Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-01-05
soa nomnally for one or four years, and hence Mi

fee nominally for one or touf yeuis, u"o "s''Ss "
Claws oliicIousncss-- dtooc-
FACT Asp TuEony.-lest any might be deceived ny
,bc confident and assured statement OF the feaeIai
sss Thai our currency every thing 1t should oe
rrn,;I the T. S. Bank was destroyed 1t may be worm
While 10 repeat the true account oil the matter
Inmeaiaiely upon the commencement OF the Dihh'
1.I7 The whole country run mad with speculation
III - :, =; 80, The reyulson early III the
., .e,r when the National lDte.ligcncer announced
49, s.,r,cy' 10 be gin cor usion. From that time on
ward 10 1871, the history OF tie times, Is 'i'e MS
torv Of falling and insolvent Banks, d'sordefed eS.
changes, depressed business, iaoorcfs thrown Out
of enplov, ruined debtors, and prices run down o.,
IN point far below that of 1917, or io4u. me
record of these facts is preserved IN Tue nlsnes'
farms of authenticty in the descriptions OF coteihPo-
raneous Journals in the Reports OF the u
the Treasury and of Congressional ana Les'slais
Committees, in the petitions OF the people ~.
numerous as the sands of the sea shore, ana
with the pathos of real suffering, and above all III lne
dsrracefu legislation Of the State Governments, IN
the relief laws aud stop laws, which only ound .nef
partial justification in the extreme necessites VI '
case During all this time the Y. 5. Bank existed II
the state of paralysis brought in by its misconduct can
be called existence Ii was all the while under the
care of DOCTORS luckily skilful 1t made no dis
counts and declared no dividends Lansdoh ohe7es
nursed its vitality into toerable robustness enough
at all events, to stand during some years. the opeia
tions of the quack who followed him.
The proofs of these facts have too often been lao pe-
fore the public to require repeated producilon ana
wherever any may choose to Tx the LOCALITY OF inc
fabulous prosperity under the rule Q! tie u = bhk'
tbs quite certain that will not be in the period from
1918 to 1924.
How affairs stood in the last named year, was ut the
time, described by Mr. Clay, and his description is
familiar to all. 1924 surely not the prosperous
year. :,
us, was only saved from destruction by his manage
ment in postponing the presentation oil draft tor
sum less than Sl00,C00.
The nsolycncies and bankruptcies Of 1896 and 1927
are too near own time, to need particular notice.
II is sufficient to saw that they Produced re-
cent ones have a loud demand for bankrupt law, the
debates upon which remain authentic memorials Of the
distresses of the timer.
In 1925 the state of affairs had become intolera
BILE. that Mr. Bidde himself for the first time, began to
write on finance He ascrbed the entire mischief to
"orcrJaaking and advised the very simple remedy Of
"baakiag less" All this under the rule of great
Regulator.
Was not Gen. Jackson fully satisfied then, when in
Is2g he declared that the IT, S. Bank had sIgnally ta-
ed i'm reforming the currency And who can doubt the
truth OF that often published letter of Mr. White, the
Cashier of the U. S. Bank at Baltimore, which de-
scribed the disorders currency and exchange then
existing, and the suerngs of the country during the
ten years before:
Nothing is in fact more uprising, than the reckless
and stupid impudence, with which the assertion is
made that currency and exchange well regulated
BY the IT, S Bank. Every well informed man knows
the truth have been otherwise, and that far from
regulating, that institution disturbed and unsettled
every thing.
1t did, it is true furnish paper medium of par value
throughout the whole country. But the mass OF cur
rency still continued to consist of local issues, and the
exchanges were, for the part of the time, IN en-
extreme state of disorder u. 5. Bank notes we're
available every where but tie conversion of the cur
rency of one State into that Of another, attended
with great loss.
Thus, at the present moment, the exchange between
New York and Mobile is said 10 be deranged, being
some five per against the latter place This
" means that the conversion Of Mobile currency into
New York currency attended with that nominal loss
During all this time, there exists the medium Of
gold or Treasury notes, which can be used as remit
lance without discount deduction. The citizens of
Mobile, however, prefer to currency really worth
but nine five cents the dollar, and when they buy
GOOD money with it they pay the difference.
So, in 1875, the exchange between Kentucky and
PHILADELPHIA was daranged in a tenfold degree. The
existence OF the United States Bank did not prevent it.
on the dollar and convertible into good currency,
only NJ that rate.
The mere existence of a medium of universal value,
does prevent disorder o! the domestic exchanges.
So long as the money consists OF State Bank
issues exchange will depend upon the relative value
of those issues.
In point Of fact, the exchanges were always deran-
ged during the whole period Of the existence of the u
S. Bank and for a long time, to greater degree, than
they have ever been since.-.iagnstd (.lidtnc) lge