Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1856-02-19
TUESDAY MORNING. FEBRUARY 49, 1856

fr law book, and may even Iexcite interest and
awaken inquiry among the unprofessional gentlemen
who take the pains to investigate legal subjects for
themselves.
There is another trait Of the present, as we'll as the
former volnlne which should bs adverted to. The
writer has not contented himself with merely inform
ng US what is the present state of the law but has
traced the history of legal principles they have
passed through various phases and she as Of dis,ic
ton in the Courts; and this 10 imnross upon
the mind more indelibly the results arrived at Add
to this fearless expression Of opinion, when he dii.
fers from the Courts, and review Of the and
arguments which are the bases Of their decisions,
when deemed inaccurate by himself, sad we have
come imperfect conception oi what the writer has Gt
tempted and accomplished in this work We regard
it OF the most valuable accessons to legal lite
nature during the present century. We hope the day
is not far distant when its just claims will be acknow.
lodged by the English, as we'll rs the American bar.
THE CRISIS.
This is the true character OF the present cri.s in
the money marks.-Amoncy is depreciatng rapidly in
value, and will continue to do so as long as the cur
rency Of The world is annually inflated and cheapened
by gold from Australia and California. Irora- and
capital Of all other kinds than money, is from the
same causes apprecating. The man who invests mo.
ney in property, besides the usual rents ard profits
has been making at least five per cent per annum in
the yearly appreciation OF his property for the lsst
eight years. The man, on the other hand, who lent
his money out eight years ago, at six Per cent, has
lost five per cent annually, in the depreciation o lis
capital for his money will by forty per cent.
less than it would eight years ago. In TRUTH to speak
more accurately, property has appreciated about
eighty por cent, and the lender has been getting six
per cent, and losing ten. We may safely calculate
that like causes will, for years 10 come, deprecinc
money and appreciate other capital hve per cent an.
nually and that loans, nominay at six per cent, will
really bear only per cent. intnrea.. The induce
ments to invest money in property are beginning TO
be well understood, and hence tho difficulty OF bor'
rowing. Now, shall our improvements st"p-"d"m
dcfmt antnis'-that is, till the mines in California
aud Australia are exhaustedl Certainly not. We
mus, be content TO borrow money on the terms that
other solvent States borrow it. Tax the capital "i
the Banks and their charters, or require them to
bank in part on State stock; tux the oysters and
FISH, and goods from other States, and increase so--
what the all subjects and We shall >=ric"y b
| able to get money for what money is worth. These
are good times The difficulty is in adapt!ng ou:'
selves TO them. New circumstances deiaana q Ecw,
vigorous and fearless line of conduct.
peace in Europe would rot arrest but might in
crease the working Of gold mines, asa rerce. more
rapid tho depreciation Of money. Iae difficulty o.
borrowing sure 10 increase, rs money holders per-
ceve that this annual depreciation is making loans at
sx per cent. most worthless inves,men: Of capital
Times, however, may. after while, change and We
should only borrow much us will enable US 10 CON
tinue principal works. 1t is certain that shall
lose honor, character and credit if zee do nothing
and, next to certain, that VIC shall lose more money
by such nacton, than by boldly going forward with
hat we have begun.