Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-01-17


| OF its industry; alike so, to its manu|ac.
lures and strictly, though perhaps not e.
qually so, to its agriculture.
Hthose credits be extended to twelve
months, there is no return from the soil.
In the culture OF America, which they will
not embrace. To all those arts which as
SYST or are combined with the labours of the
plough, as grazing, tanning, milling, COOP
ering, the trades of the carpenter, smith
and saddler, and indeed, to every branch
OF manufactures, they are unquestionably
applicable.
An industrious and frugal artizan in A.
merica, may safely borrow the price of his
rude materials, and the subsistence of his
labeur, and trust TO the sale OF his manu-
| factured commodities, to replace the sum,
| wssiel trc aac obtained on loan, ssiSi, a ,,ro.
hit to himself, exceeding the iaterest which
he is charged for its use. 1t would be diff
hcUtt to convince London farmer. that
he may MT safely goin debt. until the en-
suing harvest, for his plaster and clover
seed, to supply, a horse which he has lost
IRON nis team, or TO purchase or repair the
Wagon which takes his crop to market.
1t is not perceived by your Committee.
tiat sucfA customers are not as sale and az
Useful to bank, as the merchant himself:
that their contracts, SO far as they extend.
VIII not, like ms, support, or increase the
circulation OF the notes Of such bank, and
yield to the wealth of the nation AS sub
stantlai and speedy a return.
The impro ;ement which is INTRODUCED BIZ ,b.
agriculture Ola state alheres 60 rs SOL. and
participates in all the cissludes of It's rood or
BAD fortune. That of the arts is Incorporates
win the state OF society from which they spr,np.
| ndbecomes as. fixed as tseif 'fhe wealth Of tie
merchant is,as it should be 10 make it useful e
yer floating. the has acountry as doubtless
he often has IN mis- affections, h fortune has none
II seeks employment; and viii go, where prof,
cells it. .
Is it the interest of Virginia TO disperse
prosperous and happy people ever AN extended
territory, let her villages and her country be fas
tered, as well as her towns aid cities Z There is
2 harmony amidst all the seemingly Earring, NJ,
lereSts OF soc ely, which 1t is the duty of the law
To MAINTAIN. The Commonwealth is the genu ne
parent not the step mother 0f her children. Ac
cordmS equal favourto them al, she will preserve
and cherish among them, the sentment of Il al
| love.
BY affording 10 the small towing and to the
| country, the same facilities for the emplovnen;
oftheir capital, which lave been already granted
to the large towns and cities, that capital will,
| IT IS true, remain and find employment nearer
| home but 1t does not follow that It VIA not IN
| directly prom0te the growth Of those very town,
ard cities by increasing thewealtn and population
| oithe county.
| There are superior and very great advantages
attending the operations of bank within the
! former, OF which the country cannot and oupEt
| not, II II could, to deprive them. Not only wit
| The DEPOSITS OF such hank he much more con-
siderable, than OF il be situated amidst a less
crowded and wea' thy population, and the cgcu-
iation OF its notes be- therefore, more easily sur
| tanned, but it must enioY a Iaiger share OF ha
! p.oft, which, not dependent upon tha circuia
ton, arises from transfer or creditIn IT'S books.
among the proprietors OF thai part OF these de-
| pests, which arse from It's discounts
| There are advantages, "a your Committee have
shown, common 10 these institunons N both situa
tons These, the city may, bat ought nos TO
| deny to the country.
Could all the commercial capital of Virginia
be confined WITHIN the limits of the Common
wealth, and be drawn 10 a siHgle town as in such
case, 1t could be, by denying 10 it any eMpl,y
rnent as adlvan ayeods elsewhere, such to"n
would doubtless grow with une xampled raod ":
but It would remain to be proved that the Com
monweslth would be the gamer by such a result
Justice and policy are TOO Intimately blended IN
I The order OF providence, 20 permit the real pros
perity OF nation to grow out Of the tyranny of
I It's governments.
Your Committee have yet to perform a very
! important par. other duty.
The extent OF lie depreciation of the notes of
the Chartered banks within the Commonwealth.
canno be stated at less IAN nine per cent be o,y
par. u has not been required Of The Committee
by the House, to pont out the evils resulting
hon his depreciation.
Experience has read to America, in the history
other Continental 0io,ley, a lesson on ths subiec
which can never be f,rgoi,en. A depreciasI g.
buciuatmg paper currency is one OF lie create.
calamlties which Can Overtske commercial pej-
pie. 1t strikes at The root of all contracts a ii
undermlnes the foundations of morality II leaves
industry, without an objec aud labour without
Shc hope of a certain reward 1t creates most
OF spectators and ustrers who prey OH he ne ces
sites OF individuals, and fstten ON tie vital, Of
the nation.
The cause of this evil, so far, as it at presen.
exists within the Commonwealth, is doubtless 10
be ascrlbed to ihe suspension of specie pa,
men by he Virginia Banks 70 every paper dol
ar winch they have in circulation would pro
duce a silver dollar, when required, there could
De no depreciation Ii would not be necessary 10
give one hundred and nine paper dollars tor one
hundred dollars OF SILVER or gold
Were your Committee to end their enon,rv
at tins point, The benefit Of the enquiry itseifI
would be ofhttle importsnce.--A rernety for the
cyd, woUld, doubtless, be found in the regunD
ton OF specie paynsn b. tie Banks But ihe
General Assembly once sanctioned their suspen.
sion, and should sot lightly withdraw taat sane.
ton.
J. Is proper, therefore, to carry This enquiry a
step higher. The causes ofthat suspension, were
a'iedsel 20 be the ansecedcnt suspension of sne-
sc payments by the Northern Banks, and the