Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-08-24
RlCAMoND, MUGUS1 q.

q ? he following piece offers some suggestions
which we apProve--VVe approve forirlsiaace, If
the Call Of the Legislature; because The a,rks are
reduced TO thus alternative, cit risk their own
safety by compliance with the law. to ~ in the
face OF solemn ai deliberate 7urR of the iecjs,a
tive Body. But there is one idea thrown c1t nv
the ritter, which squints the immediate n,or-
poraion # the unicens Banks OF the West The
writer does say that il is to be isrps1hafe hat
weufer that lac it to be so, from lis or,aine-
so prominent feature in the first message of the
Gnvernor-nor does he say, that il is the p,s.s.nf
Banks which TO be chartered, but he does not
dsclaim il.
'ahlic interest forbis the institution of any ,,ery
Bank at the present moment. We have too much
paper, aud too little specie sioat The existing
banks n'ght 10 be permitted to return 60
specie PAYMENTS Or they will do SOY without unne-
cessarv retraint and no impairment ought 10 be
thrown in their way. They should, therefore, avail
Themselves oi all the specie which is ahaat; aud
no new sank onge' to be set up as competitor in
the market, to bid up the specie, and to make Il
dearer and scarcer. as AS the old Banks
have resumed their specie payments, upon firm x
upshakea grounds and business has resumed into IFS
usual channels, it will then b. enough to give
birth 10 Northumberland policy seems then
70 point ont the tsowing course, whel, ia resDset
fully submitted 10 all The parties concerned
ist. A law ot the next Assembly authn-ising
books Tor two Or three Banks he opened tor ths.
distant parts OF the state, aier October or Novem-
her 1917.
2nd. These books ought to be thrown open to
eUey citizen at large who chooses 10 take snar, s.
For no regard ought to he paid u the unlicensed
banks now exsting-and charter ought To- he
given to them, exclusively las was contemplated at
the last Assembly or to a'y other as,ociatos Of
men, who may p!ease to combine their Interests to-
gether for such purpose-bet tie aoors onght to
be thrown open t. every citizen vino chooses
to enter; and al fayoriiism, partially OF monoboly
ought to be put dnwn.
3d. Experience points ont certain precautions
which ought to BE used in the creation OF all new
banks hereafter:
(G) That they should not go isto operation until
the 1chote stock t.ken by individuals has been ac-
tuslly and bona id pad Up, and ia gold and silver
too-f'r, the poud CAS- Adam Smith sa,s) is
seldom fall at irs and is therefore easier 10 be enp
tied afterwards.
(5) Their notes mnst be at all times convertible
Into specie, ON pain OF os their charteror Of pay
ing very heavy damages TO the holder IF them =
Banks will always he tempted TO overhead unless
they are put under some such restriction Rut
VIII IN they found the balance of trade WIS running
against the city, where they are established If, v
would immediately be forced, by this regulation to
c'lrtil their business, and cal ia their bdibe,
4h They sinud of course, pay an adenuote
0oa''f 70 the Stste; not only by way of showing no
tiyors 10 10" at the expense Of the old banks bHt
as means of raising tao On item for the privi.
lege they enjoy Of clearing or 10 per cent on their
money.
5,h. Their notes tobe receivable in all payments
to the commonwealth of Virginia.