The enquirer. [volume] (Richmond, Va.) 1804-1815, 1805-05-10

Remark ssneer1ing tie ,a6isuent of N<.v Bank at
Richmond.
A dialogue, lately publifhed in this paper, under
the aiiumed names of Midas and Critic has obtained
much notice, and deierves much more IL related to
an important queition concerning which public opi-
MON has yet been finally feted, and wherein the
ntereits OF iociety greatly concerned. The wri-
ter, having admitted, that more banking capital was
neceiary, at this place, that part of the ubje will
not now be examined. The queftion now is, whe-
CHER that evil to be remeded by ncreang the cap-
gal of the bank, which exits or BY eRr5A6irq n.7y
sS iaapeSSenf 6ank-As the writer of this article i.
in favor OF the latter opinion, his purpoe will be e.
guay antwered whether fuccei, is Obtained by op-
polling adveriary opinions, or by supporting his own
The writer of the dialogue, after having taken
his Tide, has Publhed the following opinion,
lt ihould be the part of the Legislature to au,ho-
rife the board OF directors, (when the itock
go per cent? to adrerte certain number of f,ares
tor iale to the hghei bidder; the purchaers would
be then obliged to pay this advance on the flock.
and this premium would conltitute new fund for
the benefit of the fate"
10 this mode Of inereaGng the banking capital
there are many objections. The prclent observations
will be confined to ,hofe which are mott fcep,ble of
proof or are ielf evident. Among which tie foremoa
IS the want OF right in the Legislature except upon
terms and with notifications which will REQUIRE MANY
preliminary arrangements.
ihe Legislature, unlefs it becomes tyrannical can
e
i!tiAg charter, without the content of the NockhoI
ders, beyond the powers which the law has reerved
ne prelent banking capital mutt be coniidered as 4
jou ttock, in which the different proprietors are IN.
fereited according to their refpeaive flares: The
commonwealth OF Virginia one fifth of the whole
u hieViouas III various proportions as to the other
Tour fltths The tockhoders, according TO the num-
b-r OF their hare joint adventurers have RIGHT 70
Gam dividend CT all profit fhare in all the bene-
MS OF the inltituton They alto have right to on
pole every innovation which is propoied and to the
LegllaFuEe they can and oughtto fay. NE 4nN
"0fJAer tie saPitai Of tie Bank be inereofd ueos any
t'Aai-0y Lfda any 1as dsnot a9orAfo u Easfa6sofy
'"s@ssssnt'. fy0a4Ntf jour aDoeiate5 yap may jsr
y0Hrsi'ef and re zoM parebaf f5eas' Sucl, fenti-
mentS will be felt by all, and iuch language will be
uttered by every who is more influenced by the
pride and independence Of character than by the ter
roro OF uiuIp2tion and inuce. Nor indeed can it be
denied that &he right Of the ocSholdcrs tn oppofe an
exteniion ofesPi;a is not fcng tliat which G.
very nan enjoys lunsin his poleiion in u tract of
land for which he has received legal title.
Nothing 20 - fure can be clearer than sfat there
would be gaining Of so dollars upon eseh fhare if
,thsaegulature could create then moor porate & f.
i1.y Tell the new flares $50 dollars each All this
llluipn Will however vaDilh at the hra view becauie
the iockhoders will oppofe aud the Legislature have
no power 70 inforae the alteration BUT it feems to
DC Paaen' not only to deny the irit princpes-of the
P'foial oNt to nice; and oPpofe every thing which
Admitting then that thirty dollars will be gained
zach Hare OF the increaled capital and that all
aaTenturres according 70 their REFLECTIVE nteres
the eitahli'hnent entitled to reafonabc propor
I. 'ns OF gain, then the commonwealth of virginia.
i1a every 10 dollars of aggregate gain, will be ent-
'ledHp Tx dollars and no more.
Bul ian aGl of the legiaanre, authorIipy an IN.
cfeaieo capital, ihoud PATS, and fould command the
i"!e o. the new ftoek to the hgheit bidder is there
any ert1hty that the old hockholders would be 70
regardless Of their rights and in,ereAs as 10
lutTt to be carried into ft9 or even if it fould
WIN the aiiurcnlcDts o! participating in the advan
tdSes the iae, is there certainty tia, p,-cb,Ssrs
would rpear & inyei their money ia the new Cnecu-
,"'on But, admit that all this would happen, the
's'hd'Ve would even then a1 upon a great uncer-
ta''ty, land the relief TO the public would depsnd
upon to many preearious circumstances
- however, likely that the ftookhcIders would
''',c;'t iercaie the capital and allow the COMM, n
wealth tie entire advantage of feline the n,,y Gsras
Fo'SeS legrlature would abandon or relsafs the
''"uehe Which is now enjoyed. The dialogn. h,,
40. 9oh.Nefcd the fJbjca il this light, nor has the
ire hi'rn l'y what the influence Of the L.
k,"'"'e l'to b. preerved in the new fiock TO COR
,Po.N WIN the principles which are caablifhed by
'e law afi's Is he pr epared to fay thar tb. rcv,
MOCK hal pc Incorporated and that the opers n III
- w" without making fome proviiion 10 in
'no we p1be right Of voting Ifhe is of ,hat
P"Tn' t"ii amount tea faeit ackno yvledO,ren,
' iaw as It Is, iseitber urjun or iupoltic. There
, no neee'lity TO examine this part Of the cafe At
,,,b. to induce tl,ofe
VINO talk much aud think little to prepare arou,r.
90 oppoie OF iuppor, the innovation as future eircn,
h1pecs may require. '">"''-
T. h't believed that the Legislature will eonren, %
49, the influence which is now enioyed. beeauCs
ed that a FINAL profit may be made bv the
e.o me ihlres! Could y member of the bouC.
Juhny a vote to his continents, or his confidence
men would lurrender the only cheek which now er,
st'lN .'at dangerous miiufe Of power which
hlgd De eSsrciled b. the direaors, when uneontro.
cd ~ publis Influence An innovation If ,h;. c,..
wou,d &c readily accepted BY the Rotfholder.. tber
YOU'D then be freed rnn all controul. and no,brs
our osSrse OF paTiotfr z; dint erene,neCq. ,cb.cS
oNEnt not to be expected from banking eon,p1ny
'',H ave 'he euvators and mary Others rom COM
'''''''' ana opPrelons Il viii be time enough 70