The enquirer — Richmond, Va., 1806-01-04 00:00:00, page 3

increafe of a Handing army would be_I fay ! inulbe
pardoned, for 1 know not how to aofwer this argu
ment ; fo dilfimilar are the l'ubje&s, that without the
•id of ingenuity as refined as the gentleman himfelf
polled**, I cannot fee how the two ftibjecl* are to be
afli. minted—\n army, difburfes the treafures of a
Hate. Virginia lcsuis to have expected, and the gen
tleman build* another argument on the revaric propo
fii ion, that a bank is to fweil the receipts of a Gate. I
Will purfuc the contrail no further, efpcciaUy aa we
have not to my recoiled ion, heard any argument de
ducing a ftmihrity.—Banks are next faid to be injuri
ous, became they increafe the rate of imereti on mo
ney.
Mag I not, fir, in the tirfl place, be permitted to
doubt the concdtnefs of this poficlon, for the obvious
rcafjti, that banks do certainly encreafe the quantum
of circulating medium. But let us admit the doc
triue, ,'< what follows ? We are to denounce then, fir,
ail the menfurc* which might be purfued, which would
have the efls-il of intreafing the rate of interefi. We
will begin, then, with this city, and tell its inhabi
tants, in the authnrititive language of I.egiflation,
you (ball not build ahoufe;gentlenien, you get iO per
cent, on your money; if you buil.l a lu»ufe, we cannot
then of courfe borrow your money for fix per cent, if
we Ol nil Id want it ever fo much—We will next to
Norfolk or any other maritime town, and fay, gen
tlemen. you mull no longer carry on your lucrative
commerce; it isagaintl the int-reft of focicty ; you
fhould get more than fix per cent* for your money;
you mull,therefore, (hut up your trade if it ha* been
extended to the E. Indie*, arid your enterpnte has dri
ven it to every quarter of the world. There is a ne
Ccifity to fhut it up, for unlefs we do a< , jmj/borrow
money at fix per cent. So, fir, might this argument
be applied to every profitable employment for mo
ney which would he devifed in fociety.
Next, fir, the gentleman has faid. that bank* cre
ate a:i uofubfiantiul credit which may produce frauds
on our citizens. Is th re any thing in the principle
ftr practice of the bai-king fyfiems which can con
firm this fuppoGtion ?
lu pra Gice it cannot occur ; for fir, it is not the man
who pafles their notesin pivment for thejfarnier'spro
duce, who pledges his credit for the note. Ht pays
them as he receives them, with a view only totheref
ponfibiUty of the bank ; if thi /irmsr doubts, he gov*
to the bank and receives the ipecie which the note
reprefents. os if at a di Gance from the bank he ufes
his option in receiving the notes, nor wil lhe do it un
lefs iie can make itanfwerthe ptirpofe of a medium.—
!»it the bank who commits thi* iniquity ? The bank*
fir, loans its money at the requefi of a borrower and
therefore cannot be prrfnmrd to intend a fraud ; nor
according to any pra&ice which I have ever underllood
of hanlcs is the borrower oblige 1 to receive the nates if
he demands tha Ipecie. the costraS fora discount be
ing decided on. But, fir, the principle i* decifive, if
ever a bank refufes to give fpecie fur its notes. lathis,
country at leall, its credit expires.
Ycl it is further objected, that the operation of a
bank puts commercial men im the power of the direc
tors_U I* true,fir, complaints of this kind fotnetimes
Circaiate ; whether they are worthy the notice of a le
gifiarive body, is another q i^Gion. 1 belie re it may be
admitted that there was never yet a dtrc&iun which
was not fubjeilcd to the complaints of fume,but,fir,
from the manner wc are leJ to contemplate this Cub
ical how are we to corre-ft it ? When a bank accom
modates a perfon with a loan, I am told it is nfual tr
da it for a certain number of d .ys, yet there is no in
ftsnce which has come within my knowledge,
where thefe loans have not been continued, if the fe
curitv offered would juflify the continuance of them,
either in t»to or by a curtailment of a very fm.ill per
«*.Rt. Banks m ill accommodate themfelvesto a variety
of circumGances, which may not come within the pro
vince of legiGaiive enquiry, yet in anfwer to this ar
gument if 1 underfiand it right I might fay that the
costracl for the loan being expired Uy the terminati
O i of the time for which it was made, neither of tiie
p irties would have a right to complain, Giould the o
ther ahfolutely refufe to make a new one. But, fir,
fjo-.v Joes this argument comport with the general
propofition under dilcudion, that the encreafe of
banks, is injurious, if thofe depreflioiu of particular
ch inflrrs are exercifed, by what means can we fo ef
fectually remove the pov.w ol op profit on, a* by The
fcfiablilhment ofoth . banks by the lije of thofe which
nfe that degree of partiality.
Outlie other hand, by what means (hall we fo ef
fe Gtiailv rivet the powers of an exiGing fet of direc
tors, as by proclaiming to their will that they shall
fur ever remain the foie niafier* of this fuppoi'ed en
gine of individual tyranny.
An objection is next made that banks withdraw
fpficie from circulation, and fuhGitute paper to a
much larger amount, and this U paid by the banks
who have divided fo much more than the legal inte
feft.
To give tb:s objcG’.on a fuffirient ar.fwer. it might
ba only nrceffjry to atk onrfelves, what is the pur
pale of thf. introduction of Ipecie—la it not intended
a* a convenient reprcf."*tation of the value of thofe
commodities which we find it convenient to make an
in erchange of ? It i* not then material of what that
medium ronulls whether it be gold or filver or a
note to the fame amount. Bur, fay* the gentleman,
t'l.s great amount thrown into circulation,depreci
at. s n.mrs'.a vlheiHuGratea hi* ohfervatian by the
fuppouti-.in that a Hhd. of Tobacco^ worth 50 doll*.
rtViv uu»v be fold for an hundred— 1 his, lir, is a fair
Inode of argument. lam pleafed to fee propofuions
attempted to he fupporred Hr a quotation of fact*—
F ».G« either confirm their truth or expof- their fallacy
to lietedHon, and is it thrti a furl, fir, that the en
liTir-d nricc »f our produce is owing to a deprreati
o • of money produced by the op-ration of banks? I
?iav* fir,underftood that the pMiperons Gale of our
agricilt jrul mreCeGs was mure properly attributable
to thegrrat foreign demand, and on v. hich file duesex
p -.ri-.ni; - that able m.T,ii.‘or decide ? I’ake your hhd. of
tobacco wurdi an hun Ired dollars to a Gore, can you
ind-v.l g?t no more for it than when it was worth hut
fifty doilirs, or is it a a fuel that at this moment in
rl\i* very city you cm purchxfc any article of Euro
pe* m m inuf.iilu e, at ns cheap a rare as you could
ten year*; if there had been a general depreci
H-ioti of money, though we finuld only, fir, have
btmi in the lame relative fnuirinn w« were, and id
ling oar tobacco for a ilu ihle price, we (hon'd not
our fi» r.tinn worded fi» *uld we even he obliged
, give a double pries for the article we want to pur
chase. If my view of this fa.G he correil, the agri
. cultural inter dl according to the gentleman’s own
a-1 a nent is advantaged, but the merchant left where
he wr*.
Ba: again fp«ci« is more valuable thin paper, be
441ifr we can nuke plate of it, and btuatife it ii r.
Vilua >le export. The firft part of the propofttion
d iet nut rone ?rn a» much psrh*p* t the laft if true,
lie, which l am no: difposed t» doubt, w .yltl le.«J us
tn the itdnasion of any meafcre which would defeat
| iis life of it. Doc* the gentleman argue that banks
will doit. Then for toe lake o» our heft intercd* let
at cberilli them. But, tir, there ha* been no de
preciation of money beyond the current coarfe, which
fhe multiplication of i he note* of a community pro
duce*.
Another oby»&ioti offered by the gentleman from
Wythe is, that hank* withdraw a large Capital from
agriculture!
*1 ,|o not know, fir, svhetherthi»pofition he found
ed in th t >ry or intended to be ellah ilbed by expert
c-ice. 1 *ni twif much verfed in hanking operation*,
bur the hanit nf Alexandria, it i* a fact, ha* aided the
ag i:u1:ura1 i nr ere ft s, and continue* to tint day to aid
It i* i f/S. Hr, capable of proof to this . on*
tviitten tbit the account > latiou granre.1 by the bank
«e A'rtaoilrit, i» at this day principally to perfon*
svh i lievc nf-’d thof * loan* in improvement* on th»
fa"- of the country ( and by being enabled to veft
t!iof«i fu vs h -rr.Kvi .1 at tit.? rate of f. per cent, their
increa.'ed pr. dufl* h, their i.-.ipfovem-nts have yield
<-i an aba i.Liut proft. 5o. fir, in improvement* in
t„,vn< they have had a tendency to advance com
iis»r-o»!imp«?rtarce, -nd the buddetnof Hwttfe* are
,ble*1 to *-a* she -nri-rtft of the money & to link the
nracipd bofro vl in the graded sv.tv. th-v are,
on for it I hree fourths c-r four fo*h* «> the
fw»»d* of rt* Alexandria bank are at rhi* moment
'"- capital of a bank (hould be -appropriated |»t«iy to
co n-neroxl purpofes; We are c»l,l by Stewart in
his Political Economy, that b.n.ks .iTuiug on lauded
lecurity even in Scotland, hive pr- diued the mull
wonderful improvementj in r hat c-iu -try ; f believe
tliat author fay* that the improvement* »u that coun
try are entir-i; ©whig to the e‘> vbhfhuient of banks.
Such a bank we are ir.torued is rllablilhed in Button,
another fuch in New-York, and th- Farmer's bank in
Maryl’-tdt jj pred'cated ctprtuly on the vievv of
agricultural accommodation.
We have been told, that I.sgiil iturva have ahufed
the power of granting charters. That lccr.es of cor
ruption and depravity have occurred, which iudeed,
lir, difgraca* the huniauciura.tier and alarm the pride
of repuhlicanifui.
I.-' it rheo contended rhir Leyifliturcs ttsdl have do
po ver to act on a fukj.-d involving monied interetts,
hecaufe that power may be ahufed ? Tiut difgraceful
taAi date.!, I am f irry to .tear from tho gentleman, I
have exillcd, hut, fir, (hail we, nr tint !att legdla
tareirrjiare the ex:!uu/e p.vtenfi in to virtues. If
tiiis as well as other powers have been exercifed
heretofore v.rtuouily. (hall we be unwilling to con
iide in the future I <egill.it lues, or (hill we be guilty
• >! the impotent folly of attempting to abridge the
powers «f the future renreietitatives of the people of
t.us coiTHuHiweahh.—i Imv. fir, are we to reach the
root of inch an evd t Is it by withholding an an
1 *ver to the jull claims fairly brought forward by a
large and refpeAahl.* parr of the community for a
convenience, which (hall oulv benefit themfclves and
prejudice no one. Is the humble languagelof the prayer
i'f the petitioner; lor tins meafiire, calculated to in
fpitV an idea offenfive to this Legid.itive body }
The gentleman next leads our view to obje&ions
to the bill itfi-lf.
I hefe arc branched as well as 1 recolloA into two
parts:
ltt. That it will he injurious to the interetts of the
Virginia bunk
2d Th it it wdl be doing Alexandria a favor which
we ought to avoid.
It is faid, itr, that the Virginia hatilt will be in
jured. a .,! tirs.ought not to he done. We are war
ranted bv the example of the U. State* and England,,
in refufing to grant a charter to a bank whof.: notes
Hi dl fill up the circulation of the Virginia hank note';.
I did not, fir, at fo early a period expeA, nay I
hoped never during my life, to hear th it the I.egilla.
tore of Virginia were prepared to adopt thole fyf.
tems which, our arduous druggie* have h-en fo
long emp oyed to divert the terrible cffeAs of. Am
we then, fir, to fuiAion by fupporting the princi
ples ot the gentleman, the infro.luAion of the word
fort ol monopoly with which h p»*pie could be af
fl AeJ, a rui ed monopoly, calculated folely for the
aggrandizement of a par'icu’ar coinpany ? YVs,fir,
in chofe deprecated diy.s of public extravagance, the
language of the gentleman was heard. The United
States did, what lie afici us now to do. They came
up t>» that execrable fpirit of monopoly and exciu
five privilege, which bounj them to a (ingle Compa
ny for. f believe, eighteen years, to the prejudice of
all others who might !haw ever fo good a roafoti for
a partiripatinn. This was indeed, a uecettiiry p art
of its twin lifter, tl.e fimding fyftem. Nor could I,
pardon me if f rzpcat it, have expeAed at this day
an advocate aunug the n-priTentutives of Virginia
for thole meafuras. Banks, fir, may have introduc
ed their ev'U, but it h rrlerved for the fuccefs of the
gentleman’s argument, to pro.lrate every right we
cltim in faciety, at the (lirine of monopoly, Shall
w* then, fir, raid* anr voices in the fur.jiort of the J
ad.ninlflrati iii under whofc aifpicrs theft* violations
of right tool; place ? Or Si.-il vve, fir, ptirfuing the
mcal'urrs of the adminittr ition we profefs to ad
mire, rather difeharpe ourfeives from the undignified
ttation of holding a eoparcency with a banking com
pany ?
Perhaps I could not have h-en relieved fo tfTeAu
ally from the profound ailouilhnent into which this
remark of che gentleman had thrown me, by anr »
ther means, that that which followed. Not fatisfied
with a quotation of an example fo unworrhy the
free fpirit of Virginia, we are next called to the Bri
tifii government for a confirmation of rh s political
principle. To our early federal adminiftration, then
an wr referr-d for examples of juftice, and an illuf
tra ion of the principles of equal right. Bur Eng
land, lir, wirh all her Ijiirit of aggrandizement, in
tro ltscrd for the benefit of the privileged orders, and
men in power, yer fails fhnrt of the gentleman’s the
ory. England, fir, ha* nor yet gone fo far as to fay
in the language o? the gentleman, we will permit no
cor. petition in th? hacking fvfiems, we will reduce
it to the c(fence of monopoly. England, fir, dors
permit, and th* kingdom of Great Britain teems
with, hanks: it is true that government has inspof
Ied fonir cautionary rrilraint* n*rhaps, in the num
ber of dire Anrs, but tiiofe reltrainrs rather increafe
, the credit of thof!> infiimrions hy fhe'-ving how far
the government will countenance them, than detrail
fro -i their credit.
Humiliating, indeed, is die fiation of a Virginian
citizen when he hno-blv j(ks, and will not receive
the benefits of fociety which a Briti'h fubjeA is enti
tled to.
Arid fuch a-e the principles which the gentleman
has e .fot ed by arguments not lefs difguftful to the
liberal fpirit of I.rgiilarion. For he tells us, that
owning a part in the ttock of tne Virginia batik, we
are to fee to its fuccefs, and if we permit other efia
blifhmems, their rotes will fill up the circulatinn
of our« a d fu diminilh ir« profits. To fay nothing,
fir, ot the liberal fy of this idea ; f can and will at
proper rim* prove the ftatement of fxA* to be incor
rect. I will no v. fir, though I have long I am
fure t‘rr-1 the ps'ienr* of this committee, offer hu*
one or f.vo reafon* to file* it to be incorreA. The
part of th* community intended to be benefited by
them afure* contended for by tb* fr ends of the bill,
ha* no conreftion wirh the commerce of Rich nond.
The notes of a bank can only be circulated to anr
extent when* the trade of that part of the country
where the hank it fituated (hall extend itfvlf to for
although in many phe>* great credit is given to bank
note*, ret it is not in general fo extends** as to in
duce men freely to receive the notes of a dilliot bank,
but if we trade to the town in which the bank is ella
blifiied, wn do receive the « becaufe w* can get clear
of them with facility. Sunpofe then the direAorsof
the Virginia hank at Richmond were to fend their
note* to exchange for any article of produce or for
fpecie, in the d;llr>fl wh:cb trades t«» Alexandria;
the notes thus forced into circulation there, would the
moment that application of force ce.afed, return again
to your hank, or to the trad ng town of that diftri M
from whence th»y would obtain an immediate pa(T
port to the hank which ilTo*d tht**r» Hut fuppofr,
fir. in order to give method to the onpretfive fyfleri
ofthi gentleman, w„ Wcre to ..na,cj a |aw. ,y,at our
cifiz-.-ns (h.uild not rec five the nnie* «f any other
bank b it our own, prrfacing it with the language
of the j» Mifleman, that it was our inrercfl to do fo;
could you then, fir, adopt ihe only m*ans of com
pelling a circulation of your untea-and fay that we
IhouM trade only to Richmond. This only mode by
which the nwafuresyf the gentleman could he efTrA
ej, theauc eat free fp.rii of Virginia fcvla indig
nant m.
Whn», fi", a'tho* the notl:nes of our com.
monwri Alth h.v tt fo ilro.tgly m irke-l the necefTity
of tittr union i republic, yet (hall we force the
citizen? of our part cf the republic into mea
lurea f.dc'.y a} * vCige »u* to another, at the
price of a f*rnfv.v nf ihe intcrelt* of the for
iner ? Altho* I (ay*, fir, the on:line* of our re
public mark the i reefiity of our united govern
ment, yet h*s r.anire Ip ko a* strong a language
in the fever*.ice of Ibeir particular purfutt*.-- ,
The cultivation of the nurhern articles of pro-!
<luce, have produced mercantile connection
from th • convenience of di-* fingof thofe arti-1
den of j r.iilu. c. N Mire Ms not hcen fohnun
f ilui to os, fir, a* to enable u to make tobacco
to advantage; we »f-: obliged to content our
folve* with theprodufl* of ;» poorer foil. Our
trade, therefore, ha* taken a il'Hercnt courfc,
i and if you alter it, you violate the hwi of na- i
'••r In "•rrfts are dammed hv telling us we are
ri^onfible for the Virginia ha <!c. How rcfpou
fl »le fir? not t vat it !h»B yield, I prefume, »
p ,»fit; a**d if we were li» rrfponfiule, are we j
nor rvfponfihle for rhe rights ofthofr erttrufted
to our c.ire, an I fh vll we violate them to pro
na '♦ethe inter' fts of* monied company ?
Piii.lully d*> I encounter Hut put of the ar
gument, which in the mnft animated terms has
a Iked u< to pour ouf vengeance on Alexandria
ns -an offender. Here let me V pardo red, fir ;
r-fentments and partla'ities follow us not here.
Hrrt we relv on our judgments, on our (acred
oaths, on that equal fpirii of jitfticc which I
cannot entertain a doubt mrv«*s the hrcall of
every gentleman to whofe d-Mberalions I have
the honor of an admiflion. Yes. li-, at that por
tal. faered *o truth and iuftice. I truff wr throw
ofTthettrofrrrpdlioneof n-iMire, and endeavour
fo aft as the awful relponfibility we arc under
•nay di.ft.atc.
The gentleman has told us, that a member
of the Fairfax re presentation, bad voted againfl
the eflnhhftcncnt of a bank at Richmond, in the
year 1792 • from the impreflinn that a bank
here xymiid be injurious to the hark of Alex
andria. It i« true, fir, we fomcrimes cite au
thorities in fiipnort of our opinions ; but who
has before wit netted an authority like this, of
the fippofed opinion ot an individual, who
perh.ip-iat that time, poflefled !cf$ lights than
we do now ; for we have not beard of the rea
fons afligne 1 by him, and however little we
j now may know of banking fvfttms, we cer
tainly then knew left of them ? But we are
tol l that that member from Fairfax, was in
fl-'enced by the idea, that the bank of Alex
andria, would be injured by an ellablifhincnt
j of a fimtlar nature in Richmond ; and this is
a fo'rit we otjgl.t *o retaliate on Alexandria.
Sir, f . n.f not h-re to defend or promote the
i lterefl-t of Alexandria, u'defi they lhall co
incide with tbcinferefls of the county I repre
fent. I believe tha* the interefts of my con
flitnent , arc involved in fome meifnre in the
profperity of the trade of Alexandria. Tt is
for tV-ir fike, and not f m Al. xaudn.a, that
my voice is h-anl this day. Sir, I have no
inttreft to ferve in Al-xmdria, I am pet haps
not flattered with the f>i*n Iftiip of any maw
the-e. winch could fwrrve mv heart from the I
caided execution cfadutv. Yet, fit, I flu>uld
not feel a ddpofition to do an injoffice to any
community of men. I hope even if I could
profit by it, at lead, I would not, were my
adventures prtvented by their profperity.
1 Onr attention has been drawn to the con
duct of Alexandria, as worthy ®f our indig
nation, in having eftah'ifhed .a banking com
pany contrary to the exilling tegubtrions of the
(late ou that fubjeft ; of hiving degraded Vir
gijti.a hy a wanton violation of her law. Let
i us examine the Ftft, and afeertain the crimi
nality of the charge, before we fuffer our re
fentrnents to decide for us. In 1792, the le
gifl cure of Virginia found it ncccfTary to effa
bhfh a bank at Alexandria ; in 1795 it was alf'o
found neceffary to encreafe the capital of that
bank. The capital remained f. fificient then for
the purp >fes of trade in Alexandria, until, under
the operation of the general government, the
1). drift of Columbia was ft vered from us. It
wa» after this time. Gr, that Biltimore, ever an
xious to draw the tr ide of Virginia from its na
tural conrfc, and flcure it to herfelf, cftabliflied
a bank, by which that town threw into circu
lation at once, three million of dollars. This
indeed threw an overwhelming influence on the
trade of Alexandria. The merchants of that
place were fubjefted to all the disadvantages
which would arife from the ir iinmenfe inferiori
ty of capital. What could Alexandria do?
S e had loft her proteftrefs, and the new maf
ters to which (he w.i« conligned, had tied up
♦.heir bauds, and could not flrctch them forth to
henelief. The merchants of Alexandria feel
ing theconftmt alienation of their intereffs {
feeling that it was neceirary to defend them
felves ; in flvirt, feeling th.,fe principles which
aftuatethe breaft of every hu man creature, de
termined on the means of fetf-defenre ; vet that
determination is condemned, becauf? th- y i,-e
laid to have viol iter! our laws. Sm, Alexandria
has not violated on- laws. This aflbciation of
traders purpofely avoided that violation, and
touched not the letter of your law, nor offend
ed the fpirit of it. I believe it would be an ea
fy matter to prove, for the fafts ire already in
the polTdfion of this houfe, that the law juft
made to fupprefs the circulation of note* pay- '
able to bearer, was not predicated on any cir.
cumftauccsfimilar to thofe in which the affbei
afion which has hcen mentioned flood. Yet
was not A'cxindri < as f ee to aft for herfelf as
Baltimore was ? Did Alexandria, in purpofely
avoiding the execution of .a neceflarily defenfive
nr,eafnre c>mimit any violation of your l-aws,
offered us more than Baltimore, which did not
hefitate to offer a direct violation to them ?
Alexandria in the eftnbliihment of her private
bmks did not fend her fobfeription books to e
very court houfe in the -Hate to colleft the hid
len treafure, and bring it into her coffers, as
Biitimore did. Alexandria collefted htr
funds wdhin herfelf, or if the citizens of Vif*
ginia did form a part of that aflbciation, they
went to Alexandria to do it. It is true (he
could only bring info aftion one Sixth of the
capital whi< h Baltimore did. It is true fir.
Alexandria was as little fubjeft to the controul
of Virginia as Bdtimore was, yet flic v/aSaot fo
regardIcfs of that duty which one g venuneut
owes to the laws of another. Let us not then
fir, cr«fh the wretch within our power, but
if we muft hive ani.Tiofitics, let them be direfted
to a f »e worthy our refentment.
From the ohfervatinns we have iuR heard
from the gentleman, that Alexandria Rill con
tinues to circulate ^cr notes, a literal accep
tation of what he has fidd, would i iduce a be
lief that the merchants of that place really
f« r.t the notes of the Potomac bank into Vir
ginia hv their agents in hi) 'die* to be fcattered
a* to them might be thought proper. But
what is - he fact in which nr y gentlemen in
tin* houiearc irady iu at Iril to • Why. to this ’
fame Alexandria are the fat mt r<; of a large part
of Virginia obliced to re fort f«>r their trule ;
whe t they p‘» there, they fell their produce.
The notes of the Potomac bade with others
are Offerc I them perhaps. They have a con
fidence in th • banks of Alexandria-—They know
that confidence is generally entertained and
juftly by the propV who trade to it. They
are finished with the paper of this bank,
they would not turn a corner to have the
Circle; nay, fo different is it, fir, in the
part of the country in which I n fide from
many other parts of this Rale, that hank notes
arc there, for many re ,f ms, greatly preferred to
the fpecir ; this, it is fud, alul no doubt is en
tertained i» not the cafe, in feme parts of the
Rite. But what, fir, is the fit nation of that
country, wbofr trade depends on Alexandria ?
The exiRing law has produced a Rate of tilings,
as novel as it is deRrtiftivc, to the infeirfls of
fociuty. We have a law, fir, however paradox
ical it may ferm, whi. h good men are obliged
to violate, and the profligate or f ifpicitms rha
charnflcr, will not dare it, and r annot eflert it.
The lafl pofition unconnected with the fa<?t, is
•hat which the fpirit of a law might .iflume—
but the firft tv inx Smpefcd by peculiarity of
Circumrt.mccs, produces that very degradation
has deprrv ited.
A ftatement-rif fhft« will ilhiftr.ite what 1 have j
mentioned. The exiting law inflicts a penalty
*'n t he re eiver of i not - of the Potomac bar,k.
When 4 man who rtfirte? in thit diftrift ot
country, into wbi--h thofe notes have and wmi,
under exiting circnmftances, continue to find
their way, is pottl'fiVd of one rf then*, and »i
dtftroijv of making a purehafe, if h- is a man in
whom a confidence is placed, that no rteiign t
enforce the penalty of the law is intended, thi
note will be received by a merchant or .any o
thrr p.*rfon with whom lie is difpofed *o deal :
•f he is unknown or hischarafter fufpefted, h?
it not able to make liis purehafe.—Thus is thit
unheard-of dilemma, which I have mentioned,
introduced ; nor can it be avoided by any mean
within the power of the L«giflature, unlef, it is
hy authorising the eAablithment of the bank
aflerd for—or departing from the principle a
dopted, of preventing the circulation of the
I note* of a private hank.
Blit again, «c are told, fir, that the article?
of afibciation of the Potomac bank, are with ail
thefe ohjeftions to be recognized by this com
mittee, if the bill before tisever isenaAed into
a law. I wa? anxious, fir, this committee
fhotil 1be formed in order that the bill (honlri
be again re.ad, that gentlemen Arnold underftand
it, and nnderttanding it, might fee the proprietv
of a-t amendment I intended to propofe. I*
^as been read fir, and it is with aftohifhment I
hear the fnppofition, that the original article?
•>f a florist ion are retained in it, and that by
p-'fling it w- are to authorife the illegal ir. tti t
tion of the notes complained of. The bill in all
its features, ptirfue* the irnvifiotj* of the hank
law of Virginia, whjrh is the favourite child of
*he gentleman ; all the reftriftions and limits,
dons in that law are to he found in this bill, and
mftcad of atPhorifinp a circulation of thofe
notes, an exprefs provlfio-i is in'ro.lurcd tbit
the bid foall not br co-fidered a« a --eot.il of the
late to pr vent the circulation of private batik
notes. Why, fir. it fttouhl be f-ippofed that
the art:c?es of tfiociation cannot he a'tcretl, I
know not ; one of thofe articles expref-'lv p-o
vides for the event in contemplation by thi?
bill : a power is thereby ptw-n the It pilVitnre to
aft. and the P*vfidcnt and Direftor* have by a
rffneftfnl petition re<piefted them to exerclfe
that power. Another objeftion is, that altho’
the bank fttould be removed in confi-qtience of
a law to that effVft, yet the bank itfelf would
be tinder the confront of men who world not
be amenable to the laws of Virginia. A flight
examination of this part of the fubjeft will,' I
truft, fir, be fufficicnt to fatisfy us. The origi
nal ftoekholders as I have faid, contemplated
this meafure ; it was a part of their contract;
'hey w-ere wiiling to encounter th:s circum
ftanre if it was an inconvenience. This indeed
fir, was urged, and I could but think, urged
w;?h propriety, when at an early pirt of the
fcflint, a petition wis prefi-nted for eftiblilt
in- a branch of the Virginia bank at Weft-End
—it was no part nf the contraft of the original
ftof-k^olders of the Virginia bank that fuch an
rftabiiOiment might tike place and a charter
fttotild not on anv pretence be violated. But
this reifoning does not apply to the Cafe before
us, for ?he reafons I have mentioned—It is the
ftockholders, and not the Legifl.iture or the
oeople at large, whom we reprefen?, who are
to be affefted bv this meafure. Vet indeed,
fir. T -innot be of opi don »hit the flockhol .t
rrs of the bank would fufler by being ob'iged
to fue in a coift of Columbia to obtain iuftice.
T hive fbe honofir to krow the courts of that '
diftrift, and without meaning f-? n-fl-ft on our!
indicia! eftaMifttments; I win venture t<-> fay.
tbit in no part of Virginia, is i-iftice more fpee
«b>v or with more ability adminiftered. I be
lieve, fir, that in point of afliduity, integrity,
and capacity, i? might compare wi*h any brm. h
in the union. Nor can we admit *hr fnppoftti-j
on thit iuftice will at any future ti re hr lc-fs i- j
h’v and oroiTintlv adminiftered, while a prr_
fldent who is elefted by the people of Ameri-1
ca his the appointment of thofe ofli -ers.
I have thus, fir. endeavoured haftily to make
fme anfwer to?he ohjeftions made to-dav bv '
the gentleman from Wythe. Iam co -ft vu d
to ackowledge, however, that I am ifraid the !
time nf this committee has been taken up to!
very little purpofe. The objections were -on- 1
fidered as meriting an anfwer, yet caudou- fire- i
es m- to fay that I believe we have not vet en
tered on that field of argument which the me
rits nf this que-flion will lead n«to. I have c- n
tpnted myfelf with following the objeftion* now
made, in which, indeed, I feir this cr mmittee
has found it difficult to exerrife the attention it
ha? maaifefted in the difruflion. A gentleman
from Norfolk, a few davs ago, calh d on the
friends of the bill for information on fu’lefts
which I thought appertained to the merits of
the hill : that information wa? fttrniflted, and in
order that fuch a difruflion may take place, I
conclude, fir, by moving that the committee
now rife, and afk for leave to fit again.
The committee then roft. The chairman re
booted pr ogre ft. and ajked leave to fit again :
which was granted.
TWO REM \RKS ONLY ! !
T* in with an honefl pride, that we rin mn
tnfl together‘he condmfl of the Virginia |e
g'flatur'-, on the queftion of incorporating t^e
Pitomac hank, with that of the N. Yoik leg f
t it lire, on incorporating the Men hsn*% hank.!
The incorporation of the latter was aceom-1
rdifhrd. it is (aid, by corruption and every
means which can dif Mcr an individual or a
public body. The member* of the N. Ymk
affemblv were perfoa led to vote for it, either
heranfethev received fo mtteh money in for
'eie, or becoife they were admitted to a parti. I
ripation of its Rock on profitable terms. No
fuch feene, we can fay, is palling here. There
i» not a member of the Virginia legiflature, Sc
it is with confidence we fpcak it, who has re
ceived a cent or a (bare as the price of his rrtte.
Bat t'notign fac'n frencs as thefe are yet un.
known to our Legiflature, We know not howl
long it may'e ere fome of its members may I
fmk under firnilar temptations. When weal
thy individuals throw their refourres into one
heap ; when they have the mrans as they too
often have the inclination to effirdl their point
by improper meafurefi, we know not how fur.
ccf fill thev may be in accomplifhing their fa
vourite object. Shall the Legiflature of Vir
ginia then encourage fnch unauthorifed affocia
tions ? Shall it fay to wealthy & avaricious men;
" D » not wait for our laws ; perhaps it would
he more rcfpeflful and more becoming to
keep your money in your pockets, until we
have anthorifed yolir projrtf ; but we will wave
this privilege } we Will wink at your fpecula
ting anil corrupting combination* j make up
four fiihftriptions, and you fliall obtain the
charter that voufeek Shall it then coun
tenance th:s Potomac afibciation which has not
only adted without, hut a^ninft it* laws *
Let fuch a ifirafure as thL once receive their
fupport ; and wcmaycxprfl to fee companies,
like this, flirting up j with a kind of mufhroom
fertility, in every part of ourfiate. A n,\though
like the M rchinfs-hank of N. Y»ik, tf cy’ffiay
not be fortunate enough to bribe opr L-lifla
1 turc, they may at Ic .ft fucesrui in L altering
!LWBn U Jtl
: d.
I it be i;i,f• d the ihfefeft of the coif'f*cs
‘Sit t adc iv:*b the P»fom*c. to have an incutf*
• if banking capita!, why r.o* gtyo them a hank,
t ist (hall l*e otxn to every fuhfiriber i We a, e •
t old that it is fuch a plan as this that will t»c of
fered this day to tho oonlideration of tlie Levif
Utuic. /
—i X
To the Koitor of the Entaptirrr:
A iriend to Mr. Ilenipg deems it Ids dut to
...era few remarks on a par-graph which ‘.o.
.cared in your paper of the 31ft ultimo. Fnnft
a curfory view of that artvle, it might he
rred that Mr. Honing after his eleftipn a
f it in the council to f..p:,ly the vacancy oc
cifioned hv the refignntion of Mr. Or. oi- i,
hid in violation of the fpirit of the ronlt until
oni ontmued to fit .uni vote in the houfe of De
legates, as a rrprefentative from *he cotiurvof
Mhemane.-What might be confidtred as the
rtmt of the conftitution. it is believed hy the
tnends of Mr. Mining, can ody he fairly Z
certamed from the words of the co-.fti , i.,n.
the rule of the houfe, and the uniform praflice
under that rule, from the formation of the cou
ftitution to the pri fentd.-v.
The conftitution (article 3 ») f,vs « the lej-if
'at.vc executive; and ji.di.iary departm .,*s,
flntl be kent feearate and difthvft, f., that nei
ther exercife the powers belonging to the o
ther, nor fi.all any oerfon exercife the power*
of more than one of them at the Dm: time,, x
rept that the jurticesof the comity courts, frail
He eligible to either houfe of AfTemhly.” Ar
tide i t. A privy council or council* of flat*
I confining of eight members, fhal? btchofeii hr
|.l*»int ballot ol both houfe.; o*' AfTembly, eifli. r
r" mn • r<I"’n mcrn',, r or tbe people a' fat »e,
todriHi" the ad-ni ifi-ation of the governm m.
he niicof *hr houfe w hich was ado- ted it a
'ery early perod of tbe government, and in..v
be con(hlered to be a pradtieal expofiriou of
m confi.tutmn, exprefsly declares (rule S‘>.)
rhe appointment of anv perfon to an off c ■
m l ;e executive or judiciary dep-rtm n?> < f
this commonwealth ftiall not difqualify him
being a member, from fitting, an.! vo mg, id
the houfe of Dclagates, until he fl,all ha7c
.qualified tinder his anprtntin n* ”
In conformity wH, this ml-,' ft u believed,
that every perfon who has hern ap-.ointed a
member of the privy council from tbe year
I 776 to the prefent time, although to fill an ex
ifting vacancy, has continued to hold his feat
in the legiflature, fill j„ft before the rifing of.
the grneml Alfembiy. A few pittances at va
I ""m periods are alone adduced :
In 178?, John Mirfrad was ele.fted to fnpply
a vacancy occafioned by the refignation of John
Bannmer, and after his election continued to fit
and vote in the houfe of Delegates. '
In 1784. gen. Wood, a member of the houfe
of De.eeates. was appointed to fill a vacancy
produced by the refignation of J ,hn Marfliall,
and (til! continued to hold his feat.
In 1,93, Id n Allen was e'efled ea-fy in the
rdTion a member of the privy council, in the
room of Meriwether Tones rtfigned, and held
his feat m the houfe till the 93 I. January 1799,
when heqmlified to his appointment.—Exam
ples of a more recent date are numerous, and
IMS Drrfnmed perfectly within the reeolV&inn
of minr members of the prefent legiflature.
Can it be fud than that Mr. Hening hasviolat
ed -he fnirit of the conftitution, when he h;r*
only purfued that courf -, which wastoUoved
by all His oredeceftors, under fimifar pircum
ftinreR, and when he has been guided by • ie
experience of thole who formed ♦hrennftit' •>
itfelf, in oppofition to the theory of the pref 1*
| day.
| TV writer of this article ]f well afT red thnt
Mr. Hening, has made a rreat facriiue oft,- I
I tnp, to what he confidered a fenfe of duty, ti>
• his confi itnent j.
(Tbe courfe which this nfTa'tr has taken, Jha 7
i be communicated in our next.)
?Lr,gt <&&entng 0 $-ij,
PHILADELPHIA, December 30.
Yefterday arrived the (hip Lovely Matilda, Cap
tain O’Conner, fro”i Tonningen, whi h he 1,'ft the
12th of Nov. and by wh>vn we are fivored with a
file of German papem to tKe 5th of November from
winch the following ex. raft, are made : .
Munich, o&. 24.
According to general order*, the paffkg- nf the
Inn nmft he forced in four day* time. Ail the troop*
are this day in motion. '1
ULM, Oift. 25,
Near Leutkirch feveral thoufand Imperial Auftriia
troop* of the divifion of Gen. Wo|f*kehi were taken
priloners by the French Gen. Vandamm*.
FROM B WARIA, 0<ft. 25.
An a5ion took nl.-ice between the Rultfm anj
Bavarian troops in the neighborhood ofOeflii r.
The advanced pods of the army of Marfhal TJ..r.
nadotte are already on the Salza. Numbers of troops
advance againft the Electorate of Saltiburg—|he
plan of the French feem* to he, to conquer thi* coun
f[y’ fo 'V W into the back or Tyrol, to onen
through Cnrinthia a communication with the »rmf
of Ocn Maflena, and if poflible to turn the Arch
duke Charles.
VIENNA, 0<ft. 2ft.
Ocn. Mack who was taken prifoner of War, b#
the Pn-nch, is arrived here and as iris laid w •/»
propoLI* for peace. But on our part, there feet, *
to be hut little inclination to quit the fi,.|d 0f h ,f.’e
unlef* the propnfed peace be very honorable to Au
ftria.
AUOSBURUH. OA. 27.
The day before yefterday a fevere cannonade ws*
heard here on the fide of the Tyrolese; the French
therefore without doubt hare attacked the p*Tea
through the mountains. An adion ha* taken p ace oft
f [nn r
HATI8B0N, OA. ?R.
The Ruffian, h.ve retreated to Weis and there
wait for reinforcement*.
A divifion of fhe army of Gen. Bernndotte i* alre*,
dy marched into Saltzhurg. PafTau i* faid t0 he taken
by the Anftr.ar». Htratingeu and Viinrofen, are in
the haurl* df the French.
: -
fenlea nt Unction,
On Monday the 8th inft. will be offered at r„Mic ’
Sale,
C P.VP.R AL trainable fra®, of I,AND in -be wef.
‘ , co“m'« of ,hi» ftatfr comprehending fexe
ral thoufand arrea : the title iiclear and free from in
cumbrance. One eighth of the pt.rehafe mone* « i |
; W,,V ** the rrfidue in feven eo„al i„() ,|U
i mfnt« annually, with interrff The plot, and fura
*ey* maybefeenhy arndyingto
i . GROSSER MONCURE
January 1. f/Jf,
j V°nn\]rL'Jt pref'nt f'ar' Thr“
* ROATMRN, „ rruny; WOMAN, ar,V].
Owed to the huftneft of a houfe, a»4 * OJtL