The enquirer. [volume] (Richmond, Va.) 1804-1815, 1804-11-03
FOR THE ENQUIRER.

FEW queitions have occurred for rn,nv veare y,
which the people of Virginia have been more ;n.e-
retted than in the eitabhment of a Bank IL has met
with conderabie oppoiltion but there feems now to
be general confidence, 70 that TIE only points of diff
pute relate TO the management Some obfervat;ors
have been made tending dii!uade tie Directors from
making loans until the infalments are all paid in.-
others nave appeared recommending loans to be made
upon the depoii;s or tobacco. Concerning both IF
theie, the writer 81 tbs article will make few re-
marks.
!, is not forgotten that the eftabiiihn,ent of The
Branches viii icon require large drafts of pecie from,
the Richmond Bank and that it behoves the Directors
until that event i,ss hs-penea, lz1o It'll grea, can.
tion. Some perlons pretend TO believe that the if
ing OF notes viii enable the ockhoders to paw in the
eeond nltaiment without the aid Of fpece Let be
uPPoed that the fccond inialr,ent will become du.
on the fir of January for 500 900 dolls and ,h
there due to the bank for loans an eoual fun,
winch viii be payable At about the fame time if
the ttocthoders hould acquire the hank notes and Of
Ter them IN Payment, they mu be received: the CON-
e9uenee will be, that all who have borrowed the notes
mutt ind iPecic TO dcharge their own obligations
SO that it will he of no confeauence whether
the ipecic brought in by the ocioders or the bor
rowers. The directors will certainly be cautions i,
Lending TO thofe Whole reputei refources and known
pun:sua.y will put it out of their power 10 call in al
their money when they pIcafs.
Ii ali cafes where tobacco may be offered as de-
pot, eis Caution is neceGary, becaufe tobacco is a.;
ways cath article it is guaranteed by the ftate and
being identified ~ negotiable notes. may be deooitcd
by the delivery the notes 1t will be alyay. fafer
to make loans pom fecurity of this kind, than upon
the private fecrity Of individuals Beiides the advan-
tages which he RoclslloIders will derive in rn,li,,
eTtenive loa;r upon iuch permanent and necotiab.s
ieeurity, it will afford great convenience and ACCOM-
mediation, both to the merchants and planters MANY
Gales might be tatedwhch the eouric of DEALING viii
authorize; but two only will be offered for the resde-
confederation.
/. a planter, poHclTng ten hhd, of tobacco ka, a,
immediate want for half the value in money. He se.
points the notes with the proper officer of the bank
and receives declaration, which fes forth deC+i,
ton Of his tobacco with the amount and terms Of Sc
loan this will enable the planter to fell the depoGed
tobacco to his atsaction, by giving credit. and leav
ing the purchaer TO pay The money for which If VA
dePoted -fhc Purchafer by this means, may procure
the whole quantity without advancing any money.
Thus IS, both planter and purchafer will be greatly
accommodated by means the loan from the 5lnt.
z. a merchant has advice that fhio is couJi,,rsd
to him, which will 500 hoghcads Of tobacco and
ne dered 20 provide her cargo He is able to QUE
ehate 200 hogiheads by the means Of his own re3dv
money --Thefc he can depoGt for as much fpecie a.
will purchafe 15o-.heie he can alto depoGt for a,
much as will purchafe llo~-and thefe he may iero
m tor as much as will purchafe tie balance and al(o
rave iuccit urPus TO pay the port charges of the
mp. When the fhP arrives, her inward cargo H1ay
De immediately fold tor notes negotiable at the bank
Whereby the merchant will redeem al the tobacco
and give iincdis.s dipatch to the ip, without being
Obliged to ais alliance, expofe his bufneJs to am
body,
The fame fyftcnr may be followed by thofe who de-
ire to make ipeculations in tobacco They viii be-
able, BY the fundamentally Of the bank, to execute
their dsigns without difeonng them to their neigh
hcHru a.Ie 81 lit -
loans which they ak, without the fear ad mortisc,-
ton Of refufaL Bulnefs will be done with flfety e
ereey and certainty. The planters will always find
number Of competitors in the Market and If they diC
like the prices which offered, they may Obtain
iuppy OF money to anfwer temporary purpoie, and
take the chance Of the market at another time Nine
more MIGHT Se advanced TO new the uiuncfs OF the
plan Every candid mind viii be fatisied with what
has been iaid--W th others, whole volumes would b.
" ritten Ia vain