The enquirer. [volume] (Richmond, Va.) 1804-1815, 1812-01-09

MIN tnClT own support, ou' give WeriiiiS u
others. Business Of every kind, is fostcred
by their protection, and expanded by their
and. They give lie to industry, and cner-
~ to enterprize. But why enunerate be
nehts now universally acknowledged, and
sanctioned by general experience! In eve
ry enlightened country OF the world, these
institutions exist. In every country, iii which
business to any extent is transacted, they must
OF necessity exist /; and ii not sanctioned and
directed by legislative provision, in the form
of corporations, they will rise up in less
safe and less beneficial shape, ~ the hands
Of individuals or of private association. in
young and cntcrpising countries. their adj
vantsges arc more sensibly experienced
In such countries, in which mere activity
and energy, but less individual wealth, and
smaller proportion of the precious metals
are found, than in older establishments, ar
increase of productive capital, by means OF
banking institutions, is necessary to give ci-
}ect to the former and to obviate the disad-
van1ages OF the latter. To the u. s. there
fore, banks have been particularly beneficial
and every state in the union has literally
countenanced their erection, and borne tes-
timony to their NEUTRALITY-SUSPICIOUS. in
particular. prompt to avail herself of prof
fcred benefits, was the first to establish such
institutions and has hitherto maintained IN
proportion TO her foreign commerce, great
ther state in the union The effect has
been visible Oh her landed and mechanical
interests-For though the foreign trade of
Pennsylvania be less than that of some of
the other states, her agriculture s. manufac-
lures are unequalled. g.,
To continue these advantages to tho
commonwealth will be the interest and the
pride of its legislature. Toallow them to
be Withdrawn or diminished would be in
Z lyt l, tl,ot hat
oy which has advanced her to her present
state of prosperity-But in perfect unison
with them both, is the PRAYER OF your me-
norialists for d charter of Incorporation.
With given quantum OF active capitai for
many years in use, has the commonwealth
made rapid advances In her Commerce, ag-
ricuiture and manufactures. To withdraw
from circulation so great an amount of that
capital as must be eventually done by Cali
ling in the entire loan, made by this bank,
and to leave the banking capital of the state
at its present amount, far less than that of
any Of the great commercial states, Cannot
but be attended with serious evis-it may
be supposed that as the charter of the in
stitution has already expired, these evils if
they are to exist all, must have been alrea-
dy produced. Such would have been the
case, If the bank upon the expiration of its
charter, had required the payment of its
loans as they fell duc-and such requisiton
must have been made if the greatest liber-
atty and candor had not influenced the
stockholders. Under risk and RESPONSE
bility which nothing but high sense of du-
y could have induced them to assume,
though they immediately stopped all bank
Ing operations, yet they continued their eX-
ettions for the preservation of credit, which
they had been so long accustomed to pro-
tect--They authorised their trustees in the
collecting of their debts to require payment
of but small portions at time, to receive
new securities from their debtors for the
residue, and by repeating this operation
from time to time to enable them TO liqui-
date their debes 10y ds Srucs, and eventual
to discharge them with the least possible
inconvenience. Only part therefore of the
loan, made by the late bank of the United
States, has as yet been called in; and it
rs that part which could be paid with the
least Inconvenience to the debtor-For, TO 4
Certain extent and no further could the
other banks Weld him assistance and thai
would of Course be afforded him i'll the first
instance.-The greatest weight OF the evil
is therefore still to come, as the bank pro-
cceds III Withdrawing the balance of its
loans. But already have mschcfs of no in
considerable magnitude been produced. An
almost total stagnat:on of business has taken
pace--bankruptCie numerous, and to
large amounts have occurred property has
suffered an obvious depreciation, and credit
has received a severe and for some time
perhaps irreparable shock. 1t is not to the
situation of the bank that the whole extent
of these evils is attributable, but TO a consI-
derable degree they are certainly so. And
had 1t been in condition to step forward
with the aids which in former times of gen
eral distress il ha5 sometimes done, all of
these evils had been lcssened and some of
them entirely obviated. TO prevent an cx-
tension OF these misChiefs and as far as pos
sib,e to remedy them, is undoubtedly the
dictate of justice, OF wisdom and of pol
icy.
Another consideration which your memor-
iaiiSts viii but suggest 10 your honorable boz
dy, because upon the bare suggestion OF the
sense of justice and the better feelings OF
every man will direct to wha is right, is
tsis--That q large portion of the stock o,
this institution is held by individuals-by
citizens of Pennsylvania, by widows and or
phans--by trustees and the representatives
OF deceased mems Estates, by charitable 6,
benevolent societies. The interests of sIch
class of citizens have been, and your me-
nIorialists have ma doubt will Continue TO be
regarded by the Legislature with favor
able eye, and that a participation by foreiri-
ers in the same fund (Which however IS ct
late very considerably dinlnished) will no;
DC brought to weaken the claim to>lcgisia-
tive favor, if it be recollectcd that the late
charter of the Bank of the u. States, with
salutary jealousy Of foreign Interference
11reciu1ad ali fnreipuPrg frofn votiy.r I,,,