The enquirer. [volume] (Richmond, Va.) 1804-1815, 1810-12-27

A
u. 5. Of imeyica, in Congress assembled i: The
ntHnsoridl Of theStockhotacys of the Bank of The
q S.
RESPECTFULLY sHEwgrH
That. by an ACT of Congress, passed on the
10Th OF February, 179l, the subscribers to the
cH >ital stock of the Bank Of the their Sic.
ccssors and assigns We're Incorporated for a term
| NJ arch nexs.
| Aware of The evils which must result from the
sudden determination of the operations OF an in
st'tut'on, intimately & extensively come ed
with the commercial interests of the nation with
the public credit & the fiscal concerns of the go
| Iernment, your memoriaists submitted to the
lOth Congress an application for the extension
OF their charter The wisdom IT Congress having
/ hitherto declined decision upon the subject. it
becomes the duty of your me ,noralists aqr ain To
submit it TO the legislative confederation, and to
repeat their prayer, that the chart Of incorpo-
ration, under which they have hitherto existed,
may be renewed
Had your memoTiaiists consulted merely their
own convenience and security, under the
| uncertainty in which the success of their ap-
picaton has since that time renamed, prudence
would have required them gradu ally TO cali n
! them funds as measure of precaution i'll case Of
dissolution. But considerations of pubic util
ty, which have always influenced the conduct of
tins institution, and belief that the general III
terest required, and would there fore oo.ain, =
continuance of its Incorporation, have postponed
the adoption of a MEASURE, IN whatever manner
erected, roluctive, as thsy ,pprehend, of great
puoiic as well as private distress.
Inc superior information of the legislature
renders IT nnneces iary for vour memorial is tn
detail the general benefit OF backing institutions
The expericn;e and the practice OF all nations, IN
modern times. sufficiently prove their utility to
trade, their Id IN the management OF the nation
~ revenues, and their necessity in tim. Of pub
lie emergency and gene al calamity H. 40 coua
try have these benefits NOE for: Ut v ex
empliticd, or more fully experienced tlal IL,
the y b The truth of this remark is obvious
IN the amour, OF the productive capital of the
country ABOVE the qusntty OF the preciyus met
ais; IN the rapid advancement of sg?lcuI;ure,
manufactures & commerce the so!ldi,y of D.,
vate AS we'll as pu>,ic credit the ease wiz
winch the monled operations of the government,
Ut societies and individuals, to an immense a
mount, are Carried on The accumulation of
wealth, and the general prosperity ofthe nation
| IL 10 not intended to suggest, that the creation
81 banks has OF tseif produced these effects
ne activity, energy and enterprise of the peo.
pie, under the protection of wise and able 20
yernment, have CO operated in their production
But without the augmentation of the active ca
pital OF the country, and the other facilities To
business produced ny banking institutions thar
activity, energy and enterprise, would have mt
feebly operated. That the pucIc opinion, the
correct arbiter or the public interest comedies
with that of your nemorialists is evidenced bv
me institution and the increase of banks in eve
ny state of the Uuion.
In producing these beneficial effects, your me.
uorialsts reflect with pleasure that the Bank of
Tire u. D has contributed in an eminent degree
i's early institution, ITS extensive and combined
operations, and the weight of its capital. at
the same time that they afford it the opport,,n;
ty oil being acquainted with the trading inter
ests OF the Union, gave it also the means of es-
ADVANCING tyi,i ;.a
TO do SO has always kept pace with its ability
NOT restricted TO any particular district il has
acted as the general guardian of commercial ere
dit' ana by preventing the balance of trade, in
the diiierent states, from producing defcien-
cy OF money in any, has Obviated the :nischiefs
which would have been thereby produced Ii
mas fostered and protected the banking instilu !
ions OF tie states, and has aided them when un.
expectediy pressed. Its disposition towards |
them 70 manifested IN the quantum of its capital.
OF Winch they have generally had tie use, NOT !
ihucn less III anount than one tenth of the whole
In its accommodations to- individuals il has |
ocen liberal, but, at the zane time, discreet, |
with view as we'll IS TO their safety as its own
by means OF 1t, the merchant and The manufac |
turer have been enabled to push their operate; |
ons to an extent, far exceeding what would havu
been practicable without it. Judicious au
prudent enterprise has been encouraged rash |
and prodigsl adventure has been discountenan.
ced ard, q sufficient fund being proyid d /. |
from which reasonable loans could be obtained |
Usury has been prevented, and usurious lenders
represse6.
Its importance in the administration Of the . |
nances, and IFS utility in the operations connec-
ted with the Puoiic credit, have been fully |
established.
1t has Afforded place Of deposit for the pub. |
lie monies, without expense, and without ba zard |
to the government
1t has aided in the collection of the revenue
by Introducing Punctuality in the payment of
duties. otherwise undttainable, and by accom- |
modatinS with loans those who had such p.v
ments to mskej thereby assuming upon iiseId
The risk which otherwise had been borne by the |
government.
Ithas, at all times, upon its own responsib;
hty, and at ITS own expense, Transmitted
the pubic m1n'-s from one part Of the Union
70 another, 50 as 70 meet the exigencies oF thc
government, AMI from the surplus revenue Of
one place, to supply tie deficiency of an,ther~ |
~ tins means, the government has always |
been enabled, with convenience, to pav The IN |
Isress on tue public dsbb and 70 NEE. iu other