Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-10-22

the States-the safety and quiet of the community-or
us calculated to maintain equality of rights amongst
al classes OF citizens, you will scarcely hear word
put they VIII stun you with the cry of hard times re-
d"rd prices, the Scarcyo money, (or rather of Bank
rags as II liberty, political and personal, moral and
intellectual elevation, of no account--aS if no.
thing indeed were of value, except could be rated
III me notes or broken promises of insovent non
paying corporatlons-and as If irCcnIcn prepared
10 barter their high bir,hrghl for these Yet nothing
IS more certain than that this camur is unfoundcd
IN truth as tits stupid and disgusting IN those who have
raised, and those stall rcccho it. Our country is in
state OF positive and increasing prosperity Commerce
IS active and proiable--our citizens and mechanics
ar" 'nll of employment as is evidenced by the rapid
growth OF all our Townsville products of agriculture
are abundant almost beyond exampe-and the prices
OF our staples, if not high they sometimes have
been, when stimulated by runous speculation and
ravagant paper issues, beyond their average rc
quent periods of history, and sufficient hand
somely 10 reward the cxcrtions of the producer The
exubcrance of the crops in Europe, well in Ame
rica, must necessarily affect the demand for grain
still our wheat commands (for good qualties) more
than dollar per bushcl in the home market-colton
has advanced in value, and we know that tobacco
planters have Just enjoyed the advantage of lu.
cratlre sales The people OF the country prosper
ous There IS class, however, with whom the times
doubtless hard, and with whom except for short and
dccci,ful intervals they can be otherwise, until
their and principles of action shall be entirely
changed This class made up OF the numerous
Banks who eager in pursuit of gam, and resting
solid, honest specie foundation have poured forth their
countless millions OF paper TO mad or unprincipled spe
| culators-and of these spectators themselves, who
through the means, supplied them by Banks have
tangled themselves with many of the weak and incau
tious IN embarrassment and even ruin. The natural
and inevitable reco of their eXravagant proceedings,
the development of the truth that speculation and pa
per emissions must have some limit, and that time of
reckoning, however arttully STAYED off, will come at
last-havc brought tremendous cxgcncy upon this
class, who reeing under its pressure, raise the cry OF
hard times and lmpulcnty demand for their cxtr!ca
ton from the effects of their excuses, the use of
the national revenues and farther, nay, uncon
troliable power of paper emission With the INDUS
rIous the moderate the correct and regular the times
not hard. The resources of the country flourish
ing and rapidly increasing. There is more of solid
wealth, specie capital, especially within her bor
dcrs than she has before possessed and the power
10 augment indefinitely the paper circulation grant
ed immc da,cy, II would increase III the degree
the cmbarrassucntS ofthosc who are clamorous
about pecuniary di!tculties.-Shoud it be conceded
tina, the times universally hard, and prices and
ges reduced such concession would carry with 1t the
conclusion that neither the preventive nor the remedy
for these things be looked for in system of IN
sound corporation influence however great the extent
to which il may be cxerted The evils existed
with equal intensity under the OF the second Bank
of the United States This corporation had hardly ter
minated its career before the United States Bank OF
Pennsylvania chartered with capital equal to that
of lis predecessor and with advantages far SUPERIOR
pronounced by It's President the master fnanccr of
Whig eulogum. Al short interval too some Of the
other States multiplied their banking interpretations as
for instance the Exchange Bank with lis varorS
branches in Va. Yet notwithstanding this augmentation
of the paper issuing machinery, he mndus operand OF
the dear credit systcm the cry OF lard times ara rdR
ccd prices, loud as ever tie banks them
selves wholly impoter for relief, have been foremost
in creating confusion distress and depreciation, by
virtual Of bankruptcy, Tie refusal and dshonor
Of their PROMISES and by increased and urgent cN-
action upon their mprudent and embarrassed borrow
ers when least prepared for the operation Such
The tendencies such have been the bitter fruits o! bank
ING in counry-such must they ever be, for IS
system unsound in principle and theory, and conse-
quently never be beneficial in practice. Thanks
to the energies Of peopleto the boundcSs and rich
staples OF country, always in demand III foreign
mats-and, the wise and just measures OF Democrat
ic statesmen the evils of this system have been much
ncuraizcd and coun,c!acted. They will be farther cor
rcccd, if that Of profnundest wisdom recon-
mended BY lrcsiientN Buren,, the Independent lrcasu
~ shall be permanently sustained whilst It dcnunstra
be that another ovcrshadowing federal Bank, woudag
rravatc them thousand fold, most probably pcrpcuatc
them upon us Bat what should most arouse the nd@-
rcproba!on Of American ffccncn, IS, The open and
daring application this incrcenarv scheme to the ends
of moral and political scryily and corruption. This
cry of hard times and reduced prices raised on the eve
of great election, connected too il IS with an asscr-
ton from the same quarter, Of the right and duty of
Congress 10 crcaie sufficient puper cTrsncy "a right
and duty no where recognized by THE Co$srITrnoSD
what is il but bait offered to the supposed avarlcc and
vcnaltv of the peopc-an invitation to bcsow their
suffrascs not with view TO the rights Of the States, To
the preservation of their liberties and Of Tie sane
tiiv n the Constitutions not in confidence towards the
patriot who has proved his fidelity in all these high
concerns but give them sordId barter and traffic,
for the eypccia0m Of redundancy Of worthless bank
promises which never were and never WI! be, honest
is and permanently redccmab!c There IS injury and
outrage to The people in this which call for sigma! re-
buke JUSTICE.