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

A.
bout 10 Of the Rate, have preiented ne
atlon to this purpcfe. Put have they not
already had their ifare OF Legislative patronage |!
Was not the Bank Of Alexandria lcny
hncc eftahiiihed by a vote OF tbs homie ?
Why then charge this houlc with partiahtv ,
They have accefStoo 10 The Bans OF Columbia.
us true, they have river 70 crois, But credit
rs not arreAed by rivers, and not even b. the ht-
lantic ocean. Money may be obtained from
LsAdon itfelf
| sMr- Singleton was diff;dcnt Of any opnioo on
atuojeet 70 abfrufe and abhraded and to
that canfe, the Houie would De generous enough
10 attribute any errors, into which he might
rail-. lie would ak gentlemen, what had been
the practices OF European countries. The hank
OF Amiterdam had exitted goo years huti, had
no particular privileges. The Bank of England
had been ebabhihed nor. than 100 years !,
had ariien about ,he year 1896. Then iince lie
year 1896, THIS bank had been in operation
yet without poie!;ing any excltiive priviiedges.
except the one, which he had already mention
ed. In England and inScotland there were nil.
merous banks. There were two i'm Edinburgh,
and yet they had no particular prviedges-
during this time, therefore, the people of c.
Srita'n had thought it improper go take any
one bank under their patronage, and 10 prornote
ITS intereits, by limiting the operations of every
Other. They bad lefi them To themi-'veS be-
caule they believed that - cir own iutere0s and
| the exertionS oftheir rivals, would confitutc
iuhicient controui and fafegusrd Why then
Mould svs adopt different policy Sir. fad
MIR S. it is a ntonitroys union, which we h,r-
here eHabhihed between the bank aud the Rate,
| The time will not be far diitant, when tits
itouie HAL DC told, II mutt do f. and 20, he
cauie II viii injure the inerefs of It's bank and
that this bank viii not extend to US any of its
benefits, uneis We fhould agree TO come into its
tavourite views. II is cnitomary for as to ,idi
fcule and exec,Gte the abuminable union which
| tuhits IN Tome countries between the e5Vrcb &
me tate; bnt this union between the kahk and
! the rate, was equally mouftrCus. Il was one of
tGofe great discoveries which Other governments
had LETT TO our own ingenuity TO accompliih.E
{ The Speaker here called MIR. S 30 orieT:-
le obferved, that any remarks upon the con-
| duct of preceding legiflltures were indecorous
and improper, unleis they were made for the
Purpofc Of changing fome exiting regulation.
AS this did not appear "a be the cafe ON the
! prefent occafon, he hoped he gentleman would
proceed no further with his criticifns.
| Mr.. Po7vcH produced a ftatement certified
| BY the Gather and two citizens, bfthe 1rncurtof
cath inthe Bank Of Potomac, OF the, amount of its
notes in circulation, & oft he amount ofthedepo-
| fits which had been made. From this Gate
ment, he alked whether the houis would not at
once admit tbcGouy.ning fateof tae inititution.
Could they doubt The credit and refoopGhilitv
! Of bank which had already been trulted with
depoiits to the amount OF S97, 900 dollars He
might appeal TO the hiftory of finilsr inlitu
ton in Philadelphia (the Bank of Pennfylvznia,
which had long ifued ITS notes, without the
privileges Of a charter, but which had fuppo-t-
Ell its credit with the greatef :occcfS.
mr. 3'GzqueH observed, that he felt II incnm-
bent upon him to offer A few remarks on the fub
iasi kaFD 10
tered upon the merits oftke quefion iticlf, he
would take the liberty of anfwedng the OFFER
vations Of the gentleman from Prince William
on the proportions which he had iiibruitted tn
the houte. a propodtioF Mr. faid, had been
iuftmsde to the Board OF Stockholdersofthc w.
bank by themembers from Fairfax ;tistprcyided
a law was pa1ed for extending the capital ofthe
i5a'is OF yg,,;i..' * re- ~,
rlbf;ribed For By The people q !icxgndria.- 1T
that time the cry was agaiuft the Bank OF Poto-
mac; audit was RATED principally by Gentle
men from that part of the country. The flock
holders Of the Virginia Bank Ueie 1T that tin1e
invited 10 join them in their cl,orts TO put down
this private anociation. The requeR Of thefe
gentlemen 70 sxtend he Capita OF the Virginia
Bank and efablJ!h new branch al Wst End
VAS reFnirn and for rcaiOns which Ne thouoht
conciuiive.
/. When they confdered the exports from
NlSHdHuG!ds CIcV were round 70 amount III one
year to about ,o34 900 dollars. The bzrkiaz
capital, which was 70 carry on this trade, con-
fitted l't. of 100000 dollars Of the bank of
Alexandria end. OF nearly the fame fun, be-
longing 10 The bank OF Potomac: & 9dy. of
nearly 100000 dollars more, belonging 10 the |
banks Of Wilmington and Columbia. Hence it |
follows, that t. carry an export trade of not
more than l,o3f,oOO dollars, banking capital !
nearly eqGa to 100000 dollars is annually |
employed AMI hence il follows that ar accom- |
modation to much gregfsr GmoYnt than their |
export trade, can be annually obtained.
But how il this accommodation Obtained y
at this time tne trade of Alexandria is carried I
on, not upon afpec!e, but f9itious ca1v. !
Will then the legislature of Virginia manifenly /!
acainfF IFS own interefs, and even the int-refs |
ofthat particular part of the country, iTefeaic |
this & titous capital Tor what is the rcfuit !
Of trading upon fictitious capital, to indivi- |
duals and to the company? Eecefary cLech g |
20 dilcount nlUt fometires be employed; and /,
thenthe operations ofthe bank tfelf are retArd- |
ed. The individuals themf-lves would be p- !
jured, and 10 avoid a bankruptcy, as foon as !
accommodations are refuled to them by one !
bank, they would apply TO other banks. The !
Branch Bank Of Virginia, which would b. e. |
tabiilhed in the nesbbonrhood Of Alexandria, |
would thus be gradually led TO inatute ac- /
counts with men of doubtful credit or bank |
rupt fortune: Ard when their payments !
mould be ltoPt, the Bank OF Virginia would be-
come the loier. This was one rc1fOn, why the |