Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1811-07-11

Accommodated. have stated that in Penn.
sylvania until the present alarm which this
discussion has produced any person desery-
ing credit Could obtain it TO anv extent he
wished. The banks in such Il situation com
pete for customers, and in such a state of
things their political influence is gone. In
Virginia or the Contrary, in consequence OF
the limited capital Of the bank being vcry in
adequate to the demands CT society, it is a
matter of special favor to get into the bank.
banking capital to this limited extent is an
INJURY to the community, for in such state
the bank not being able To accommodate all,
must select its fav orites, which gives to them
particular advantages which others do not
possess, and enables them to apply to usurious
purposes the money they get out Of the bank,
by lending it to others, who, if there was a
| suthciency of banking capital, would them
selves go into the Bank and be accommodate
ed with that very money for which they now
pay an usurious interest Such bank is an
| evil, and III such a state of society, where
there exists &nch q difficulty Of loaning mo-
new a man worth 100000 may have his for
| tune sacrificed to pay 5000. This statement
will clearly illustrate the object have in
view, which is to shew that by extending the
banking system to the proper extent, it YOU
| once commence it, you destroy it's political
| influence and prevent it from being an instru-
| ment of either public or private oppression
J Such is the situation IF the bank Of the United
States atpresent. Whatever may be the dis
| position Of their Directors, they are inccmpe-
| tent for all the purposes ofinnuence.
[Mr. Giles saidis was with regret he in
| terrupted his friend but he seemed to sup
| pose the b1nl:ng capital at Richmond was
! so small as t. Convert that city into q society
| ~ shavers. This was not correct. He (Mr.
, CI) had conversation with the President of
| the Bank, from whom he understood that the
| bank could DO mare paper than was offered
toit] Mr. Brent said he had heard no % ST.
tive Information as to the fact he stated but
| it was we'll known that men as coed as anv In
the q. States had net been able to get their
| paper accommodated. He knew the Prcsi-
| dent of the Bank, for whom ne had a sincere
veneration and Affection NJ blame attached
| to the Bank. He said that the establishment
| OF bank any where, however pure, provided
| it was not adequate to the wants Of society
| would produce shaving.
Mr.. r. said he had many other remarks
which he wished TO submits, but the hour was
50 far advanced. he would not trespass fur
Their ON the attention Of the Senate ct present.
IL TT opportunity should hereafter occur he
| might agaI take the liberty Of making few
observations on this subject, bit he would p
vail himself of tlis occasion to say that he did
not mean to make any reflection on the d.
rectors of the Bank of Virginia they were
not in the smallest degree censura5!e. He
believed the affairs of the bank were ably
and honorably conducted by them.
1t may be proper to state that Mr. Brent
made second speech on the subject of the
Bank of the United Saskatchewan which
and thepresent. the speech of another gentle
man intervenes.]