Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1857-12-08

'auchef , mn" , 10 til. demand Tor every thing
80; 'i ~ "rna:r expansion and contraction DO S''
~ IS ""ni !, in money is to be lcf, free, is Il or IS
,n. u t"t,T. Are our banks 10 be allowed !" q
It," s -. ,gr,s, they caa GET II not, why not IL
az = yur people Dear it Discount Gay !" !, b ~ >,
~. " u '". a, per cent! What would II . I "a
esd TO :''.',iii be so,' If the banks are TO be ;nnil,
.s,et Tst1 ,nciplc ot free trade is given up spn tne
sta me Pa,"Sr AK be- ONE privileged class 81 aeoiors.
.,atfs !f'"' ~, ,irivcn to shsvers unlimited III ,ne.l
-. Gcsi "S"',Hl be- no banks. because OF q iimt on
-. OF, iAtEf ,sni,als,s ~ill employ their iuDds OUTSIDE
'sie. M will be put at the meres Oh nrdnr If
,r,aE 't' ",nrlanl, with al her ancient order o u
* .snjcf, ~ standing and Vast amount OF her
-. viii 10. NJ ~ q fixed rate, controlling the limit oil
ccus2''.a' would not venture 90 10 tt 'oIsclne it.nS
,n,t.:a'',TN savers ard money changers. Her eap'ai
\ u" "n.r. AZ! 'aslsr ,,oury the rival and competitor OF
".resi : :. =. noicy Is marked by usury laws: Her
'',ry s"i!H .hsr 10 rsisc than lower me rate OIL inter
IT, /. o1H '' arnrc;ul, ii the statute OF Anne ls et!ll ner
sn!'Ns V: :ae P'"H4 ~ il 10 lower and not To raise the
g. hi: ,"' nav, no, 10 consolidate public debt,
.g't'cs'' - ,-,,. rs not TO nnd more than sub
.,,,tNE IS . ,snd,,lt ii pablo or permanent sec9ri'
~. ,sVuGn, in"spe"s.ssl. Investment And. our republi'
"a active HI" f - .uch prcpondcrance as to destroy
~ ;oro'ds ".antn labor. Besides, In England there Is
a,t e4uip'iS..' n,rnl IL he government hnds' put also
-uy = vasl CONF. ,,s uui,y Of the Bank of England,
ne m1Uopet! ~ y, commercirl and fiscal machinery. a
iaer ay~nrti .. .rn,r OF interest, which we cannot
.ais''f i" .,nplcN system OF S'aIe ana ieasi"l sonetn
.e IL our comp" and Bsuk Of England would naturally
mi. The drs' ";,bou, statutory limits, control usury
! p-te'saiii? y han our laws eau. We nave no sush
re -"t''I csr,sl rs hers We nave no suSh sccuhiu,a
n?etccIh - Il, M such controlling bank monopoly,
U'tL@it" "n,.v,i srisiocracy as that which there
= NJ --'n .n,u;rum and maximum rate OF interest,
sGd tx the M M And vet, Englsnd holds to her laws
"a0.' ~.rry. whilst many wouu iei.s' rUov h. said 10
y aac'Hse nucb a. i, axes the value OF tue ming. hut
s., 's.,sr,rnce OF centuries has proveu lnS' ."e =, h,,
me an acreage value like every Sn'uS !, e i. ike - ms
ter'-e snuH .S;nr .Isc, il has i;s law. Inc statue uoI !
&c; Q, =, IN su intrinsic value ttst Is neoou" So
{ = ;. does attempt TO ascet'a,u VI" - n i. No,
2 - The exercise oil this power ~ u y.
1on o. 'a'ms.,,c, mon the reason OF protecting inc ~ean
o"r.ss -. s,ronr a. upon the S'rtre'et LyN' - :" - 49,.
~ 80, currency aud to NJ d 50" 49, s;r.c,, IN.
~.At"t a,b,, d,bts. 4 rate Oh ihe'te' anee'o tno
.. Is va q ," mi IN, hxing oil the one Il 10 a great
s1is;o y. S,Js,,on of the other. " nave "ihae sopu
cen. nur only standard OF va'u., Wv . ~ ana
g: -.F"t W avn ar, not nv any means Hio'tatS ana
rs:' 'i' : - law 81, alloy and OF weight. aad a'ter
Jici.t7 =" co;r. il. loan or Its use mas III IN" vi iu'
70: i ,r.,,c.t Is limited by ti,ne "nu Iii
r"l I'',, , ~, ,bs, !, there nc no limit, speculation VIII
ley Gs'e tv .iucss, and that the maximum rare
y; All - - .r.,r.s- can hehr is the a'etaseoi aoout .
s.'tS ;-",SG - vs-v with conineiclsi "uctna'iohs 4. II
..r ttt'. I"' 80, more when imitation ahu expansion
II -ftC ant M, ives. ard is - contract hnu crush the
/ r. =" - - .,,., wren pr ssure IL a'e""s am
Il o1''s' ~ = license 10 capital ni:iii suI' "nrie tle
.r heavy '", .r .rcr alc poor indeed whetc Tue IL"
\ ,ta ne. re!- ~. 3" rhr rns;iy have nothing tutlt can
/ i,y' sN''' MOI ,royle. oar many VIII mt submit TO
4 at D. born y .,,,i,iou OF money, which doesn not stand
=! ...1 toarus With any o,nsa sru, ,. brrupsc II ia
Z t'acy i,'a' very s",. ,. for every thing else. 1t is that
e,' r.;'4'@ n.,Irn,c!y dcmsndcd; that winch must
- ..hr only '"nr'r IN p"!'msnt q II + Common ~
'ra'I - re;nsair- government rse": % ", y ~ y,
1T "&'." S". =, value in every way that they are NOT
o'i'f ,,ber or,oit. II may aud ought 10 oe'
- .Ic sDtisc; Of LEGAL regulation Wn.te h U i,u Ana, ~
i : IA light rot 10 be rcse'"'e" ~ 'a". ~
:y 10 =, -. 80 hsr. MN 10Y their own rates Is :" rope"
w" t ASK. Gni Il: the same u'h' ~ ~" u.s., -
49,. yay -, business iFusi' un.le,uIu, .M"' u
mn -. ms money crisis will he TO PREVENT THE
:nic"' | w., , or INTEREST, and 10 PREVENT THE
NlsNS IN rsuRY LAWS. have icif"iHea 10 u'scl
hIItN- ,;.rs,,or- against their repeal because s''.e VI
Ezra. 40, M. involved III the error OF uhstahe'
-" pes v' 'n1" 100 y srnias, repeal are incs!culabic. One
I, "v minors Al effects Of the abolition OF usuIJ laws
~, - he "a teprcss all the investm"n,s IN nMnns
. 4, : and Il per cent. Unlimited usur! "euu
~. ". -, ~, interest So high ;ha; no one would tn:hk
,rS..,- in bonds drawing only ana % per cent, n.el
40 Inys.,ncn,s already made would s'nS so 10"
- -. -. inn, the faith OF the state would De broken,
~ max S.", repuaiation itself. And no new
rs.coult pc sold. except az "ra'e soh'eh tnS' nv psHp; M
.,gri b.sr the taxation necessary 10 ompmau 49, ~
Ip,S. Or 70 support puollc cts""' ""N
N yoY. s.;en:!ou TO the
-, .bc ,inc, has, OF course, had u decideu enect
-. ,ric, Of our STATE bonds IN the Hi"fAe' -1a"'
tsIs cor.pired TO depress them.
T.. The circulating medium in bank ho.fs a NE. ~
iced and speculation has tnereoy pseh W ~ ~" en-.
-, n, ,r, =. fancy stocks" became iashi'hho'. "a -,
at n''a'nS w hopds were intrinsic. and huctuated but
-. , 49,. =. A.. NJ margin on whicn 10 49,
n 81. * III made IN o'her s'oyhs, .n.S r;,, In.
20 + steady rae - ~, crisis csme-aud the real
= .,,,b.m wa diminished IN spite oil their intrinsic
I'm By o.acr causes They "'f'' IKE everything T.
S e sv the demand ,or bullion and coin by England
s-.rfs AID al Europe. ,,bE,
~. ~ T., ir..nnent h.nkiu. imitation there. which,
~ , -. .olaly on STATE stocks. smenc which unnsp
* ~ .0uud a large srnount OF virginia siN.s' :. '" '. ,bo
4 zen oy reference TO me repor. oI W. ~, ~. tr;,nd
,ns.5;r ON the condition o, the banks "i thr ni,eu
,,s, Tb.s. northwestern corporations made nj Hfs''H
,sr.b3 ~ our bonds. au! 'n!eed them IN the tnarHe'.--
snce. ;a.y har" bscn compelled 10 pm i'm i, :" -. I"
1 h., Z. = ssc-ncc. IN order 10 meet iheir lnincoih'' III
h,s.: r paper currency. bnsed upon the paper oil state
:r Pr allowing our own Joint stock companies 10 ee''
:. :: 80. "a 40 evidence. q, deb, beow par.
m BIZ 4l9w!n. our own joint stock companies Z" POI,
I, ~ -,osyv Al, i. and : per cent interesf, whist Inc sts'e
Ind. raa %. solt only a. par, aud nj n tiaSinh fh'e d "
~. l,oy. IN. by the taxing Of state bonds 'or sta'e
,gcalc. anu BY permitting muHIc:pa! c"'po'S'''H' - 90
:.tNc Cf-ii: also. ,hn;r
.,. 49,. II j. not OILY 10 relief from taxation, bat ma
-r:aly dds 10 is burden. They take rom one hAhu
~: mt suoth"r, with all tho cost OF us 90 u.
.,o.,gu al-hur-rin.nt-. Nothing can lena more ~ M,
Nm ,.ys,;on .hsu To keep state bonds AZ par. lHh'
.on. all p-.yru, u sacr;fr'' OF crcit OF oil means I"s
lOn-Y Aui uutaiaG can tend more ~ ~. nS 80,
,nts han 20 abstract By taxes from the A'tluun. VI ~
II, ,.., And y,: the S,a,c imposes a tnS OIL os per cent
= III. :n,.ras: q. It's own stock. An" 'ns e.s ..
aori IN poses u tax o: one per cent. "l !. -" rrtmc;,,
le w 'v.s,""' mSN ~ rHI;v;dusls 10 81 81 instead Of 81
:.@fc ertusn. hnd the city exeinp's is own So =, t; +.
1xr!nr The consequence ie' chpMn.Ss o.bor c,rnor1.
,ocss IN preference 10 stale secui'heS; ;" t"tpu-"
.,,..,. ibcl,v. following the eNnn!pIc ot h'ch"iuiiu
.ua gules. they ere Ill prohibited ironteNlhe "a st".
10Y IN never rise 20 par. Our bonds nav st,nu a,nun
.r.-y .fs,- and have held up unaccountholy IN 'Ee inoue!
ms.:.. Tbcv are guaranteed hy a sinking luna Of one
4 boz r.., yer their rate Of interest, ~hich 10 honesty ~
:,riy s.,lied and the States punctu"hiy OF paying u
-. -, \ !1ou, failure has gwen her bonds Il stao'e u u,
Q -. - cr,li. hut "a TAX upon tltlC ~ 10 "
!irs..nn q, their value. And wha'erc! Is their price, AT
our .t ra.,rnpofis, is u criterion oil Their pTice ,hiousn
on, L.. So. and whatever is the price IN the stare az!
set. wI .Ia criterion every where ABROAD. ohutr MS
ara. Of '.y.. our ia were really a, par at LEES than - cts
q, the doNA- V, until ihe panic OF ms Crisis .ney lanStu
steadily q: r - near - per cent. above re1t par Wv
.o,a of n. r-.i. nave rebounded 10 90. IL any thihg
mould b." cxcua: rom taxation. 1t IA certainly s'ate = = E u
and Il; re tonts would sell NJ ~, with a rate OF 81 o.
shs. would they not have brought IN tue mhfAet u. Sp.,
reptUm Ii Z: be- said that capitalists "uo ih'cet ="
'Im!. should be no more exempt than DINERS VINO othe
-'.- jIv.ii the reply is obvious that ms cSeinpson ~ ~
,"' aud mot sconcraical premium whch S,as "a no.
..tv :ly to raise her bonds 10 par. and TO appreciate e
c,ei. gur u b.,b.r his be true OF the State or not, the
operations should a~ssuredly be restraihc" :" taxing
~" credit B, the bonds were enec'e"
- Rs The la. Legislatures omission to provide Tor
'ae withdrawal. or pnymcnt, or redemption CT a large
AMOUNT o, bond. which had been HYPoriEcATRD IN New
iU's'0r advances. amounting 10 Il sum less py s'oo,Uo
:a-n he pat amount Of the bonds ! nave ehuea'oi'"I IN
vain - ascertain precisely how this HYroTiIEcArioS was
nACe. \, seems Al, first that SlO0,OOO oil sterIlng oonus
fere placed ~ All agents hands by the f'osra OF ruouc
"o:S.: 70 b" RENTED 10 Europe aud sold. On theee ne
.nsG" m advance OF s4OO. Geo. and pledged the Donos LOT
ma: sraount He then entered into a contract WIN
a-'h-' person. IN bshclt of the Board ut Puohc " orks'
3~l our bonds IN federal currency. They were 10 De
Ak"i. ~ lus'allanentS from time Ia time "a caneu LOT ny
= me rna,rsc.. and 10 be- paid for before delivery. 10
t,;i1''s her delivery when sold, they were deposited
D! M" trrrd ar their agent in the Bark OF the Republic,
u "fics Ice a.cu, was president, to be READY ONLY FOR
3stFERr ~ urM wnES SOLD. Instead of selling and do
N'".n; them, AND prying over their proceeds Ia tho credit