The enquirer. [volume] (Richmond, Va.) 1804-1815, 1812-02-11

titlous capital thus acquired by Il man. in
spires confidence i'll alldescriptions OF dea-
lcrs and mechanics, who consequently trust
him. Wheneyer adversely overtakes linn,
the property on hand is immcdiate,y trans
terred to the cndorser to secure the bank
demand. This course is dictated by a
sense OF gratitude to the endorser, aud by a
desire to propitiatc the good. will and future
patronage % the BANK; aid it thus nap
pens that whilst TIE; pank obtains full pay
Pent, more humble creditors, who have
trusted the insolycnt, IN consequence of the
imposing appearances, with which that very
bank invested him, lose the utmost f;,rthinr
OF their dues-hence, and not from the de-
fect or the insolycnt law, as is generally
imagined proceeds the universal complaint.
that the estates Of insClvents yield no divi-
delds to ordinary. creditors.
The wound which the morals and repu-
tation of neighbouring states have expert
enced fro.n too great Indulgence of the
bank .mania, and tile present deprecated
credit OF bank Currency there and in En-
gland, furnishes lesson of vast Importance
to patriotic and upright statesmen. The
paper OF the late bank of the u. States had
an unbounded credit and circulation. At it's
hrst creation, there were few rival insti-
tutions IN the great mercantile cities, where
Its branches were established, and it there
tore enjoyed the deposits & businc SIS of the
trst houses and characters i'm the Union
1T was also patronised by the Exclusive de-
posts OF the general government to the
| amount OF near twenty millions annually,
which added greatly toits ability for accom-
mediation and if that bank, With such un-
precedented advantages, can neither make
dividend tor the present year, nor redeem
the original stock at par after payment of
its debts,, which is evident from the price of
its stock, what would be the fate of many Of
| our present banks we're their affairs brought
to a close? And they will assurealy be
brought to close whenever material
shock shall be given to the credit and Cir
culation. of their paper-The then disas-
trous consequences are incalculable, conse-
quences which. will not be confined to cities
and villages, but will pervade, in a more
eminent degree, the agricultural parts of
the state. -
10 facilitate commercial operations is the
ostensible preteXt for soliciting bank char
ters and is the only justification for grant
ing them. But at this moment, commerce
is almost annihilated, and therefore there
exists now no necessity ostensble or real for
the multiplication of banks.
There IS one other consideration of en-
phatlcal influence at the present period. +. 1t
is we'll known that stock is generally consi-
dered an unfit subecs of taxation, and in
tact, is not included in the taxable fund, nor
does 1t contribute to discharge the public bur-
dens nor is it liable to distress, or to seizure
or sale upon execution. To increase, there
fore, the amount ofthat intangible kind at this
moment OF apprehended war, would be lust
ly considered partial exemption from con-
trlbution towards the public burdens of so
many millions of the personal property of the
rich. With what indignation would the yeo-
he I<,l 6
receive the intelligence of measures directly
calculated to increase their burthens by a
partial indulgence to the property of the
rich
Finally we must be feelingly alive to eve
ry thing which has tendency to impair a
confidence in the public functionanes. If the
interests and the sentiments of the great
mass OF our constituents are opposed to the
further incorporation of banking associa-
tons If their institution will greatly facil-
itate forgers in passing false bills IF the
suspension of commerce takes away the on
ly plausible and rational pretext for coun-
tenancing them: If the wisdom taught us
by the experience of neighboring states, of
foreign countries, and by the supposed stu
alton OF the u. States bank confirm and
proclaim the danger to be anticipated from
asserting to the increase of the number and
capital otbanks: II they contribute to drain
the country of specie and discourage aeri-
culture and manufactures, by withdrawing
from other uses and appropriations more
] beneficial to them, the money of the afflii-
ent If they have an influence which ena-
bles them to obtain the whole property of
lnsolvent Debtors, to the injury Of other
creditors Ii their tendency be to the sub
version OF our government by vesting in the
hands OF the wealthy and arstocratc class,
powerful engines to corrupt and subdue re-
| publican notions If the augmentation of
bank capital, causes an equivalent curtail-
'ncnt of the taxable fund, and will thereby
relieve the wealthy stockholders from their
equal share of contribution to the public
service. and proportionably enhance the tax
OH the hard earnings C. the farmer, manu-
facturer, mechanic and labourer: 1.-THE wis
dom and example OF the national govern
ment be worthy of respect or imitation
And five stillpcrsevere in multiplying banks,
Will there not e,danger of infusing into the
public mind suspicion either that we yield
TOO pliantly to the management and pres
sure Of external combinations, or that ,he un-
hailowod shrine OF capdity has It's adorers
within the very sanctuary of legislation,
Such suspicion will be the prelude to the
downfall of Republican government, for it is
erected and supported upon the affections Of
the people at large, and upon their faith in
the nviolable firmncss and probity of their
public agents, and when once the foundation
is removed, the superstructurc must fall o.
course. Let us, therefore, conscjentioasIy
Il