The enquirer. [volume] (Richmond, Va.) 1804-1815, 1806-01-04

- capital 81 bank ihouid be az ?ropr ell lnleiy
eonnisreial purpcfes; We are toli by Stewart in
ms Political Economy, chat banks Ga;nr OIL landed
| ieearty ia Scotland, have produced the mott
wonderful improve in ti,t crunsry Z believe
ehat author ays that the Improvements in that eoun-
try are entir=iy owing tn the Ell hif.nent of bank,
such bank are informed is eilabhrd in Bottom,
another iuch in New-Yos, anL ,h- Far,n.r's bark in
| Maryland, is pred'ca,ed expressly the view OF
agricultural accommodation.
We have beea told, tha, Legislatures have abufed
che power OF granting Charters That fccne. of
r'ps'on and d:pravty hive occurred, which indeed,
lar, dgrac: the human chfIaer and alara, ,ae pride
| Of repub!icaufni.
Is it then commended ,har Legislatures hall have no
power to act on fuhjea involving moaied interets
hccaute that power may BE- aaufed. The tlfgracefu
.aet' t"tel, Am furry to .'.lr fraN the gentleman
have exiited, but, fir ibai we, the !Ah l-gi1a-
tare arrssAte the eS:nise pf:te,i,n TO virtues. If
ms rs we'll as other powers have been exercifed
heretofore vir,uouiiy. iha be unwilling To coi:-
nde ~ the future lie yilatures hall be guilty
~ enc i'np"tent folly of asteraptinr abridge the
powers ct the future reureie,tves Of the people of
rus com nonwea'th--tIow. Fir, to reach the
root OF inch an evil Is it by withholding an am
"er to the JUN claic,s, fairly brought forward by
large and refneaahle part of the community for
convenience, which iall only benefit then,felves and
prejudice no one Is the humble languageEof the prayer
of the petitioners for this r,eiiur-, calculated in
fpire an idea attentive TO this Legislative body,
The gentleman next leads view to objections
to the bill itfals
Theie are branshcd a, we'll as recollea into two
parts:
lst That will hs injurious to the ntcreas OF the
Cd That it will be doing Alexandria favor which
| we gu hit TO avoid
It's faid. ir, that the Virginia hank will BE- in
! Jared, ard this sought Not to b- done. We are war
rao;ed by the example of the u. States and England
N renting to gran, charter bank whole notes
ina NIL up the circulation Of the Virginia bank no.e;
1 did not, FIR, at 70 early period exrea, nay
hoped never during my life, hear thar the Iegila-
ture of Virginia were prepared adopt thoie fyf-
tens which. our arduous aruggies have been 70
long emp Dyed 10 divert the terrible effects Of Arc
We then, fir, to function By uppnrting the prinei-
pies OF the gentleman, the Introduction of the WORT
fort Of monopoly with which people could be af-
h9ed, ed monopoly, calculated foley for the
agsrardizet,ent Of particular company Yes, fir,
IN shoie deprecated days of public extravaganza the
largulse of the gentleman was heard. The United
States did, what he AXIS us now to do. They came
u;' to that exe:rabe fprit Of monopoly and excu-
I've privilege, which bound them to Jingle compa-
ny fsr. believe eighteen years, the prejudice of
all others who might thew ever 70 good rcaion for
participation. This was indeed, peceIary part
Of its twin .ifter, the fusjing fyae'n. Nor could l.
pardon me if repeat il, have expected at this day
| an advocate among the representatives. Of Virginia
for tkofe mea!urcs Banks, fir, may have introiu--
ell their evils, but IS rrerved for the fccef of the
gen:lc7,an's Argument, proarate every right we
clsn in f,ciety, At the hrne Of monopoly. Shall
we Them i!r, ra;fe voices in the furpor, Of the
Administration under Whole aripices rhefe violations
Of righ, tool: place Or hail we, fir, purifying the
nca!ures of the adnn:itr ,tion we proiefs re ad-
lre, rather dfcharge ourfeves from the und,.nifed
ita,on o, holding eoparcency with banking CON-
eany?
l.. r 0 n
ally from the profound aaonfhueut into which thi:
renark Of the gentleman had thrown me- by anv o.
thr means, that thar which followed Not fatisfied
with a Quotation OF example 70 unworthy the
free fpirt of |irSir;a next called to the ri
ti!h government fer confirmation Of this political
lprincP!e To our early federal adr,ntration, then
are we referred fnr eyamp!es OK jufce and an luf-
a';on Of the principles of equal right. Bur Egg
land. fir, wh all her fpirit of ACCOMPLISHMENTS, in
sro lucrd or ehc benefit of the privileged orders and
men in Power. yet falls hnrt Of the gentena,s the
ory. England, fir, has yet gon. 70 far as to fay
in the language % the gentleman, we will permit no
con. petition in the barking ftnems, we will reduce
IT to The offence of monopoly. England, fir, does
permit, and the Kingdom Of Grea, Britain teens
with, banks: it is true tina, government has ippof.
ed fone cautisnary reraints perhaps, in the MI N.
Der Of dire 3ors but thoe retrants rather increafe
the credit of tho(e in(tituons by fheying how far
the government will eountenaRce then than detra 4
Illuminating, indeed. is the cation of vireniar
citizen when he hun,by AXIS, and will not receive
the Benefits of rociety which Birth fubea is ent
tied 10.
And fuch the principles which the gentleman
has enforced By arguments LET'S difguftfu TO the
liberal fpirit of Leginstinn. For he tells US, tina,
owning par, in the foek Of the Virginia bank, we
are to fee its (uccefs, and if permit other eta.
bliihments, their will fll up the circulation
of ours I'D 70 din,inh its profits. To fay morning
fir, of the lheraty Of this idea can and will At
proper time prove the ateent rs facts to he incor.
re9 viii nov. FIR, though I have long am
fure tired he patience Of this COMMITTEES. offer bu,
one two reafons to new il to be incorre9 The
part of the community intended IN be benefited BY
the mea.ures commended for by the friends of the hill
has no conre 9ion with the commerce Of RirS nend
The notes Of bank only be circulated 10 anr
extent where the traIe Of that part of the country
where the bank is tUa,ed lhlll extend itfsf to- fox
although in many places great credit is given to bank
notes. yet it Is not in general 70 exfenfve as 10 IN.
duce freely receive the of ditant bank
but II trade 70 the town in which the back is Ella
bl'hed, wa do receivethen becsule can get clear
of Them with facility. Suppofc then the director Of
the Virginia banl: a. Richmond were 10 fcrd their
notes exchange for any article Of produce or for
fpecie, in the d;Arf which trades TO Alexandria
,h,,,fo I.,tn III.