Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-01-26

MuzicAL TkEsr.-Let every body who has sou!
wend their wa; 10 MIR. Bassins Concert al the Ex-
change 10 night This gentleman Is, without fla,tery,
brilliant. urfise aud his violin always arorses the
deepest sensihtes Of The heart! those who nave heard
tie master strokes cf agaaiai. have, ca hearing Basa
nj, had crowd OF delightful associations revived
co-MMUN1c7rED
THE TIMEs-sThY LAWS AND Nd STATE si,;,l DEBTS
The last few years have presented quite an anomalous
aspect 10 The political Economist In period Of pro.
4 found peace throughout the civilized world after the
enjoyment Of longer political repose than has occur
red since the celebrated treaty OF WestPhaiu, have
witnessed both in this country and Europe, period Of
no,dina,e speculation and adventure, followed by
financial evulsion, almost as violent as any which has
ever been known TO spring ou OF the vtcssi!udes OF
war. long peace has generally been found favorable
70 the rerula, AID harmonious adjustment Of the
fild economical relations OF society. During such a
state, the great regulating aw Of supply and demand
establishes an equilibrium among all the departments
OF labor and enterprise and prevents those violent dis
locations of capital and labor always consequent on
periods of transition from war 10 peace or the reverse
| Well then NAV we be permitted 10 ask, why has
country been visited by disastrous revulsion in
period Of universal peace shall do NJ more ON the
prese Mt OCCASION than merely advert to what consider
the most prominent From 1918, year exceed
nGly analogous to the present. in consequence Of most
disastrous pressure, which fell upon the whole length
and breadth Of land up to about 1891 all our asr
cultural staples with cotton included, were at exceed
ngly low prices With the exception Of two three
of the first years Of this period, during which the tran
si,on taking place from high scale OF prices to
low one und when money was borrowed rather for the
Purposes OF paving urgent debt, and saving property
.n with view 10 trade and prniils-nt' rest was cw
and oanab. capital abundant Never was money more
readily borro we'd Ell per cen'um than when corn was
selling. in Virginia, from 81 % Ia 81 oO per bar.
rel During this p-riod, therefore, prices did not
RAPIDLY luciualc, an equilibrium established
throughout all the departments Of industry and, in
the absence Of all exciting causes the wild spirit OF spe
cnlaton seemed almost banished from our land. The
only exceptions this from temporary vaciIla
ton in 1925 consequent n cotton speculation in &.
Britain and from the unwise tampering OF our Go
vernment with the manufacturing interest, which pro
duced vcissude5 IN that business, particularly
IN 1878 Under such steady prices then, although
low with scarcely any stimulus 10 cx,ravagant specu-
ation We are not To wonder that our whole banking
and moneyary system was preserved IN sound whole
some condition
From 1881, however, up 10 1887, change cane
the whole aspect Of country. Cotton, the great
staple of The South constituting all times much the
largest portion Of xports began steadily 10 advance
in price and after from or ten cents 10 IS or 90
the pound remained for vera years the latter rates
With the rise of cotton, OF course, all the lands Of the
cotton country ADVANCED the negroes, required to work
them advanced likewise. This rise of cotton caused
the tide Of emigration 10 set in very strongly from the
grain and cattle growing States to the cotton States;
and hence very correspondent rise IN all agrcui-
|
nresen nature possibly escape the scourge Of spe
cnla,ion and consequent rvuls'on under the crcu;n-
stances here sol forth This rage FIR speculation first
commenced in TIE Southwest, and there reached lis
most ruinous Eeiuh, because land, winch IS IN every
country the chief item Of wealth. became there sub
ec for speculation: which eventually 10 4 most
unreasonable price, from The double operation OF the
rise in the price Of cuiion and the tremendous gra.
ton to the cotton country, producing most undue
competition for lands. Prices remained al this high e
tho hpto ,o{ntt
habits, and to introduce style OF luxurious living com.
msnsurate with this high remuneration Of labor and
capital. In the time certain causes, of an extra
ordinary character at work calculated 10 increase
and proonr this speculative mania, which had nllen
upon our country like q great moral epidemic. The
corrective rage far speculation IS generally found
10 consist 10 nnavorab!e exchange with foreign
countries, which produces dema nd upon Tn" banks for
specie aud admonishes them OF any undue e1pan
SION Of the currency and imposes the necessity OF
general contraction. This vas however for long time
pre- vented in country by the long continued high
prices OF cotton, carrying our exports through several
years. to unprecedented amount and TO system OF
borrowing, adopted almost simultaneously by all the
States for the purpose of eecting their, too often chi
mericul, schemes of internal improvement.
hope may be pardoned for dwelling moment on
the operation of the latter cause. The assumption OF
the States debts by the General Government after the
Revolutionary Wharf.-The punctual payment OF principal
and interest on national debt, after the second Bri
,ish war-all conspred 10 rinse the credit OF our 10
vernment, both State and Federal, not only 10 level
with hat of European Governments, but greatly he
yond them all, with The exception of gte9 Britain
The United States exhibited to the world the exiraordi-
nary spectacle of people who had honestly paid of
every farhing Of heavy debt contracted during Two
Under these circumstances, j, was 10 beFxpect
ed that if States should appes nfkhe exchanges
o of Europe borrowers of capit5 would expc
! rience Tie utmost facility in obidllft. Two cir.
cnmstances conspired with the extraordinary financial
prosperity, from 81 to 81 10 make the States plunge
generally most deeply in debt. These two circum
stances the completion Of the grea, Erie Canal
and the application of steam TO railways When We
consider the violent Internal Improvement jeper gene
rated in almost every State oil the Union by the success
y of the Erie Canal, and the millions of capital useessy
i expended, scarcely know whether 10 rejoice in the
?e,ion oil that great monument of Clinton energy
n and genius In the whole Union there is M, another
line tina, compare with it, either in its advantages
for trade, the facilities for its execution. The whole
nation-the world dazzled By The results Ali dit
i lrrcnces overlooked and mania for Internal I'm
L prove seized on oil he States But the Canal crs,
o nigh, have ragged, without enailing us very dsas
u results i, is not every locality that 10 fitted FOL
canaing, and there will always be large portion OF
l. the population 10 such improvements from The
!. favorable position towards the markets. particularly 10
. such State This opposition sort oil
balance wheel in the system But Suddenly can scarce
too strong phrase; the railway nvention deveo
g ped lis wcnderous powers TO the as.onshcd world. The
Brn1leys and Bridgewaters, the AicAdanls, Rennes
ana laio!as mao haloi erased 10 hpe,f ere t0ef g"}
= began II dim aud their mighty works 10 dwndle IN
public estimation by ?,rson with the late discovery
which seemed TO realize The poets prayer Cor the ann
hn,ion space and Never nvention better
calculated 20 impose on The Imagination. The Nan
chester and Liverpool road nc,cd The whole world
rs lhe New York Canal did on Tie Safes o! Union
aad being built OF time when the whole world and
particularly The United States enjoyed the NEST
i bounded apparent prosperity, its influence the most
= potent Here species Of Improvement that would
all localities. the tide and mountain
gon The old division of Atlantic States into the
internal and anti internal improvement parties in
a measure annihils:ed Every locality wanted rail
road, even the venerable old city of Williamsburg with
navgabe waters TO her very doors either sde and
h With The nn!e James flowing within four miles the
one side ard The York equally near on the other was
d-sirors fer railroad Under these circumstances ii
impossible 10 prevent system Of the most vicious
combination for carrying through the gigantic
projects Log rolling became the settled tactics Of The