Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1805-08-17

very limited, and that cur merchants have
been greatly indebted 10 that town, Or
have purchased q large quansly OF goods
there. Inseiiher Of thnse Cases, no blame
can attach to the directors provided they
have been iudicious in. their customers
! and were prepared To meet this exiEeney.
The only obligation on them is to lend
the money to responsible persons, and me-
YER 10 issue notes TO a greater amount
than they can readily take up. rhe
course the notes wil,.ke depends exclu,
sively upon The course oftrade, and 10 not
under the coniroul Of the directors. That
they have been discreet in their loans can
only appear by referring to their protest
book. That they have been Partial in the
distribution of the money can only be
Known to themselves and their officers,
and as friend TO the corporation conf,
dently hope that no house will be so much
g. inthrailed with the bank" as 10 verify
your prediction of bankruptcy.
Your next charge is their $ astonishing
and nnheard of curtailment of discounts, %
and in your simplicity you refer, by way
OF confirming the fact, 10 their ADVERTISE
uent OF one discount day IN the week in.
stead of two. As one is the halt of two,
you sapiently concluded that only half of
the sum could be discounted in one day
that was before discounted in two. Look
again at the advertisement and you will
perceive that the duration of this change
is confined to the months of August and
I September, when several of the directors
are absent, and when it would be dilicult,
without imposing too much on the re-
Z manning directors, 10 form constitutions
s al board oltener than once in the course
of the week.
II may probably be true that the hank
1 OF Virginia has curtalled It's discounts since
the establishment Of the departments.
Before that period almost the whole CAPT.
tai was lodged in its vaults. It has now
been divided, and the necessary con~e
quence must be that the discounts will be
curtaIled at the bank as They are extend
ed at the departments. OF ibis the mer.
chants at Redmond cannot complain, be.
cause they were apprised oil the necessity
| OF il.
In what manner the directors Of the
! bank Of Virginia have done g incalculable
7 mischief to the country" by depressing
/ she price oi produce am at loss to con
ceiye. Although the discounts may have
been. Iessened a, Richmond in conse
queDce of d,visioa of the capital, yet
presume they have been increased at all
I the departments collectively in much
higher ratio, SO that the country at
large must have derived a benefit instead
of an injury. tits just as rational 10 blame
the dIsect5rs OF the bank Of Virginia for
plentiful lisrvests abroadar sudden peace
in Europe as for the depression in the
price Of Country produce. When there
IS fore'g demand, bark gives activity
: To trade by loans oil MONEY and thereby in
creases the competition amongst mer.
chants, but, with the exception of occasi-
onal and mom~ntary speculs,ions, the va.
lue of our produce win be generally regu.
lated by the demand of other countries,
Z whether We have fifty baoks or no bank
al all.
4 Charges and denunciations are easily
made to support then is often very DIFF
. ficnlI. They may, however. serve your
purpose by exciting some degree of dis
gust TO the present institution, with the
view to another establishment more con-
genial 10 your feelings and to your pro-
Jects. Your structures on the influence OF
the state in the bank, will, if noticed al all
by the legislature. only serve to confirm
that body in the proprie,y Of retaining its
power lest it might perchance fall INTO the
hands of such upright and public spirited
men as yourself. The stockholder.
trust are MOTTO be deluded by your glaring
Misrepresentation.
BIWCO.