Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-02-10

and novel objection, that expt / enCc does
not always Confirm the result OF calcsiali-
on. In this case, the elements are so COM
pounded, and the necessary data so inaccu-
rately asccrtaincd, that al which can be
expected is an approximation TO truth
These deductions, however, are confirmed,
instead of being contradicted by expert
ence. Ask the officers Of the present
D nks, what portion OF their BUSINESS is
trans cted with farmers for purposes pure
ly agricultural? They will tell you hardly
any Ask the farmers, even about Rich
mond. where The cooperation IF ma
ny causes rasss the price of agricultural
produce much above that in the country,
remote from m arhet. what has been their
profit, they will tell you. rarely 4 and
scarcely ever per ceut. How then can
farmers, making less profs, afford to
borrow money at per cent interests
Nor is this the only cause. though Ger
tainly n very sufficient one, which must for
ever preclude farmers from the benefits
OF bank credit, when they pay per cent.
and make s. Are the uncertainties of the
seasons nothing! are the evcr-vsrying
prices OF produce, whih TO sagaci,y can
foresee, nothing ? are foreign wars, foreign
peace, foreign bioCkades, non intsrcourses,
embargoes, nothing? lin good years they
can pay half which they borrow from
banks, without selling part OF their fixed
Capital. what will they do, when by blight,
by tempest, by iuundation, by drought, by
hail, by war, by peace, by blockades, by
embargoes, they make not per cent. nay,
not penny! In commerce. the commit
tee inform us the Capital is insured
against these hazards, and the bank cam
not lose. But can we find security against
frost, indemnity for nail. or make a policy
of insurance viii, the. IIaec;on n, \ to.I
these statesmen az ain, that the happiness
OF more than a million OF human beings
should not be exposed upon such unfoun-
ded speculations. / will not giYe my ID
ID cents (tne price which their bonus will
cost us) for the sad spectacle uf a ruined
country with which they promise to treat
us.
have nothing TO say on that part of the
* port, which insists on the payment OF
specie by the existing banks. The end is
50 desir bic, that care but little By what
deiuslor of the Committee 1t is accomplish
ed. But, that the operation of these un-
chartered banks must postpone the date
at which they can do SO with safety, It IS
too obvious to require more than has been
alread said.
One other sentence Of the Report, and
have done. The curtailment of the dis
counts or bank with view to enable it by
redui ing its circulation to renew the ennis
sion OF specie. is to charge upon its custom
ers the necessity Ct importing specie, while
the means Of making the imp rtation are
denied tn M And is it not the nature of
every bank to charge all its expenses upon
it customers? do they net pay the rent of
houses. wag OF Clerks, price of plates,
and OF all this expensive, abortve, barren
app ratus? Tbs committee cannot object
to EXISTING banks, that they do what they
Wish to give to IS others the power to do.
II an evil, why multiply it
his, as far as can gather the sub
stance Of the Report, is fair and full ex-
position of IS contents. And upon these
hyPoth c TED principl 5, scarcely one siu-
gle one OF whoa has been found to be true,
the committee proceeds to state 5 duties
incumbent on the p esent bank, Il recon-
mendation to inco~Por. tie Is others, and 9
resolutions declaring it to be eXpcdent to
enforce the payment OF specie by the
Bdnk Of Virginia." and "to devise by
law the most IF ctual means OF protecting
the privileges Of the chartered banks, and
the rights, interest and dignity of the COM
monweal,h from the abuses Of unauthorized
private banking" The inference to be
drawn from THIS last resolution, On COM
pairing 1t with the body of the Report, to
jointed member is. that the only way to
- protect the privileges of banks, and the
interest aud dignity of the commonwealth
from the aba seS OF unchartered banks" is
To make them chartered ones. But
snail we ask no questions as to the caDaci-
~ OF these banks to commence their one
rations Shall we refuse 20 lor K 30 the
probable effects Of such operations if they
succeed, Oh their consc queucGs if thcy fill
II is not only notorious, bat admitted by
the petitioners themselves, that the chef
point, indeed almost the wholc of " G CAPT
tai of the unchartered banks, consists in the
notes Of other banks, none of which pay
specie, whose notes have already deprcCi-
ated, according to ti.is report, 9 per cent,
and their value is still wasting a way in
fast converging series. TO suffer Other
banks to issue paper currency founded a.
most entirely upon this deprecated and
depreciating paper, is to accelerate the to-
tal extinction Of the vital principle of tie
medium Of circulation, to paralyse trade,
10 stihe commerce without even n cont.n
gent possibility of any species Of advantage
10 the people or the government, or to a
single Individual in the Commonwealth.
but those WHO would sacregiously risk the
safety of their country in the tempest Of a
hazardous speculation.
The il ct on other important cons;d-
Grafton, Involved IN this question. 1t IS a
practice, l may call it prime pie, in all
speculation Bau'hnrized by Government,
that its tzens should have an equal op.
Portuniry Of availipg themselves Of its ben