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


: always have f,Icti vauein the market. as tina
Il may be eahy Convertible into money at = cen.
tam moderate rate ofvlluation !; and in as flor
time as that which 10 generally allowed fSr Oh,
payment or private note or a bin of exchange
has the farmer no fuch dspoiits as thete tc
make Has he no commodity in his ys2narie
or ms barns, whole nature is Interchangeable 4
Whole pr'cois always equal TO 4 certain rate Of
valuation! ms quettion can only be anfwer.
cd, IN our own fate, by examining the lift ofou,
commercial commodities. Here we meet with
corn, cotton, -four, tobacco, sc. This laft mar.
ticulariy, is characterized by thefe properties
and 1t enjoys niil frrther the great advantage,
that 1t is put under the guarantee of the laws s.
is made to circulate or fix itfelf in the market bv
means OF Il legalifed piece of paper, which IS
made to reprefent it. And now then let me
ak, whether tobacco-note is not fae;cient
iecurity to bank for the repayment of tbs mo-
ney winch 1t lends out: would enquire whe-
Their they are not as fate and satisfactory deDo-
tit, as any bill of exchange, or any private not
| know that the merchants, who are generally
oeit acquainted with the theory OF bank, and
| mott lnterelted IN the management of its con-
| cer::s, will be oppofed to this arrangement.
know that it is their pecuniary interyf. Their
| fortunes cannot be 70 ti;ccetsfuly promoted. al
When they have the farmers comp!eatIy in thei.
power. THY with to become their only bank
ers. The truth has not eicaped them. that
mould the farmers have any other refources to
tuppiy Their immediate demands, they them
ieives cannot ieize the opportunity of profitinp
| by their neceilities. 1t is not to be exnet}rd
therefore, that they will eagerly promote this
arrangement; and yet it is difficult to conceive
| oy what plauiible arguments they will ft,pnort
! their oppoiition. They will not certainly ven
ture to aifert, that a tobacco-note, taken NJ
very moderate Ultimate, is not as fatisra4ory
! iecurity as any OF their own notes. A tobacco
note is the amoft infaliible Representative of
certain quantity OF valuable tobacco. 1t NAV
be Teen and touched. 1t is not here TODAY and
! gone tomorrow. 1t is not like the merchants
fortunes, uncertain in its exifence, and eys,ec
cent IN its duration. The property of a mer-
chant is fometimes the mere creature of oninion
! IL exits no where but in the imagination Of
thoie who have made fllfe climate of tbei,
wealth. And even they themfelves are fire.
quently deceived in the calculation of their own
fortune. But even fuppoing that no merchant
leaves me note In the bank, WHO has not fuffici-
Gnt reoourceS at the time to take it up, when the
uay VI paymentcomeSroInd: Is it to be fuppofed
that he will always have fufficient INTEGRITY IN
comply with his engagements Is there no inch
thing as ihie!ding himfelf behind the prote Sion
OF the very laws themfelves {? Lett be particu-
larly recoileeted, that in Virginia, lands are not
liable to execution for the PAYMENT of debts.
And even fuPpoiing that the merchant tfs
this debt with an honorable intention. is he al
ways certain of pofiefiing iuf!icient refources TO
redeem 1t (! During the interval of so DAYS how
many caiuaties may happen to blight his prof
Pects bankruptcies may annhilate his eou;ts-
i pie claims. ne ocean may fwalow up his rich
~ frelghted veflels. Are not tobacco notes.
therefore, as fate and valuable depots as private
notes or bills of exchange can pofiblv be Wbat
more satisfactory fecurity then can the banks re-
quire, provided they receive no more of them
than what they may be able to convert into mo-
!! ney at any time without any lois and nrov;ded
tney always receive them at very moderate ef.
eiihate Have we not therefore difcovered one
method, by which the banks may be enabled
4e'sD' 20 contribute to the interefts of the far.
Ifer The benefits, which he iudfr.lyT, receive,
from the increafe of mercantile capital and mar.
camille competition By the eftablifhment of 2
nank, are too apparenttoeicap the mott ordita.
ny mind. s'' u >i-'''
:. MAHUFAcrURERs g MERcHANrs.-Tbi;
diVl1on OF the fubje6t, would certainly f,rnif,
an active and experienced mind with abundant
iources OF uietul enquiry. Such an examinat;-
on might be made to embrace all the chances
which are likely to be produced in the trade and
manufactures OF Virginia. In what time and
III ~ @haI degree our carrying trade, now con.
uucteo oy the merchants of the north, is Ikev
10 become direct foreign trade of confumnti.
on, carried on by our own capital, would be one
OF the iublettS worthy of great confederation
Ii might ALTO deferve to be conGdered how 50,
the lncreafe and cheapnefs of capital, Of ! NAV
uie the exprefiion) may counterbalance the in.
creating value of the raw materials and the low
price OF foreign goods, in the Establishment O;
manufactures. But theie interefting themes
mutt leait to the examination of fome more ex-
Penenced and enterpriGng mind It's fuffici-
ent Tor me to have explained, as far as nv capa-
city would extend, the general tbeory of bank
TO have examined fome of the objeaisu,
which have been urged againft fuch intitutions
and to have ftated the dire9 advantages which
they are capable of affording to the ruling inte-
reit OF our country the intereft of the enitizu.
tors Of the earth.
The reader is invited to perufe an RGay which
appeared IN MIR. Davs's Virginia Gazette of iuly 9TH
1904. We MAJ entte it the frft number of the I'd
ieres Of Canddus 1t fugges feveral valuable refec
tions on this part OF the ublea Is no part of the
produce OF the earth except tobacco, reeommendsJ
by the lame advantagesl
- ~ EA:'5 III. Deg .oa.|.i-, b, i6sys on 5aei,