The enquirer. [volume] (Richmond, Va.) 1804-1815, 1805-08-13

ors for not receiving the notes of other banks
only ev'nces your ignorance of the operations
of bank. Observation-Disclosures arife
from rrfu6ng other bank notes. Thof. who
have payments to makesin into the bank will il,
that cafe neceliary offer Virginia notes or fpc.
Gle, and It is jun as convenient To take up the
notes which may he returned with the fp Gle a,
with the notesof other banks. 1t is true that it
may be attended with more rifS and trouble to
the cuitomers of the bank to force them to bring
fpecie from the north, in return for produce, in
tead Of the bank notes, but the effeSf would be
the fame to the bank, becaufe the amount muff
be the fame, with this difference only, that the
bank has then the rifk of taking counterfeit
notes. s ssS
IF your fatement of the amount of Virginia
notes lately brought from Baltimore be true, no
other differences can he drawn than that the cir
culation of the notes is very limited, and that
our merchants have been greatly indebted to
that town, or have purchaftd large quantity
of goods there. In either of thofe cafes, no
blme can attach to the directors provided, they
have been judicious in their cuitomers and were
prepared TO meet this exigency. The only OBJ
iGation ON them is to lend the money to refpon-
fble perions, and never to ifTue notes to great
er amount than they can readily take up. The
courie the notes will take depends excluiively
upon the courfe of trade, and is not under the
controul of the directors. That they have been
dtcreet in their loans can only appear by refer
ring to their protect book. That they have
been partial in the ditribution of the money
can only be known to therpfeves and their off,
GERS, and as friend TO the corporation conf
IDENTIFY hope that no houfe will be 70 much 6 in
thral!cd with the bank" as to verefy your pre-
detion of bankruptcy.
Your next charge is their " aftonin,ing and
unheard of curtailment Of difcounts" and in
your timpcity you refer, by way of confirming
the fact, to their advertisement of one difcount
day in the week inttead of two. As one is the
hait of two, YOU fapiently concluded that only
bali of the FUN could be difcounted in one day
that was before difcounted i'm two. Look a.
gain at the advertisement and you will perceive
that the duration of this change is confined to
the months of Auguft and September, when fe-
veral of the directors are ahfent, and when it
would he difficult, without impofing too much
on the remaining directors, to form confitu-
tiona, board oftener than once in The courIe of
the week. t
Il may probably be true that the bank of
Virginia has curtailed its difcounts fince the ef.
tabiiihment of the departments. Before that
period alnlott the whole capital was lod,ed in
its vaults. 1t has now been divided, and the
necehary confequence mutt be that the difcounts
will be curtailed at the bank as they are extend.
ed at the departments. Ofthis the merchants at
Richmond cannot complain, becaule they were
appried of the neceiiity of it.
In what manner the directors of the bank of
Virginia have done incalculable mitchell to
the country" by depreGiug the price of produce
am at a lois to conceive. Although the diff
counts may have been IL Gcned at Richmond in
eonfvqnrnce of d divifion of the capital, vet I
prefiime they have been increaed AT all the de-
partnents collectively in much higher ratio, 10
4 hIf lk- nf-xya ,1,,l Ia. i
neht nfead of an injury. 1t is iuft as rationaito
blame the directors of the bank of Virginia for
plentiful harvefs abroad or a fidden peace in
Europe as for the deprefiion in the price OF
country produce. Wnen there is foreign de-
maud, bank gives activity to trade by loans of
money and thereby iacrcafes the competition
amcnef merchants, but, with the exception Of
occaiional and momentary fpecuIa,ions, the va
lue OF our produce will be generally regulated
by The demand of other countries, whether we
have fifty banks no bank at all.
h Charges and denunciations are eaily made.
fto tuPport them is often very difficult. They
may, however, ferve your purpofe by exci;;n,
ione degree OF difsuf TO the preicmt Intuition,
will the view to another eita3liihment more
coneenia' to your feelings and TO your projects.
Your itrctursS on the influence OF the fate in the
bank, will, if noticed at ali by the leai(l rfure.
only ferve TO confirm that body in the proprjetv
OF retaining It's power lei it might perchan.e
fall into the hands Of fuch upright and public
iprited men as yourfe;f. The Nockhoider, I
irut are not to be deluded by your ciaring milf.
representations. RANCO.
y COMMUNTC 447ION.
AN anonymous writer in the lat VIRGINIA
Gazette, has charged the Directors of the Bank
of Virginia with grofs mifnanagement. AL
though 1t is waite of time TO read, much more
to ant"et, the effuhons ofevery idle fcribbler in
the newspapers yer, as the piece alluded to is
@rltsen WITT tna' confidence, which ignorance
70 often afiumes, and may, poffitIv. NIL ~
improper imprefiion on dinant and ur;nf,rr,sd
Stockholders, beg leave, through the ned;n ~
OF the Enquirer, to reply to its malicious. char.
ges and inhnuations. e''''-
The Country Stockho'de-" mentions the
Dividends already made by tie II,inn n,d d.,