Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-11-22
POLITICAL.

gencer portion of instruction for the people of this
country In commenting upon the project proposed of
| introducing banks, issuing paper oil small denomI-
nation somewhat upon the American system, the W.T.
ter presents striking example Of enterprise and pros
perlty not osered by such dangerous artificial s,'mu
ation II would seem that the French protector has
given very little heed 10 the melancholy experience al
the IT, States, lie would have learned that the in
creased Temporary activity gwen 10 enterprise hy The
plan which lie sdvucaics by means compe rsa;es for
the langn"r and stagnation which uniformly follow tr
collapse Of The credit system thus inflated.
Leaving on, Of view the moral deterioration which is
the unavoidable consequence system, on
important element, howeyc:, calculation,
persuaded that Improvement has been rather retarded
By than accelerated Who that witnesses the univer
sal arrangement which now paralyzes American enter
prise but must be convinced of thIs Not only have
vast sums been squandeed upon enterprises of no.
trlng, or very remote advantage bat snch has been
the waste Of resources, and bitter has been the ds
| appointment Of sangune antcipations, that useless
works have been abandoned linser in hopeless i'm
perfection. States embarrassed and stgmatzrd
"h financial disgrace; individuals are discouraged and
seek ia vain for employs dissatisfaction and des
pnndency have seized upon the whole community
Great as was the excitement which prevailed few
years ngo II by no means proporoned to the lehar-
gy which now hangs with The weight OF lead upon the
springs of physical and intellectual activity The most
intelligent and the mus, active are at loss for the
means Of making thei advantages available. Change
of fortune has upon thousands, who uursrd
in The lap of luxury; many of all ages sexes, and con
ditions Tho but lately lived in and comfort, have
been reduced to absolute penury. The most painful
examples are often presented in the public papers, and
doubtless the most numerous and affecting cases do
not meet the public eye Misfortune, disgrace, and
despair depicted upon many counenances, and the
country sad and dcsoa,e aspect, ft had
BEEN visited by one Of those great caumtes, war, IA
mine, peslence, with which the anger Of Heaven
sometimes sconrges the nations of The earth.
This is the practical result OF that Wanted system OF
bank credit which was TO deYelope The resources nf
the country with snch miraculous agency Like m
ioacaion il has proved strength to-day and greater
weakness morrow. Such is the invariab!e result,
when impatient seeks 10 violate the laws OF his own
nature, those imposed upon him from without, by
the nature Of things Sobrety, industry cveIdnce,
the intelligent but cautious application n the teachings
Of experience the discoveries oil science, alone
bestow tina, sauary and lasting welfare SO much more
to be desired than the ftfuI and flushing excitement,
whose and tear is fatal TO the permanent energies
and substantial prosperity at a nation. How much
grateful the picture drawn by this intelligent wri
ter, of the healthy activity md enterprise of the
condary and subordinate city of Versailles, than is pre-
scented at this moment by the gloomy aspect of Phla
deIpha once renowned for its substantial wealth, de
corous order, and sober chtcrfnness. However pleas
ing the first picture the contrast s mos, painful to an
Amer can -Uashingion Spectator.
1.-The number fla Recue des Deuz Nondes, published
the lst instant, confirms dissertation of sixty six
cudes the elementary principles and simplest opera
TONS aud exposition Of the wonders wrought IN IN
,ernal Improvement by means OF banks II treats OF
the different kinds and various Of credit; the ori.
gin and progress of banking: the English and Scottish
systems; the benefits Of paper currency promptly and
certainly convertible. The writer admires and
commends dppostes oil interest; he thinks that the
French Government should authorize the banks Ia
receive them, fixing minimum oil two thousand
francs. lie regrets that the monopoly of exclusive
| nff ha Rar If WR wed
in 1910; he would have than ten banks for
France, and notes as low rs twenty live francs
he supposes that the French people have no repug-
nance, and ght te accustomed to paper money,
coming from solid establishments He scarcely touches
on the history and results of American bankng-un.
questionaby the most instructive in the way Of bea
cons. Some years must earse and more such tracts,
as the one noticing, be widely dHused, before the
dstrust which the American case has begotten, viii
cease to prevail. We informed that Spain expe.
riences increasing deafth OF spece-and, beng
without other circulating medium, she can make no
progress in domestic business and enterprise have
observed, and inquired concerning the situation ana
system Of trade Versailles, which, in three years,
have inhabited, altogether, twelvemonth The
population is above g., IN0it deals with the nhnhit-
ants of the neighboring towns-there considerable
man ua t0ree-nost of the numberless shops contain
the hes, goods tie luxnries and comforts of French
life OF every description. have been struck with the
onidcnce order, composure, with which business s
transacted; with the indications every where oil prosper
ous cheerful and earnest industry. No paper money
circuates The five hundred franc bill of the Bank
of France turned into coin at the desks oil the money.
changers with n small discount. The few regular
discount having endorsers esteemed
good; If renewal be repeatedly asked, suspicion arises
and the favor stops. No trader can get deeply into
debt; credit between individuals is proportioned 10
chnrarirr and circumstances; insolvency cannot be
mao niicrnt nor widely injurious. For many years
p,st one considerable failure only has occurred, that
oTfa bap
the ordinary precautions fancied that he was not
growing rich fast enough lie inGuged The needy ana
some bold spectators for higher interest; he broke
length for nearly eighty thousand dollars; an increo
be sum in the opinion Of the people Of Versailles This
community had TO struggle with peculiar difficulties
Un, the Revolution of 1890 nearly all the public esta
bIishmen,s nd cdifcps belonged 10 the Government al
Paris. as Versailles was almost wholly royal crea
iion The municipal councils bought them all OIL The
credit of the city, the royal library of sixty thousand
volumes inclusive. To discharge them gradually,
the octro-iolls at the city gates-was considerably
raised--t is made TO yield seven hundred thousand
francs whereby, the price OF lvng,n general IS mucn
enhanced But the inhabitants are well sa,isheh' ana
prord or their ACQUISITIONS and sacrifices In the CEN
ire Of one Of the great divisions of the city, is an
extensive and beautiful area, into which open Tour ptn-
cpa streets that served for generation, as market
place The councils obliged TO buy II, nlso from
the Government and, when they had done SO, ihey or
dersd il 10 be cleared for the erection OF series OF
market houses But it was full Of squatters OF town
and country with booths. tables, stalls, and pescrptive
lines and posts They claimed every inch as their own,
by inmemoria possession, and they rnised such
camor and concerted so formidable an e'n,Ie IN the
event Of forci5le attempt TO eject them, that II was
though, hes, 10 compound with them, even on hard
ems for The city cxcheqne The noble marke, halls
round the area are just Enised-the pride OF the
occupants, equals the comfort of both sellers and buy
ers."
assumption IF State Debts-We remarked yes'fr-
day. in reply TO the Inquirer general terms upon 'he
proiet OF Mr. Cost Johnson for the assumption oil S'oe
debts but the Importance of The SUBJECT WI, perhaps
warrant few more words in regard to IT. Our co'pm
uorary appears 10 adopt The costly ideas of the gen
eman referred 10, that The best way for the Govern
ment Of the IT, S. 10 obtain loan o! the lew millions