Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1818-05-21

RICHMOND. May -.
ROE TtlE ENAuIA.li.

They are, OF course, ,..,pcrteci--l ,.etct {
have ne time 10 retonch them. Bur as the,
nlN do less EIrG th.n good, by being ciI cu-
ioted at lar.e ! wish them 10 appear ia The
tAoUTRER.
The Bankiug System is doubtless tie Cordi.
an kuotin our eccnOmicks. Writers have Civ
en- their days and nights to it. itis banded
OFT from On~ company OF cOErer-Rti6HPS 10 auo-
.hcr. u is discussed IN the national councils.
Vet there is still such dIverSit, ct views, and
81 charters, IN the different states thatI Cannot
thiuk the knot is united
For myself. ! am "A friend 10 banks when
properly constituted think them con, enient
recepiacIes for money which is to be lent oui !;
where those who have II To ieud may deposit 1t
aud those who want II NAV know where tn find
II. Moreover, II is some convenience To haNe
u P9Ttdbis, aud some saving 10 have ciiGdP me-
dinm OF circulation, which may he n fair repre-
sentative of gold and silver. But moduS est re-
bBS. There are bounds To every thing, whicl,
cannot safely he passed. The most eNtravag CANT
idedS hare heen formed by The ignorant, or
Cherished by those who ought 10 know better.
They seem TO think thar banks can be esta-
biiShed every where; that they can DO amy
thlng-and that without an atom OF real capt.
TAI, already existing IN The place where they
are set up, the banks can 20 OH lending out
their paper nay. many suppose that the
banks themselves need not have any, or much
real capital but that the stockholders after
paying thUlr FIRST or second Instamput IN Spe-
cie. ma! pay up the rest OF the capital IN their
own discounted notes. VI we act upon these
erroneous ideas, What will banking system
prove but bubbe--like the Mississippi
scheme IN France. or the sonth Sea Scheme in
l.. gland
Banks ought to I've chartered, as 10 ma ke
every cent at The capital 10 he paid in specie
before it issues notes /; TO become bankrupt,
me moment, its notes ale not convertible into
specie.
For nay own part I think il well worthy of
enquiry, whether n dam Smith is not right in
throwing The business open to all who will en-
gage IN It--pforided, every partner is held re.
SpOnSIbie III his private capacity for the
debts of The firm-porided, OF course, that
no more than three or four partners are
permitted 10 associate as bankers-prorided,
the moment they do not redeem their paper III
specie, they be decia ed bankrupt and their
estates divided among their creditors-prorid-
cd, they pay Il bonus for license to carry en-
the busiuess.-With these measures, would
unite an abolition of the Usury laws, and let
every man who chooses it, bring his money IN
10 the market.
Rather lban have banks, as they generally
are, would prefer the scheme which has been
thus hastily skeIched.
But II is in the management and use OF a
bank also, that much injury NAV be tone-n,o
Rey j. generally let out TOO long to its custom
ers-Sh0re and Shsve alike, is AN old and true
sayIng-But If a bank lends out large sums for
years ON a. comnedatiOn paper, to particular men,
can others wbO want the uSe Off little capital
obtain IL always as theywant iti-Auother eff
feet springs from this that the customers gem
orally look 10 the bank for most of the capital
they deal with too much of The capital of
society becomes artificial; the CUSTOMERS are
.empted 10 engage in long and distant specula-
tons and when called on for a part of what
they have borrowed, they grumble, perhaps
finch altogether, forIhe knife cuts them deep
There is al present bank mania over the
country.-lndced, it seems peculiarly the cha
raCteTISuc OF our sanguIne and enterprising
countrymen 10 push almost every thing to an
eAiraNasant speculation. Such is the rage for
bank institutions Snch is the rage at this mo-
ncut for netherlands ,larti "a ary m Alabama.
where acres have been ran up to 30, 90 20 dolls
believe higher. his speculation must cea,e
When the rage has spent itself. Such at this
moment Is the rage tor he East India trade.
Sucb too the rage, encouraged by the facility
OF obtaining adtaI'ceS from the bank for many
art, les such istely witnessed IN hiss CITY for
roHT, iobacCo, &C &C. " run away with
every iiiug-and il we do not Keen Il s,Iarp
iock-Gut, The banks will run away with us
Win iniS impression, have committed TO the
press the following h,aty remarks:
THE UNIVERSAL PANACEA.
The ancients were in quest of an EGiri,.
that would cure all diseases: thew sought
II in vain. The moderms have been more
fortunate in one respect their panacea,
though not universal, is powerfully ell
Gent. II cures variety of ills and all
mems which g flesh is heir to-"
Ehis wonderful nostrum is expressed
by one word a BANK.
What does moi BANK accomplish?
Is town to be built 10 situation where
nature never intended one You must
establish a Ba1k.
Is the town at stand for want of a
capital You mustset up all architectural
Bunk.
Are manufactures paralyzed, and any
particular establishments iangushing for
want of support You must establish a
Misunderstanding Bank.
Is road wautlng--a canal 10 be dug
or river TO be cleared ont The re-
source is, a Bank for Internal ImproUe-
men.
Are the poor TO be educated, and schools
TO be established Some ingenious pro-
jector Immediately starts the idea of "A
Literary Bank.
Is city 10 be supplied with fresh wa
ter-or the making Of pots and pans 10
come in as an incidental employment ?
You may establish ManhGttan Baak.
DO YOU wish 10 convert Il dpsart INTO a
blooming paradise Place u Bank in its
centre, and vegetation springs out of lis
sands.
Do Won wish TO level mountains? Erect
a Bask, and the hills bow before IT.
In fact, SO conycni'ni is this machinery,
that we must not be surprIzcd TO find our
bread baked, our CLOTHES manufactured,
and childrennot only improved, but gene
rated, as If by magic.
Takca birds eye view Of the map of the
country; ssstie wonders whichare effect
ed IN different places by the creation of
banks, and you will admit their power. &.
Then, take a nearer view of the effects
which they produce in detail in any one
town; the number of wants which they re-
llnNR and lheit aslnnislllnn elnracN j. I'll