Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-04-13

Banks TO do what the Banks wished to do
and were able to do as we'll and better
without the law than with it. 1t is the
extraordinary imputation that the Legis,a-
ture is governed in its notions of general
policy as relates to this vital subject by the
9 zofSlies" of the Banks; rather than by
the interests of the Commonwealth, for
whom they Legisiate against which
enter my protest. Ever since correct a.
p'nions i'm regard to free governments
were entertained, it has been received as
a political axiom that the powers of. the
Stave, should be exercised by three CO.
ordinate departments, the Legislative,
Executive, and Judicial. No writer has
suggested that monied order should be
introduced as fourth, or as substitute
Tor either OF the three mentioned whilst
all have coucnrred in ascribing their down
fall to the controlling influence of mosey,
by which the members have been cor
rupted and the liberties of the people have
been destroyed
III monied institution Z" zpishes" to gain
an object, and the Legislature regardless
OF Its duties, can be induced to make hrin-
clhtes bend to those wishes, it requires
great virtue on the part of tn Sc who have
to ask, and those who can give the boon.
to avoid the Offer, and the acceptance of
the direct agency of money. / therefore
entirely reject the idea that the Legisla-
, ture would have acted differently, if they
had truly known the ?" 7vishes'' of the
banks; whilst it is no part of my intention
to enter into the policy of their decision.-
1t you do convene the Legislature, ] pray
you offer other reasons for your opinion
than presumed false impression on the
part OF the last one, as to the pushes of
the hanks. 1t is peculiarly unfortunate
tor the answer | am giving, that the same
- enquirer" contains the proceedings of
Grand Jury in Harrison County, wherein
they present the law putting down I'M
chartered Banks as unconstitutional. &c
because the distresses which that act will
occasion, to say nothing of the insurrectioa-
airy spirit it may excite, do more loudly
call for legislative interposition, than the
law relating to the chartered Banks. -
These Banks shave laned large sums to the
people. II they obey the law, and hope
they will obey it, the whole amount of the
debts due to them must be speedily called
in, and how can they pay the zcloLe in a
country where the produce is cheap, I
speak OF the WesterR Banks merely, it
was unjust to associate them with the
Eastern ones) if it will be so ruinous to
pay fart, where it commands the most
enormous prices! But would not agree
to have the Legislature called OH account
OF either the chartered or unchartered
Banks, for 1t is to be feared that their res
pectve interests might induce a LepisIa
tive bargaining, by which the former will
tor afurther period, be authorised to vio-
late thsir contracts, and the latter be ena-
bled to procure charters.
Let each claim, stand upon it's intrinsic
merits, and let both, if possible, be decided
on, at period of less excitement. I frank
~ avow was, and still am in favor of
chartering the Western Banks; and I
think the decision of the Legislature TO put
them down was harsh measure. They
sPrans up In time OF great national and
individual embarrassment in the midst of
a war, unexampled in it's character. For
in what other age or nation, were treason
az reasonable principles, so boldly practi-
sed and avowed; and practised with per-
feet lmPunity They sprang up, it is said.
IN violation OF the spirit of the Laws.
BE 1t SO inter arma silent Eeees. Thew
performed the offices Of money where mo-
ney was much wanted, and could NOT he
had. For, Virginia Bank note was n.
most as rare as Martins in December
The owners of salt-works, iron WORKS
manufacturers of wOollen, &c. Gee. received
them without difficulty, and without dis.
count when refusal to receive them
would have produced great distress and
greater sacrifices Nay more. these
Banks gave facilities by which those vaIu-
able establishments We're brought into use
and kept in operation, when no other re
source was open. For it is fact, that the
Branch Bank at Winchester had refused 70
lend their money to any persons living $50
miles from that place, for the sole reason
of remote residence. And this decision was
made too, after full entertainment of the
unquestionabie ability and credit of the an
plicants.
The writer knows the grounds upon
which the Legislature incorporated the
Farmers Bank he was member of that
Legislature they were urged forcibly and
eftectualiy all the abstract theories op-
posed to them were overruled it was
declared to be too late to decide the
question of the propriety or utility of
Banks ; and the only question then was
as TO the ertent of their Capital. The
Capital was increased, because the de
mand in the State exceeded the ability Of
the existing Bank to supply the inst wants
of the People. The answer from Win
chester just quoted, and which ] vouch
tor, shews it is still inadequate, and that
further increase is proper. throw Who'll
ly out OF view the consideration. that seri-
GUS injuries result from the imprOvident
applications to Banks by individuals who
have no business there, and who sustain
real losses from the success of such apoli-
cations. The same objection will lie a.
gainst all things which administer to our
wants: to our comforts, and happiness in