The enquirer. [volume] (Richmond, Va.) 1804-1815, 1806-01-02

thrown into cirru!a,;on. What I.*ever !, th .fIcci
Ut ihuing this fup-riuous gu nifty af pausr IL mud
o'iuce depreciation Of, he creossiay n,e,;u Eut
the paper depreciatss il mutt produce corrcf,,n-
bec'ci: the PSF.
ne eifs9 of thisatc osGinSsupon the ious metal,
OF the country, is csiiiy nnde,topd.i The precious
metals valuable in reipecis As inouey, IS plate,
an article Of export When, howey.r. PAPER inplies
ieir place as currency, they oiser 70 valua-
ole as money; but only as plate article of
export The effect Of this depreciation, therefore, will
he to turn tte coarfe Of exch,nse a.i the country
and lead 70 an expectation Of IT'S coin. The paper
therefore takes he place of tie pece thar is exported
and thr whole ejs, may ,hs DC traced back to the
establishments of the bark. But, obieryed Mr. Smyth
the dePrec alton Of money is always againa thof.
who cultivate the foil. y fiA,iliar example ray IL
luttrate this petition. LEX it he fuppoied that
are worth no more labour goods than what half OF
that fun could purthaie % years ago. But what
nables the merchant TO give that price It is the
ttat- of rhe demand in the European market. Had
not then this depreciation OF nnney taken place III.
merchant would hi be e',s5iei tn give one hun.
dred dollars, and It would enrich the planter
twice much it doeA Depreciation therefore
always operates egaicf shoie who cultivate the pro-
duaons of the earth hecaue though their money is
deprecated in value the price which they receive for
their produce IS NOT gca,er. The more valuable,
therefore, money II in any country tho price being
i'll the fame iii sber countries, the advantage
Gus win it he to the agrtul'urits. The foreign rncr-
chant, for contrary reaio,,, benefited by the cheap
nes of money, becauie ne els his goods at an advanc
edPre1, and carries off money to where it is dear
frksrc is All additional objection that may &c urged
agin;t banks. They Withdraw the capital from more
uiefnl purlts thofe which lris 10, particularly
from agrrcuture Thanking ftock be really 60 val,-
able she high dvid'ads it ircn, prove,is w;.l
be the ntsrei and inclination of country gentlemen
.I,. no. 81
it in banks They may EEL even their patruo:,y to
take fublcript:ons in banking inititutiua But is
there any comparifun between the beneixs arifu~
10 the community from agricultural capital from
banking foc& IL is thus that advantages are oiven
to the n,onied over the agricultural interels 1t is
thus that encouragement given to the fprit of Conn
mercal Ejaculation and influence. Mir. Snyth hoo
ed that the Legislature would take care how it gave
undue encouragement to this moned interea ; an in
tereie which may hereafter diaate the policy tina,
ifal rule within their walls They ought To take
warming from the active and mifcheyous influence
which it had exertsd in other Gates. Ii was in Penn.
fylv.uia rhs. ope Of thefe companies had bouph,
Charter from the fate for 1855 oCO Dollars In New
York, anohe. company Of We might believe the pub.
lie prints had parchaled charter by bribng the
members of the Legislature. Ought not the legila-
turc of Virginia then to take care - by encouraging
iin'ii'r aocistons, ,hey may give rife to Gmil.r C.
yi:si
onytn iatA t!iat lucn were the OSetti-
ons he had ;is hill before the committee but there
were others which could be urged againit i, ariGnp
from the eitabhn.ent OF the bank OF Virginia. Tho
he ihoud Not have voted in favor of that inituton
when it was frt propelled; yet the cafe is now ma.
teriaily altered by its eab.lhnent. The flate has
eon!lieraae ;D,ere i'll that bank, and it mis- de-
lire tp do nothing winch might contribute iriurs
1t. Eut The e:tahlthment of another bank would GER
tainy rend le!fen the pro's of the bank of Vir-
g'nia. That bank can only circulate certain quar-
tty OF Papsr Whatever part of this is allowed 20 be
iuppied BY the bank of Potomac, is of coerfe 70 much
deducted from its own circulation. Experience too
had confirmed the truth OF this maxim. Parliament
had pledged tfelf I'll. bank of England not to Gre
ate any new bank and for what reafon ;. Becau(e
rev bahl would haze abridged The dealings and III
jaredfhe interens OF the ba,k of England Congrels
too Rad formerly made the fame pledge ~ .hc Sar;.
Of the North america and latierly that of the u
States, and this privilege wasin the fame manner die
taxed blythe belief, that the creation Of fecond bank
would eiicn the profits Of the fri. Here, therefore,
> ;ae highea authority fer aert;ng that every new
la In!iiets an i:jury upon the former. But i'll the
rr~i-ns cafe TIE brnh formerly etabii!hed is in fact
the CONCERN of the Fate. It of eoure incumbent
upon the lesilture TO take hep, which might ill.,
jure IL, intereiis. The Gste f,oud he recol. ced
too, was rcporiihle FOR all the notes, which i, mi,ht
i'iir. a ruin OF the o.uk would con..queDtly fuhea
the ;a,e ,!Ie ios of muc paper rs was a, tina,
time IN circulation. But on the other hand the le-
giiiacuee would extend its rrotection the bank of
Virginia. might have the efet of rafting it, Giy-
des:s perhaps to IL per and dimin;ihine the
puhiic taxes. ], might have been improper, MIR.
Sn,yh o5ierved, TO have iucor GRATED the bank of
Virginia at all but it enabIi!hed, ought
not the lsghatpre TO give 1t its protection and fun
port Ought they therefore give protection and
iuppor TO formidable rival. who oul - e.. he part-
oulariy hottie 20 its .ntcrefs, n II no other faA was
at hand to ilurate the impropriety of eitablihing
ne-r bank, he could meutipn the oppoG.ion made in
1892 by the members from the county Of Fairfax tfelf
to INC incorppr arion of bank in Richmond To
what saufe was ,his oppoGton owing but TO the be-
l':i thar bank i'll Richmond would iniure the inte-
telts Of the 5ank of Alexandra
The thru ground of his oppoiition to tie bill be-
fore rho committee, MIR. Snyth fad arofe from the
conduct Of Alexandra herfelf If the houfe ircnr-
por4trd the bank Of Potomac, it would in fact be
granting Alexandria favour. But are there not cir
euni!fApces, which forbid this indugence9 Alexan-
dr'a, IL il well known, has been always favorite
with Virginia. To her was the firt bank granted
to her was the iirt turnpike permitted to be enahl-
ed and in clearing out the Potomac river the Gate
had even taken fhlres greater an,ount than in
clearing nut the JAMES river though the Ian was GER
tanly the mon important Object Virginia. But
how has the gratitude Of Alexandria been manifeled
for thefc hngular lerviees 1t was by her own con-