Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-11-12

~ tins table the =" bank paper circulation
in 1870 is represented TO have been s6 ,323s!iS
In 1886 lI0,30l OBS
In 1881 Il3,looo90
The increase Of the paper circulation from 1880 TO
1887 (Which period includes The Inst five years Of the
operations Of the u ) Bank under its charter hy Con-
gress within fraction o one hundred and fifty per
cent Will il pretended Tat the population, business,
trade Industry or The rcn business wants If the
n. for money Increased such ratio during this pc
rod No, SIR. Why, then, this extraordinary in
crease The amount Of bank paper III circuatlon?--
Could have resulted from any other Than motives Of
specua,inn cupidiiy ayaricr, ambition, and reckless
ness And was it not under the authority, under tho
lead-ny, SIR under The influence Of The example Of the
Bank of the u s. that the currency thus boatfd,
the prices of property enormously increased; spfcua.
tion and overlradng engendeird in all branches of
business domestic and foreign; debts ana credits accn
INFLATED indefinitely at home and abroad; and the fatal
seeds If all the rum and embarrassment with winch
the country has been FL cted since the 1857 sown
broadcast throughout the and And, during the nhoie
If this period OF artificial excitement and n,oS cation,
vas this Bank under the direction of president
and hoard Of directors lauded by politicians, from The
huhest In the lowest in Congress and out OF Congress;
by the newspaper press and partisan lenders from one
end of the country To the other, ulfrdng, hy tie
bright example OF their course, eciipsng evidences "i
III. hi rErs order Of wisdom, moral yrtue and pairi-
o, m: Sir, let the stubborn Truths exhibited IN he
tables to which have referred and called up by the re-
collections Of all who hear me, answer these painiul
trrr0nat0rrs. Ana De IL ftnlfWhprpu, Ton,
stock Of this Bank which, during the period Of oo',
excitement engrndered by lis own opfratars r,on.
rsndsd regularly, the board Of stock .n n'', r
~ IN l30 cents on the dollar, s now 4, ~ H., -,
marke: from to 10 cents on the and sod \, snct
noles, which enjoyed such high cSm South 10 Nor,,,
heavy premiums l"f ~ .yrty to forty per cent
below New York currency -. - ,b stockholders
prophet who predict, the -, - millions
Of the whole capital am c ii this Bank and losa
81 u"''a'sj wv of -, es Of at least ~ per cent VI
- ' ~. .ninal vaIn, whenever the day arrives 10
- da,ion and final settlement OF ~ afais:
uL?s M groyoro 81 III he MI d h9 Pa rencyo
,,,e Who'll. aggregate amount Of bank note cch'a'"'"
,bch This Bank, when in successful operation, WI
- oohI ot furnishing 10 the country, with sGttty I"
,.o,r From the data furnished on the table y, we
find ,ha, the average amount OF the circulation % m
late Bank during the first ten years oil lis existence vas
I'm, fraction above s. 100000 per annnm; aho !
fer from the data to he found N another tao'e, !" "
vol as other sources, that this sum constituted apoet
III. oDe,,ceh part of the whole bank note Circulation
the country During the hitter Ten years o. rs u,
rat,ons under its charter by Congress hciuuns ~,
expansions through the series oil years rom
), ls2f ba,h inclusive have estimated, from the Gaia
L. go !, these tables and other sources, Tie pro-
-; ~ ,ha whole circulation furnished ny the oahS
7, aohl the amount furnished by II during The hrSt
ion wears or at one-s;Sth part OF Tue "ho,e' luz "
,l ,yerare Of the circulation OF the bahk curing
this period was Sl1,'of,'o'' "''e " 80 - 49, - :
would Weld average aggregate cfcu'a''on pr d"
nm for the whole country, during the same peflod' OF
SoI, 7S1,-li -
The results of these estimates brought together, are an
average annual circulation from both lelI to leo,
b,,h inclusive, of $65y0O0,o0D
The proportion furnished BY the nited
siaoTs amount nnon, ' 5,5Ooooo
Averase annual circulation from 1916
'A, " Is,G The latter included 9l,7S7,sl.
| proport.on furnished by the United
| States Bank, being one sixth Of the -o,o
! whole amount ~ -.
| From the fate which has bf!aen IT, 1t IS PLAIN ina
the late Bank overreached itself IN enoeaV"rhg "
furnish 40 great proportion of the aggregate crcula
ton a. il did in the latter stages Of ,s existencei and
is equally plain that the Bank proposed to be establish
ed BY the bill which passed this House , on yes'ef0a
i, The first place lis capital is less by fve millions
In the second, the competition which it must NEE
with from the State banks viii! DO nearly t-eb'' ths