The enquirer. [volume] (Richmond, Va.) 1804-1815, 1805-01-29

was ne limitation TO thefe proceedings, II f,ch
conduct was palied over with inprnitv. b.
Tore the meeting of the next iegiiia;arr, inffead
OF capital of half million, three miilicns al
leait might be veited in the private bankirg az
iociatlons. To what purpofe then had the le-
g'ilature refervedto itfelf the power Of inccrpo-
ration, If II was not to limit banking capital and
tne circulation or paper money 1.-The gcBsle-
man lait up obfervcd, that the intereits of the
merchants and farmers demanded the extereon
! OF banking capital. But, there was already
petition prcfentsd to this houfe by feverll cotn-
ties on The Potomac, TO extend branch of the
Virginia Bank 70 the neighbourhood of Alexan-
dra. If then the houie was willing 70 encou-
rage fuch inittutions, it might eaiily s.atity It's
inclination, by aiienting TO this petition, and ef-
I tsnlilhing among them branch ofthe Virginia
Bank.
Nir. Tyler hoped that the ideas OF The gem
ternan would be verified. fhe Stockholders
! .; the Potomac Bank would he contented, il
! me legIllature would extend the capital of the
| Virginia Bank, in order to eftablill ! new
i branch Among them. For in that cafe, the
| itockholde-s Of the Potomac Bank would veR
their capital il i. But he was afraid, the legf-
/ lature would not adopt this meafure. lie
thought they had too much confined their re.
! yards to the jaf1es river; that ti.y mad lott
| ight of Alexandria that they did net .niparti-
ally gilatc for the whole fate. Extend tie
capital OF the Bank of Virginia, fad Mr. T.
and we ihall he fatiSfed. But am afraid we
lhail obtain neither. II was very good policy
in our opponents TO have the diculion OF this
bill brought on FRI. this bill were decided
againft US, they very well knew how the other
would go. They knew very well that If the
other bill were damned, we had feme chance
otincceedng in this. The gentleman attri-
| butes unfounded deGgns 10 the BaBk of Poto-
\ II &c {aI H.,
| waite notes: ard 70 are I'VE. All that we dcfire..
Isl the foitering hand of government. We hope
that the Imaginary interefts Of the Rate in the
| Virginia Bank will not prevent the houfe from
| giving us that aid. MIR. Tyler ohferved, he
wiihec nomore AZ prefent thantbe Dofponcment
efthiS buinels, until the other oil, had been diff
cuded. If ON that occaiioH thl proportions
which he had mentioned were nat offered, he
was willing that every poflihle ufeafnrc might
be taken aganf the Potomac Bauk: and if
! they fucceeded in this point, he az authorized
| to rate that they would vel then capital in
Branch Bank or Virginia, if that Branch fhouid
! BE :ranted to them.
ar Singleton confeiied he was oppofed 70 the
principles of the Banking iyfcm But he was
@'!i more oppoied 20 any monopoly in iilch in
'itations. Butwhen here d he 7roviiions ofthe
reient bill, he was perfectly con inced, that
.uch monopoly was really neditated.-
! diitrGf OF Columbia, Mr.. S, o0feryed, was as
independent of Virginia, as any Rate in the u
Mon, and was equally entitled 10 privileges and
imnuuities but vet the le;ginsturc had
made no regulations like the prefept, although
fach private banking liocia,iono bad exifted in
the other Rates. He aikea wheyhrr a ftriefer
policy was necefiary here, than in @. Britain
IN that kingdom, Banking companies were not
tcttered by moBonopoly even the bank of IN
gland tielf has no executive privileges, except
the one, that no other banking aRcciation could
have more than FIX directors in Edinburgh
there were two joint flock companies, which
bad no privilegcs.---What would an enIighten.
ed foreigner acquainted with tbs policy of E,-
rope, think, if he were preient at our deliberate
ous on this day He muf tEink Is algnoit eve
~ other yoIiliciaa syssi,i, = ie preient rnea-
lure IS dictated by hotiIity; y < '.;on09 Sizing
hofhity: It Is hecaufe gcntic.nec n other parts
OF Virginia think, fiat if this paper circulatcs
among them, it will lei7en the profits of their
trade, and the value of their banking tcck, that
they advocate the prefent bill.
MIR. s. obfsrved, that he would not let any
bank enjoy an executive ishttothe banking buff
neis. Farmers might be told, that It would be
an injury to have two Blackfrriths' fhops, in.
o; 'ie IL t!e:
But would they believe ii ? They might fee
indeed that it would be an injury TO the Black
iome ingenuity TO prove that it would be an in
jury to them. It is 70 with banks Their OBJ
ject is 10 increafe the circulating MEDIUM.
Suppoie in any lociety that there are ten nilli-
ons OF dollars 10 carry on the wheel Of circula-
ton: LET an additional fun in paper be iGued.
Then, as the circulating Medium is doubled in
Its amount, the nominal value cf commodities
mnR increaie in the fame proportion. Perhaps
4 part OF this MONEY might overflow into other
countries. Il part OF it at leaf would remain.
and the farmers VINO have generally more TO
tc! than they have to buy would receive A
greater price for their commodities. 1t WIS
their intcreft then, that 10 unneceiIarv refraint
ihorld be thrown upon the multiplication of
Banks. If it be any advantage to them to have
a greater quautityof money thrown into one |
channel, it cert ainly is as great an ADVANTAGE |
to have 1t thrown into another channel. lfany |
advantage IS to be obtained b. Il here, an equal
advantage mut refult from it ibey1.
Some gentlemen may contend, shat the |
Bank OF Potomac will iniure the Bank OF Viz |
ginia. Bot is il probable that this will be the !
coniequence of it's operations? Is it probable |
that any money from that bank will reach this |
market It's not. Alexandria has lcarccIy |
more commercial intercourse with Richmond, |
than il has with China. A bale Of goods might |
as foon be got Fl ON London from Richmond. |
More veliels in faGt arrived at Alexandria from |
the hrft port than from the lal. For thefe rea- |
ions he hoped the Legislature would reject the |!