individuals extending from Boston To Cincinnati,
which by means Of bank facilities, succeeded IN raising
the price oil that necessary Of life 10 an enormous pci,
What then did the laborcr GAM even al thr time oi NV
greatest expansion; Nothny-ltcraliy nothing. 1T,
Iabo.crs were suffering class even IN the midst Oh an
this elusive prosperity. Instead OF being abic !" ID
by any thing for the present day Of adsersty, winch
was necessary consequence oihc syscni Tue ino"rer
was even then scarcely abe 10 maintain himself ana
his family His condition has been terrible during me
pas: winter. In view OF these facts, sad:
being equal agree WIN
from Ktntucky thai country j. most prosperous "leIe
the highest do not, however M an u! W.
t.,,ns highest wages, greatest nominal aluhnI U",is hc
war days work commanded hhnhr'. "ul'
~ continental paper; this would scarcely ha"r purchaser
breakfs The proper expression wod h !" Jay INV a
country Is mos; where labor commands e greatest
ward where ono day labor val procure not me srec'
amount OF deprecated currency, hut must o. t
comforts If life. If, therefore, yon should, IN '' ~ 49,
the nominal price paid f aboT, by reducing Tue w"
hank issues within reasonable and SAFE limits .hn
metallic basis paper crrGltll"n, would th
because til" prr ~ All TUG nee
lIrpI in
ALL IN purcIaSc roc them ur d,i1I ~ r'''u s'
The currency titan lie could have done, IN the "a!s' Aa
Mansion for dollar and quarter. 20 lar rom mJns, y
rr,ny benefit the iahorinC II VIII INSURE " '
employment aud regular prices paid in "nn ", ~; IRON
of all things he ush desire; and IL wiz saw nm @
hc,y ;uyaycd in ruin hy recurrence o! tnose pi",
sinns and contracons Of the currency, which nave " ''
yuiscd the country" .
Now, sir, is not my meaning clearly expressed ~
This paragraph, contendcd that i wo"id hot ipJ''
Int greatly benefit tie Iaboring man, to prevent Tue W
orn, and rupous e1pansons and contracons to which
our currency was incident and by lnd,clous bank re
form 10 place settled basis :, If this were Done
.orld no, receive as great a nominal amount fo
his labor as he id the day of ex,raragant expan