Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1855-01-09
JANUARY 8, 1865.
THE PRESENT COMMERCIAL CRISIS.

Hunts Merchants Magazine is universally rccng-
nizcti as an able and reliable authority upon financial
and commercial affairs. We are pleased, therefore, {"
see lis columns shed Clcam OF light upon the prs-
sent dark horizon Of business. The fnl"wm. pas
SiScs present c"nmrnsc,sc view oi the causes thu;
led To th" present pressure, and ind,utc tina: thr worst
may bc"v"r. AMI that 'bctt-r iiim,.- may h, q,
h"id Ii is certainly true that, Whatever may be- the
monetary ditcui;ics anon. all Glasses III the cities
and towns, The nrcrs ot Virginia were never we'll
oil as at present Hirgirs pmc;yric oi the ''iortu
nate agricultural interest, is peculiarly applicable
Virginia farmers III this moment. Hunts MasaHin"
SAYS:
"l'iIc commercial cmharrassIncn:S noticed III
last hnv" been continued and III nIauy scc:iuiI> at
the country the pressure has Increased, until credit
is shaken everywhere, and all ,!->,- made to
realize the Insecurity "f worldly possessions. Ih"
caII>"s which led In have been lon. lime work
The prosperity which prevailed almost universally mp
l" III" mn!ilru inSt year had made our business men
=" confident IN their own strength that all classes lnd
expanded their "n=agcmcuG tar hy0nG the Protection
| "' Their ""n resources, En's were rNpns"h Ia ~"
storm which began /" gather n every >.. Tie. lir~I
great shock I" credit WAS the discovery "I the S"iuy
cr fraud, which brought Ia II stand nearly nj! thusr
works oi internal Improvement inr wh-u successful
cnInplc!lun large share ." public confluence. lie
rc-slry. From that moment sacrifices been and Ia"
blow. The war in Europe created more "r less
ncy prrsaurs abr"ni, and capitalists there were less
liberal IN their investments here, i; atimc wh'n thrr
assistance would nave been most a,c,.Idai". Gr,,
which have accumulated abroad where III" demand
hHu aIlnr>t Cci~ri, were crowded upon S!Iurt'-.
n; whatever advance could iT' obtained, thus U,srI.
vaiIhG the crii. At that moment, instead "i liberal
shipments ul brcadstuii. tr cover ili, new dram
upon our Resources, the ,N:n,ri- fell "I. owing Ia
the h"h prices al cereal, in llnr interior and the
SRI. ulp.,I lt, ltti,t H iI,.
harvest lrr" had been .rrHi" exaggerated, and farm
| cr- We're lci IL hoard thcr produci- the COTTON
CROP part Of which might have ,cm relied upon in this
emergency, was KEPT bnrl by the 'rcrdu rnvn@c> "i
the epidemic which prevailed III ll, virniiv n South
crn ports. From New York, those who hal contract
c lnrg" i"rCi IN debts were nD cd n s,..h til" >rr.
and this rapidly increased The evil While ll- was
going "n M the >rahniId, w'r>" PANE began IN tie
Interior. and especially In he West aus. Northwest
ohio, lmiiauu. Limos, Michigan, Wisconsin. Iowa
H!i Missouri, IL cNic III the NIl,.S on the
South side "i tn nh', ar." rir,'upri"u "i hnni;
notes. mostly "i tho free banks, had been uhininri
through exp, m!ilurr, for Rail k"ul purpose, AMI -
rritl expansion "i business. When the c"Gt:artI"
began, this circulation III rapidly, nnl found the
banks wn"lty umpGrpnrr tn meet Il. ~ the Iiiirul-
" lcci.inr KNOWN the excitement Increased, AMI
every effort made tnr rllr! only heightened he Ilrlr
All tie bluii- which had balances u the East drew
tor h,In. nmi borrowed lu the extent "i their credit
irrri,-, while. between twenty and thirty, perhaps
more. ii Institutions which were really solvent were
c"!nIril-d To suspend payment. y large number ri
private bankers carried dnwamihrc crash, aud the
d!-:r,.s- hrc;tlnr general. The panic mind i now less
excited, but the d,ilirui'y j. Tot removed. and clun"
well h nMi!l ;h"ir i revival ni business hy large
Shipments "l tn, produce u"w h"ar,rd. \; the
south the evil In. I.''', yet, been seriously i
Ih. PLANTER, ha:. moi been I"r many rcar in - ="
eur. position. ;ni ii the rc"p III r":t"n now ma
lg shall sell br!shy IN Europe, they wi! c:rap' -
great EXTENT the panic w;ch las elsewhere prey all
ed. Dur!n. n TINS pressure. IL ii" tnIr"l.
ANA general disturbance "i pn:," C"liicEcr. !; ].
ctI!>' for -.rh;ua:,u that t! ncrramilIr
ultE have siop'! III" t.d! mob. =. Very ,.w Imcr
c!inns pr,.vl"T> s in guui credit nayc been "bi.r,
|" suspend payn"!'s. aud um"a. the weaker
houses the ininrrs have nn; been nuu"I"us Il:
m;=ht have been rXl,cr,..i.
The reason "t iis!- lnuy hc lr!ni IN the increase,
supply "I metallic currency remaining in the coan
try. Over one hundred iI,lions dollars in .nIi cur
r"ncy have been added ir IL" circulation nf the tm'
ted States. since the discovery q, yui in C""rn'n, ,
Thus, although the rates ut interest iinre pceh W.
i,r nearly eight months there mas nee" H' e"'
scarcity OF money ha. been ic!i III !"FN,! P''1"u
OF commercial embarrassment. In" impression ii,'N
prcynis that the cumy usjrn irs rra'Ird Ita h"gni
and thar having based tn" crisis affairs must 40"
l ,,raiuaily mend.