Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1804-09-05


they have dissolved, what is called the
merchants bank in the city of New York,
wnich had gone into operation withou; "A
charter; III Massachusetts, they have
PASSED q law prohibiting under heavy Pc
nallies The erecting any bank without Il
Charter previously obtained, and making
1t necessary to the petition for charter;
that the company proposing such an esla5-
lishmcnt, should have first obtained their
whole contemplated capital in specie, and
by importation; il is very much TO be
wishedthat SOM such Legislative provision,
as this last, was made 10 embrace every
portion Of the union.
am one of those who consider the
banking system as valuable To certain
extent, bat that it may be very much IL
buscd this abuse ! think see coming
now much into practice; be this as ii may,
institutions of this nature which have such
intimate relations with thc general inte-
rests OF our society ought hot To be per-
mi'ted TO take eaeGt without previous le-
gisiative sanction. The interests Of the
community require this, that oI >heir own
stockholders make it necessary. How FAR
the property OF every indivda. ii sub .crbar,
over and above his stock, may be liable in
case of an accident 10 an Incorporated
bank, l shall not undertake mere 70 DIS
cuss; know It Is the opinion Of some Of
our soundest lawyers, that no device which
eau be used IN their articles Of copartDer-
snip OF IN their promulgated terms IF bu.
s'neSs, can subvert the great principle of
the law oil the land, that a partner in The
profits OF any trading company, no matter
IN how small degree, shall be liable for
Inc debts TO the amount of his whole for
tune II the company become insoyent;
out bank not incorporated is, as 10 the
Case with the merchants bank at n. York,
always liable TO be dissolved by Legislative
interference. 30
In none Of the newly proposed banks,
and many might be pointed out i'll each
proJect. do L see such glaring inconslsteu-
cies as Ia the scheme Of the bank of Poto-
mac, as il is 10 be called, at Alexandria.
his Is really SUI seneris. / have be.
lore heard nf no bank erected, or attempt-
10 DC erected not having previously obtain
ed Legislative authority, that had not at
least Charter III prospect, and which did
not lake originally some steps calculated
10 secure one. 1t has been reserved for
'he projectors ut the bark of Potomac To
undertake not only 10 establish a bank
without the possibility of obtaining char
Ter, but to attempt 10 put such all institu.
uon into operation, under the paIpable in
VasIon OF two existing laws; the one OF the
congress OF Inc United States, the othee
OF The stale of Virginia. The 18th sec.
ton OF the act OF Congress incorpora-
ting the subscribers TO the bauk of the
United States, is in The following words
-" and De IL fuytier- enQcfea, that no othev
bank shall be established b, anu future h1.u
Of he U,Ifed States during me continuation
u me corflora.ion herein created for zvhsch
!he jaitA of'the United STATES is here6y flcdq-
ed."-Now Alexandria is liz the D.striE. OF
Columbia, placed some years since under
the exclusive and absolute jurisdiction Of
congress. If this newl y designed bank be
IN Alexandria--to ask for charter of the
only competent authority wouid be vain
TO obtain it would be impossible and how
lar congress may consider, that ~ tolerate
such an institution, would be tantamount
TO their sanction, and violation of their faith
ihps solemnly pledged, may be well worth
the reflection of its advocates? II is tue,
there is provision in the articles of asso-
citation, that in the event of their obtaining
charter from the state Of Virginia, the
bank may be removed out of town, across
the lines o! the district into Virginia but
what possible chance is there for charter
from that quarter! VIII Virginia be more
disposed TO favor the prayer of the advo
cafes, foreigners 10 her, living under diff.
terent government, than that of her own
Citizens, who from the county neighborng
to Alexandria it appears have already pc.
ttioned for branch Of the institution in
which the state has largely Interested her.
self!
In December, 1885, the legislature of
Virginia passed the following law, entitled
IAN ACT, TO frcyent Ire circuLanDrl of mil
Vafe TANK nofes"-Be il enacted, &c. That
II shall not be lawful for any person to Of
Ter i'll payment private bank bin or note
Tor money payable TO bearer; and whoe.
yer shall offend herein shall not only forfeit
to the informsr ten times the value of the
sum mentioned in such bill or note, but
maybe appFehended by warrant of Justice,
and tfnot, ,In. t,ro,.C &c, u. T.,