Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-01-09
NOA. i2.-NV. 1o.

u escnfed tor payment Should = bang
thus put is # \ situation, to DC campei-
led to vicl te is most SCI nan engsgemenss,
it will deservcdy lose III public confidruc
since puncnlty on its p 1T and that of is
custom rs, constitn es the very principle 1T
It's existence. THIS is that, alone, whicl
max 5 it exp die t, or even &c, for the
CommoDwe ilth permit the Issue of is
paper; it 10 that VIII en- stamps upon This
paper any value, or affords to it any circa-
lItion Whatever
1t been found possible, thnuel. not
without greet pubic injury, = pos; eli
reasons, sanctioned by alIthc pat iotisu os
a nation, to suspend tie specie payments CT
bank and ye,. sustain iss credit to a Ger.
tain extern. La such state Of things, the
publ expectation will be kept aiiv that
thu reriol although Indefinite, IS not very
remote, when the { .ith VIII Gu has been
once sole nniy piighted viii be honestly
redeemed, and great prudence may enai.c
the bank 10 prevent total deprc iatIcn IF
is noies IL circulation.
Bur should It continue 70 refuse the paw
rncnt OF It's just debts, and permit its CHAR.
acter TO b. elishonoured, eii5er for the s,llSe
or Illegal gain, or in consequence Of past
acknowledgement, the pub ic confidence VIII
be speedily converted mo genre distrusr
to distrust will succeed. Ii ivetsal alsr,.,
among thc holders Of IT'S paper, and rll,
upon the bank for the spe ~ It has ss.Hp-
justly W thheld, VIII involve Itself and th.
Country il common ruin.
The best preventive Of this evil Wills.
found In the multiplication of n $, ami
Their co1scQuent competition. Sensible Of
the length to which these prelimo4ry re-
marks have been already extended. your
COMMITTEE torbear TO enlarge upon The H.
iiuenCe OF this valuable agent, which has e.
( tot ~, r,,,l,l 8.
ali the occupations of man, 10 viii, Ii It is
applicable. Ifthere be one, TO VIII Oh il IS
! pecu lariy SO, your Committee believe it 10
be that under consideration.
Your committee are, however, inclined n
| believe, that the multiplication of banks
viii DE sufficiently restrained in this Cont~
mnnwealt by an adherence TO the policy
| WITCH has hitherto dictated the terms Of
| their 1harters
1t is scarce y possible. that, under gov
ernment, which requir bonus eo,.ivalere
TO 20 per cent. for the charter Of every
! ba"k viii { incorporates, these institu-
! tons can be multiplied beyond the wants
! and convenience of the citizen or the secu-
| rlty OF the state, snd the more csveci.liy
| where such stale is united Under one COM
| mon government with siai,ar ooiittcai
c mmunities, in which no such premium,
| or none, of such magnitude, is rcquired-
| Money will naturally seek the most pro
ductive ca mel, and p IS from Virginia, if
she TOO heavily tax IT'S use, to where it
ca1 be more adv ntageousiy employed
| Is more eiFectu Il init can be devised.
to the unnecessa Y multipli alton Of banks,
| than t1at which the policy of his & ~
moTwe tn has lready created, ycur COM
/ mittee confess that they have not been a le.
to rlscoyerit, a lint, they i-ave 10
add, which is fori6ed b. the m x ms Of
public just c. The General Assembly of
| virginia having ex Cted of the Stockhold-
efs OF the existing banks % per cent as the
| price OF thew charters, should not IN justice
grant to other Institutions equivalent p,i-
vilcges without ike consideration.
| Ii IS not in this, as in ether cas- invoI-
! we'd in greater ohscurity, that public fai,h
can be regarded as hostile to public inter-
est. There would BE- at once an eaiI If all
| future premiums, il il were even suspee ted
at the Legislature would charter o.he-
banks, with equal prviIcg 8, on better
terms, than it las annexed to the existing
charters. And should this copious stream.
CT revenue be tnrncd into the channel OF
pubic Improvement, as was e1pc cted on
! the incorporation Of the Farm rs Bank Of
Virginia, it, source Will be watched md
guarded by the vigil nee Of all the ioca
as we'll as general interests, within tie
! Commonwealth.
Such foundation for the limitation Of
the number Of It's banks, 10 state in the
| Union has provided. Within tn lint. IL
| appears t. your Commit C TIA indivi-ima.s
may be safcly trusted with the use OF cher
capitals IN Blnkies, provide it be made a
law of those in tirn.ons, that waen they
Case topay sp G g, without the express
permission Of the Legislature, they SHAH
! cease t. exist
Il it be at al incuni5en; on the G. neral
| Assembly TO grant no new charter, w.thoits
| al adequate premium. it is alike SO 10 pro-
| tect tre privileges Of those which have,
| been already, ~ may b. thereafter, grained.
| This can be cit;ctualy done only BY sun.
pressing the practice Of private bank.
Ing.
In several parts Of tn y. States, .hiy
practice has assumed tre rtaracter cfthe
! most arjcious swindiing; and The oanrer
! Of its initial n within .he territory of the
| Commonwealth, calls 10 the lust and
| wise precaution Of The Legislature. Hrhl
! erto II DOGS not appear to your committee
that any extensive injury has been sus-
! tanned by the coumrn ty in nscquence
| e the creation Of sundry sssocia ions With
| IN the Commonwealth, which exercise ur..
der various denominations, the functions
| Of bank. They have been instituted. Il
| IS believed, without any criminal DESIGN 49,
Iheg have aided the collection the pub