Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1815-12-19

bLAN SIR,
proprietor of Rank Stock can, at plea.
sure, eca'c IN I've interested III the success OF the
Bank by selling out his share is responsible f. tho
losses the Bank may suifr, 20 longer than he cboc-
ses 1t should be- and each stock holder trs,S IN ,,
Sooh OPINION NJ has OF his fore sight So as To no
almost certain, that he can sell out, before a,v cir
euns'ance cannvoye him in a loss Thus situated
uie immediate and annual profits by the dividend
becomes the main object while tb, uItirn.t s,o,
oi the bant is dsant aud NOT s,lpposed d;fSc,It 81,
escape Cnder this impression, dictated by his in
terest, he chooses annual dire ctors TO execute HE
VIII. Into the power Of such directors. have onr
imptndent Legislators left the decision OF the rate of
"Nuehu' or: TIE quantity they may find it th.ir in
terest 10 d'viie annually, as profit. Under no = .
spon.bility, subject to no Remuneration. tL.v MOI
(hhe the Sou,h-Sea Company in Eneland) diviie
III Two or uree years, the whole capital under me-
tehce OF prohts-A short time aftr The lb.roI
establishment oil great many such banks with IN
''n''eu powers 20 issue paper, general and de-
'truehVe war broke out iu Europe and lasted nm
""ds OF 20 years, during t greatest part of which
our sis were the only neutral vessels ON The oce.n
ana our merchants the suppliers of continental En-,
rope with the gt attest part OF the articles oc for
eEh consumption. This increased the quantt, and
t"iut Oh the articles 10 b. transit TTed in our mar
YET, ana OF course the quantity OF the cireuJ,,.,
medium, (Rece. Sary 10 eff, CT such a transf = ;o
ufee ways; Isl. 1t rose the articles of our oTn mr.
dreton, to double their usual prices 2d If forged
The prodhc Of the East and West-in,lies. Sortb A.
melica, &c &c. &c. to be landed and sold in our
market, previous TO their being sbpped To Enron
because the Lords OF the Ocean wouj mt Derrn;, .
orect trade: 5tiy. being ali hazardous and Va
riaole RISKS, the supply was uncertain the Huciua
"'on OF prices great, and speculation immense
wh'eh was supported and encouraged, by the facil.
ny OF procuring capital from the banks The a
DoEe accidentai circumstances, no WAYS fixed mr. at
uched to the nature and situation OF our country a.
pened an immense field for the circulation and oc
c"Pa'ion OF tlie Bank paper, and caused demand
lo' twice, perhaps three times the quantum of eir-
lung medium, that had been necessary in ordinary
u'cS, or that would be necessary at toe returo M
peace, or any acedentthat would depriy. us If the
nsut nj trade. VIZ
etop ofthis foreign tide Of mercantile success,
Tue banks divided s, l aud even Is per cent. per
"n"ih ior pr0hls; perhaps, lad they examined the
40" hangers OF the rreearious and speculative
trade, TO which they furnish so ample, and super
abundant ea'i Ial and at the same time. k-nt !,
HeW me ultimate consequences, these dividends
"oulh not have been so eXravagant; but that could
Hot nave been expected, from the nature of these
eItaO'ishnents- 1t was the duty OF The Legislators
who granted them their charters to have proteete,
me l'terest 0i their constituents, by limiting their
dividend the ignorance or of the r,.nresenta
tVes oil The people, neglecting the publok Interest
could not he expected to prevent The. banks frou
taxing advantage OF IT. and as the old proverb saws
To make hay while the sun shines --Tiiq o,.,l,. 81
llf.
zoe young considered It as right and property be.
longing to our country.
When wedcclared war against ENGLAND vb;.b
turned the tide, annihated the neutral tI,sd.. re-
duced the prices Of ourinternal productions and o.
ven decreased our internal commerce, By the enc
my having the command Of our seas and obstruct
ing the greatest part OF our cOastinp trade Oe
quantity and value of articles or merehsnd;1s >,
be Transferred st our market, was diminished o
perhaps to Is what ii bad been, and the some do
ducuon must necessarily take place in the cjreuIat
ing medium, formerly occupied IN the transfer of
uiOse arteies' HE surplus quantity OF bank notes
rendered unnecessary by 80 great a reduction al
Tie value ct articles to be transferred by the,o no
turally came tOthe banks for payment III = Gr,li,,,
u difficult and expensive to procure spccie Tn rn,te
BOod their engagements, acted as they had done
IN making The large dividends, agreesbly tn The die
tStes oil their owu istctCst and 40 ccj TO sion nat
inent rs the Only possible mode of continuing ta di
yde greater profit for had they gone into tie mar
ket, and bought specie 10 make 20 d their cny.ya
Inents, agreeable TO the common rules of maice
honor and honesiy,aud al the same time reduced
'her discounts, as the Only means Of reducing the
qnantty OF notes in circulate D., the, wOnd very sno,
nave rose specie 50 high, lhat thy would have eC
lcetuaiiy prevented the enemy, or any other To-
reisner, from drawing it out Of the country and
ms was exactly, what the pubck interest imne,i
on ~ called for. But that would have redue.dG,e
GU ouauon OF tler notes perhaps one BALI besiles
the premium they must have paid Tor So. Gle ,LL
would have greatly diminished their profits and
no doubt trusted IN the generosity Of our wise and
upright representalivesfo for protection, against 0r
eaIws OF Tie publiek, should they have sense g.
no'S, 70 make any anu for precedent, they have
'he "Ank ol Eogland, who has had per cent. Der /
annun on III che paper CURE ncy Of fbe con6,r, |
ior uIs lest 70 years, without paying single noie
though the circulation has nearly doubled. sed or I
course theirproiii7 and dividend wicl, has boeonn,
70 reat that they give Bonuses, Overland above fe
nse dividend OF 10 per cent and rose The stock To |
~'V rer cent The advancing the interest and !
nsking ile fortunes Of the propficfors of ore con-
'nd odd hunks will ha reaily worthy the ere s,d /
it'eniicnoi The legislators OF the most enlgh;ened
,eOpe IN the world
There are 10 ssnk', i've sources q prosts, on