The enquirer. [volume] (Richmond, Va.) 1804-1815, 1811-11-05


has no operation. If these seven millions
are not invested in state bank stock, and
good bills cannot be obtained to transmit it
as is clearly deducible from the statement
OF the gentleman from Maryland, then it must
go IN actual specie. An honorable gentle
man from Massachusetts, of great and un-
questionable mercantile information, has sup
posed there Is not in the United States more
than ten million of dollars in spccic. IF bv
the dissolution OF thc bank seven of these 10
millions are to be exported from our coun-
try, Will 1t not be attended with serious con-
sequences, more especially since it has al
ready been discovered that yhc quantity of
the precious metals in the u. States has for
some Years past been diminishing to such AN
extent that it has been thought by several
important that Congress should take some
steps to guard against the continuance of
tnis evil Another reason which might IN
duce the holders of this stock, when the a
mount is paid off, to transport the specie IN
stead purchasing bills, is the great and
encreasing difference in value between the
actual value CT the same nominal amount of
paper and specie in England. In the re-
marks which heretofore had the honour to
submit to the Senate, suggested that it was
more than probable that the dissolution of
the bank of thefU. States might seriously
affect our revenue. In addition to the rea-
sens then insisted on as leading to this corr
clusion, permit ne, Mr.. President, to remark
mat IT at the same moment, you diminish
the circulating medium of the nation (Which
to certain extent is affected by DESTROYING
the bank OF the u. States) and call upon
your merchants Immediately to pay IL mil
hons OF dollars, the amount Of the debt they
owe the banks, and at the same time TO pay
twelve millions to the government, which is
the amount OF the bonded revenue, at a pc
ROD when our commerce has been strug-
gllng Tor many years with the accumulated
difficulties produced by spoliations, by en-
barge and non-intercourse laws-I saw, Mr..
President, under such circumstances, is it
unreasonable to entertain some apprehension
that our merchants, finding themselves I'M
able TO surmount all the difficulties with
winch they are surrounded, will in their
choice or difficulties pursue the common die
tates OF prudence and chuse the least p
Is 1t net probable that they will in the first
instance take every step to secure their bank
endorsers by settling their debts with the
oank and leave the government to bring
suit on their revenue bonds? Such an event
Is the more to be deprecated, as this is, of all
others, period when we should be cauti-
Gus about adopting any measure which would
aimlnish the receipts of our treasury, alrea-
dy much curtailed by our late embargo. &
which will be considerably affected by our
non-importation law
The remark / made some days past in re-
latlon to supposed incapacity of the Bank
OF Virginia to the wants of the country, was,
that 1t had been suggested to me that it had
produced i'll Richmond great deal of us,1rv
or as II is commonly called, money shaving
in making this observation, Mr. President,
1t was not my intention to reflect in the most
distant manner on the president or any of
the directors of that bank. / know not the
name ct any one gentleman in the direc-
ton. For all that know or have heard the
affairs OF that bank are as ably and as homo
rably conducted as those Of any bank in the
u. States or elsewhere. The fact which |
stated was one which l suppose to be an UNI
aVoidaDle result when you go into the bank
ing system and do not create banking ca
pital adequate to the wants of society IF
you establish bank with an Inadequate ca
pltai, tavorires so into the bank, get the mo-
hey ont OF 1T and apply it to usurious pur
poses 1t Is no reflection on a bank to saw
mat IL mas Its favorites. When more ap-
Phcations are made or more good paper Of
tered than can be accommodated. a selec
ton must be made and some applicants re-
main unaccommodated who will be compel-
led TO give uSurious interest tothose who have
been accommodated for the very money
which this accommodation has supplied them
with. My honorable colleague is of opinion
that the bank of Richmond has capital of
sufficient extent and that all who deserve
accommodations there can obtain them. ri
Can only say, that have repeatedly heard
very different statement in Richmond and
elsewhere. Another fact, too, beg leave
10 mchtion. l am well acquainted with
very intelligent officer of the branch bank
at Petersburg who has informed me that al
most always more good paper is offered to
the board ct directors than could be accom-.
nodated from the limited extent of their
banking capital and it would seem an ex-
phenomenon, that when Rich
mend and Petersburg are only Is miles dis
tant, there should be redundancy of bank
ing capital at the former and such defici-
ency at the latter
Inow, Mr.. President, approach the dis
cusslon OF question which excites with me
more sensbility than is produced by any
connected with the subject
now dehberated OH. 1t is principally with
a view to investigate this delicate and in
teresting question that have been induced
at the present hour to solicit the attention
OF this honorable body. We are told that
this question concerning the re-charterinf-
OF the bank of the United States is party
question:, and from the vociferous and earn
est reiteration of this assertion, it is ey dent
that this inVidious inference isintendcd lo be
derived from ito wit : that az the first
establishment of the bank of the u. States
II was contested Gil constitutional grounds
and that its faVOrCrs or rs cr,t,cvcYs orl.,a