Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1811-07-11
CONGRESS.
S L N A TIE.
United States' Bank.
Mr.. BRENT's SPEECH
(coNcLUpED.)

oue ~ TIC extent 10 WHICH BANKS are car
iiea at present IN the Northern and Middle
oeates, 10 winch the operation CT the Bank of
the United States is principally confined, il is
| not species Of favoritism to obtain Bank ac.
communication. In the city of Philadelphia.
before the late alarm, produced by aeitatinc
the Question we are now discussing, every
man who could produce good paper might
get as much accommodation as he pleased
and TO this extent banks should always be
carried II once commenced. This is RENE
eiy Tor tavoriIism, and prevents the bank from
Being formidable as a political engine. five
go ID banking az all, let it be so that all good
paper can be accommodated. When the
Banks compete fer paper, it is then not 6 svs-
TEN oi favcritism. They rather seek for Gus
toners than select them. Such was the 81
tuation of Philadelphia. What IS the canse
quence OF 4 contrary system in Richmond p
In consequence CT the erection of Ban,s tlcre
wlth little pitiful capital, the discounts PCT
into the hands OF few favorites, and Rich
mond Is stated by some to have almost be-
come nest Of shavers. Those persons who
are favorites SO into the Bank, get accommo-
GATED with large discounts, on the strength OF
winch they shave the paper of other, but
III fhiiadephia the situation is essentially diff
feTent, from the redundancy of bar king capi-
tai thus the evil of political oppression and
fmtoerance. to which the Bank of the Unit
ed States is said to be instrumental, is cured
by the establishment Of other banks: but il is
possible that this to certain extent will now
be revived by putting down tie Bank of the
United States and creating want of money
N soclety. Ii there De a greater demand fer
discounts than can be met with by the Bank.
then system ct favoritism will be produced
winch gentlemen appear so anxious to avoid.
4 Napfo ftxr,u H.
ty 1t seems to me things should be SO order
ed, If it Can be eiEec.ed, thai every individual
OF the community should obtain loans of mo-
ney On resemble interest TO any extent for
which he can give ample security. In such a
state ot things an opportunity is afforded to
bring into action and develope all the resoir-
ccS or The nation, to improve its agriculture.
Its manufactures, its commerce, and all the
sc al arts to the greatest possible extent
Such was the state Of Holland, such the state
or England before the present disturbances
in Europe-and mark the result. Each coun-
try polished and improved like garden,
their commerce extending over the world,
and all the discoveries and arts which enrich
and adorn social life carried almost to the ut
most limit of pc. .ection. This state of things
can be effected i'll this country only by the
agency VI banks as we are every div in
riculturc, Sc. and bring into action an IN
creased quantity of objects en- which money
can be advantageously employed, proper
tionably increased quantity of circulating me-
dium or OF banking capital is necessary to
keep pace with the improvements and pro-
gress OF society. If this reasoning is Just, it
is surely improper to destroy cur greatest
monied institution, and consequently Danish
irou circulation a portion Of the circulating
medium, at period when the state of the
nation is capable ofempoyng 20 useful pur-
poses larger capital than at former pc
nod. 1t 1t is apprehended that, by aft riding
tbs facility OF borrowing money to the e5;-
tent l have insisted On to every individual
who can S4ve security, incautoHs men will
ruin themselves / answer they will do this
III any state Of thipgs. To Argne against the
use Il an Institution from The possible abuse
Of il is not a JUS mode of reasoning. A SEN
saailst may destroy himself BY excuses in
the enjoyment o. TIC cable yet more tempe |
RTE men val t their dinner. That socie.y |
should be deprived Of the use nf an insttd- |
ton from which as prideHt members can OBJ |
tain great advantage, because imDrudeat /
people VIII DC ruined b. it, is to tax the val
liable members OF the community for the be- !
neht Of the unworthy. 1 an informed, MIR. |
President, tlat for some yeaIs past, in che |
state OF Pennsylv ANA, any citizen fthat state |
could obtain from the Banks as much money |
as ne wanted. DIR, what astonishing progress |
she llas made in every kind Of improvement
and Az very species of wealth. Look at the |
s-aIe which / have the honor to represent
whose apprehensicns about banking institu-
mons have made her averse to the extension
It sdcn ESTABLISHMENTS. The result has been
that Notwithstanding she is the greatest ag1i-
Cultural state in the Union, furnishing more
ccpitusly land the most valuable) articles ct
export, and possessed Of al the materials Of
commerce, she is destitute in comparative
degree Of commerce itself. When irgces f
wheat, flour OF tobacco are wanted in Eu-
rope, merchant Of Philadelphia is applied
to to furnish these articles, though they are
70 be purchased in Virginia. Wherefore -
Because, having no banks in Virginia thatl1
are adequate to the wants Of society, our
merchants cannot afford % advance the mo-
ney, purchase the cargo, and draw fer the b
amount On the Contrary hand, the Phila-
delphia merchant can 60 into bank, get as 4
much money ms he wishes TO purchase a car {
30 with, send It on to Virginia and make the 4
purchase, and, after the vessel is loaded. ,
iraW ON the owner for the amount Of the car
90 and his commission. Comparatively sneak i
ng all mercantile profit is drawn from as c
'ur produce is exported and our imports i'm {
ported by the merchants Of other states, who d
leripe all the profits Of oar Commerce winch n