Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-03-21


Neir Banks. When the question came on
concerning the creation BY law,
OF new banking companies, | voted for them
throughout. had explicitly ayOwed my hcsti-
MY 10 the unchartered banks, * NV determina-
ton to support the claims of the VI es:ern peo-
PIE. to as many banks as they had capital to es-
taOilsh, provided they were TO be really and
truly, participating banks. ! was assured, and
did believe, that none, but banks OF that sort
were wanted and was called Oh to prepare
all amendment 10 the bill, as strong OH that
point, rs could desire. l did prepare a ney
section, declaring failure TO redeem a note
with srecica tortr.tHre OF the charter, subject
irg the bank in case il continued its ordinary
functions after that event. 10 ali the penalties
OF The law concerning uuciartered banks. and
.e>ting The Whole stock in the then directors
Tor tue benefit Of tic creditors of such bank -
The friends of the bill accepted this amend
ment without dissenting voice
Upon this subject, cannot indulge the hone
that my conduct VIII be universally approved
especially when acknowledge to Non. that |
have strong doubts whether any STATE in tlc n.
nion has right, since the adoption of the con-
>tituiion OF the United States, TO establish a
pank, authorized 20 issue notes or bills of Gre
at. III the question were about TO be settled.
ny great national tribunal, l should, from
choice, espouse the negative proposition. IN
terestlng andimpOrtani, however as this ores-
non u, do not know that il has been discus-
sed IN any State in The Union In truth our
vigliahce seems 10 be employed, in guarding
part oil the general government This is rirLt
it IS necessary: but it would be well PERHAPS
1t small portion of ii were sometimes a rected
towards the dangers, arising from the usurpa
IONS OF the states. Experience. has yivep ms
some admOnt;ons on this subject which ourIt
To he remembered.
But this constitutional question, seems. far
the present al least, TO be settled, in fact. NOT
only by the state OF Virginia, but ty the other
States. Banks nave been established i'm ali of
them II would have been therefore mere
mockeTy, TO have answered the petitions and
Chains oi tue Western people (; by telling them,
,nat banks were unconstitutional. While 4 was
eXertlns Nself To protect the existing banks.
from me rum, which impended over them. il
would have been not only inconsistent, bur in,
suing to have use such language
ibe question, a. to TIL pnlicv oftIc D,nking
system, seems 10 be also settled Banks are n
Universally established. The doubt that en-
terrain, does not arise from their supposed a.
rlstocIaticai tendency: The words . monied
aFiS,tocracy are calculated 10 catch the ear
and to strike the imagination; but they never
reach Tue understanding. They are a mere
iiusion; the real question is, whether banks
can be kept within Specic-limits? That ones
no, ,.o,' .lh'e must decide The experiment here
mas been SO far successful-specie payments
nave been suspended, and are now resumsd-
me embarrassmeits whichwe have experienc-
ec, VIII NOT. probably, again occur, unless our
u,"e shoi ID DC again turned, into the chan
nei INTO WI CHI II was forced during the late
war. Even IN Great Britain, specie payments
after suspension OF twenty years, it is said
are about Ia be resnmed.-Rcmemher. | am
no stochholder IN any bank, nor debtor to a
ny bank.
On the most mature reflection, am satisfied
with my conduct on this subject If [ Thought
otherwise, or even doubted, would tell Won
SO, without hesitation. You will believe me TO
be sincere IN this declaration, when | confess
TO you that i gave one vote, about which an,
yet doubtful. OF this you will presently have
an account; there is another that l think
Wrohg-cbut the subject TO which it relates, is
netter htted tor conversation, than for pub
lie address f
(Csmy BM.-The bill which obtained leave
10 introduce, for repeating the laws against
osufy, ms be n much misunderstood. ain
not surprised at this-tO MANY of YOU the pro.
position which II announced is a novelty: and
what Is new in politics is always to be suspected
--bnt what isncw is not always To be condern
20. III " were so, there would be an end of AL
improvements. New propositions, ought to he
examined with great circums pee rion and adj
mitted only when they proved to be cor
rect. In this case, think the proof conclusive.
nm !i y experience should have demonstrated
inc faiiacy OF the reasoning to which had re-
course, we could IN that even; 20 back TO the
oid system, with as much ease as we hadaban
Gohed IL. CAsan experiment at least, it is wor-
my OF beIng-frIed. Our present system is H.
niyersal, admitted to be defective.
y on VIII not expect from Inc here detailed
arsn'nent, on this subject. A proper IMPOSITION
OF II, undcraii ITS aspects, would occupy little
'"'"'''" lhe niue NOlume, you shall see, DIS
soon as have leasure to prepare it. | am Will
ing TO submit 1t to the invests alton of the
people OF the u. States. feel assured that
the doctrine for which contend, viii finally
prevail throughout America.
Al no cannot now furnish you, with the ar
gument IN full, will submit 60 YOU the prn
cIpai propositions. which | endeayored TO IL
lgStrate and support.
Isl That to take interest for money is not
forbidden by the law of reason, Justice or mo.
rallty. !
I'd I'hai lit bo, morally, lawful to take in
terest, II is morally lawful to take anyint crest
tmrtyaSreed on. This proposition is founded on
another, universally true, that all contracts
where there is no fraud or mistake, are moral
~ bndiug.1
Sd. Tnai'ths restriction on the rate ofinte.
r:st, wIlch mas prevailed throughout the
Christian world, was not the result of political
considerations, but compromise, between the
reugi0u prejudice, which for many centuries
denounced the taking of any interest az a
crime, and the good sense of mankind awaken.
Ell by commerce, which became at length COR
WINGED shat Interest ought to be allowed.
Sth hat the laws against taking more than
prescribed rate of interest are Intellectual i'm
all countries, and under all governments. even
the st despOtic.
5th. That these laws, tho totally nnavaIing
as to the object which they have III view, are
pernicious, by increasing the evil they we're
intended TO remove; il being fact historical
ly proved, that uSury is always high in proper.
t'ou to the severity with which It is denounc-
cd
sth. That ifthe market was left open g. free
TO all money holders the rate of interest would
be reduced, as all the money in the country
would then be brought into circulation, and
there would be OF course, aCompet,tiOn among
lemdeTsl