The enquirer. [volume] (Richmond, Va.) 1804-1815, 1812-01-16
H{Ny,N
(1o De Continued

HINTS.
ONE OR MORE BANKS s-Is TIE Gaeslior.
On this point. the following sird'saeye-
viess from that great work, Adam Smith S
"Wealth of nations," may be ofuse
The late augmentation of banking companies in
both parts OF the United Kingdom. an event by wc,,
many people have been much alarmed, instead oil
diminishing, increases the security OF the nublic-t
obIges all of them to he more circumspect in their
conduct, and by not extending their currency beyond
ts due proportion 20 their cash. 10 guard themselves
against those mischevous runs, which the rivaship
OF SO competitors is always ready To bring unon
them. 1t Restraints the circulation OF each particular
company within narrow er circle, aud reduces the
Circulating notes smaller number-By dividing
the Whole circulation into greater number of parts
the failure of ANY one company, accident which,
tn the conrse of thiugs, may sometimes happen be-
comes OF less consequence to the public; the free
competition also obl.es all bankers to be more Hbc-
raj in their dealings with their customers lest their
rivals should carry them away-In general, If any
branch OF trade any division OF labor, be advaut-
geous to the,pubic. the freer aud general the
competition, it will always prove So"
L ms would be the point at ISSUE, III were
now tor the first time proposed to put up a
Bank. But we have already Bank-which
netts II per cent. dividend,s year and whose
stock sells for 153 3.-Naw, as one of the
great questions is, by which scheme, AN ia
idefendenfbank ~ an extension of the old
one, me StGte itself can make most money
& as the stock OF the present will at least sell
Tor 20 per cent advance, while that of new
one will only be at har; 1, for one, amcontent
to wave the other advantages Of an indepen-
dent bank in considerations of the great gain
To the>paD1ic treasury and to our public i'll
situations.
There lis. another question.-If it be fit
that the State should hate a finger in the
bank to preserve 1t in itsorbit and check any
feht
tuhaf svay is it to do it?-By appointing all
It's directors, as the fact lis nozv, OF only
Certain quota of them, as is the case in Penn
syivania! Perhaps the last is the best
let this be as it may, hoy is the State to ap-
poi:t! BY doing it through one man only, it's
L treasurer, as it is at present or through
It's Legislature, who can scarcely be acquain-
ted with mt persons in all the towns where
there are branches; or by a union of the pow
erin the hands OF the Treasurer and the Exc
cutive Council, both OF whom are more or
less responsible to the Legislature but if
there be nonew independent bank to be now
put tisis mere speculative prop sition
.HSdM-whether the Legislature puts a.,
an independent bank--or Increases the Ca =
pital of the present bank to $4,000, 600, ex-
tends its duration Is years and reserves all
the new shares to the State binding M the
state from selling them below a CERTAIN mini
Il IL
| iy to DE retained byit thus making It's nett
profit 9 or 30O,O00S-as, is the Erojet now
oxen OIL say "a ~hatever way the DO
ms is to be made to the State, in zvhat 7vay
! is this 6onws to be subsequently used i? Is it
to SO into the central fund thus lowering
the rate OF taxes i lift up my hand a..
gainst this contemplate stroke of an ephe-
neral popularity ~ am proud, that even
as the taxes are al present, our Treasury is
growing richer, and stain on the par simo-
NOUS spirit of Virginia Is wping annually a.
way: for mark Inc increasing balances
Which remain in the treasury on the Ist of
etch January during the last years
| 1909 1910 1911 1910
14l,s9l 146,ss, 1924 Saiq, 94o
congratulate the State on this encrease
Oh our revenues land with this fattering
prospect before us let us treat the Bonus
from the Bank as "a consecrated fund-sa-
ycred as the arc OF the holy covenant-sa-
cred to roads, canals, schools-those grand
national institutions, - the defect of
winch has been so long the rcproach of Vir-
ginla: Let the Legislature vest it imme-
alateiy IN the hands of a corporate associa-
ton, so as to place it beyond the reach Of
accident or circumstance.
A FRIEND TO IMPROVEMENT:
The Committee Of the IT, of d. made very
'
ton is, to extend the charter of the present bank
years, its capital S1,500,000tle state to have all
! the new shares-12,00D o. which to be sold by her
tor her use for not less than 20 per advance
tue other 5000 to be retained by her; of these
le is to draw dividend meiateiy, paying to the
Bank an interest of only per cent-the other 1 900
she Is to pay for from the sale of the 1900 As
soon as 700 shares sold, Lynchburg is to have a
bank; when 1900 more, Winchester is to have one
nus, on the 1900 only be soid-and at ony 20
Pr cent adFance-Virginia will gain on the increase
/ OF the capital OF 100000, much 1910 DOO--a
better bargain this, than Pennsylvania will make Of
ue bank Of the U IS. which 500 900 oilers only
| Do ',oJO' Editor
| LEGISLATURE OF VIRGINIA.
RIGHT or INSTR UCTION.
On Tuesday Mr.. Tyler, (of Charles CT
ty.) submitted the following Preamble and
Resolutions to the House of Delegates--they
were referred to Committee of the whole
! HOuse
| Whereas the Legislature Of Virginia, at
It's last session, in discharge of duty which
! it holds sacred, ard which has been consc-
Grated by the voice Of the people and pc
mus Of its government. instructed its Sena-