Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-02-04

owing to an increase of consumption, &c, than they
had when Mr.. Hamilton commenced his privilege; at
any rates, they rave enough 10 enable Mr. Bdde TO
demand of MIR. Hamilton much specie as he thinks
he able to raise. Now u curtall upon Mr..
llaniltons debtors OF five or ten per cent In SIX
months more another cur;a and 10 be continued.
Mr. Hamilton must get tine specie out Of the hands Of
the community; and he must call in his to do It,
and with them through agents he mus buy any price.
{ Mr.. Bdde has the trade concentrated upon bet
ter terms, than he enjoyed before Mr.. Hamilton
menced his privilege
+ These curails have been made upon who have
expended forty or fifty millions of their loans in making
commercial city, and in various other exravagancIes,
such indulge in who are not using their own
money. They have been paying an interest upon the
money to on their transactions, that would be
fair profit any honest business, and therefore could
not, except in individual cases, have made any money
They are therefore under th's pressure unable To fur
chase Southern produce even al far price, and =
must 90 10 Mr.. Biddles port. Mr. Biidlc
place what discount he p'"ases upon Mr.. Ham,ons
notes, it will only the sending of prodrcc,
Mr. b. price INSTEAD of Mr.. Hamilton NOES THIS
sprccisely the condition IN which the Northern port has
er Mississippi subjects at ihis tne The discount beng
about forty per cent, else IT., must send
the purchaser price. Ii Ilr Hamilton should be
stilI strong enough desperate enough b. trouble.
some Mr. Biddle having increased IN strength exactly
N proportion MIR. Hamilton dec eased, Mr. BidG!e
must inrce MIR. Hamilton Il suspension. Now comes
the hitter of privilege and felton, that bo
iy feels and are made to understand. IL viii he sup
posed that MIR. Hamilton has already reduced his ccu-
aii"n n third hall, and drawn nearly the whole
Of The sprc from the hands Of The community. and
this he mns continue with increased sacrifices,
IN order 10 resume spccie payments MIR. Hamilton
now lessons his c.rnlann by RECEIVING has discounts,
and cnrlas upon I'll his debtors HAT can hrar and
his debtors press their numberrss debtors tGrn whsle
non" Of them have more than third, perhaps tenth,
nf the quantity Of in circulation, that they
] had n Tie time of the debts.
What tine community suffers b. of these
t.,tT
saying, many, many millions more than ltwnuli by the
annihilaton of every Bank.
This il precisely the condition at present, East,
West aud Snutb, and the price Of the produce fixed by
| the purchaser
| would advise Mr. Hamilton of the South, not
play this mame of wins, currency with Mr.. Btddlr of
lhe North a. Mr. Bdile commences the game al lean
so point, has the honors stocked his favour ,and must
!
| Il may be- supposed, that Mr. Btdtle could not play
This game successfully, If there great many
| Banks IL there were thousand, it would only make
tlnngs worse, lie could and would take them IN war;
Gus directions at the time. Take the prime pol
Banks in different sections OF the country, and they
would be compelled To press The lesser ones. The PR
vrIr of first manufacturing currency out Of thing
of intrinsic value, winch has been first successfully
pracsrd, will always have the power have here
fcrred upon Mr Blde. England POSSESSES and Prac-
tises the very power every commercial country,
that she draw INTO her tolls by inducing them 10
attempt countrract her policy III manuiactniinga
base currency Having the agents, partners and pro-
pcrtyholders Of her bank debtors, in every commercial
country she is enabled and for The reason, 10
place every other country i'll the position that Mr.
Biddlc of the North, places Mr. Hamilton OF the South,
and that without having much British paper as WI
even pay the first debt travelled "sp1rk returning
from his finished tour (tle same VII" saw so many
palaces in England and no panpersl lately told Inc
American Congress that British capital had already
nadc the forest of Ardcnnes 10 smile; and learn from
another that articles are manufactured upon The
continent with British marks, and sent here, ytrd'nsa
profit of thirty fort, cent, TO the British shippers.
France is not than tive ,snr. y. h'na
US in Welding obedience 10 British supremacy, aud
ninety hundrrdths of her people, whose transar'
tons are under FIVE hundred francs already feel
ing the oppression The inhabitants OF Lyons will pro-
baby sustain my opinion.
We owe our ancient ally great deal and should
he most happy To bc the instrument III returning her IA
yors hy calling her attention to the SUBJECT and stop
pinr her in tile mad career o! banking
This concentration of trade III the United States
will not be questioned; but foreigner may well ask,
how it could in country where an honest cur
rency is established, in Constitution which MI pubic
AGENTS and officers sworn 10 support In reference
to our Constitution, will present this subject in one
pont of view out Of dozen that may be taken, and
endeavour shew, in the most simple FORM the prri,
ciple Of that operation by which the Southern and
Western States have lost the direct trade, and great
deal more equally worthy Of preservation.
We will suppose the two States OF New ork ana
Virginia to have entered into compact under the fol-
lowing conditions: That all duties imports and excuses
shall be uniform that preference shall BE- gwen by
any regulation of rceenuc TO the ports 81
onc State over those OF another: and that neither State
shall coin money emit bills Of credit make any thing
but gold and silver coin tender IN payment o debts,
&c. We will further suppose, that both STATES are
equal all respects that is each State makes The same
quantity Of produce ia" sale, needs the same quantity
Of reign articles, and has the same quantity aud qua.
ty of currency, say ono million ut dollars apiece hh
that all the money which is wanting for the support Of
| 4, Ia, INN
We Will furthermore suppose that New York, IN ro-
aiion Of the letter and spirit Of The compact vests her
million If dollars III bank OF circulation, ana gives me
ha nix authority three millions at paper currency
1t will follow that lwn-tirrds II the million winch -
the currency of the world, because IS worth what Il
pnrunrs In be- becomes capital 10 be sent abroad 10
purchase foreign articles 10 be brought to her own ports
upon which Will be not fifteen cents to The dnar
If uniform duty. Then let power from tic .ad
the compact issue Treasury order thai III dchased
paper currency shall be- taken i'll payment II dnrs
and taxes, the most sacred OF all drhs, and suPFe
macy IN commerce is firmly established, Ivy giving
preference 10 one port over another and by ci'a-
ing two currencies a thank thee jew, for i ac IN
that word -thr one, rehasrd currency fer tie vo-
aiors Of the compact and foreign merchants III h,r
ports the other, the honest hard money for oil honest
people, when their property persons are LEVIED upon
nv the officers Of the law. VIVA, must virginia do
for self preservation: She mnst exercise her re-
served rights, aud prevent all such Of her o"n cdzrns
as shall dare, within her limits, to traffic III these i":-
rrgn commodities, thus snrrptl,iousiv ihifo"csfG
within the limits Of the compact-otherwisc, slr nm;
lose her trade and viii be forced I" pnrchaae all arf
foreign articles in the iavourrd ports al based cur
rency prices. The prncpI. have here iaid down -
assaabe, and the gu stons arising under IL "pc
ration and the illustrations capable q" beng PIE
sen.ed in as many shapes Protens nsel! assumed
shall only notice one. II New York had adrera,ed
one third Of her million Of good dollars, BY putting
ghths pewter, sent the good abroad, and Kept
the debased nj home, and paid her duties ana taxes,
itself would
fraud hut as she has done with Bunk fiction, by
seventy times seven The evil has not been perceived
shall not examine mic the effects OF This cnncan-
raiion If trade upon my honest c"nn,rymcn III the
great States that have cities which have enjoyed H.
few short months viii probably tell the sad tale; but
shall take glance England. the fountain head, and
the only country benefited by the scheme of fiction.
CUMBERLAND
At meeting If the Republican party in the county
If Cumberland, held III their Courthouse Ill" 25ti
! L. I