Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1818-10-16
EROM THE WESr

rive have received from gen,i.nian Just returned
from Kentucky, the following cuIniune lon on tIe sub
Ject of the Banks in that gu The statement is al
nus time peculiarly Interesting Kentucky Is the onIy
state which is SAID have laid tax on The National
Bank
During tie last session of the Kentucky
Legislature, two very important PROPOSE
lions, bearing on the circulating medium
OF the state, were discussed and act
ed on The one, was proposition TO
tax the United States Bank The other, TO
create an additional number of new hanks.
BoIii succeeded, and both were intended
TO cripple lie United States Bank i'm IFS
operations In that state, and To give the
State oanks prepondcrance, or al least
To enable them 10 compete with the Unit
ed STATES Bank. The law taxing the y
ni'ed States Bank, was resisted in both
Houses, by men of The first talemls in The
state, on both Tie grounds of Tive ncNpc,li-
ency, and Ike unconsIitutioua.ay of such
measure; these arguments were replied
io with great furee, by several nrnbprs
or disiins uis'ied talents, and the las pass
ed both Houses by considerable niainri
hes. lis provisions, so far as now recui-
lectcd, are, That tax OF y 5000 a wear.
shall be LEVIED on, and paid by each OF
The branches /; one established at Lex
lngion, the other at Louisville; aud the
sheriff of the county of Jefferson or of
Fay et,e collects The tax, aud may dis
tram for II III The SANE manner i,e nav
dIStrain for taxes due from Individuals
and upon the failure or refusal OF The Pre-
sideni and Directors Of the Branchio pay
the tax, each of them incurs fine or pc
nalty OF 10000 Tor every contract made,
or noie received ADD negotiated by them,
alter snch failure or refusal: and upon "A no
tiflca!ion being given by the sheriff tn The
f,f Il, E.il,
sal, he il directed TO institute liz lie Cen
eral Court Ui the state a prosecution. or
pro ecu!ions, for He recovery Of The pc
naliy, and by lie law, this court alone,
Will bavc original jurisdiction.
The lax does not become due until
the Isl 0t November but The Directors
IT Tie Branches in anticipation OF lis be-
ing demanded, have asked the directors
OF tie mother hank at philadelphia, who,
IL is understood, have directed them net
to pry tie tcr.. The Directors of Tie
Branches feel themselves in some diff
Guilty; for, although instructed on tic
subject, they have no assurance thai in
the event Of the law being held consiiiu-
tiopal, they Will he Unidentified and IT
was said, .soine of them spoke of resign
Tug. II Is moi known what course The
Bank means To- pursue TO resist the tax
wv ''Naf'N w Nv h'N ~ - UttltNeU, is
the only one which has fared The Bank.
AND Judicial decision OH her law. will
decide The right OF The states 10 tax.
The other measure is one, which tie
discreet and thinking part Of Kentucky
anticipate as productive of much evil.
and ii is believed, if the law itself T.. (
been Submitted originally TO the people.
a large majority would have been against
IFS adoption. The State had before Tic
passage of This law State Bank will,
four or tive branches, and lis paper was
! III very good credit and is now consid-
cred as ihe best OF their state paper, al.
though the stock is down 10 s 30 for each
share, which cost 5 100. This las, Gre
aied ~ new, as they are there called
| Independent Banks, few Of them with =
capital equal TO 100000, "a great many
with capital Of not more than S I5O, 600
| the law permitted tie subscribers 10 the
| stock IN these bauks,to pay the subs rip
ton IN state bank paper, or United States
| Bank paper. OF the number incorporei-
| ed, u Is said MUfy-sigM have gone inio
| operation, and tie remaining Tour viii
| during the winter dominance ...in
almost every instance, the entire sub
} scripiion has been paid IN State Bank