Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-01-04

ing Of other mercantile associations, ma
king every stakeholder responsible in his
natural private capacity for the debts of
the Bank Aud shall we, in this moment
ofpecuuiarv embarrassment, this moment
ofs2cculaiive doubt, bind up the hands
ofthe Legislature, by the creation Of 20
new charters, for seventeen wears? is this
the part ofwisc politicians
Bat, object, iii the fiii place. 10 that
feature of your bill, which proposes to es-
iablish three Literary Fund Banks. with
capital of at least THREE millions Of dollars!
i object 10 them, on account Of the re
neral grounds which have already adj
yanced.--l object TO them more pariicr-
!arlN, because, bv the terms of their sub
scripiiou. there will be created a demand
Tor 5000, 900 of the legal currency OF the
u. States-in other words, for 50 much
g2tS md silrer, by the Sih of June, when
these baHkS are 10 30 INTO operatIon-ani
81 100 COO hy the 9th of August, when a!
then instruments are completed-For,
what is the effect OF this, Sir You Gre
ate Il pressure upon the existing banks
II thcv ccre ready 10 open their vaults bv
the :" FIRST Monday in April next" YOU
prevent their doing it-for, you create
demand TO, the precious metals they pos
sess, ofWhlch, ii must be confessed, they al
ready hold precious title. Pass that bill, sir;
and You will see your banks not only her
meticaliy sealing their vaults, not ONLY rcfu-
snug al!accommodation forthe purchase of
Your produce, but drawing in their pa
per, curtailing their discounts, and max
ing .'contusiOnworse contounded.' You
throw iaio market competitors for the a
mount of $3.50 600 by the 9th ofJulv. thus
enhancing the price and scarcity of the
specie that is aioat, thus increasing the
cmbarraSsmeIis of the old banks on their
return 10 specie payments, and thus
running counter To the very spirit of
that policy, which lately suspended
your PAY-LAw 10 the ist dav of Julv.-I
object TO 1T, because, much as esteem
the Literary Fund, do not approve oftEc
means which they say will improve it
lido not admire the plan OF Its setting up
for Il bank. What Sir, SHALL we do no
thing without a bank ? Shall we educate
our children by bank ! Shall we hcget
them by bank! Stall we raise corn bv
a bank? Pray, sir, where will this mania
stop besides, sir, II we must improve
our Fund, III this way, let us not do it at
this time-ls ii not better for us 70 waive
II for the present, and refer it 10 the next
winter! Are we altogether wiser than
/ orr successors will he? Is there nofhing
10 be left for them to do, when the times
are better, and our experience more en-
larged And, permit me 10 say, sir, that
| II theCommonwealihis TO loan nearly one
luillIon of 9 per cents TO these g Literary
rand Banks" she has other WAYS to lend
| her credit TO this invaluable Fund.
Surely, Sir, it will not be contended that
| these banks are to be set up for the bene-
| 1T OF Richmond, Norfolk or Petersburg
| that the citizens of those towns are so
| greedy, as to require an augmentation
| ofcapital at the expence Of the hazards
which have umerated-Surely, Sir,
| Richmond and Norfolk will not have the
! grace TO ask It, when the National Bank
IS about to give each of them Branch
| But, ltthcy were so avaricious, pray, sir,
turn, " an adder's ear TO their grasping
wishes.
| object to the details of this biIl-You
| are 10 make these snecic-payipg banks ;
| and yet, sir. Won 1t them go into opera
! lion on 3-i0t!ia oftheir capital, thus leav-
| ing II TO the banks to lend the other
z-i0ihs toitse'E. The pond" beng thus
| destitute of water NJ first, mere, lr,W be- fiiH.
besides, where is your Commissioned
10 go into their vaults, 81 count tier cash ?
ri am so sick of these nom- pauina banks.
that would spare no precaution to alter
| the whole system.
One more remark, Sir, &, have done
notwithstanding the objections have
made to the bill before YOU, consent TO
| modify my opinions upon this subject.
IN compliment to my Western Brethren.
feel for theirsituaiion. iconcede q their
claims. I would go all reasonable lengths
10 supply them with bank capital, and
. circulating medium TO pay their taxes.
! Three banks, then, I am prepared to vote
for; Thus ia. should we go at present,
and no farther"
L GALLERY MEMBER.
u TITIr L,NrnIrrD III,