The enquirer. [volume] (Richmond, Va.) 1804-1815, 1813-03-30

70 the house OF representatives, where il orr.
ginated, with the following objections:
First. Because corporations are privileg-
ed orders, vested with certain rights and
inmuni,ies, not enjoyed. nor, without penal
ties, to be exercised by the great body OF
the people. And whenever an association
of individuals are legally vested with such
peculiar powers and privileges, il ought TO
be either called for by the general voice of
the people, or be so manifeStiy for the pro-
motion Of the public veal, and regard the
accomplishment of individual enterprise *
ability, as to satisfy the judgment. and thus
secure the votes of an indisputable manri-
~ of the whole Legislative assembly. This
objection is founded on that equality of
rights, which is the vital principle that
pervades our constitution. gives it all its eX
ccllence, aud dispenses the blessings which
emnently distinguish the citizens of the
United States.
Second because every objection which
Can be urged against corporations general
~, gathers weight and strength when di
rected against monte d institutions; the un
due influence of which has often been the
subject of well founded complaint To
wrestle with and put down this influence,
new associations have been formed; appli
Cations for new charters for similar estab
lishmcn,s have multiplied and in proper
the multiplication OF new applications -
These facts apply with peculiar force to
the city of Philadelphia, where those insti'
tutons had their origin in this Country /;
but should the system be enlarged, the evil
will uverspread the whole state, and it is
much to be- feared, will faint the purity Of
elections, ccycven,ually PROSTATE the equal
rights of the people.
Third. Because it is questionable whether
-.
ing to corporations the privilege 10 com mo
ney-a money which, not Answering the
purpose of foreign commerce, drains the
country of Its precious metals, and i'll their
lieu substitutes d currency which is without
any value, except what is stamped by pub
Vic confidence. The granting such an l. he
rent right of sovereignty to individuals,
Rvowedly associated 10 promote their pecu
MARY interests, is putting it in their power
GO increase the circulating paper medium
OF the country to such an extent as will re-
suit III depreciation of, or total want o.
confidence in bank paper-events too de-
plerable not TO be deprecated by every good
Ctizen.
Fourth. Because the most diligent in
ouiries and information from the best sour
ees, have satisfied me that tine present
Banking capital OF Pennsylvania is equal 10
she discounting all the good paper, which
be offered during the continuance of the
war in which we are eng ged and there
fore the establishment of twenty fl new
banks, dispersed oil over The state, with a
capital uf ,525 oOo dollars, would by the
readiness to give credit, invite To- visionary
epeculatious; divert men from useful pur-
suits damp the ardor of industrious enter
p ize, and consequently demoralize the
q mount ..s a..
ed, so ~il be Increased the diff cuty OF dis
tiDguishimg real from counterfeit bank notes
titus facilitating The means Of imp sition
upon tAe ignorant ard urwarysand, b the
hcpe of IMMUNITY, tempting "a, to Join in
Committing the crimes already too preva-
lent, counttFfcitng and passing Counterfeit
notes. At present the variety of designs
and signatures to oar bank notes are not SO
q diversified, but That an attentive observer
may. with to!erabie certainty, discriminate
between genuine and counterfeit note
but it twenty Ave new institutions beprivi
lodged TO issue paper money, each one cleo
ting It's own device, paude OF execution, kind
of pepper on which 1t shall be printed. and
each having its own officers 70 sign and
countersign them, how difhcult, how almost
impossible will'it be, for our citizens to
know when a piece of PAPER purporting to
be worth five, ten, or one hundred dollars
b, in fact worth eny of those sums, or not
worth one cent
S'zth. brCaus=, aitiIoug n petitions have
bee1 presented, asking the incorporation OF
banks in sope counties Of the state. yet'
Epon inquiry have not learned that AM
arplic alton for the establishment Of a sys-
ten so novel aud extensive, has been
made to the legislature NOR has this
wa of eApr ssiop OF the public wishes
H. favor of such a system been made TN
eq3N ocal by the woes OF the leg stature
The bill WAS Carried, as appears from the
Journals. by maj .rity of one In each house
.-iu rether branch IF the legislature had
this bin majority OF the Whole number OF
as members
Sryc7lfh. B cause the history Of all ma
sions that have authorize an eX ensive pa
per currency and the experience Of our own
country, have furnished melancholy exam.
piles OF tie disastrous consequences which
bcw f. ~ such a s. stem.
EiGh b. because Ine OF war is anun-
propiilous era TO try experiments, partIcu-
lar.y when those experiments may seT-
Aous, affect the finances of the common
- e.,ith, which draws 4 revenue, more tn an
eqVal to all its. current ca pences, from the
btnk sock which it owns in the banks al
ready Incorporated.
MINI. Because, under all the circum-
stances, no material injury can result
from an arrcstatioH Of the bill, until next
session Of the legislature, whereas, If il
1.,fr Ias h.