Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-01-20
(By reguest.l
From TnE BEACON.
USE AND ABUSE OF BANKS.


.lfessrs. Salads s. .Saebisrd.
In your paper of The 9th, you have copied an
article from the Richmond Enquirer, on The se
a'ld abuse IF banks" which goes to shew the
great use tue present Banks, in Virginia, are to
the City OF Richmond, on which point there can.
not exist doubt; indeed from ,the mmne? in
whch they are conduc ed, Jhey are, inquest, ina
bly,, for the ercHspe benefit of hat portion Of the
community, and TO the prejudice and injury OF
J every commercial portion of the state besides ;
ana that they are particularly so to this borough,
Is eyiden, 70 every person acquainted with The
principles on which they are conducted as hav-
Ins an evident tendency, II not design, to destro,
o. r-tarI! the commerc al enterprze of tins place
For example, If trade here could borrow ron,
the Banks, bait the amount land the larger the
sum, the greater The injury to hind allotted by
the Wrier IN the Enqui er, to the Richmond
wholesale dealer, his rivals IN Richmond would
know II and 1t would or might be zvhisbered as
a secret ali over the state and in Europe and
lhoweyer-Sreat his credit az The ba' k 1t would by
these means be destroyed in the same Proportion
with other people Ii ;heae rivals saw as the pre-
sent Practice permits them to see, that the trade
IN NORFOLK owed nothing 10 The banks, thai also
might 'nJure his cedit and equation. a, afford
ms them Srorg evidence titt lac could not obtain
any credit where he was KNOWN
has long been considered as an lnsufferabIe
8r eyance, and IS the efforts Of It few ndrv duals
N the City OF Richmond, TO crsale themselves IN.
TO an arisloc acy through de agency 1T The bank
that they might control AID deg. ade Inc com.
mercal character Of one part of lie state. by pro-
noting the consequence of another part 80 That
the whOlc influence of the STATE should become
subseryient To their i9caI interest and Uie1es
Inc Citizens Of this place having already felt
the effects OF THIS arIstocratic system, have BIZ en-
making every effort to oppose it, Amonss. o.
ther measures, by c0nven.ng a special mee,in9 of
tue st0cSholdes ofthe two bank at vii cil IL has
bee represent ell that hey were Uut w, ed 6ut as
no cby of He polls coii be Droct!red ON either Of
the bnHks, and from other circumstances attend.
nB the sald meeting, they considered its acts TN
constitutional AM Woodland under these imp,es
Sons, presented the JsRooiig nIenigrii TO tie de.
recfors " tie department eft.c Fa,DierS Bunk Of
A. PiGcs--yiz
TEE MEMORIAL
Qfsaedry Stockholders Of the Farmers Rank Of
GD8bHa, AID Of other Citizens residing IN tie
Borotgh Of NogJ0lk, TO me directors ofAie ii :
Parfaem Of Eie sud La,s establishment liz Mr..
| l9ts, resbecyaRy siergefh.
That The act establishing The said bank, or
dams that IT shall CONSIST Of SIX departments,
| w One At Richmond, ore at Norfolk, one al
Fe'eisbnrg, &c. The capitd for each place, the
nlsuhef OF sppointing directors, and they Of Their
Prospective officers, ali defined in the sad act,
ana are co-eqtai IN creation and in bg7ger oyeTfhe
respective departments also, in the admnis,rs.
ton OF the affairs OF the said Company; even
lna' me directors at Richmond, should declare
tne ~ idends as their own act, IS very question
Die majority ofthe said directors IN each de-
}afuaehi are isewise, eoea beyond the control Of
he stockholders
notwithstanding these independent and soye
tfesSn institutions, your Menorialists have learn
e,, Sl'h ,eeings 90 sgus, and astonishment, thai
u'S directors OF ihe department Of the bank al