Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1815-12-14

- cate: degree tl,sn;n olaCrs. y..ls r great 81
ties and commercial towns, the merchant borrows
ior advantages in trade, ami the profit may be de-
rived 20 himself, not from spccuh,tons and great bar
gains his fellow citizens So much as from adyan
taseous purchases abroad. Where this happens,
there IS perhaps an actual advantage. So TOO, in
mercantile cities those who have small, capitals may
add to them by borrowing for foreiga adventures
anu by their Industry aad skin in its management,
may Indirectly increase the wealth of the country
So, ton, manufacturers engssed in profitable
branch ut business, ray be enabled To undersell the
foreign articles of the same Kind BY having the COM
mand OF greater capital. Admitting these post
ons IL would only prove, that banks should he csta
blisheti in these places Only "where customers are
10 be toond who borrow not merely Ia spend-Who
than discounts ior the purpose, OF trade aud other
Eaaiu pursuits not injurious To society, aud the pro-
Sc al whose business will Justify the interest advanc-
c Bat where banks established in the CouY,-
fly, this Is net generally the They too
often noting more than coiirelHences for impru-
de'.t men to IN deJi. Look ut the BIZ oks ofone
OF yoir country backing Houses. Who are its GUS
toners ir~, ami very 4 " borrow with ration+l-
calculation of profit from the funds which they ob
tan. hicy oths;s borrow with views OF profit
which prove utterly del1svc The great mass IS
composs, OF sperdIhriits who arc running through
thSir estates, on in,rcvrient men who have hpui-
date'l all their out.stan'ins debts BY becoming debt
ors Tor the whoc 20 the banks, and whr, without
the power oidsehs,gjrg what they owe. find the
csnk I interest oontnuay consuming the principal
ct heir estates. Ssmeiimcs indeed, tbs 'itw POO
grees Is ell rated by On rc,isa To discount
NJ tic inst>nt the whole The of slayers, BROKERS'
and money blenders ave on the als,t. and tire har-
raised and ctnbarsied dealer is enabled Ca meet
his cng,geir cnts tarhe moderate compensation OF
| per cent. per month.
l. These scenes are not new tous. There is scarce
y man w'tin the ininenee III bank who has not
felt the effect in himself, it IL, others. Each
| iHay indeed SAY with the Trojan, 80 Pars quarIin
| iuUln, que miserrima ,hi.'
| have not unfrequcntly hearl II remarked, that
the establishment Of Backs in the country aids the
agi1euirt, since he is thus enabled 10 borrow Tor
! the improvement Of his farm and tn hold up his
crops for high prizes Both i'eas seem to me fala-
csaus No asrieulurs, can afford to pay per cent
inie est fDr uoncy to rnDrnve with. The Profits cf
lis occupation viii not justify it, and We therefore
sc ver, few instances Of jaccus farmers being in
| bank. CTaziers, indeed, are occasionally found
there, but ii IS because ofthe quick turns Of tn IL
capital, and its very great profits but dealers ef
| this description are rarely 10 he met with. As
| the power of retail ing his crops by borrowing of
the bank, 1t IS the most runous system that far
! mer can pursue. II course of management
| worse than gambling the Losses are ccrsQin and
heoUy, the gain uncertain, remote and triFrg.
| The losses arc composed OF interest time. stamps
expenses oFtra"sac,inn of .sisiness anil waste and
des ruction OF the crop which is in degree inc
vitable ; while the anticipated rise of price may be
| 4 tel7 cents, nothing or worse than nothing.
Banks then, established in the country, can, &C.
morally speaking, be OF no advantage and will pro-
luce certain evils They are loan Offices located in
.uch manner as to oiIer the temptation of ready
cash TO every in society who is disposed to bor-
raw tor his pleasures liS amusements or his snecu
| lauons to men who think more OF: borrowing anal
| spending than Of ret,u ding, and who never repay
until curtail is called tor, when they are tnrned o.
YER TO the shaver to adj TO their endorsements in
geometricl progression.
Let rue ask any candid man who IS acquainted
with bank transactions and particularly with their
coiRtry dealings, whether those position are not
justified by facts. Let me ask how many country
| Il aiers who borrowed three years ago. have vo.un-
iariiy paid Off heir notes and ceased TO discount
Let me ask it snot notorious that there are large
numbers of old dealers on sccommo datisn who'll
never thought oipayng up cent, and who have for
years, enloyedas i, were, monopoly of the insti-
tuti' which has discounted their paper.
Let it not be supposed that [ arm insensble tn
the convenienees of Backs. They sometimes e,,a-
bic honest industry to employ itself successfully,
when il would langush without aid. They occasi.
onaiV save the borrower from usury, and give re-
lie to the debtor in his dsrcsses. But these avan-
tages are sufficiently attained by the existence of
few OF these Institutions The multiplication of
Banks, and particularly of country Banks, increases
the evils, without sugmentng the few advantages
which sometimes attend those Establishments
From the foregoing considerations, IL would de-
duce the following conclusions
That a general dissemination OF tue Banking
system, is positive evil.
That Banks IL the Interior are attended with
greater evils and fewer advantages than in comrner-
ciaI cities
That fless injurious in some situations than 9th
ers, the public alone are the proper Judges of the
proprety Of these Establishments. and no set of men
should be permitted to put into operation so power
FIJI machine without the Legislative assent, ex-
| pressed in the form OF a charter.
| 4 DrSTETEIEsTED CITIZEN