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

oiSNnlzatlQn Established by the act OF 1907,
mas been found to be satisfactory and judici-
Gus III most respect s.. 1t is, however, essen
tally defective in one or two particulars
1t prescribes no limitation or guide to the
jurisdiction of military courts, nor is there
init any designation or definition Of what
shall constitute military offences, nor any
rules OF regulations for the practice & pro-
ceedings OF those tribunals. Inc remedies
proposed TOR these and for other emissions
and detects which practice has discovered,
Will be specified i'll Il special. report of the
Adjutant General, which will lie laid be-
fore you previously to the revision Of the mi
litia laws.
Much of the time of the Legislature has
heretofore been engrossed with the concerns
Ut Incorporated institutions. Il is question
worthy OF our serious meditation, whcthc-
corporations, other than those of literary,
charitable or religious kind have not already
been multiplied to a dangerous and alarm
ing extent, particularly those of them which
are endowed with the power of conducting
monied operations.
1t has already been announced, that pcti-
lions for new banks, to the amount of eigh-
teen and half millions of capital, will be
presented during the present session. 1t will
appear, by report ON your flies of Februa-
ry last, and by an inspection of the laws
passed since that, that our existing bank
capital, including the stock to be subscribed
by the state, amounts to nearly thirteen
millions of dSliars. The debts which may
now be legally ontracted upon that capital,
are thirty nine millions and if eighteen mil
lions and an half of additional capital should
be granted, the banks OF this state alone will
then be enabled TO contract debts, or in o.
ther words, to issue theirpaper to the enor-
meus sum OF Nmety-four Millions of dollars,
a sum at least sixteen times greater than
The whole specie capital of the state. A fai-
lure to discharge such debt, will produce
universal bankruptcy and ruin.
Ihe-tearful prospect presented to my ina
gination by the preceding facts, and by the
intatuation which has hitherto occasionally
prevailed, with respect to Banks, demand
OF me, as a sacred, official duty, to submit
to your consideration a few remarks upon
that subject.
The intrigue and hollow pretences, which
are frequently practised to draw the Legis-
iature into the views of applicants, by excl
ting expectations that particular local bene-
hts wall fiow from the grant of the charter
solicited or that PARTICULAR classes of citi-
zens, or politicians, Will be peculiarly graft
ned by 1t, ought not to impose upon us at
this late day; for we know, that eXpectati-
ons, excited by such representations, have
too otten| Vanishetlsin subsequent selfish,
specializing and demoralizng, distribution
OF the stock. Neither ought we to be UNI
mindful, that not unfrequently the promi-
nent men who seek the Incorporation of new
banks, are the very same who have deeply
participated i'll the original stock of most
ot the previously established banks Having
disposed of that stock at lucrative ad.
vance, and their avidity being sharpened by
repeated qualification, they become more
lmportunate and vehement in every fresh
attempt to obtain an opportunity of renew
ing their speculations. 1t is also worthy of
preliminary notice, that the apparent unan-
unity in favor of measure which often sur
rounds this capitol, when tAe Legislature
ere beset with bank applicas16ls, is no real
indication OF the sentiments of the commu-
nifty at large.
One prominent objection, which meets us
at the threshold of an examination of this
subject Is, that the vaults Of banks are the
reservoirs into which the specie is collected,
and where larger quantities of it are at all
times accessible by those who may wish to
send 1t out of the Country, than would be
the case were the specie left diflused instead
OF tue paper.
Bank stock is genel ally owned by the spe-
cusating, the wealthy and the aspiring part
OF society. An amount Of their personal pro-
perry, equal to that vested in stock, is with
drawn from other applications and appro-
priations M it, which would probably be
more beneficial to the agricultural, manufac-
turing and labouring interests. Hence ari-
ses the difficulty experienced by cnterpri-
sing farmers, manufaCturers and mechanics
TO raise money at lawful interest upon the
best security and hence it follows, that
the necessity of temporary pecuniary relief,
frequently drives them into the embraces of
uDprincipled, avaricious usurers, who fer
tilize upon the wants and distresses of the
needy and unfortunate.
The influence OF the wealth amassed and
concentrated III bank stock, welded under
tho direction of a few persons, not account
able OF responsible to the community for
their Conduct, not restrained by any official
oath, may be devoted to Il sway over indi-
vlduai passions, sentiments & excrtions,
alarming III representative government
a dliigent observer will have already per-
ceived one palpable operation Of this infiu-
ence on public sentiment in the fashionable
erroneous opinion, which prevails, that there
IS greater sanctity i'll corporate, than indi-
vidual property and rights, and that the one
is less amenable than the other to Cove m
mental control, and less subsereient to any
paramount public good
The multiplication Of Banks cncrcascs
the facility OF countcrfejters to make depre-
datlons on society, aud their operations are
almost exclusively prejudjcial to the les:
wealthy part OF the community, whose bust
ness does not familiarizc them with the
great variety Of paper money which is put
afiOlt. The las tn,snttn.pI t,arf rs