Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-01-26
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RIcUMONp, THURSDAY, JANUARY 20.
TIRE CREDIT OF TIE STATE,

| v, , 49,, mention a! our readers 10 the Essay,
y hch wr publish fu tbs mo:n'ii' uhoet 'is s,9
nature O; ts lies conteang Ourselves wiih the &c
cara,ion that IL - from the pen OF enc OF the 'Dos!
,,,;,,,n, p,,;tical Economists in Virginia that 1t
tcucLes suhisc: or great Importance, nov before our
nhIic Councils; and that from the positions II assumes,
and the arguments which II produces IN Their support,
it deserves The attention Of every reader, in or out OF
the House THIS Essay goes to the great question OF
| The Credit Of he CUt:enS " tTsaata
In connexion with that subject, We lay before our
readers an interesting paper touching the Creduo The
State which prepared at our request, and IN reply
to series of questions PIT by ourselves, from the pen
of Alercau, of this City, who understands ih state
of The Market and whose slnements are entitled to
great respect, Fle completely confirms the Views, te'
ken IA the following extract from The Report o! Tie
COMMITTEE Of Frmlnce:
al, appears 10 Your committee that the oaly assured
means By which the credit and homer OF the State can
be muinianed s by the adoption of prompt and de.
cisve measures 20 enable il 10 meet punctua!!Y aIc
ertainy Tie payments of the interest upon ITS debts,
and to provide certain and adequate resources 10 DIS
charge within definite period The principal OF those
debts. The conviction forces itself upon ,'am, that
III. credi, Of the State influences powerfully lis monied
Institutions and tn. prosperity Of iis commerce. agrl'
culture and mechanic depressed State credit
ccks in inaciion period oi general distress, the
r,ass of capital vested in State bonds. Give confidence
Ia The public creditor in The pnnctual payment of his
interest! end assured safety ot his debt ny the pro
on of ample tor lis future payment, aud toe
nllon State bonds becomes al once eva'.ahi" innds
:s The liquidation OF foreign and domestic debts, the
nlt dnm oil exchange and remittance supplying your
banks cnpousy w:ti specie, restoring confidence ard
activity trade, and VIII he The hrs. and important
sep towards relief from the Pecunary embarrassment,
alike harrassnC 20 all classes OF The community, aud
operating with deadeninG Influence upon all branches
Of business whether agricultural, commercial or man
UactuIing
TO TIE EDITOR OF THE ENQUIRER.
WEDNESDAY, Jam %, loi3.
Dear Sir: am jug, favored with yours of this morn.
ng, and although pressed BY business matters OF great
Importance, venture 10 put them aside for few MI
nn!es 10 send this hasy reply which will be made in
tie order Which the subjects touched on, are brought
To- vew in your letter. and, Isl, as TO State Stacks -
Virginia per cent. Stock was sold, just before lie
le e,,rg Of tie Legislature, as low as 1a-and would,
In IS believed have gone iotcer If ans considerable
amount had been pressed the market immediately
alter the movements in the Legislature against repa.
fiaion and especially after the report or views OF the
Finance Committee, through Thomas j. Randolph,
Esq became public his Stock rent mp TO w. ana Tor
time could not be had even at that pIice. Amongst
se nsble well.iniorrned business men, there ia, pre-
sumo bu, opinion, at least have heard but one,
and that ascrbes this great advance 10 the movements
OF the Legislature noted above. This same Stock is
now receding, and IS down to S7-which is caused no
lnubt ~ IN increased apprehension of Stay Lac
Should such law be enacted this Stock. iear, viii
continue TO decline rapidly, un II reaches n Doinl
below any thing we have yet known. Indy As 10
the ei|ct to be anticipated from carrying cut Inc views
o! the finance COMMITTEE, reply-it Will indeed tie
tia Il beneficial bfouc haut the Commonwealth, II no
Scp Lar passes lie contemplated provision lnr the
ps;,nsn, of the annually and the principal in
reasonable time, will! is believed speedily raise this
Stock TO lis par raiue, neer IT. as 10 ensure It's
being aken generally in payment of all debts, lat its
par value,) by which an immense circulation OF the
sound,s character will Immediately arise, relieving ny
III rapid flow much Of the money pressure now felt
from The great contraction III the circulation OF our
Banks, rendered necessary by resumption and con-
,,nuancc OF specie payments. And as money is worth
in New York and other Northern and Eastern cities
barely per cent PER annum for large sums when the
+ahi kind Of security offered md in Eng gland on.y
- per cent per aumnn Il cannot b. doubted that
i;.c per cent Stock ri ths good Old Dominion, Will
soon be sought after mos; desirable Investment, ana
thus be cared perhaps, far above its par value f e
means sustain ia credit, already strongly indicated,
are adopted and acted on in good faith
Excuse the haste in which write, and believe me
\ to be- with all respect,
1 Your obedient servant,