Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1818-02-05

not long before got one dollar; nor could
he give more property, III real valme, IL
his children. 1t is indeed gratifying to
our vanity to get these high prices, but
the advantage is unreal; and those who
go to buy property with their money, vii
find il so. This is. therefore, circum-
stance which should not weigh Il feather
in favor of extending our bank capital.
Another objection 10 banking Is, that
il violates the wholesome policy of oul
laws which prohibit usury. II the banks
were only 10 Discount 10 the extent of their
actual funds, by turning the money over
often, they weuld get nearly seven per
centum per annum upon 1t: but they are
permitted by law to trade upon three or
four times the amount of their actual ca
pital: and thus get three or four times
the lust rate of interest upon their mo
new! When our honest farmers ONLY re-
ceive the product OF their actual labor and
property, ought these favored stOckhold-
ers 10 get profit upon what they have
not? Ought they to get AN interest OF
nearly seven per centum per annum, up
on four times as much money as they have
and that without one effort of honest in
dustry-ls there any equality or recipro-
city in this And will system, repiete
with SUCH consequences, be greatly ex-
ten0e0 WITHOUT necessity
And last, though not least, Mr.. Editor,
these banking institutions control the
public deliberations. There is no look
ing them in the face. They have a charm
which may occasionally muZzle even the
virtuOus representatives of the people.
These objections apply, sir, TO bank
ing institutions, every where. There are
others which apply TO the exercise of this
power, by the several states. The seve-
raj states are confederated together, and
torn one nation. They have free COM
mercial intercourse with each other. An
uniform currency for the whole nation is,
therefore, entirely Indispensable We all
know the losses and difficulties lately felt
from the local and partial currencies of
the different banks. Great losses were
sustained from this cause; and gentle
man travelling at the Eastward, would re-
ceive bank notes in the morning, which
would not pay his bills at night. l am
not prepared to say that Congress pos
sesses the power of banking, as well as OF
coming money, in exclusion of the states,
or even that they have that power consti-
futionaily at all: but this say, that great
evils will result from increasing without
necessity, the local currencies of the
states.
II has become fashionable, Mr.. Editor,
to exact for these exclusive privileges
what is called bonus TO the public trea-
sury. do not See the propriety of this
practice. 1.-THE privilege produces no be-
netit 10 the Community, 1t is interdicted
by the bill Of rights. II il does, it ought
to be granted, without this premium
One objection TO the premium, is that il
acts as a bride upon the legislature, to
grant privileges Incompatible with the
public good. 1t places the representa-
tives of the people, in the predicameni
OF Interested Judges. Another objection
IS, that having received the money, as
bonus, 1t may not seem fair to put down
the privilege, when the public good no
which the legislature ought always to be
free. The practice is entirely of a me-
dern date in this country-it is twin
brother TO the rage for innovation, which
we have lately witnessed. 1t is not akin
10 any principle in the bill ofrights.
Another objection TO the measure in
question, is, that it carries with it pledge
of the public faith. The law establish
ing il will be an irrepealabie law, and we
are put i'm a situation from which we can
not extricate ourselves. That which can
not be undone when effected, ought not
10 be, lightly, entered into. As for an ir-
repealaDie law, 1t ought never to be pass
ed, but upon the most urgent necessity.
Future legislatures should be as free as
the present, in the exercise of their func.
tons. 1t is incident to The legislative
power to change or repeal an existing law,
as well as 10 enact new one. Wa ought
not, without necessity, 10 narrow the pow
er of future legislatures, by enacting what
are called legislative contracts.
These, Mr.. Editor, are some of the views
which occur TO me, OH this momemtous
subject. There are various other. and
perhaps, stronger objections Whether
the great public measure which affords a
pretext for the proposed bank, be
practicable or not, am unable to say.
IT IT be so, presume il may be effected,
by other and less Objectionable meaps.-
1t Is to the mean, only, and not TO the
measure, that object. 1t would rejoice
my soul TO see every part of our beloved
country connected together, by the clos
est ties. 1t is my ardent wish that our
western brethren should enjoy, in the
greatest possible degree, the facilities af-
forded them by bountiful providence.
", respectfully yours, A. b.
A ~