Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-01-13

have not been able to discovern II, limit. thcv
beg leave TO add, which is fortified by the max.
ins of public justice. The General Assembly n
Virginia having exacted the Stock holders o.
the existing banks 81 per cent, as tie price of
their charters, should not in justice giant 10
other institutions equivalent privileges without q
like consideration
1t is not in this, - in other cases involved in
greater obscurty, that pubic f.,li can be regir.
ded as hostile to public interest. There would
be at once an end of all future premiums, if il
were even suspected that The Legislature would
charter other banks, with equal previleges, OH
better terms, Than il has been annexed to the ex
istng charters. And should this copious stream
OF revenue be turned into the channel # publ c
improvement, as was expect Ell on the i,c1rpor.,
ton of the Farmers Bark of Virg MA, its source
will be watched and guarded by the vigilance OF
all the local. well as the general terest, wihni
the commonwealth
Such foundation for the limitation of the
number ofits banks, no State in the union has
provided. Within this limit, it appears to your
committee that individuals may be safely trusted
with the use OF Their capitals in banking, provd-
cd 1t be made law OF those institutions, that
when they cease to pay spe;ie, without the ex.
press permission of the Legislature. they shall
cease 10 exist.
Fit be all incumbent on the General Assem-.
bly, to grant no new charter, without an adequate
OF those which have been already, or may be hers
after, granted. This can be eiiectualy done on
ly by suppressing the pract CO of private bank.
lug.
In several parts ofthe United States, this prac.
tce has assumed the Character ofthe most afro
cious swndling and the danger OF its limitation
within the territury Of this commonwealth, calls
for The gust aud wise precauton OF tie legisla-
ture. hitherto it does not appear TO your com
nittCe. that nny eyfsnS u,f,.ru n.s l,aa,, $50.
tanned by the community, in consequence of the
creation OF sundry associations within the Conn
monwealth, which exercise under various demon
nations, the functions of bank They have
been instituted It's bel eyed, without any Grim.
nal design They have aided the collec'ion of
public taxes they have contr butet, af or The
suspension of specie payments By the banks, Lad
made the coin ofthe United States subject of
universal speculation, retain some part off with
in the Commonwealth, and they have rendered
to the country in which they exist, no ,ncansi
derallc relief during period of great AMI threat
ching calamity.
II does not appear 20 your committee that
their incorporation, under ihc Condition which
has been already impressed in this report would
be injurious TO the chartc cred banks, since is,
at present, supply the country in which they ex
ist, with very small part, if any of its paper
currency. The demand for that part has arisen
solely from the circumstance, that the pubiir
taxes are payable either in The notes Of chartered
backs or in specie, which is at present of sumo
rlor value; and the exclusive privilege which
occasions this demand, your commit, &c prDpose
to preserve 10 them.
The country, from which petitions have been
presented, praying for branches of the existing.
or the incorporation of independent banks lies
either 10 the Westward Ofthe AI!eganv; bs,wee,
that moun,aIn and tho Blue Ridge. or inst he
iow the latter, and near to the river Potomec.-
Except the lower and least improved exIren,;t;.s
of FauqGicr and PriLce William, no part nj ,b:e
extensive and very ti0ur,shing eyritory. derives
lis commcrc supplies from lie tow : +, { " rc-;-
niS, IN wi tie chartered banks and lie
brarches, resent exist. II neiiher does. non.
can draw Che greater part of IT'S panrr currency
from The present Virginia Banks, by any pois;h;
hly, short OF total Charge of It's co,nmerr;aI
connections, Such revolution, Your committee
consider NEST aesrehie; blt, they beg leave 10
suggest, that It viii be rather expedited Than de-
,ayed BY granting The PRAYER OF those Det;t;ons
If, until : actually happens, the paper cu,renc,
Of this npulc1t and thriving country, canpot H.
derived fom the banks now chartered !, VIII
supplied, as il is, and has been, from tn. me-
Of die District of Columbia, and the adiacrn,
states
The question which these petitions submit "a
The decision OF the Legiss urt, IS not. ,bercf5r,
v he her paper medium of exchange shall ba' ~,
torers That already exists, and cannot he ex-
eiuoed By the mere operation Of law. Til an,
ton, IS reilly, whether paper Currency .lre,J,
dcpreciat u, oFeF which the cOmmDnye III, bo.
no sort oi cortroi SON the supply of chic
rejuler her citizens nor her governineni der,yS
the smallest advantage. shall be supnIantf i.
one sa.eF 10 those who use it, because e,,rIsl b.,
tier vsilanoeI productive to them Of mr.. f bc.
cause supplied by Their capital; and yIeId,n, n
The sia'e, IN the form OF Preniums, for perm :.
sion TO make such profit, stock exceed,nq LsI Il
m ''ion % dollars and an annual revenue
WI IN cannot be imputed at less dian fiFty iho,,'
gard doila.s. N''u
The petitioners, in some instances. nr,e.r all
IN all, would probably accept a branch of STR
OF The eNsling banks, instead of ney erI l.
dependent bank, lfsuch were the pleasn.. of,l,.
Legislature, and The wish of the stoek bol,Iers -
those banks "
Your committee have, therefore. fell Il iuc,,,,
pen upon them 10 learn the decis on of NE 49,
holders OF The Virginia Banks upon this ouest,or
and have obtained il, as will appear from the No.
nexed communication, IN shape which NUS ~
rest, the hopes ofthe petitioners from that o,,.r.
ter. '''1' qu"r
Your committee do not mean 10 co,1,r,. -,
del ermination ofthe stock.holders If The cbart,
ed banks. Il proper regard to teir own 'rte
rest, must have prompted such decision an
your committee are fully pergladed that m. a..
teFest OF me petitioners, themselves, win bc be
ter promoted by c-vi.g Tie institutions OIL =
they pray 70 have Incorporated, 10 ibs ~ ~.
Of their Stockholders, subject 20 sucl, 1s,,o.
restrain ~ ther charters may provide. The !
pacity IS well ss the vigilance Of The d,rectors .
any bank, wal be greet in proportion. AZ tbs |
sphere of its operations is narrow, anil No.,
ese qi"''iss al We direction cfsucl an ms it