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


naent 70 dii,ar the iuhjea, tina. without the
aid OF ingenuity as refined the gentleman hnfelf
policies, cannot fee how the two iubjeas are be
aih.nila.ed-An army, diiburics tire creatures of
tate Virginia Oceans to have expected, and the gen.
tleman bailds another argument the revere propo-
hon, that bank is to fweil the receipts of Rate.
wal! purdue the coa,cait Further, ESPECIALLY we
have my recollection, heard any argument de-
ducins lnilarity.-Basks next faid to be inur-
ous becare they increale the rate of inreret
ney.
May not, FIR, in the tira place, be permitted to
dou5 the corseneis OF this petition, FOR the obvious
rea!, chat banks IN certainly encrca(e the quantuu
Of circulating medium. But let US admit the doc
triae e what follows! We are to dsnouncc then, fir,
all the n,elurcs which might be purueh which would
lave shs efsa of inc reaiing the of interest. We
will begin. then, with this city, and tell ts nhsbi
tants, in the authoritative language Of Ieg;lat;on,
you hal not build ahoufe ;gentlen,en, you get 10 Per
Your moaey # you BULL hou(e, we cannos
then Of courfe borrow your money for fix per cent if
we Ciouid want it 70 much-We wall next to
Norfolk any other maritime town, and fay, gen
tlemen. goa NUT no longer carry your lucrative
commerce; it is agamtt the interea OF lociey; you
Gould &c, more than tx per cent. for your money;
you mu, therefore, hu up your trade if it has been
extended the E. Indies and your enterpre has dri-
it to every quarter oil the world There is ne
erifty ihut up for un,efs do cannot borrow
rioaey 4; fix per cent. So, iir, might this argument
be applied to every profitable employment for mo-
ney which would be devifed IN foeety.
Next, fir, the gentleman has faid. thar banks Gre
ate unfubRantisl ered, which may produce frauds
on our citizens. Is there any thing in the principle
or practice Of the barking fyhems which can cou-
firm this fuppofition
In pra Nice il cannot for r, it is not the
who pacs their notein payment for thefarn,ers pro-
duce yho pledges his credit for the note. He pays
them he receives them with view only to the ref
ponibility the bank it thu, doubts, he goes
60 ,ae bank and receives the !peee which the
fe;,reirns or if at ditance from the bank he ufes
his OPTION in receiving the notes, vii he do it
efs ne can make it aniwer the Purpo!e of mediun.
Isl. the bank who commits this iiquity The bank
CIR, loans its money the requeh of borrower and
therefore cannot be prcfumrd to intend fraud nor
according to any practice which have undertood
of banks is the borrower oge receive the if
he demands the ipecie the costra9 fora di!count be-
ing decided on. But FIR, the principle is deciiive, if
ever bank refufe give pecie for ats notes IL this
country al leaf, its credit expires.
Vel i, is further objected, that the operation of
bank quits commercial men i'll the power OK the direc
tors-I, Is true, Fir, complaints of this kind onetnes
Circulate whether they worthy the Notice u! le
ffla.ive body, is another question. Belize it may be
admitted that there was never yet dircaicn which
was not fubjeasi .he complaints of i,e, but, fir,
from the manner we are led contemplate this fub
;rd how are We to cores il When bank accom-
ncdates perlun with loin an told it is ufua tn
10 i, for certain number of days yet there is no in
Hance which has within my knowledge,
where thee loans have been continued, if the ie-
turty offered would juafy the continuance Of them,
either in toto or bya curtament ola very (nal per
CENT Banks mutt accommodate themielvesto avariety
OF circumstances which may not come within the pro-
vince of legislative airy, yet in anf'ser to this
sunrent if underifaad;t right might Cay that the
so4tfaa for the loan being expired by the terminate
L. 49, -.
parties would have right to complain, ihould the o.
,her absolutely refu(e to make a one. But, fir
how does this argument comport with the general
propolition under dlculion, that the encreafe OF
banks is injurious if thole depreions of particular
characters are exercied, By what means can we 10 ct!
fr9uslly the power OF oppTe'inn, as by che
etabiiiheut OF 9th banks Ivy the iide OF thoe which
uGe that desrse of partiaEty.
On the other hand, by what means ihall we 10 ef-
f. auaiiy rvet the powers of exiting iet OF dircc.
TORS as b. proclaiu,ng their will that they hal
for ever remain the ole matters Of this fuppo.ed en-
CINE ofindiviaual tyranny.
An objection is next made that banks Withdraw
fpecie from circulation, and fuhaitute paper TO
much larger amount. and this 10 paid by the baHk
who have divided 70 much than the legal inte
ret
To give ibis ohieq:on fuficient anfwer, it might
be only necef1ry to ak ourieives what is the pur
pole of thi introduction of ipece.ls it not intended
Convenient reprcie"tation OF the value OF thole
commodities which we find il convenient TO make AT
exchange of It is then material OF what that
medium ronias whether it be gold or lilver or a
note 20 the fame amount. Bur, Jays the gentleman
this treat amount thrown into circulation depreci
ates money ald y. lufirases his ob!ervaton by the
fuppoi;ion that HID Of Tobacco worth SO dolls
NAV nov DC fold for liandrelThs FIR, is fair
mode Of Argument an pieafed to fee propo!ition,
attempted To be fppporced nv quotation of facts
Fiqs either confirm their truth expofe their aiacy
GO ,ie,a9ion aud is il then taa, fir, that the en-
i1nc-d price of produce is owing to deprrcati-
0 of money produced by tae operation OF banks!
have FIR untlertod that the pr.'perons Gate OF our
agricultural r.etets more properly attributable
10 the ,reatfe;yu demand and hich iidr does
r.ri;,. thar able monitor decide Take your hid. oil
tobacco worth an hun ired dollars Gore, can you
indeed get no more for il than whsn it ~as worth but
fifty dollars, or IS ia faa tnz at this moment in
sig very CRY you en- pur:ls(e any article OF Euro
pcap II, iruf! 1ure az chap rare AZ you could
ten years 400 if there had been general dePreci-
ssion Of money, though we ihoud only, FIR, have
tc,u s., the r,ne relative f,tuarion were, aud ls
ling or tobacco for d,ibie price, we lh'uld no,
haze oar Gtua.;on worried Ihpuld even be obliged
80 give double prizes or thu article we wlnt to pur
eha.. If nv view Of this fla be corref, the agr
sutnrai ir.vrsA according to the gentlenan's owl
a-tnusnr Is adysntaged but the merchant left where