The enquirer. [volume] (Richmond, Va.) 1804-1815, 1805-07-05

HC VI inc banK are 10 tie conducted
by prefdent and eighteen directors eight of
| whom with the PRECEDENT are TO rrfide Mt Anna.
polls, and one in each county on the Vyeoern
| Shore; who are to be chofen by the ftoclhol-
ders annually. The Branch Bank is to be po
verned by fifteen directors and pre!ident, eight
OF whom with the prelident muir rrfide NJ
Eaton, and one director in each of the counties
on the Eafern Shore.
Ihe:e appear to be the prominent features of
the act in addition to which it may be necena
ry to add, that if any inSfcrber fails to make The
tecond payment of five dollars at the time fpe-
cited tthat is, in thirty days after the iirn paw
ment he will forfeit the five dollars firt paid !:
but no forfeiture can take place after the pav.
ment or ten dollars although no interen will h.
| allowed TO any ftocsholder who does not nav
up the iubfequent inna'ments, until he fhail
comply. Hence take the liberty of recon-
mending to all fubfcribcrs, whole convenience
it may fut, to pay ten dollars at the time of fub
icribing; for ny this means they will infure to
themfelves the flares for which they may have
iubfcribed, and find accommodation in Tending
Oh their money TO Annapolis or Eaton, las il
mum be anderIto'si, all payments fubfcunent to
me f,rit arctic he made at thofe places) This is
matter OF great convenience, ard 70 the lee jf
ature feem to have coniidered it, for by the az
1t expressly allowed that " any psrfon who
may ind 1t convenient, may, at The time of his
paying his frt, iccond, third or fourth initial,
ment' pay up on his fhares to the amount Of
twenty five dollars on each fiare, and mali r..
ceive dividend accordingly.''
The great advantage held out to the apricuI-
tural and manufacturing interea lies in this
ANY farmer, mechanic, or manufacturer in the
tate, on applying to the directors of the Bank.
and giving Reasonable perfonal or landed E.curi.
ty, may have caih account opened for any fun
not LET'S than one hundred dollars and not ex-
ceedng one thoufand, which the hank will loan
Tor Tx months; and in the mean time, the per-
zen VINO oorrews the money may payinto the
Bank any fun not lefs than fifty dollars, and the
Bank will give him credit therefor, and deduct
proportional part of the intereR.
Another advantage peculiar to this Bank is
thar any perion may depoGt money therein, and
dePolited for fix months certain, an iy,ere9 Of
tour per cent. per annnm will be allowed Kim
and even when depofited with the condition that
1t hall be drawn ON demand, three tes. cent will
be allowed. '
With principles 70 extenfively liberal both TO
thoie who have money to depolit and to tbof;.
who are obliged to loan, it would be iiupuIar
tact in the hiaory of our aate if the Farmers
Bank ihonid not meet with encouragement
from the agricultural part OF the community in
particular 10 men who have large poft(Iions
in land, but who are frequently pinchcti for cam
the in;titu'ion NUT he of unbonnded heneG,
To the farmer, who at particular iraions- does
not wl'h to make t1,red iae OF the produce of
ms hclds and facniice the fruits of his labor. il
mutt be not only roayeuieu.. but extren,,I,. "a
vantaseons! And TO the mechanic, wAoC. bu
nefs frequently requires the indiipen!ahlc aid Of
a FINAL fun in ready money, this Bank will h..
J'I'''a IN "ef-s. Republican .4dvoeate.
The Farmers Bank of MARYLAND Of which (,
the preceding iefcription has been given. Is
principally inten6ed to promote the convent
ence OF manufa 9urers and farmers. And of
conrie it differs from the ordinary banking inft
tut'ons, theiethrecrelpeGis: If :tioans none,
10 every Perion Whatever, who can give the ne
cefiary /eeuriiy fort its repayment, whether h. I
lives in the neiehhourhood OF the Bank OF. not .
endly this ienrity is not to coniiit of Eernci-
able notes, drawn upon the faith of refoonlil,le ,
names, but OF perfcndl or real property srellv
inc period OF repayment is not to be limited In /
9 or even TO months, but it is To be ex,eu,Ied
as far as months. Whilft our lincere regard
tor the farmers and manufacturers of our conn. /
try would induce us 10 win well to every infi- .
tuition which is intended To promote their inte-
r IT'S, fill we carnot Conceal our appreb.rfo-
that the Farmers Bank oflMaryIand;s NOT ;teIn,n
experience the expected fuccefs & for the fol.
lowing reafous
1t IS one OF the planet maxins of III.
banking fyftem, that no bank can fafelv iaTne
more OF ITS paper, than what il has money o.
nough1n It's Golfers at any time to take no.
From what tource then let us ak is the money
of the Farmers Bank expected to come, From
the payment of its .apitai2 By the charter
however no fubfcriber, unlefs he pleafes. is ~
pay more than dollars oneach Mare ShouId
he come however to this refoution, the bank H.
frlf by allowing him credh of G months for 7,
FUN hort of 1000 dollars, enables him TO nav
in aImoft all the fubfequentinRament ont Of !,
its ozvn funds. 4" A great pant of the proprietors
Gays Adam Smith fpeakingofa Bank of Scot.
land, that was erected on for cwha, fimilar nrir.
ciples) when they paid in their fri infalment.
opened cath account with the bank and the
directors thinking themfeites OBLIGED TO treat
their own proprietors withthe fame IiIeralitv
with which they treated al other men, allowed
many OF them tnborrow upon this caIb account
what they paid in upon all The fIbicouent in
ltalments. Such payments, therefore, only mt
into one Golfer, what had the moment before
been taken out of another."-fs il to come
from the repayment of the loans /? Phen fucb |
will be evidently diftant and thev
are even uncertain. Difant they will be-. |
becauie every cuitomei of the Bank is TO be in. /
dnged with oredit Of fix months: ard uncer-
tain they mutt be, becaufethey willbedependant !
upon the produce of the land, the demand for |
manufacturing work, and all thofe diver6fied |