Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-02-20
Won. 12.-NO. 9a.

as StiS CuuIu so IiiuCn Paper Oi bCr own.
| The notes issuing from these banks are
| not, AS III the case OF foreign capital, lent
to Virginia. ON an interest paid 10 the
banks, but to the merchants of Baltimore
| and Alexandria, vino pay this interest. 1t
| does not then, rs IN the orhcr case, with
| draw the profits Of stock from Virginia, To
Baltimore End Alexandra" Here we
| have some very important propositions sta
ted, very interesting to the people of the
northern and ncrth- western parts of cur
state, and to them quite new. II is Of no
consequence, thee, whether Virginia fn,ls
a paper medium OF circulation fer herself,
or rece yes it from abroad. confess,
hal thought differently. a bank capital of
five mill ems to supply this medium, estab,.
l;shcd within the state, Woull give To Iii.
pubic treasury million OF dollars. Is il
of no consequence, then. whether this pre-
fit shall go into our c.fiers OF those of err
neighbors Ills is i state interest in
which every meu.b>r of the community
participates. In addition to ibis, the CIT
izeus OF every portion # the commonwealth
have a distinct interes, i'll tie establishments
of banks convenient to them, in which ths =
NAV parta.e as lenders ard as borrowers
and whose beneficial effects they ulavex-
peri.ncc, in the advancement OF public i'm
provements. lt il insulting to the untler--
standing CT a people, who have eXpcrien-
ced the operation Of these things. and who
know their idteI esfs, to be told ,hat they
have the full benefit Of the barking sys-
tenn, when thsy can get Baltimore and
Alexandra notes, for what they take 10
market. Nay, they are better of, than II
they had banks Of their own, for they are
here graveIy told, that they are not TO pay
any interest on the notes they get for their
wheat and flour in Baltimore and AleXan-
dria that the meroh ant of those towns
pay the inter, > to the banks. This is vast
~ kind in those cities not to make the Eir-
gna farmer pay them an interest ON the
money he receives from them in payment
for lis produce, and ought fully TO satisfy
him, according to SeneX, OF tue advantage
of having no tanks near him, since thew
have reversed the maxIms of " Moses
I.ws," Of which he has told US. and Charge
thsir interest upon the bretircn and not
upon foreigners 8 It does not, then. as
n the other case, withdraw the profits og
took from Virginia TO Baltimore and Al
sXandria." THIS is very true--they draw
cone of their interest from Virginia bu.
nenex seems to forget, that on the other
Sand, Virginia borrows no money from
hhcm. Ther, is one idea, of which Senex
tnever can divest himself, IL to DO row
money on interest IS losing business. So
indeed it is to the sluggard and spend
thrift but To the man of cnterpri2e. in
dustry and intelligence, it is source of
we lth.
FIRST then" says Senex, +" the object
of thes, banks is to supply deficient ca
pital, and then it is to employ an excessive
one. Have we both too much aud too it'll.
capital IfIhe committee mean that Il
will weld profit to he few st ok owners.
E !. Oh nil IL - /,
trj Those Stock owners would otnei wise
divert their-capital into agricultural, man.
ufacturing, OF commercial Channels.'-
Cannot the comprehensive mind of 3che,s
understand that there may be an excess
of c iptal in tic hands Of some, and a def
cheney with others in the same con.inuni-
ty, and that banks are the most Convenient
medium of accomm odation TO botliparticsp
Those who have too much are made 10
lend to those who have too Lite CAPITAL.
1t is not true tn It tie money VIII Oh it is
wished to invest in Banks VIII otherwise
be employed in agricultural, manufacture
ing or commercial channels if the banks
had been created, it would thus have le. IN
employed, but that convenient inve ,tmeus
beng denied, part of it II b. convert
ed into foreign stock, to SIT nulate her en-
terprize, and other improvements tia our
own, whist ano.hCr p ,Tt will ii: id in the
chests OF such owrers, as Mt being wiling
to embark in active business themselves.
my lo1g wait for satisfactory opportunity
of nvestment--Money in bank IS never T.
die whilst til. wealthy owner is D nd RIM
upon the permanent objects to which lie
shall apply it, some indus ricus borrow =
is turning It's monetary use 20 his own
profit and the btneiit Ot the publ c-The
ancient il-iounded projGdices Of our safe
aga nst }nks had been put to Icst, Vb. u
She establishments were as itd for the
Eastern ;owls OF t C commonwealth but
VIC find they are called firth aga-n WITH
great facility, wi en- the object IS 20 pr.
vent the e1:tsnsi u Of TIC system 20 OH
parts OF tue state, and an excessive anxlc-
ty is ali NJ onto CyInccd 60 save from Us
no%ious influence the unwca,y people WAO
are p~tItoning. il is sad, for taeir C.,niu-
in--Ihe people for whom this gr,.st So
hciiu { is nan f,at, q, and Tor whose inter-
ests their Eastern brethren shew more re-
gard than for thcir owA, have / ma gcs
necostV 10 he advantage Of thjs exccs-
sVe teutletnsss-.ibc profess thcn&civ
able and willing o bear their proportion e
all the public bdrthers, and am0nes DE
rest they ar Wiling to bear theicratt az
the evils Of this banking system winch has
been ad0pted--Srn x CcAtends tha tn. de-
probation Of money has been cqlht S1-3
per cenium per annum for the last fifteen
years, moss cZ.ravaEant assumption, but
GOT qlitc SO absurd rs ,hc estimate sc t14
FIJI thcr annual depreciation G. BE- produced