The enquirer. [volume] (Richmond, Va.) 1804-1815, 1806-01-02
sEsSND
INCORPORATION OF PorowmAc BANK.
TueLaar, December 81.

V2e/d.ir, LssfI3beF 81.
The Foufe refo!vsd itIeli into a committee of
shr whole on the hill C To Incorporate fbe bank
sf P9tonar, and eGabEj6 tie /amc in thai part
az Aexna-ia, in The comfy Of Fairfax, called
fPeR End"
Mr. Smy,h waved TO frike out the I 4 fiction cf
the bill. On this fubjett he lhould aho the pardon
81 ,hs committee for gong into the general merits Of
ire q,leaion; NOT 10 much from expectation that
r. n, ,uld give il the u=ceary calculations, from
viii, 70 cs'i then' f,rth franz other members 4,
light be their good fortnne elucidae the p:inci-
PIES VI The baat;ur Dem bv experiments and fatfs
T.. for nj Sewn parr lie ibou coni-is That ne ex-
-tted fprak from: Theory rather than from prac-
tice.
He oppofed 20 the prefer. bill feveral
grounds n becaufe inc was oppo!ei to banks %
neraly---2d becarff. II likely to nterfrr: with
.ae bank Of V.rgnia--sd hecanle it aGt=d FIR
nv the cizen. of Alexaa, Whole con-i,,ta he
could no, aprrove--and 4.h becsuie the bill tielf
Contained G.vsral Objectionable proyGons.
With reflect tn the .irt ground which Re had ia
ke il snic .,e*hdps De coutcndcd that his obj ti-
oI came lare tia, the baking fy!fen, had AREA
d received tie csurten2nce of mott Of the .taes !;
and that it late in the day. oppnls tn GO
q raj voice in its favor. But nav j; no, be reivd
fac jf bark, are real evil country, is is no ar
giment ia ,hsr favor THAT they have been partially
introduced II was no argument 20 FAY, Tint be-
ca'ilr have commence! evil inffitlitinu
honl therefore perfsvere in it. On the fame
GRIND If my be i.ated thai fandirS army itiels
ur,t 20 bs rhnpr-.ed; that beeaue there roop
of 30 folders Their ought be army OF GojG(O.
With not more ,ruh might it he fad, that becaufe
tnsre vas a inIli banking capital in our fate,
oh;,tt therefore eNahliih greater Such reafon-
ing therefore Being entitled very little reioeti he
hould exar,i,s The principles of the Banking fyen
upnn its merits alone and independently of any
authority wh1.tver.
.k., al ko,,t 10
e.,ziy, brc;tc it iucreafes the interet the cir
cu!ltia- medium. Experience proves this !s9 IN =
very pla-e where barss have been tJablilhed and
h hel1ved il to be feficiently proved in this city.
The way in ,v1ch it does 10, is ealy to he explained.
Tvcry bank draws than the legal intere Oii IT'S
capital. This ariGes from :e Bluss receiving IN adj
-tnce the ;nsrs i,s nancy and from its receiving
It. AZ leaa fix times in the year, and lkewifs from
the rvlepe IL poIefl-sof iiiuns paper three
the an,cu1. tf is capt, Of courie. If 4 bank was
&. exerc;ee all theie Yighs It would draw apwatds OF
! 3 per cent on its capital No pcrfon however,
would content take the common intere MS
t,ey when he might receive this ettravagant profit
from a bank Tile operation OF iuch an inaituion
therefore; muA Hece1arily rd.le the irterea above
the 1ate ufnai" paid FOR ro1sy.-He ffioud ohferve
H. the feeori place that who have credit with
lie Bank NAV eahlIfh their credit with the world
\, larye " enables bin ol courie 20 deceive thoe
with whom he deals Should any accident therefore,
credit fails him Il in his ruin ne involves the
in Of Others --is pms commercial men IN the third
pare, conprfey within the power Of the 0ricers of
ee bdnk. II gives them more capital il is there
fore enabled fop their refonrces at any time.
Saouti IL therefore be the difrorop Of the bank
put them DOWN, it may refufe them diicoun;s, which
Ike Topping the circulation Of the blood, mnt lead
N dcaru1iou and death. Hence it is always in the
20 yer of bank to advance It's favourtes deprefs
re enemies, whenever il feels corresponding dpo-
Etion:
Asotier great objection to banks, is, that they
Withdraw fr,in circulation the gold aud FLYER of the
country The bark Of Virginia has at the pre!ept
,irie or il o3rh to have IN its vaults, millions Of
,peeie. HoS is the place Of this fuppled by pa
r; perhaps Nv quantity three times greater than
aNioan, nj les actual esotal. IL is 20 tins caulc
IA .haf NC are To attribIte the high dividends
~ bsniiry capital, vvlIish have heeD made by mon
90 a. cfa i0ll'ufious:
% rhe IT, st7,es bark divides 8 per cent.
The bark OF A,fny
The bank Of Delaware 10
Tie bsi,a " Mar. move tlIan 10
4-i,a n 40 Ia~th A.psfis.s Ig formerly rs.