Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-02-10

ses and DEFICIENCIES will be controlled by
UNIFORM and ever acting principles, and e.
ven their fluctuations willbe according to
the nature and propriety of things.
Another valuable effect OF banking, is,
to obtain foreign capital for domestic use.
and its use sufficiently proves its value
Ii foreign capital be imported into our
country, to be employed in trade, il is be-
cause It can be more benefci2lly employ
ed here than at home. If so, American
merchants Will naturally endeavor to OBJ
tam 1t. II they possess for it equivalents.
they can 10 50; and If they do not Dossess
equivalents and Cannot procure them, it
would be OF no use when it did come
Would 1t not, then, De better in n.tural
course OF trade, to suffer it to become nat
uraiized American capital. than to en-
Ploy 1t as foreign capital? In this case,
It puts IN motion all the industry Which,
as capital, it can, and the profits of stock
remain IN America 10 add so much to the
national wealth. instead of going into the
private exchequer of Geo. Hills use
only proves It's value to those who use it,
ana this value to them is exactly so much
lost to the nation. The same argument
"ouid prove the national advantage of the
exports OF specie to England, during the
oarrassRents. The Jews of Moses seem
10 have understood this proposition better
imam the economists of the dav. They al
lowed interest on money lent to foreigners.
but none on loans to their own Deople.
But, this very report, (paragraph 26,)
informs US, that the present banking CAPT
tai OF Virginia, with its immense dividends,
mas induced but 10 foreigners to employ
their stock in our banks, and that few
years ago, there were but 9. How, then,
can chartering ) others, and diminishing
those profits, offer to foreigners a stronger
lnducement to invest money in our stocks?
Ii a premium OF II per cent. could not al
lure them, will one of 8, of Z, of CO
In paragraph ~ we are informed that
: a prejudice exists against Virginia, as
hostile to foreign commerce. and that our
political Importance depends upon the re-
moval OF this error for. without foreign
confidence, there Can exist no foreign com
MERGE. From the shelving of this Report,
the prejudice is already removed for we
ind Up. $50 that Virginia shipped from
Richmond alone, i'll months after the res
toration of peace, near millions worth of
produce, equal to one-tenth of the whole
exports OF the u. s. in their best year before
the war. And did This produce bring back
no equivalents, and is this interchange not
forcign commerce. Il was not the banks
nor the money blenders, that created this
produce, or that created the demand for il.
or that was necessary 10 create the dcpre-
ciated paper to pay for it /; it was the good
soil, the bright sun, the honest industry of
persons who knew of the existence of
banks only by feeling the depre iati0n of
their paper.
These few assumptions, which are Sc
iected not as the most absurd, but as more
connected with the subject than most of the
other general principles, laid down without
any reasoning to support them, may
serve as sample to this part CT the report
1t next considers the evils lik ely TO result
from the present banks, and in Gp. ST we
find these words: But should It continue
to refuse the payment of its just debts, and
permit It's character to be dishonored eth
CT Tor the sake of Illegal gain or in conse-
quence ofpast misnanagement, public con-
hience Wi be speedily converted into &c
neral distrust to dlstrust will succeed
alarm among the holders of it's
paper, and a run upon the baYk for the
specie It has so unjustly W;thheld, will in
volve the country and itself in Common ru-
in.'-Was 1t wise in our Legislature to give
to any set CT men the power TO invokUe
the country IN ruin p is it wise then to
the engine of destruction fifteen
told One would thini. this the manifesto
and eternal protest of a hater of banks
Read then the very next paragraph i'll the
report, and you will learn that the best
preventative of this evil will be found in the
ofban&s and the consequent
Here the Committee gene
frafr he 4.
OF their reason, and instead of showing us
now this trsnscendant piece Of pecuniary
magic is to be accomplished, repeat That
II there be case in which bank is pecu-
liarly beneficial, it is that under consider
atom This assertion amounts 10 nothing
more nor less than, that when bank paper
has already been so extensively circulated
as TO drive the specie from the country, the
best way to recall it will be to issue more
bank paper. That though the present
chartered banks which possess almost the
whole specie of Virginia, Cannot redeem
their notes, other banks whose capital conc
ssts almost entirely in these notes, will be
able to issue their own paper, and not on
~ redeem It when necessary with specie,
but will have the further effect of enabling
the existing banks to accomplish the same
wonderful problem.
Here there IS one paper capital trading
upon another, and feeding both vita spe-
eie and though the specie in possession
viii not support one OF these paper curren-
eies, yetit viii suppors both. In vain, h S
England claimed for Mr.. Pitt the discov-
cry OF It's ingenious financial system for,
here IS theory in which paper produces
specie, and the value Of that paper rises
with rs depreciation. Here are political