The enquirer. [volume] (Richmond, Va.) 1804-1815, 1804-08-25

g. '''s &C.,. ~ -,
ipend hiig,e thought ia leSyiag fcAcr,,es d, A.
rem The notes ind other credits of tle(biak. in
ORDER to maze a.ruu tyion it, aud Il v.o,,ld he
TOO diigriceful and even hazardous in my cor.
poTate body to attempt it, which certainly pi,4
SsS the bank beyond the teach OF deiign or am
| bition. This point being fitted, man ahtsr.,e
that banks do not deal on their capital tor CAM
! :. all, but on their credit, which is ACQUIRED Nv
'he known capital they poHtfs and This credit
they pats TO individuals for valie received ia
godd endorted paper, together with ix per cent.
thereon as a dtcount. This paper vii! be pupc
tualiy paid when due, and will enable the bank
70 aniwer every call That can poilibly be made
on II without ever touching n angle dollar Of
tnelr capifa!; except 10 much as NAV be ueceGa4
ry for Change WREN u leia ftrn than sve dollars
are wanted, that being the leaf iusc;es of crsot
tnat fhey Will circulate. J1deed there are but
two pte-rcuuiites necsiary in theufelTes to
give banks unlinlited credit, to vii h,neit and
faithful officers, poie1ed Of f;;ll and ability fuf
hcient to guard asainf fraud and i,npoiition.
inc ideas, therefore f,lseedei h. Tome of the
Directors of the Bank of Virginia of the i,npro.
prety of granting difcounts before the hank
Inscriptions are paid up, le:s the ftockholders
ihould be enabled thereby To pay up rhs BIZ
Lance of THEN flbfcrptions in t.k notes infteaJ
which will be further i1eWn by The following
ftatemert, viz.
The Hockholdcrs of the Bank of Vfr-
g'nia have paid up the frft initial Dols.
1,e"' amounting TO 8J),CG2
Inc tate has fubtcribed her quota
i'll tull 100000 more.
And on thefe two fums the bank goes
into operation: upon which CAPT.
tai the directors are authorized TO
grant dfcounts within the firt fix
ty days Of called for 10 the amt.
of l,sod,eos
Which debt will ftand on good and
fubftantial endoried notes, that ..
will be punetnay paid when due,
from which have been difconnted
as the profits of the bank 5000
dollars.
at the end of 60 days after the hank
goes into operation the tecond in
talment will be paid in by the
tockholders 10000
8 & sss5 s; '; ;; ;a' z' 'a
On theie proceedings fundry mef-
chants &c. will ftand credtots on
the books of the bank, and bank
notes iiilied to the amount Of l,7so,ocb
L ne ABOVE circuits OF $4,000 | q
dollars fubaratfed from the i
debts and cafh in the bank, t'ols. 6ls'coo
leave credit in its favor of
Thus 1t is fhewn by thefe operations that 60
! tar from the ttockholders and other debtors of
the bank having it in their power TO encroach on
the tpecie capital of the bank, that they have
bound themfelves to add thereto the fun of
$4,000 dolls. in fpecie, it being totally out of
their power TO pay in any thing elfe. Hence
the petition laid down is fairly eftabliilled, and
| 1t Is proven to De totally imriateriai through
whole hands the fpecc is paid into the bank,
whether directly from the itockholders them.
| ielves or indirectly through the hands of the
! merchants, the regular 8; proper channel point
ed out by commerce, the rcfult in either cafe
| is the fame.
A STOCKHOLDERS.
! 8evetal faets appear in this DAYS paper.
which confirm the diagreeahle intelligence Of
leveral OF our trading vefIels being captured off
Sandy Hook by the Britifh iflip of war the LIE.
ander, and fent to Halifax for adjudication.
his iniult can have been offered to our Rag un-
Ger no other plauliblc pretext, than that 'theGe
Velels have conefrom French ports, & are fuf.
! peeted OF having enemy's property on board. As
all the articles ofthe Britih treaty have expired,
except the fiFtt ten, and as neither of thefe pre-.
tends to regulate the intercourse between the
a,
III war, we can only examine the uitice of this
pretext by referring to the common laws of nas
tons. Here we meet with various fnades of ca
les to which the public codes of different natl
ons have given different decifions. Has Britifh
IMP of war right to fearch an American vcf
lei on the high feas conveyed by national arm
ed yettei! This is one cafe inswhich the Britifh
court always purified confident conduct;
lone times giving up & fometimes refuing to re-
llnquiih, the privilege. Has Britifh fhp of war
a night to examine and fend into their own ports
for adjudication. an American vefTei falling on
the high feas and unprotected bya national vef-
lei This is a right which they have always
claimed, and which the 18th article of Mr.. laws
Treaty gave up to them. Have they right
TO take one of our vetie!s placed within the iu
f1idictlon of the United States, and fend il to
one OF their own ports for adjudication This
is right which no nation can claim, and which
no independent nation can reign. Ho4u fla,
then does the jurifdi6tion of the United States
extend Mot Of the modern writers on the law
OF nations, place it within marine league Of
their fhore and late decifon of Sir w. Scott,
OF the High Admiralty Court of England, has
applied the fame jurifdiGional limit TO PrufTia.
Ht'it vi tine captures, however, made by the lie.
ander have taken place within lefs than a marine
league of Sandy Hook, the fartheh point thai
Il NA - 49, r L.