Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-09-24


circulation redundant currency, tie merchants
were stimulated 10 lload the country with their
goots. tbs produced an unnatural demand tor
these COOS, and lie competition 10 gel them, o.!
course, ENLARGED their valve, ard thy were Ee-
ccssaFi!y 5ousi., al high prices. To pay fer these
goods, the merchant Is compelled 10 send forward
proGGcc, or L. SEMI specie, because our bank notes
viii no pass cuiicnI in other countries. III tie
irst instance, then, pursun" Tie natural chaEhci
OF trade, the produce Of the country is purchased,
to meet this exchange, and the more Soocs are
imported the more roiucc must tc sent; and ow-
ill.,, 10 The appreciation Vi the produce, il o! course,
is bought al h:sh prices. The result Is, super
abundance Of goods is imported, and IN extra
supply OF produce is SHIPPED, and it becomes dam
med up il tlic foreign market, for want OF par-
chascrs The supply becoming greater than the
demand in the foreign market, where the same
redundancy OF the currency does not exist, the
consequences is, the immediate tall III lhs price OF
produce abroad. Other causes, too, conspi;c 10
produce the same rcsu!-ihc blessings OF He.-
ven in bcsloWing fine cioYS en- other countries,
the imposition Of duties amounting 10 ptohihi-
ton in those countries, end 10 rclCcc TIE pficc
TO lis minimum. Tie slipper ke.c does not like
10 submit 10 lie loss Consequent upon forcing ii
sale Of his r.o,ucc. Il is hold up. This only
renders The matter worse. !, row would be rll-
nous 10 sand more prsGucc 1t high p:iceS--o
course, lie resort: TO tie other alternative OF ship
piag specie. The Hcyt thin. You see Is an ALI
rnnciation in The rutl;c prints, such steamer
carried ou' SUCH 81 amount &: specie >Gch 4
p2Ca" carried out mere specie; and csc!y packet
and every steamer that -ors Is; loaded with sre-
Gle. No% the brokers begin 10 draw from the
Banks I'll The specie they can om2iE-anG
specie is al i premium Common pcop.c
knowing nothing Of TIE stat: ui trade. Halu-
rail- CROUCH sax, had IS lief have Uni'c
Siaies i!ai.l, ro:e Is specie, and they exchange
their :pccic for tie notes aat gain he premium
More and more specie is shipped Every one is
row in tie habit oi using inc goods, ana they
won't 60 without item, and The merchants CONT
nuc 10 import lhcm The balance oi trade is rai..
ous!y against lis. The European taerchan; con
tnucs 10 draw uron he American merchant, aEd
the process is 50 frequently renewed. that nearly
all The specie in circulation is shipped 10 10
reign countries Now, the Bnnk begins 10 feel
the Drain Instead OF large dcposiles Of specie
by its customers every customer a'.d every BIO
kcr is drawing large quantities OF specie hon
lis vaults. The Teller goes 10 the Cashier ard
the Cashier goes 10 Tie President, AMI TIE Pre>i-
dent coEgcacs the Directors an! lhcy all look
9ravc and shake their heads knowingly together
After long consultation i! is "te mined that this
great evil HIS been produced ~ al undue exran-
sion of Tie State banks, and the ovcrr;dirg o The
merchants. One of the great objects Of is chr
ter was 10 regulate The currency, ANA these State
banks must bc made 10 reduce their circulation
The Bank, BY means Of is branches in ali The
States, has received on dcpo.,e vast amounts OF
STATE hank notes and these banks are largely in
tchicd To The Regulator. These notes ale ccEsc-
| Guenty returned upon the local banks for srecl"
Immediately, The local banks. (who have fct the
previous drain hv their own customers ana br
The brokers' rs well g Tie Regulator are in III
urroar. Here comes another needing CT wise
heads: Tccis, Cashiers Presidents Directors
The 1'ccfs say, il il was not toc these r:scaiy
brokers wc should 70, fear; law ou@Gtio lc pas
cd IL prcycni nrCners drawing siccic lI0n the
Banns. The Cashier and the President lhink.
wh7t dogs The L. :. Bank mean! The boar! u!
dreciore,-:hey a,c thinking how Hey arc 10 ;Ecct
The cuie! upon ;h2if o':n .o;e>, which 'ney see y
inevitable upon oher customers. All thcyast Is
liule time 10 take care o number one, that they
NAV Sc, about collecting ,Ecir debts as last d pns
si.ic, before The pEysic i administered. But The
disease Is pressing sorcly, and the remedy must be
applet; their notes must be drawn in, or The Tank
| must stop specie payments. Cu.ia after curtail
is ordered. Every sixty days, ten per cent 81 the
entire delt OF the bank is 10 be paid up-and this
I lv people, too, who have been assured that
they could have ans tr:c they required, and who
consequently have made not the slightest enteavof
10 raise the wind. Then comes the curtail Of the
United states Bank. Fifty millions Of notes 10
b. drawn in. What do the people, who have ne
yer thought upon the reason or The cause Il AZ
this to-do sayl They have been so in The habit
of applying 10 the banks. when pushed for money,
tina, thcy apply again with perfect confidence
The nocs are returned not discounted The peo-
PIE afr a.hasl These are t!ie times for the sha-
ycrS. What are the mercantile community 10 %?
Theirs IS system Of credit. The merchants
have toTwa?e, tobacco, -four, prciucc OF all sort
10 *one specC!a!or III Inc North. who has shipped
il 10 Europe. Tire syecu!alor, hard pressed ~ lh'
Regulator, orders a sale OF This produce ic!
what il viii Lring. i; has Been woiu!lv So
cr;ccd Before il w.s snlI. lac had ovcr!raWn
upon his European Banker iur IL supposed
value. and sGuandrred the money. The Euro
pean Bankers begin 10 draw in return, Tor out
Standing balances, anil ior new shipments 81
goods Southern merchants draw for The amount
Of their produce. Ellis are Grawn through the
uni,ci States Bank. The Spectator rushos 10
lie Regulator Can't obtain dollar! The Resula
tor cooly presents the drafts from the Foreign
Banker and Southern merchants can't pay
dollar! Down comes the protest! Doors closed
business storpeG-smashed to atoms The Banks
4; home still pressing tie Southern merchant,
Bills icuin p!o:csicd-ro tands 10 meet their own
bills Down come more protests Doors closed
smashed 10 atons Then everybody IS a.og for
news. Did Won hear The news D:i you hear
he news The great no.:sc d. the Dash Eagles
broke 10 finders Five hundred thousand gong,
and 10 mi>ake, How MACY hearts ached that
night The sane scene is enacted everywhere
Fire horses gone by the hoard in Bai'imGre-tcn
houses gone 10 the dogs in New iork-ttcc1 in
Phi!ade.p hia-iweriy touScs smashed in New
Orleans Tic screws are sill pressed harder
and iirnier Distress, pain and anguish follow
Then confidence is LOST Il is whispered about.
such \ Grm lost Ike the Devil hy that taiiure IN
New Orleans Such another sent al their chac
60 to he ki;c- flyers in NV York. 81, ticir tlour
to the Dash Eagles Then come all the debtors.
rushing in with their balls! Who can pay now
Times are tight! Letters have been written 10
every source in Ike country, begging for liuic
hclE-fur part payments o! Tic immense arlcEI.s
credited CIT ihcrc-ah In: there IS 10 money
lhcrc-ihcH. there was an earl; iro>t last Fan.
and 4 drougil; This Sprire, aud 70 money can he
screwed out 81 angho.!y Another cpflail cores
W; 4 cent t. pay with, Smash 20 TIC firm
smash 90 tie Embarrassment the mechanics,
with al their bills unnaiG. I'll their lard cam
in:,s gone--;l the property CT Innocent endcTserS,
WHO never had any beucht from The 'rancac;ons.
.vsJt from themselves md their families Now,
every one is rpei-Iaouihcd cgairs: The banks-
Men begin 10 assemble in grours! How are
they 10 live? How are I'll these fine houses and
elegant eGuipages and splendid eDicria :nmeDs To
be kept up! Nay, how are tley 10 get bread
Workmen have ro!hirg 10 10. every thing is at
stand still But rs every body is breaking
The Banks are obliged TO Re cautions They be-
Gin TO require additional security Tor their debts.
Deeds OF trust upon every species oil property.
Lands negroes stocks, personal property. ever;
thing is nc,uded-all are morgagcd. Men, in
whose integrity the community have had the III
most confidence, begin to show the cloven foot.
This man has atsquatulated-this man is rowcd
4, =, L.,
the Grand Regulator, and al the little Regula-
tors stop specie payments. There WIS scarce
dollar in I'll their vaults.
Now, comes new state of,hings-the crcula-
ton has been curiailcd and reduced 10 such
state, that there is rot money enough 10 carry on
tie ordinary purposes Of Iiie. No man sees even
The smallest COINS in circulation. What is 10 be
dong The law prohibits the issue Of small notes.
VIVA, OF that! The people have a meeting and
pledge Themselves, ifany man will undertake. ovio-
late the law, they Will see him out-lhey vii! ride
,,non rsil c~,. man who Garrs IN 1t;airui 10 exc