The enquirer. [volume] (Richmond, Va.) 1804-1815, 1805-08-13
COMMUNICATION.
.AddreG 70 "A CooxrRr SrockHo1DsR.

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a vuned f7itions iignaiure in that of ftock
ho!aer. II would beirav even greater folly
.',lr IS exernplified thrcngnodt Your produc-
ton fer real aockhoiderto entIravor by milf
tatementssto ierrefs the value of his own pro-
perry. An effort to circulate reports, by fay
ing they are already in REGULATION, may be very
artfui, bit il is certainly not very honorable
very ingenious. Whether the nconften-
ces of yourreaf,ping or the errors of yonr fate
ments predominant, leave to yourfelf to de-
ter;ninc aud iiiall proceed TO follow you in
tume of your r,eanderings.
IF the name of Col. Car-rgtor gave 70 much
liability TO the bank, why did you not ftl' out
Your flock Immediately on his resignation At
that time if was at eight per cent above per |:
fcvera! months after that gentleman Withdrew
from the board of Directors, it rofe to / per
cent, fot hat 1T may be fairly conc luded that the
p'ice Of flock did not depend very much upon
his feryices. doubt very much however whe-
ther he has authorized you TO retort that his re-
iigration WAS in confrqnence of difapprobat-
on Of the proceedings of his colleagues. Nor
is it probable that MFR. Tazewell has aligned
fiIch esufe for his rehgnation. Other motives
at leaf have been uncharitatly attributed TO
theie gentlemen: II has even been limited that n
certain degree of modification at not obtaining
the Drelidencies of the bank and of the offi,e
Of diftount ard depoGt at Norfolk had fome lit
flc cifee upon thete two great pillars of the in
fti;u.ca. t
To L common understanding the difference
between The circumstances OF the Bank of Vir.
ginia and ofthe Union bank of MARYLAND would
appcarin6nte. Inftead of one month, the oper-
atoms of that hank commenced four months
before the operations of the bank of Virginia
and Ak icatt nine months before thafe of the of
fees oe difcourt and depofit. The directors
O the h7rk Of virginia had TO provide every
rhia- for fonr eitshlihmenls thufe Of the Uni
On h'ni, FOR one citahii;',mcnt only. Even with
tine Immeuie rriuurces OF the bank of the Ih-
I'D States. they have oaly.caahln ed their Of
fees from time 10 time as their funds would
warrant The directors Of The bank of VIRGINIA
had no choice: thy were hound by the an
% incorporation to ct their fcveral Offices into
oneratIon within limited time, and that before
It con'd ne DoEhle for the profits of the mother
bd"S 10 defrav the eXpences Of thefe eRahliIh-
ments. The profits of the firn 5 or G months
were in fatt employed in paving the cx
pSnceS "a shs + branches an: thefc Sein- con-
pIeat'v de frave1, there can be &c Doubt that the
iu5'equent profits have been gradually accuru
hting, and vii! fnrnih a dividend of 4 or 4 g
Per cent on the fri of January. But will i. not
briUG bluih into your check when YOU rehe9
that you, az the fame moment, cenfure the ii.
rettors for not declaring dividend and for iC
flung too '''any of their notice ? This is indeed
laying them on the bed of Procruftes If they
are too long yon lop them of, if too Mort YOU
tretch then. They NUT declare profit, but
they NUT not ufe the means of making that mo-
fit. For how wa, the profit TO h- obtained
was II not by lending out money and what
Tort OF money were the directors TO lend their
own notes or gold and FLYER? That the notes
have beeu returned upon them rapidly only
proves that the circulation is a Invited one and
that no extenGon ofthe capital of the bank can
be b.nehcial until the circulation lhan become
more e2teuiice.
W'th reipect 20 your denunciation of the Viz
GINA ati@mhiy for prohibiting the circulation of
private bank-notes, as il is irnontent l,al pafs
II over withouta hngle comment.
'fhs caufe of the depreciation (Which is as
much exaggerated in your produst STONY of Vir-
etna Blnk-S'ock may certainly he explained
wI+hout tnpp ping any Encouragement on the
plrt ut th@ directors. The atonilhing aviditv
with which the Giares were fubfcribed for is no.
to-!ous. In the towns the merchants ufed all
The meaas in their power to procure them.
Owing 20 the extreme preffure upon the COM
nicFctai world, ariGng from carfes totally un-
connected with the bank, they are now con,bel.
led 10 diipoie Of them. The merchants at Nor
Io!< in particular have experienced acombna-
ton of untoward events al.nolt unparalleled.
IN immenic amount of property has been def
,roved by tre: the iGm3 required 20 replace the
buildings are enorm0us: through the iiberality
80 the government the duties of the laft year
veg fnfpended and douj,ic duties are NOW to
"e paid added to theie, there is no foreign de-
IN 80 tor Oar produce, a great proportion Of
which is u the hands ofthe merchants. In This
fate of things, it 10 impofble for them TO foare
~ much Of their capital, as is vefed in Rock ont
Of their trade. The confquerce is that a great
deal OF flock IS AZ once brought into market, and
The inevitable eTe9 NUT be dsoreGio1 in
the price. This was forefeen by The faraci-
Gus Mr. Galletin when he fold the 5ank
itcck Of The United States t. Ir. Barring, for
mich be has 'eer loa9eG With ,bloany bv
On. tnlt'cal enemies fror, Maiae &, Gearsii,
there car b rs queftion but that as foon as TIE
mares or the bank Of Virgin fail geuerally into
me haada OF country gentlemen. WAC will hold
7e" NOT as fulJeG Of Ejaculation. but as fsfe.
'y reiimF their mo"ey in = way to produce re-
Hu!5r annuity, or into ,hc hantls oe large can;.
'a'nfs. who may be no. lopqer under the recef.
'..r ie'ii1g for theirimmediatc nCe, the price
rii' RE 20 level with that OF any other bank
flares IS ti,e un.on.
Fonr Statement relative 20 the di:corfent ~
ne country People az not obtangipg fizer
hn,iaYs m exchange for no'csis prohably not cor.
reel They rlun have AZ az times been ab!s to
prorsrS lecie Of f,o'e G,rf, or The credit of The
o'nS "oe'd have Been at once dffroyed. J'he;,