Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1851-10-10
upOLITICAI. PANIC"


The New York Tribune like Mr. Bot,s makes abor,iye
effort 10 the money pressure TO the workings OF the Ia
riff OF 1886 In its desperate and reckless 1t makes
assertions directly calculated if at all beerea says Thurs
davis Journal Of Commerce. the reliable organ Of commercial
nolcy and interest in New York; "to inc INJURY
upon our business community than could be effected by the
most adverse commercial policy We aude 10 paragraph
in Tuesdays Tribune which our attention has been call
Cd which gives such fearful but totally false description OF
the present ofbusness that might imagine the WI
Ter 10 be aborpp under an attack Of the dru remcns-
Among other which have oveaken us IN conse-
quence of the tariff of '46 all enumerated with great ac
compartment of terrific adcctiYes, he asks, WY are our
heaviest merchants breaking Why good stocks depress
ed Is per below their vauo2 &c. &C. We protest
arans, this beous assumption of the insolvency Of our
merchants Is because they will not pay any attention TO
the admontons of the Tribune that its editor is determined
10 write them down? Which of heaviest merchants have
failed The Tribune well knows that there have been no
failures OF any importance and whatever which can De
traced directly or indirectly TO the effects OF the Tariff OF
1876 We do remember season for many years. When
and startling failures have been SO unrequent as
during the current season. There is quite pressure for mo-
new such as naturally intervals under any Ia
r or system of commercial poicy but merchants who
have had several years of prosperity have stood under
manully and met their payments with great promptness-
create further panic and regret the Tribune
r,vsd on their side If il must live in atmosphere Of
qoom let il stick 10 the Rochester knocngs and other spirit
wonders bu we protest against this wholesale attack upon
commercial credit.
The Journal OF Commerce. of the date gives the fol-
wng Of the money pressure, which ls very different
fom ,he lugubrous and horrible picture Nj Bolts drew on
Friday night, for the sake little self political capital:
So could bc inferred from the price Of stocks and the
gene of h money na-ke: appearances on TUESDAY
rather favorable But yesterday cloud came over oc
casoncd chiefly by the opera oi the "iirokcs unks
Three four six ci these institutions were reported
failed which alarming because not uncXpect
d. and the securities lodged with II" Comptroller
re supposed bc sufficient protect he bill holders
against much Ultimate loss But that which alarmed The
l,bl:c most the at the bills oi Ill tie
tanks in the interior o s Stale we're declined Dy Inc oc
kers and by OF them Eastern bills also. Certainly
ipre said themselves il doiu Times it all the Banks
State cxcep; te'r in lS ety. and vicinity, are bd
doubtful aud well ,hcy might gay 80. But In tru'n the
,rm in gra.! leasnra nn;9rnded II was caused III
lirt by scarcity a" money among III" BROKERS and parity
.rhaus hy wliu Danc-innhng But, however !s may br
-. have full coniir;ar Banks in this S:aie
.aIy sourI viii sustain themselves. lhr same, we
-l.ve 10 he trur # NEST oi the Banks in .irc n.i.hor-
ru States Ii shu. be recccccd ha i17 the !s ':tc or
.ir wears they have done HnHsit!y prosperous business
md los, LILLE OF nothing. They ought u be strong no",
aud we believe of them arc IT, howeve! there are
rotten among them, the sooner they get out oi the way
the better.
.ar afternoon, several Of the brokers, having rem
,ccd their ways and means commenced purchasing aealn
md continued 10 do so until the close of business ihc
..ropulltan" went STEADILY on AL day receiving STATE
money from its deposi;ors if n"hog had happened GS
ccpt the bills of Brokers Banks which were understood
:. have failed The metropolitan il the Biak which was
,lt much rnischc; 10 our ncchaEts Tie oi!it
Bank plic" in the whole city, where, dncag ihc greater
yesterday, State ia0Gcy received IN t> u6i
going 10 SAY, on any terms; Ine Nhuc
!, this institution the public is Its us"iuncs
10 the country Banks is fully appreciated by the . or 81
which keep their ecconts with H. ls success Is no longer
ioUbtful
From The best data within reach we believe that the
arccatc cu nlment by the Banks of this cr and Sare
.,G,in the sixty days CparOaccs tec'y millions Of dot
rs Of course this extraordinary cnriient hls not been
elected without Inconvenience 10 the community and t.
lnc Banks But inns placed The latter in much nore
ncath" condition than they were in benrc lhcfe is NGc
less reason for Withdrawing confidence From the or III,
ons nf them, than three months when the,
were ia the hcyday Of apparent prosperity Al me WORST
large part the Bank circulation Of this state IS ioec
ted by securities in the hands Of the Coniplroler
which ought be, and in most cases doubtless are,
sufficient redeem II at par or thereaoous. Inc
Banks of this city knowC 10 be SOUND ana strong
They early took The alarm and began TO forty their posi-
lion We could mention five Of them which, IN The nggTe-
rntc within 60 days past have reduced their discount ne
ncnry SlO0000G0 They have done right II is the nrs
duy Of the Banks protect themselves The e'mpa'a"
case viii, which the business community nave borne his very
large nd rand reduction shows ihat body they TOO are
strong There have been few faure there may Dc otefs
hereafter There have been half dozen disasters among ~.
small Banks OF this and other States il IS no lnEooaoh
there will be But these are necessary ncioens :" m
ordeal through which passing. We 40 not neic'c
that any great disasters in stcc for us "hat v" arc
now suffering will prevent much greater suffering ny a"u "
Had Gen Jacks0ns specie circular, removal o e aeioS.
&C. occurred year many OF the troubles 1907
would have been avoided. We are more favored nov"