Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1811-07-04

weignL ot the non-intercOurse, EMBARGO and
foreign spC-Iation---is this ms ment TO try
! the experiment Of reducing cur revenue by
gripping our mercantile enterprize and
Withdrawing their funds, and to conner them
to withdraw their funds from commerce in
order 10 pay the bonded and bank debts
But Will the destruction ofthis bank rid us OF
the dreaded influence OF foreign capitaiI No;
| you get IN its stead an jufuence infinitely
worse; you encourage speculation, which
viii produce an evil Of an Infinitely more res
uierous Kind. If this bank be put down, ano-
| therere long have no doubt will be created.
! Tor that another bank must and win be created
| IS ayCwed by many who vote against continue
| irg this, and whenever this takes place a
| scene q ssock-jobbing viii ensue 20 an extent
| WINCH Cannor ee now calculated. When a
| new cank ana a new stock is created al
| though % prohibiting foreigners e be sub
selabsis IN the ilrst instance it will at FIST be
taken up BY our own citizens ye5if lie a..s.ss-
| pean s9i.itaEisr htds * 10 hss advaatage TO
/ nstNe acDey lIere, he comes & purchases our
I stock cur citszens ~ the subScTiDt.o1 co the
new stock engage IN scene of the racst tis-
bss.ng spec aiatien; cur citizens afterwards
| sell this stock % Foreigners whcsc foreign ia
| fuece we wish 10 avoid, and AFTER having gone
| this Vicious c,-cle we arrive precisely III the
! point where We etartea. The same foreign
| ers who now have 81 much Ct tlis saHk s OK
| VIII reinvest their moey l.. tle ST cS T the
new bank to be created. TINS diss iti,sn
! OF the bank then is trying wild yisi narye2
| perments, possibly in its conse lt.eicea con-
| vulsing society TO its centre, spor5lhs with
the feelings and happiness o. the uHtry, inn
| pairing mercantile credit and enterprise, M,
juring the tranquility Of many ci scr ,sicse
meritolious citizens who see RAN towering
| over them from the measure we deem ike
to adopt; and after ali this is done, Sc come
round to the precise point from winch We
| commenced.
| 1t has either suggested Itself to my mind
upon reflection ON the subject, OF it i. an IDEA
! suggested by some politseal writer (ard I
think the latter is Tie cast) either Hume or
Smith, or both, that gradual, si.cnt arse,at-
most lmperceptib.e increase OF money orCir
culating medium has the happies; effects ca
| society, and operaJes as the most saiutaTy
stimulus to the eXertions and industry of
nation, becauseit operatesas grasl iai though
perhaps nominal premium to industry, by en-
crcasns the price of every article that IS
| brought INTO market; andtheinfuence Which
the discovery Of the mines Of South Alneri-
ca had ON the European world by bringing
into circulation an increased qlanlity OF the
precious metals IS instanced, as wei rs ] re-
collect, by some OF the econ IN ists, as an IL
luStration ofths observation, for the increase
OF industry, Of the arts, and Of I'll social
comforts which soon followed this event has
been remarked by several political writers.
If this invisible increase OF the circulating
currency of nation is from the causes above
mentioned productive Of such happy effects
viii no. the immediate extinguishMent Of a
great national bank and the consequent di-
nlinution OF the cIrCuIaeilIS ys.slrsi.--y
country have an Immediately opposite and
baneful operation upon s~ciety? VIII it not
produce temporary depression OF prices of
many Oh the neCeSsaries and lu2SGries of he,
and to certain eztent lessen and bcnum5
the yigor and exertions OF our citizens. It
is true, this effect may be temporary, be-
cause new banks will remove the eyt--but
is there any reason 20 produce this eyke<6n
for moment, or, in other words shou .
produce this deleterlousAfec i0r enc ~
1nent by the destruction be bank, that We,
or the states, By the eresski OF new banks,
may remove the etil we ourselves have
: created? This seems to DC producing = ca
lamity that we may either removea mitigate
it.
; The bank, it has been cbjects as been
used as an instrument Ct ilul 49, 1Uh,IcAl
, influence.
Let it be remembered, Mr IRE iient, shat
} / am not advocating the mere renewal If
: the charter of the bank OF the u. Sta.es
+ am not only for rechartering it on cert in
7 conditions, or in other words, with d view
{ that it may subscribe to the amount # its
: capital to newly created bank en- different
e principles, of larger extent of capital, and
o with a portion Of the directors appointed by
: the government This, sir, will etfectuaiIY
:. prevent tho directors from using the bank as a
: political engine against tho government Itself,
: and obviates every objection ON this head.
b Witness the bank Of Virginia, how effectu-
= ally is such an operation guardedagainst there
t by such provision.
d ] have no sympathy for the directors Of
7 this bank, who are said to have Improperly
r exercised this political inauence--an my
d sympa thies are in opposition to them. It'll
# not for the benefit of, or tenderness for, these
> directors, that advocate the bill on your Ia
: bic. / know more of them, nor any thing a
j bout them, any further than not to do then
! injustice. They may have conducted them
y selves exceedingly improPerly-I believe
8, they have done 50 May year. past ON some
!, occasi0ns--but this IS not inc way C. seek rc
: dress for their misconduct. Sir, have hcait
'- d a man who, when irrit tel, III order TO oh
l. tain satisfaction, would seat himself On
e Chatting dish % hot Goals The mode whicl
81 is proposed 60 punish the directors for thei
p real OF supposed misconduct is equally wis
- in this instance. j would not rjufe tic pul
= JIG welfare and heap ruin Oh very many in
Ia nocent men ioginiuries lcng since committed
E Il AZ all, by these directors, which never ca
be revived. Besides this evil is gradual
IN correcting itself When there was ony tn
e Bank % tic UnitcdStatcs, or very few other
id | the cOisc 4ucnce was, that it was speci,
N / OF fayoritsm to get INTO he banks, and priv
~ lp-o qXteuEed caiv To Darticule.r friends