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

and ali, IA fad within the corap&E of their abb :
hties. The price of all flock whatever is affaet-
ed l'vthe plenty or fcarcity of money, and the
narrower or more enlarged field for mercantile
adventure, as well as the public confidence in
thote who manavcsit ; and it occarionaly rites
and falls for reaions that are fometir,es rich.
and fometimcs wrong. Alexandria bank fock
could be bought in 1900 at 10 per cent. below
par, aud leiS than three years afterwards il was
As per cent. above it. An idle rumour. or a
newipaper paragraph has often RATED or lower
ed the price Of ftocks in London; and although
we are not yet familiar with the practice of
ttockiobbing, the time may he not far diitan,
When tuch writers as the Country ftockholder,
will try their powers this way.
This iagacious obfcryer has feer bank ftocS
advertifed at ga credit to fut purchafers'' and
thence very logically infers that il is not en6
article. In this cafe be is certainly right. But
he may learn from the broker who advertifes il
that though the cath price isIo5 dollars, he axis
100, on credit of fix months. In remote parts
OF the country, where there is 9efciey. circn-
lation, there may he local diflnctiop betwe en-
cath and credit articles but he ought TO know
that here and in all places of much trade, every
commodity however valuable or mean, is both a
cath and credit article; and in fhort, that
avHrrants on the Trrajiry, fometines fell for
credit, and old rags for cath. ~ 3D.
The directors are alto accufed of refufinp TO
give dollars for their or-n notes. II is true that
four months ago, dollars were iiIied very fpar-
ingly from the bank of Virginia s. its branches.
The great demand for this fpecics of coin for
the Eat-lndia trade had occaioned premium
on them IN the northern fates, and as fnon as
the Virginia banks went into operation. apepte
were TENT on for the express purp1fe of proc,,-
ring them. If the bank had no. checked FOR
time the emifiion of dollars it would foon have
been drained Of them, and the country now def.
titnte of this convenient, and may add, favo-
rite coin.
The Directors Of the Bank of Virginia are
further charged with "eeregious foll !, refi,
ling the notes Of other Banks; and the l,rpe
dranehts of tnecie ~hicl, have been n,arir from
the Bank, are aicribed to this cauie. do not
certainly know what has been the practice oft the
BANK OF Virginia, in this refpect, but if il has
been as is Rated | preiume it feenrd to the Of
1cers OF the Bank, as it certainly feems to me.
that no advantage could be derived from re-
ceiyng foreign notes. The Establishment of
Bank has natural tendency to h ,nifh certain
quantity offpecic, from the country, for which
the commodities OF other countries are received
IN return; IN which operation, according to A.
dam Smith, conhit' the chief benefit of banks.
If this he the cafe, it certainly was of M i'm.
portance, whether the fpecie went at once. or
the bank notes went frit, and then returned TO
DC exchanged for fpecie. Again, money il The
great eGuipoi:ing principle oftrade and when
between two countries one
OF the!n receives mere than it pays, money then
flows IN from the other to reGore its natural Ie-
vel. FVirgnia is indebted to Baltimore for
The goods fold to the merchants of the upper
country or for any other cauCe, iffhe does not
dlfcharge the whole debt in merchandise fhe
mutt pay the balance IN money. The demands
that have been lately made on the bsn,, of Vir-
ginia are an evidence that fuch balance was
due to Baltimore, and the money that won,l he
preferred for remittance, would be the notes of
Baltimore Banks, and where thefe could not he
ootaihea, virginia notes would be referred "a.
IL then part OF the Baltimore notes in circu,a.
tion had been received into the Bank of mi,
Ut is clear that more of our notes would have
been teot on, and ofcourfe, more w.ouIa b.ys
returned npon the bank for fpecie bv ,yhch
operation, although the Bank would nor have
lot, itis ascertain 1t could not have gained
10 give an Iiuitration that is adapted r. .b;.
writer's comprehension If A owes b 100 dol.
lars, 1t makes no difference whether he nav tbs
whole money to d, or pnrchafes BIS note f,,.
SO dots. for the fake of ,liicomnt ard ,,vs 10
remaining so in cafr. It matt ne admired ,h,t
theie iudhen driughts of ipecie for our notes
wan !hty nave aec"nRlated to a large amount
!" 'OiS'E' OilhS, fS nOt tne mode IN which II &c
moit deiTable our notes ihouId return: but th;.
good coDiequence ref1lts from their being r..
ceved abroad; they are in general demand to
make remttances, whereby their credit is ey.
tended, s. the field of their circulation eventual.
ly enlarged.
1t is not eaiy TO FAY whether the ipGnuation
that ieverai honies had borrowed each 100. 600
dois. OF the bank, was mott dictated by ieno-
rance or maievolence but no man of common
ienie or candor Will think it probable that tbe
bank OF Rio hmopd with capital of but 400. 600
dollars would grant any four or five houGps ~
much as II IS fuggefted is obtained by one.
This writer affords fair fpecmen of his ac-
qnaintance with fubict9 which he has handled
10 copioully, in fuppoing that the amount nc
money dIicounted depended upon the number
OF diicount days. Could he not have fnDnoG,h
that the directors did the fame bufnefs now
which they had done before & that the chang
which might have been delirable before. was
made now that theoiayS had encreaied inlrn,,th
the clerk had become more expert. and H..
complete citibllihDeHt of the Offices hid Ieft
them able to- do that bulinefs in one dav which
they formerly divided between two : under
hand the fact TO be, that the weekly diG-ount
is precl!ely the fame now that it was before
and 1t was as eaiy for this fapient .S,ockhoIder
to have conceived this, as that as much rain
iometimes fell on his plantation in one ,ycet
as 1t other times tell in two