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

Ivy an honorable member whose talents,
oenex is glad to have an opportunity to
| praise.
A. y. informs us, that the committee has
not advanced the doctrine that the G.
| mission ofpaper will tend to recall specie. ,
| What else Is to be gathered from their re-
| communication OF IL other banks, 20 remove
the present IRE sularitie, of the circulation
which are admitted to result from want
| OF specie Are these banks to Issue no
paper Or, can they import their whole
specie capital better than the existing
banks can iiaport part
That bank paper always drives por-
ton of tho specie from a count Y is too MA.
! nifest, too seif-evident to bear a soutrover-
sy. AS Il. 3. however, may NOT be as
learned in the textbook of the committee,
the Wealth of Nations. as the COR nit
tee itself, l refer him to that part OF it,
whore it said that a bank, by supplying
part OF the currency which was before IN
speci with paper, will almost from ne
cessity drive that suppianted portion is,o
foreign trade. ] would refer n!.n also 10
facts which nave but recently passed before
our eyes, if lie had not already manifested
total Disregard of such vulgar things
The quantity of gold and silver as, during
the latter part OF the war, aud perhaps
sti | is, almost inv=rsely. as the nunber o.
banks in any portion OF the u. S,at,s
S=nex gave. as the precise meaning Of
the ConIiuittee, the opinion that the n,u.-
tiplcation of the banks would be sutiic-
emily restrained by the eXaction of bonus
OF 90 per cent. and that if il could MOI 5e,
the committee could discover ~ other
means of restraining it. This, says n. b.
is not the language OF the report, nor docs
it convey its meaning A. b. should have
quoted the words of the report, if lie tho't
Seuex had stated them unfairly. | beg 10
do IT tor him without pstuiant Contratic=
ton and paltry evasion. - ii 4 more Ell
tectual limit can be devised, to the unne-
CcSsary multiplication Of banks than tliat
which the policy OF tn commonwealth has
already created. your committee confess
that they have not been able to discover it,
limit, they beg leave to add, which is
fortified by the maxims of public justice.
Tho General Assembly of Virginia ha-
wing exacted OF the stock holders OF the
existing banks, 20 per cent. as the price OF
their charters, should hot in justice grant
to other institutions equivalent privileges
without like consideration" p. IL ofthe
Rep. ] And this, when the two preceding
paragraphs are employed in showing that
the bonus is sufficient corrective & this
wealth has already created the only cor
| receive, and that only one. is known to be
| bonus. hope, therefore, that 4. b.
viii! In his future publications. pay great
er regard to truth, as nothing is more dis.
| agreeable to SeneX than To be compelled
to contradict SO meek young gentleman
! rs A. Il.
The report does not refuse a charter to
| any bank offering bonus OF 90 per cent.
says \. 3. A committee have no right to
refuse any thing in strict sense, but so far
as net 70 recommend petition is to "a
| ject, to refuse It, they did refuse. Such a
cavii is worthy this apostle of paper cath
| oiicism.
Senex, in examining that part of the re-
! port which says that the present ques-
| ton is, whether home or a foreign paper
| shouiase III reduced into the country petit
tloning tor hanks &c. maintained that
| the currency of Baltimore and Alexandria
served the farmers trading to those places
| with as good 4 medium for the trade as
a Virginia currency could. 60 this, A. b
| who has mania tor a bonus, asks, with hrs
usual precipitation, Is il OF 30 consequence
whether THIS profit, "a bonus of million,
| shalt 50 nto oar Golfers or those of our
nelshbars 2 This question is not involved
III the enquiry OF Scnex 81 all. He was
| considering the commercial advantage to
The country, and not the advantage to the
hsc. a. b. asks too if the farmers TRADING
to Baltimore will not pay the interest oil
| money borrowed by merchants in tie price
| of their goods Did Ssnex decy that thoy
|! would or can A. b. deny that they wi
| also pay this interestif NC had 100 banks
| inst AL OF IS
'Ther, is one idea Of which Scnex never
can divest himself, that to borrow money
on interest is losing business a b. i
Senex never exprs ssed or entertained such
an idea. But A. b. imputes to rim any
aosurdity, without the least regard tC
truth.
Senex said, if tile present banks thought
they could safely increase their business b,
| incorporating :he unchartered ones Will
them, they would have consented to sucr
incorporation. Is this proposition tha
any liberal mind could doubt the candor O
SeneX in believing? a. 3. however doubt
It, aud gives as Il reason, that tile direc
tors OF the present banks are governed on
ly by self interest, the very principle upor
which Scncx supposed they refused the Al
lance. Tbs mastery report, however,
asaur us that the operation Of the new
banks viii not be injurious to the old ones
while A. j. its gxpounder and admirer. as
serts most positively that it will be injuri
Gus. admire the spirit with which this ei
egant writer contradlcts the text he me an
to explain, and weakens the propositions
which ne designed to support.
If Casks A. B.) Size notes Of these IN.