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Editorial June 21, 1815

The Enquirer

Richmond, Henrico County, Virginia

What is this article about?

Editorial from Richmond Enquirer discusses a ship carrying $800,000 specie to England amid high demand, questions U.S. banks resuming specie payments, clarifies Mr. Dallas's policy on bank notes, criticizes new state banks, comments on Bonaparte-Allies struggle favoring French independence, and reports local tobacco and corn prices.

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ENQUIRER-OFFICE,
Richmond, June 21, 1815.

We learn that a ship has sailed from Boston to England, with $800,000 in specie-- That the shipper expects to clear more than 30 per cent-that specie in England has risen considerably above the level of paper--- This fact is not surprising, as she has occasion for large funds of cash to place on the Continent for the disposal of the Allies--We see that she has reserved to herself the right of paying at the rate of 50s. for cavalry and 20 for infantry, for every soldier whom she fails to supply. Now, as Mr. Bull generally pays for all, and perhaps there never was a period when so many troops were to be subsidized, & expenditures for war proceeded on so large a scale, the quantity of specie required in England to supply the demand, must be immense.

In this extraordinary state of things, it may well be questioned whether our banks ought to resume their specie payments--for, as soon as they let out the specie, would it not cross the water ?-At all events, it would seem unsafe for one bank to do it, while the others would not--because you would empty it, without giving it a chance of replenishing its coffers,-If there could be a deputation of the most distinguished banks, to see at what time, and in what way they would resume their payments; at least with respect to such banks as would reciprocate the measure, perhaps no harm would be done.

The notice of Mr. Dallas seems to have been misunderstood-He means to refuse the notes of such Banks as refuse Treasury Notes, at the same moment that they refuse to take up their own notes with specie--but the rule does not apply to such banks as receive Treasury Notes.

One remark further.-We shall do ourselves the pleasure, as soon as we have more sea-room, to pay our best respects to those mushroom self-instituted Banks, which are springing up in the bosom of this State--to the injury of our currency, of our commerce, and in opposition to the spirit of the law of this land.

There seems to be a struggle between Bonaparte and the allies--whether he shall pay most respect to the principles of reason, national independence and peace--or whether they shall most shamefully trample them under foot.--France, if true to herself, cannot be vanquished. A nation, that is united, is invincible.

Tobacco has sold in the Lynchburg Market for 21 dolls. per hundred.

Corn in the Richmond Market from 5 to 5 1-2 dollars per barrel. Meal 1 50; it has sold for $2. What a fine harvest for the holders of corn on the Eastern Shore, and on our rivers.

What sub-type of article is it?

Economic Policy Foreign Affairs Trade Or Commerce

What keywords are associated?

Specie Payments Banks Resumption England War Funds Bonaparte Allies Tobacco Prices Corn Market

What entities or persons were involved?

Mr. Dallas Bonaparte Allies Mr. Bull U.S. Banks

Editorial Details

Primary Topic

Specie Shipments, Bank Payments, And European Conflicts Impacting U.S. Economy

Stance / Tone

Cautionary On Banking Resumption, Critical Of New Banks, Supportive Of French Independence

Key Figures

Mr. Dallas Bonaparte Allies Mr. Bull U.S. Banks

Key Arguments

Specie Demand In England Due To War Subsidies Will Drain U.S. Reserves If Banks Resume Payments. Banks Should Coordinate Resumption To Avoid Individual Depletion. Mr. Dallas's Policy Targets Banks Refusing Treasury Notes While Not Redeeming Their Own. New State Banks Harm Currency And Commerce. France United Cannot Be Vanquished Against Allies Trampling Independence.

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