Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1818-02-05
RICHMOND. FEBRUARY 5.
TO THE EDITOR OF THE ENQUIRER.

bank, in our state.-l regret that made
YOU the promise. l have really no time
for such disquisitions. My own concerns
are such as scarcely to leave me time TO
write common letter. Ii is not for my
amusement, therefore, that write you.
Ii Is to discharge my conscience towards
our beloved country.
II there is Il deficiency Of circulating
medium i'm our country, il ought to be
supplied. L, ought 10 be brought up to
the proper lev |. Beyond that level, how
ever, il ought not to go. A redundancy
OF even the precious metals themselves is
ruinous TO any country. The downfall
OF the prosperity of Spain is coeval with
the discovery of the Indies. The cele-
brated Monfesqaieu says, speaking ofthat
discovery, that ii put him in mind of the
foolish king, who prayed TO the Gods,
that whatever he touched might he turn
ed into gold, and then besought them TO
put an end to his misery. After that dis
bundance and nothing else.-I'he same
consequences will result, a tortio,i, from
redundancy OF paper none. of that
which Is only The representative of spe-
Gle. The history of our revolution reads
us an instructive lesson OIL this head.
But, sir, there is no such deficiency.
Every article ofproduce sells for high
price. All kinds Of property sell for their
full value. Any man of good credit can
get what money he wants from the banks.
He can get ii at least in paper as for
gold and silver, it is in some degree ban
ished by the bank notes. We have, GER
talnly, sufficency of this mcdiam to an
swerah the purposes OF commerce. Inre-
lation 10 il, we are certainly not below
the mark. Wherefore, then, shall pie
thora be forced upon us Why shallwe
drive our people 10 pray the legislature to
end their misery, arising from bank pa
per, as did the foolish king, who bad
an abundance Of gold, but could not eat
it?
Another evil incident to banking, and
which grows with its growth and strength
ems with IFS strength, Is the promotion of
idleness. So banefnlis idlencss TO every
community, that it is universally admit
ted to be the parent of vice. Those who
do nothing, will, for the most part, do e.
Wilt was maxim Of a celebrated CHI
nese Emperor, that if there was one man
idle in his dominions, there was another
wanting bread. The labor or employ
ment CT all Is necessary for the subsist-
ence of all. There ought 10 be no drones
in the hlve-none who fatten upOnth in
dustry of others.-It is emphaicalIv incl
dent to all banking, that the stockholders
are kept iii a state of idleness. 1t cannot
be otherwise for they have parted with
their funds, which they might have en-
ployed in agriculture, commerce OF the
mechanic arts. Nothing is more common
| than to see purse-prOud and overgrown
gentleman, y'clep'd stakeholder, in full
health and vigOr walking the streets, or
rolling in his carriage, with folded arms,
and nothing to do. He INDUCES in idle
ness and luxury, while the bankers are
making Tor him an immense annual pro-
fit upon his capital. They make for him,
perhaps, six times as much profit as an
industrious farmer can make, by a yirtu-
Gus course of honest industry. Ii would
be good for the health as well as morals of
| these gentry, were they put TO some ho-
nest and active employ ment. If we must
have stockholders, let them consist ofthe
| widows, orphans and old men, who, from
imbecility, are incapable of any active in
dustry, and OF necessity. must put their
| money out to farm. Its an intrusion up
| on these helpless classes, when Young
| men, i'll full health and strength, become
| stockholders. il is an abomination, and
| sin against every rule of wise economy.
Another great evil resulting from the
| extension of banking is, that il promotes
greatlnequailty OF properly. Ii divides
| the community into nabobs and paupers.
| While some are pan,pered in luxury, OH
| ers are wrlthlng III distress. There is but
one amount of national property, and
| that should be distributed with some re-
| gard to equality. The laws ought 10 have
d leaning TO that object AS The odious
and aristocratic law OF primogeDifure, has
| given place TO an equal and just division
! of mans property among his children,
| SO ought the children of the common
wealth to be equally provided for At
least the laws ought not to favor another
system. This inequality, too, is greatly
| peTnlcIous in another point of view. 1t
enables the rich to purchase even the suf-
| frages of the poor. 1t gives this facility
to those, who, in many instances, are TO-
| reigners, and whose principles are, in ey-
cry instance, foreign to that tempe
rance, frugality and Virtue" which are
| inculcated by the bill of rights. We all
know, or have heard, how, in the former
conflict of parties in this country, the
bank influence was brought TO bear a.
| against the rights and liberties of the
| people.
| In saying that an excess of banking
produced idleness, have, in effect, said,
that il produces luxury. The one is
the parent OF the other. Look around al
tue splendid carriages and equipages Of
some, who are said to be almost insoI-
vent: who are at least deeply accommo-
! dated at the banks. They are, however.
| as yet kept up by the credit Of their in
| dorsers and friends. The bubble must.
| however, burst at some time, aud then
tho extreme of misery will ensue. Instead
| Of working and 7etrencbing all superflu-
Gus expeBces, the fashion is now 10 bor-
rew-to get an accommodation at the