Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1818-09-08
BANK OF TIE I,N,Ti' ~ s'rN, IS


no donb, ~.;,i a view to correct the iMan> evils
resulting from the want OF AN uuitor.i cirru.at-
ing medium, has adopted u Goa, Sc a once cwicu-
lated To destroI every thing Ike equalization
OF eNciiange.-Ihe late eaict OF me Mother
Bank at Philadelphia, which seems to be fol-
lowed up by It's branches in the principal north
cru cues, whether the offspring OF deep land
schemes tor speculation, OF of oppression, or
growing out OF necessity, cannot be Justified
before the American people. Ii Is IN fact iiitie
short OF all abon,inabie fraud on the con,muni.
", aggravated in the highest aesfee by the
practice so early adopted by the bank OF ray
Ing out at each Office notes issued from other
branches, SO as TO throw all ill., paper tar from
the place OF redemption IN specie.--lms
course would have been tolerated, because no
injury could result from ii so long as the notes
were indscrminately received, RENTED, ana
redeemed by specie AT aitof tue inherent ON
ces-But the moment that eh,s state oil lungs
terminates YOU have the no;esut Tie Y. States
ka,a and branches At n pfeinium, or discount,
al the will OF brokers OF ss the balance of
trade Is for or against rettain places ana the
notes OF this mammoth Ia>titntion are not one
whit better than those oi the respectable stale
banks Their circulation must OF niece ssity he
confined 10 the states or districts where they
ale made payable aud all The horrors and
vexatious ircon, cnienccS ever felt, by ,he M
ton are again brought abou, in the shape of
shaviu.. DESIGNATING and robbin- the honest
and industrious OF their hard earnings.
II then the u. States Bank is OF its own free
will and accord determined TO stamp upon its
own paper this want OF general circulation,
where is the boosted advantage contemplated
by its charter? What possible preference or
advantage ought it Ia claim over the GOOD ana
solvent state banks? Ii can have none
Then as the purposes have tot been answer.
ed which were aniicipatedby the advocates OF
the act of incorporation a eNety step taken
by il. as will he hereafter shcwn. has heen cal
culateh io render ap injury tn tie community
instead of comforting advantages let me ak
Nv
longer meet the patronage OF the g0od citizens
or The u. States. and more especially, ot The
g>ou people OF Virginia.
say then that The directors have acted I'M.
wisely, unjustlv aud without good faith, In
the fragrant departure from their sacred trust
in permitting the I'd and Si Instruments Ia be
paid in by stock notes instead oi specse and find
ed debf thereby practising gross fraud on
government and on al iiUncS, Stockholders,
who with good faith paid mp according 10 The
provisions of the acto Incorporation, aud thus
beuefttng the desisrir. STOCKHOLDERS TO the
injury of government aud honest stockholders
The premature aud unwarrsntable dividend
so early decared-The species of t;,vorit;sm IN
granting immense discounts OH sfoct noieS 10 a
few individuals, tins excluding the great
hulk OF the commuDtS-By adopting mea
Sures calculated TO puff mp the price OF stock
aud then adopting such as to depress il in
market
BY their oppressive Conduct towards The
state banks. originating either from a desire 10
them that specie capital which ought 10 have
been procured in the 2d and Sd instaiments
BY encouraging discounts freely, and then
suddenly order'nga heavy curtail--thus pro
duclng necessity torsinilar curtails on the
parts of the state banks, which otherwise
would have been unwilling in tile extreme TO
add any thing to the pressure Of the times
And lastly TO cap the climax, by suddenly
refusing that currency 10 their own paper
which was ever calculated upon. and which
more than any thing else softened down the
objections otherwlsestrcngly urged against the
establishment.
Under this state ofthings. let me ask Ii
! beral and enlightened public what possible
claim on their patronage and support this u
>. Bank can have!
TO bring the subject higher home, let me ask
the good citizens of Richmond and ofVirgnia.
u they are prepared to foster in their bosom
such an insiitution.--If they are prepared TO
cherish il TO the i:ljury of their state institn-
tlons.-tf they arc prepared 10 rear up a mon
ster which may be made tue engine OF distr.s.
and destruction. They i'll readily perceive
that a board of directors in philadelphia. bay-
ing no regard to the commercial agricultural
or manufacturing interest of our city, or state,
and every partieIty TO the prosperity aud mo.
DopOliziRg spirit of their already oyergrovu
city, may, whenever il suits their interest will
or caprice, give orders 10 their office in
this place, 10 curiaiI and distress those - no
have become their debtors.-Does the seasom
arrive when tue rich products of our country
money IS made less abundant and conse-
quently competition dminishes The foreign
capitalist comes IN and takes advantage oft
SD o. oar sterling bills, and 80 OF every tbipr
else connected with our money market
To Yoa, Nirgipians, u ought to he proud
reflection that the respectable standing of
Your state banks has been sucG, as 10 MACE
their notes al par in all of the large CONNER
ciai cities where il could be desirable. IL
ought 30 he know that the balance Of trade
previous 10 the establishment Of the U. States
Bank, at nearly all times enabled your state
institutions to furnish drafts on the northern
cities fr'c OF premium 10 an amount commensu-
rate Will, the mercantile demand-and that
during The period or erai wears your state
banks held funds in tire northern banks TO an
amount nearly equal TO half million over and
above the demands for renIittancts.
That such was the demand for their notes in
The western states, and such their credit in
the northern, that they generally commanded
considerable premium medium of remit
lance from the former to the latter
Tins proud state of things " onII now exist
but for the esta bIisIiment OF tile u. S. Branch
BanN among you. lit should be asked why
the L. >. Bank should prey ent this the reason
is PLAIN and simply this-When the U. S. Bank
IS out OF The way, all payments for our rich
| products, ana orr sterling bills so much in
| demand at the North, must pass throHcb and
be deposited IN our state banks. The apionnt
OF ohI imports from the same quarter fall far
short OF our exports, and thus large balance
would he left 10 the c.eGit OF our banks and
| 10 the debt of the northern
But 1t these funds are concentrated in the
| y. y. Bank, although the effect may be to
| throw the balance IN its favor, YET that branch
! being undertbe immediate control ofthe board
| Of directors III Philadelphia. that fund instead
| of being kept for tic benefit of the citv or
| state, Is Welded 10 the interest or advantage
| of Philadelphia We should lie as likely to be
! brnefiicd by that state of things. as we were
| likely when colonies OF Great Britain 10 profit
| by the favors otihe boards at trade ~ London.
1t requires no great stretch of Ingenuity at.
ter examples already given rs to shew the
| feelings of The board OF directors in Philadcl