Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-02-10
FOR THE ENQUIRER.
SALEM, January goth.
EXAMINATION OF THE REPORT
Of the Committee on The Bank


Of The Committee on The Bank
Petitions.
Whatever may be the ultimate decision
of our Legislature, on the subject of the
Bank Petitions recommended to be- grant
ed by the Report of the Committee in YOUR
paper of the 9th inst. it is due to the State
at large, that the principles Of that Re-
port, which believe TO be not only false,
but pernicious, should be examined and
exposed. An old and forgotten servant
of the pubic, will make no apology to YOU
or undertaking work which he had no.
ped would have fallen into ADLER hands
He has little to recommend his endcavorS
but sincere desi; Co benefit his country,
and while he thinks the Committee wrong
m most Oh the general principles, and IN eY-
cry one OF their applications, he certainly
is lar from lInputng to them wish to in
jurc il.
If were ambitious of refuting the doc
trines advanced III this Report, / would
take It paragraph by paragraph, sentence
by sentence, and show sometimes the fal-
lazy, sometimes the a5surdity, and often
the contradiction of It's several parts. But
In question of such general interest, such
victory were unworthy the cause, and in
any Cause, u1b-comiDg the age, and rcpue-
Dant TO all the InclinatonS of an iafirm and
desoltte old man. / will, there ore. as
far as can collect the general result of
the reasoning. which is difficult, from the
1ncoherence OF the parts, examine doctrines,
and not CrluclSe sentences. But, wh.re
the propositions OF the Report are more
perfectly irreconciiiable than any words of
mine can make them, l Shall use its
words.
Though it would not be difficult to shew,
that even the principles which are land
down as inherent in all Banks, are almost
ali erroneous, / shall touch lightly on that
part Of the subject, because | am unwil-
ling to find more errors than think are
likely to be dangerous. In the I22 para
graph,] the following advantages of Dank
paper arc enumerated. i. il SUPPLIES a
substitute for coin, and prevents the reduc-
ton of weight, which requires expense Of
periodical recoinage. 9. Subjects the ma
ton, whose currency is worn out, 70 unfs
vorable exchange abroad. 3. 10 the i'll
convenience at home of SLOW though Ger
tain fuctuation in the medium.
l. That a paper currency can entirely
prevent the wearing away Of coin, applies
only to the present state Of things, when
none is IN circulation. 1t certainly dimin-
ishes the wear la all Cases, but that in a
very small degree ; an advantage much
more than counterOalanccd by the facility
OF making and the difficulty Of detecting
counterfeit notes, by which thousands OF
persons lose many dollars every year. Q.
Money having ceased to be the mode Of
payment between this country and Fu-
rope, exchange wIllnot be regulated bv reIa
tive value or purity Of money 10 either mar
ket, but by That of the articles IN which
the trade is Carried on and whatever
disadvantages could happen tous from the
small and accidental depreciation Of coin,
are certain 70 happen from the great aud
inevitable depreciation of paper. 3. The
tiuctuaton OF the gold and silver coin from
It's wear, is not at all necessary evil. as
It IS SO easy to import bullion. Cold and
silver, as a medium Of exchange, possess
the combined advantages of having an u
nlversal and not local value, like Daper.
that their quality in every country will be
regulated by tue demand for them, ard
viii not, like paper, be forced five or ten