Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1857-10-02

(, accumulation Of gold than ever before Hn9Sn ~ AT
| history. Onr banker. offered TO draw ON Lonoon ~
sixty DAYS sight, at seven per cent: premium, .i,rir.
lem, 10 two per cent. discount. Europe WIN ~.
isrye shinments of breadstuffs, while for COTTON '.n..
ia NJ diminution of demand or OF price: IL ~ w
that the temporary arrangement OF Tue uoheTns,v
changes will, for the time, Interrupt ,he - -,
obannsls of trade between the West anu Inc = 4.
Western bankers cannot at present soVaheo -.
upon consigpmeuts OF produce: but In" nv ' -. =,
pience will soon be obviated, aud ;lrr1 WI 30 :"
| speedy restoration Of activity throughout ''e '"''
tomary commercial chsnne!a. :.
Fortunate it is at this time that western p. 80
in demand both for domestic aud foreign coasr"p
ton. Prices ae depressed, but even al preeem :,
tations the western farmers will become Feu. III ~ .na
cannot get one dollar aud a ball % ~ uTnI' ,Lau
seventy. tive cents for their wheat per ouene,, 'nuJ
viii be glad to get land grow rich uponl ss'eu''u''
c~ents;or one dollar per bushel.
The Herald remarks
Let it not BIZ forgotten that the distress ana suuet
ing do not arise from actual por,f'y' u "on ="
| very redundancy of our wealth. we orc III
We're in 1920, with very little specie III IL ,vo h.,
and urgent demands for it's employment. we nav
at prtseu, not only an abundance, bur a suPe'hu'tf VI
specie Tor every legitimate and useful purpose ~
the sense of this superabundance ana me te'op'a'.on
to use il for mere speculative ohJec's wn'cn nave Pio
duoed all the mischief. Ihey ha'e leu W
expansion in our business operations, 70 eA'idvnsan:e
in our habits of living, and TO general carelessness III
The management Of our affairs.
Some two or three years since the legislature o.
Pennsylvania passed an act prohibiting the issue oy
any bank IN that State of any notes or bills under inc
determination OF five dollars. The wisdom OF 'ha'
act ia now apparent. The paper currency wa. much
Improved by cutting of the circulation OF small o,,s'
and the circulating medium Increased ID value oy the
addition of large amounts of gold aud silver. A Sus
n.rsion nj specie payments in Pennsylvania will moi.
therefore, be such a serious mailer AZ many ant!ci
pate. In Maryland. u similar law in relation to small
| bills exists, and in that State the benefits OF q specie
currency, created TO supply the place OF small notes.
} will now be realized. The difticulty VIII, IN a hea'
sure, in this way BIZ moderated, and q resumption be
a matter of more deliberate consideration.
The Journal Of ommerc says:
Our banks stand very strongly, and a. suspension
cannot be ,egalized even by the State Legislature,
there is no fear OF their stoppage. TIE new constitu-
ton Of this State has expressly forbidden any inou''
pence 10 institutions which do not pay specle on Dc
mapd. The New England banks ara much stronger
than at the close Of las, week; and although some OF
the weaker ones would welcome a suspension INC
prospect is that thty will maintain their position
The Tribune earnestly calls upon the Governor OF
Pennsylvania not to convene the present Legislature
to legalize the suspension.
THE BALTIMORE BANKS.
The Baltimore Sun Of Tuesday says: " Notwitn
standing the scarcity OF money II serves as tue sum
r;snt theme for conversation throughout the city
Inflammation from abroad is looked for with ceaselesc
anxiety: everybody appears to be in a state OF expec
fancy of some sudden and %etfectual measure OF re
lieti The process does not seem 10 be very distincily
understood, but nevertheless II IS ionged TOT, II mo-
looked for, with a sort of vague credulity that wouic
be amusing were it not far too serious a joke. feopl.
use all sorts Of arguments to convince themselves, 4
not others, that q very wise thing has been done oy
somebody, and that a great blessing has been cor!
ferred upon the community by some fortuitous acci
dent. Yet 10 sooner do they turn to practical llts
than they find themselves embarrassed right and lett
aud undecided what TO do, aud very uncertain aoou'
the quality Of what has BEEN done. Thanks to jour
nalism, We have the reiterated assurances that a grea
good has been heaped upon u. and it we are UNABLE
to discover the fact, oil We have 10 do Is TO exercise
faith 10 those who are Of keener perception than our
selves.
THE latest information we have from various sec
tions respecting monetary affairs Will oe found undel
the telegraph head. 1t will be seen that the banks II
come quarters have suspended and that In other'
they stand firm. Incur W city We learn that nole'
of the smaller denominations were redeema III specie
by the banks yesterday, but with specie at a premium
ali such notes will BIZ carried home in q few days, ant
the gold and silver drawn out Ut the banks VIII as'
disappear. II will then remain for the ingenuity o
experts 10 supply us with another sort OF currency.
We have before US monetary Inconvenience and PR
vstions few have auy adequate conception OF, unless
the wisest %counsels prevail, and some effective mea
sures be adopted to obviate irresponsible and traudu
lent experiments upon the popular necessities. IL
such n time az this those who IRE least able 10 Dsai
the pressure, the industrial masses, suHer ssVereiy..-
The ignorant and inexperienced are coolly Vic,lm
lied by the shrewd and avaricious. With the poor
and laboring classes there should DO the utmost kind
ness, 80 that the burden they must necessarily bea'
may be relieved as much as possible.
1--WE learn from officers of the saving oank'
that there was much less demand for deposits yester
day than was expected. Ia the Dime Savings the de
post of specie actually exceeded the amount drawn
out. A very satisfactory days business was done.-
The institution is conducted in the best manner. ant
i "a. aao,,.;,;no E. IF tho rpnxt vai1 nbHrapfAr ()lhe
similar institutions with long established reputation
enjoyed equally the confidence of their customers
and it is well dos erved. The regular banking instl
tutions OF our city have also commanded the conn
dence of the public, AMI though the representative
of u very unstable and precsrious system, are looked
to with a steadfastness Of hops which they ought Il
respect, whatever influence they may be able to exer
towards The realization Of it,"