Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-03-06

sal interest on the
money which such
capital would bring
in the market. have
never yet seen three
formers. who would
not but for the rise in
the value of their
property, white it re-
mains in possession,
be absolute .s"rs by
their flrins.' That
is, absolute lo.erS
in comparison with
what they would be,
If they were to turn
their whole capital
into money & take
is profits.
Il IS irssone to expose the blum le,s Of
such a writer, even where they appear to
hc uniuteutlonal. l can scarcely suppose
this mis-stttemcnt to arise from tx loranct
1t is not true, Says a. b. thot the
new banks. issuing no more notes than they
could pay III sDeCe C, would n We the ten
denCy to reduce the value Of money at all,
or in any peycept.ble dcsrre.' Ine dis
CoveIy of Ihe gold and silver mines OF >.
America, produced a considerable de pr,
ci iti,n even i'll the precious meals, With
have an universal value. An excess of
paper, which has only local value, must
depreciate more Certainly and more ZAP
id.v. Discussion with those who do not
understand even the elements OF tho pr. D.
osition is idle. a. b. should read Tile Weaith
of Nations again before lie ventures to ex-
anime its doctrines.
In replying to ScneX on the deprec isti-
on of the revenue, this iil-nccoutred knight
asks with triumph. as 1.-The had discovered
a detect in the armour If his antagonist,
= if taxes may not be raised with the de-
preci&tion Of money But unless they be
raised in greater proportion than money
has deprecated, nothing assuredly is sa-
we'd to Tie treasury, but something is lost
by the increased expense Of collection x
il they De raised beyond that proportion,
they fall jast as heavily on the people as if
they had been raised propcrtionably so
much without scCh depreciation. A. y.
should consider his premises before he suf-
fers his genius tohurry him to conclusi-
on.
The people have seen and read this
8 very able and perspieuous repert' Which
the Legislature and many of the best in.
formed men of our country think weak &
sophisticai they have seen this equally
able and perspicuous' vindIcation of it,
which has not answered, scarcely indeed
stated single objection which has been
! made to it (; and they are quite adequate
to form their Judgments on the question
! with other profound Investigations of the
enlightened s modest instructor of the age,
4. b. or the more humble labours Of
SENEX.
~ \ CARD, to N1r. II. b.
| IF 4, 3. be really DESTROYS Of indicating
the principles Of the report, he win have
ample work for the employment OF his lei
| sure, without Invading the repose OF Sc
mex. Let him shew if he can. by any thing
/ but the empty and often false assertions
with which alone he has hitherto conde
| scended to amuse US
| I. That the Is banks will tend to re-
move the Instructions to the circulation.
| 9. Facilitate the resumption Of specie
! payments by the existing banks.
| 3. Facilitate the collection Of the rev.
enae.
.. Not augment the depreciation of mo-
S. Afford capital for agricultural enter.
prize.
8. That the more banks the better, as
the competition will be greater.
Z. That the more banks there are, the
better Can they pay specie at all times for
1 AuStf iiuLSSs
! 8. That banks must necessarily exist,
and that the best checks have been inn
! posed on them of which the case adj
mts.
9. That farmers pay the Interest which
! fore gu merchants borrow, but not that of
domestic merchants.
10. That the multiplication of banks
| saves farmers the expense of paying this
interest for merchants.
| IL. That the proposed IS banks would
not be Injurious to the existing ones as urg--
| ed in the report. 2, that they will be in-
| furious AS urged by a. B.
! II. That the Richmond banks, govern
! ed solely by self-interest, will receive chs
new bank paper against such interest.
IS. That Top. c. advance on sum de-
preciated 10 p. c. is more valuable than
the same sum without any deprecia-
| ton.
II. That Scnex because inimieaI to
these unlicensed banks, is All enemy TO a !
! bank.
Is. That Senex who thinks It often adj
vantageous to borrow money, thinks it all
ways disadvantageous.
When A. b. answers these obiec-
tons and Tcconciles these contradic
tions Of the report, of h vindcation
of it, and OF each to the other, he
will be more worthy the attention of Sc.
mex than now fresh as he is irom the
pedantries OF the college, he is showing the
vanity incident 70 his age, with more than
its ordinary presumption, by farming pe.
| rods without any regard TO the DrOrrietv