Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-02-09

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eight per c.n interest, when private c'Izvh .! "'htr
nations barrow GA The same tunes and terms i"i
two per cent Interest! A1d to kaow tina, this dit'
ence proceeds alone from lie loss ot confidence IN Lie
honesty aad 20 4 ;a,,h @! our Legislature.
The ev,ls, wh,ca now ircin a loss OF confluence IN
the good e. "a OF STATE confined 10 tie public
creditor; they extern; equally - tie rr'a'' debtor afe
creditor. Onc os tie iiTs TesHi'. tom thiS Measure
is Ion ger POSTPONE ac:: aad greater ;act talv III lP
collection Of Ge3ts. From t5 cause, ard if1'i 'e idli
of State stocks the private bonds become deprecated
ia market, and So" ~ create: discount man I've
lcrai rates Of in.eres oupy ceases ea 20 De loaned
on. for the huie, IL rot "iu al 81: per cent, ',!ien
he can purchase coed Stale stock or pri@ae bunas 4;
% per ceniu,n discount TIE circulation ~ iie coca
Try rs diverted .rou liz Ordinary ard Legitimate ciGi
nels for The purposes oi u.u-y and sharing uds, a"t
ceases Ia perform ;hc proper iunc,tous 81 currency ii
becomes concrn rated in lie hands @, savofs and spc
cuIaorS TIM, cass ct c"2sas interested III depfecial
ing bonds aud depressing property. \ monopoly 10
great extent alea The lace o Giiust"2 2nd gene:ai
c,-caa,ion; aud is taro tins Concentration oi c:cu-
la,ion increases the panic cni pecunary embarrassment
To Illustrate tie vii CHI tits concentration OF
currency may ensue from general pane, ard loss OF
confidence public and private credit, need Only
show the proportion winch the cIrcraton OF countty
bears to lis population and aggregate wealth Assum
ing the period of IS25 -i2 toe aggregate cIrcala
OF the banks OF The U. ). SKY millions, being
fraction under five dollars per e"Pua !or the entire
population. In Tue same period the 5a"ks Of |lr9I":a
furnished the snua average circulation Of near s. 20 10
each individual In 1851 the period o The greatest ex
panslon ofthe haS 'ae aggregate circulation OF the u
S was $40 0GG, csc, being fraction over 8 90 per
capita TO The population o: tiie unon The BANKS
Of Virginia then had a circulation OF nine millions,
three hu;.lre3 thousand dollars beGr likewise per
yta circulation Of eight da!lars ioT her population
Notwithstanding the repeated Suspension oFspecie pay
nens, and t.e total bankruptcy Of many Banks, hy
the latest tr0 toe Banks Of the United Stass
they furnish per cayta circulation of i've dollars,
aud he Da6ks oi Virginia likewise maintain their full
proportion of circulation. Whilst the rates Of Schange
regul1r and - near the specie STANDARD IN every
quarter o. the Union, and whilst the Virginia Bink8
have exnanicd and cur!alieI their circulation,
regular ratio with the Banks q the United States 1t IS
air presume that t!e slf;e ai0Hnt ii notes 81
other States crcsiata N lrg na as C Virginia notes
in other States A. The period oi greatest ma toa Of
tn currency the average per caGja circulation
only eight dyiiars; and ~ lcG! -, time OF LiD'e
than ordinary prosperity, lae Circulation was ave dol
lars per captta. Far more particular Illustration,
let me apply these results 10 the counties Of lla
lfax and Buckingham Halifax has population
of twenty five thousand; giving 10 that county It's far
.harc Of the c:5cu l:on O! the State o! the taion ana
at the greatest bank expansion II would have two hun
cred thousand doars--a sum less than the wealth Of
several al lis citzers giving the nsua! and ordinary
circulation of FIVE dollars and il would have one hua
bred and twenty-five tholsaad doaTs. The county OF
Duckin ycia has population o! eighteen Thousands 1t
would have in the period Of expanded circulation one
hundred aud forty-ouf thousand dollars; IN ordinary
times ninety thousand dollars Of agge gate circulation
In this sirc, examination Of the relative proportion OF
currency 10 population, 1t viii De seen, that, should ten
men either Of those counties hold ten thousand dol
lars, or twenty men hold five thousand dollars each,
distracted from general CIRCULATION, they wond engross
a large share OF the currency which The county is
ea.itled-That this monopoly of currency does exist To
considerable exieni, developed by tie recent large
sale of slaves in the county o. Buckingham One
hundred and twelve slaves sold cour; Tor The
AVERAGE OF aee and forty dollars, nahne the
spyrerate of ,rtY e; thousand aud eighty dollars al
as1ne!e Gale. Wherever there has been Large sale OF
slaves or sale OF fine tract o aud, 10 attac: those
in whose hands ;ha currency is coaccntratsd, the sale
has bee made at e. p'ce. Gu', II sales o! small
lots of slaves Of land AID properly .:erio III guam
;y and quality, the property has pot brought together
the holders o; money, and. IN mary instances ptiass
have been low Tn period Of l-3j-3i was an GA Of
public and nGiviaua! prosperity: our hanks ha.c io"
more capital, more Specic, and equal number oi
notes in circulation The banks OF the United States
furnish greater circulation, compared even w'ih
the increased population o.: the country Yet no maa
remembers such general scarcity =! nlnuey Throughout
the community. The tendency Of tis measure is 10
continue tins state oi things III mCc aggravated e..
tent. oit!usva circulation and general prosperity
can only be expected from gradual sales and the Teso
ration OF confidence hy honest policy and just j s.
The relative proportion oi currency 10 The arG@13ie
nrops rty of the State sGud cttrac the attention Tie
House By The returns OF assessments OF the ia"' at
The State ant tie commissioners OF revenue and e.t -
returns The ncnrrtr Of Virginia is valued at cre .nan
four HUNDRED mili,rcr OF Goafs ihe total circulation
the Stale 3c: .cfedcG { VI wv
lars or two per c.::. It's property. ! hs SNAIL
amount Of cur-ency Tie Eietium for al the sales ihai
NAV be made Of ti!s iiale mass "a! property fra
son and experinc have proven, that the tai! ~ the
price Of property III remarkably clare ratio TO 'f
contraction of the currency. EsE:at;n. by this rule,
q contraction % one million OF dollars (beng sixth
of the present circnll:on) would be followed by a'i
in the aggregate property Of The Stale oi s&ly-sx
millions Of; dollars D.s ,louse should carcnr Goa
slider this measure the .aer .Iaa!c consequences vi
~
ey, aud stall further concentrate 1t IN The han;s 81
few individuals
Mr. +. remarked, the bill proposed to stay the time
cf aayme! lively. months uader ile '!Gs"fy nope TIA,
:!e situation al t,e debtor would hr materially ~!
proved Ne had attempted 10 prove TIA; tbs measure
would produce increased distress Ard emaaiasstHe'ls
lie would pfoce,d tn sI"w that Tho present cCan,
ton Of Tie country. If let aloc t, might slowly add
gradually improve, bat great or su@tcn Improve
ment coGld lie reasonably anticipated The ev;I; ongi
mated in sot,e prominent causes mhic! h2 ~pG! no%
trace out. The payment al early period o our ne
son2 debt; incurred during lie tao wars, was rendered
certain about 1898 THIS, Of Itself, calculated
~ give b. "a pubic credit 10 the Union and The Stnles
About this period, the Sinking Fund provided by
The State of New York had accumulated, that The
payment Of her debt Cured for te completion 81 The
Grie Canal, also rendered certain. lhnt State,
guided by o:sight and sound ralicr, IN borrow
ing cah, millions of dollars for he! great fublic work.
pledged in ,he s cscc;in. the lean sui1:enl a.. aad
revenues punctuaiy 10 pay .h" Inteies' aud redeem
the principal. and IN ord: 10 render 'i''s pledge Fl
.ective seabi, the State Contention insert
ed a clause in the Constitution expressly p.oiio-
ting the Legislature from dyertiDg these revenues 10
any other purposes TIE accumulation Of the tolls and
taxes thus pledged. rendered Ike payment Of the
deb, undoubted Tbs successful experiment IN inter.
nal improycniens, with the high credit "f tie States,
induced all the States to embark IN runons indebted
ness 70. IL d,ges aid IA many worthless works
in the space OF years from 1850, Inc States had &C.
cumuated dest of hicdtei millions OF dollars,
averaging twenty millions per ana2H, almost Inc u"o!c
of which has been suck in nnprritate Improvements
The nfiux of ,h.s Immense amount OF foreign c1p;ai
would of Itself haze greatly expanded our cfc"'s'on
had it been in specie Bat the ;aost 81 this bcfF1 "e1
r,oney became basis al increased banking capital
upon WHICH two or three u:cs lis amount might be is
sned in bank nc,es-ihus pI0g cfeGi: upon credit to
reach the pinnacle Of prosperity In few years The
number and capital Of our banks were trebed and
,be,r circulation rose from sixty TO one hundred and
forty millions Our Safe was drawn INTO his
vortex of :uin-aGainst MY most earnest and re