Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1818-03-10
BANKS !

The Kentucky Legislature, at its late
session, has chartered not less than Is
independent banks, with IA capital of
$500, 000-Resides these, the Bank of
Kentucky has already ID branches-and
the United States Bark has two branch
es IN Kentucky, one AT Lexington, and
the other at Louisville, with supposed
capital of S 500, 900 dollars each-Mak-
ing OF banks established and authorised TO
be established. the astonishing aggregate
of fftv-nine banks in the state of Ken
lucky!
Why this farce of legislation carried TO
such an eXtentl Had we not better at
once throw the door open for every man
that chooses to enter IL! Adam Smith
gives II as his serious opinion that "if
bankers are restrained from issuing auy
circulating bank notes, or notes PAYABLE
10 the bearer, Tor less than certain sum-
and it they are subjected 10 the obligati-
on of an immediate and unconditional
payment of such bank notes as soon as
presented, their trade may, with safety TO
tie public, be rendered in all other re-
spects perfectly free. In general, if any
branch oftrade, or any division of labor,
be advantageous 10 the public, the freer
and more general the competition il will
always be the more so."-The system i'm
England, we believe, is to have one great
bank, called the Bank Of England, and
to permit every man or association of men,
not exceeding three partners, to become
BANKERS, with this remedy on the part of
those who hold their notes, that if these
notes be not immediately redeemed in
cash or in Bank of England paper, the
bank is immediately declared bankrupt,
and The Private effects of the partners are
held liable for the debt
~ We have seen several Nos. of the
FRANKLIN GAZETTE, daily paper, lust
established in Philadelphia by Richard
Bacfe, the grandson of the venerable
franklin, and tie Post master of that city
This paper is distinguished by the de
corum Ot.its manners aud The elegance of
lis typography. 1t is grdccd by the head
OF DR.. Franklin, elegantly executed, sur
rounded by the memorable motto E
rtpHit crlo fut"'cn, scept'amq'ic tyranniS.
We observe that it is becoming fashionable
in the Senate OF the United States for members
TO submit TO that body, the instructions which
they receive from the Legislature which an.
pointed them. For example, Oh "Wednesday
the It'll instant, {" Mr.. Williams, of Miss. com.
munieated to the Senate resolution of the
Legislature of Mississippi requesting their
use their best endeavors with the proper au.
thorIty, to procure the extinguishment of the
indian titie To as much of the lands within that
state as can be procured from the different
tribes owning the same" We have,the strong
est doubts of the prOprety of this course We
subscribe TO the right of State Legislature to
instruct its own SenatOrs-but certainly the
power ceases here. No state has a right to
instruct the Senators from another state-nor
have Iis Instructions any sort of validity upon
thelF minds. why then submit them9-ThOse
Senators, TO whom they are properly address.
ed, may act upon them without taking them
out of their pocket-If they conceive that the
Senate of the United States wouLd pay any res
pect TO them, how easy wouldit be for .hem 10
state the fact of such Resolutions to the House
or even TO read them, if they thought proper,
without laying copy Of them upon the table
or spreading it upon their journals the
present case, too, the practice has gone fur
Their. The 6 endedrors' of the Senators are to
be addressed TO the proper authority''-per.
haps this may not be the Sendte-perIlaps as
we really suppose it to be, it is the President
OF the United States. Why trouble the Senate
then with copy OF the resolution;