Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1818-03-13


tered. OF notes of other banks (or which
they are compelledto give premium) and
receive their own in return. To others
on condition one half the sum remains in
the bank until the note Is due, thereby
receiving a usurous interest.
The committee feel themselves compel
led to go still further into detail of the
abuses inflicted on the public by a misuse
Of banking privileges.
OF all missionaries none more com
pietely enslave people than that of mo-
ney; and, IN the opinion of your CON-
mittee, no sySteel was ever better devils
ed so perfectly to enslaye a community as
the present mode of conducting banking
establishments. Like the Syren in The
fable, they entice 10 destroy.
The. hold the purse strings ofsociety,
and by monopoilzmg the whole of the
circulating medium of the country, they
form precarious standard, by which all
the property In The country, houses,
lands, debts and credits, personal and real
estate of all descriptions, are valued, thus
rendering the whole community depend
ent on them, and prescribing every man
who dares oppose or expose their unlaw-
fni practices; and i! he happeAs 10 beout
Of their reach so as 10 require no favor
from them, then his friends are made
the victims, SO that no one dares COM
plain.
The merchant who has remittances to
make abroad, is contenied to pocket the
loss, occasioned by the depreciation of
their money, rather than hazard their re-
sentiment by asking them for specie or
carrent notes and here The committee
beg leave 10 stale us a fact an instance
where the board of directors of bank
passed resolution, declaring that no
man should hold seat at that board, or
receive any discounts at the bank, who
should trade at a certain store i'll the
same village, in consequence of the ow-
yer iisving asked for a sum less than four
thousand dollars in current money to re-
MT To New York, while al the same time
he Kept his account IN said bank.
Ihe committee, in taking general
Vew of our state, and comparing those
parts where banks have been some years
established, with those that have had
none, are astomshed az the alarming dis
parity. They see III the one case the de-
solutions they have made i'll societies,
that were before prosperous and happy
the ruin they have brought Oh an innu-
mcrable number of the most wealthy far
suers, and they and their families sud-
denly buried from wealth and lndepen-
dence into the abyss OF ruin aud despair;
and here also the committee beg leave 10
state fact to illustrate the manner in
which such ruinous effects are produced.
An aged farmer possessing farm which
rendered his condition comfortable and
independent, wishing to raise the sum of
one thousand dollars to assist his chill
drep, was told BY director, lie could
get il out of the bank without any diff
Guilty or hazard, and that iIe would en-
dorse his note for him, and that he could
continue il TO suit his convenience, with
which the farmer accordingly complied.
Al the first renewal, he was told the note
must be paid; that the bank would press
the pay meDt, but as II wasnot ~ his pow
er the director told him. it he would give
him one hundred dollars besides the dis
count, he ivOrM 06taiR the renewal, which
he did; and III subsequent renewal, the
same operation was performed; but a
Judgment was required also in favor of
said director, and the result was, his farm
was soon after sold without his know.
ledge by the sheriff, and purchased by
said director for less than the Judgment
The committee are sensible, that all
institutions are subject TO abuses from the
misuse OF the powers granted TO them /;
but they humbly conceive that when those
his derived from them, IT becomes the
duty ola wise and discreet legislature to
cease from granting those powers; and
here the committee cannot but notice
fhe manner III which bank charters have
hitherto been obtained. Button this sub
sect they would speak with all due defer
ence 10 the honorable body TO which they
belong, as we'll as te tier predecessors
Bat The committee cannot refrain from
TeinarkinS, that the hitherto liberal and
extending encouragement given 10 bank
ing operations beyond its legitimate OBJ
jeCt, has annually invited To our capitol
skItul and experienced banking agents,
protesting general and not local objects,
ami who appear 10 have forgotten for the
time their public trusts (tor which some
OF them are receiving nigh salary,) as
well as all private ayocations, for what
they may consider of greater c0hse-
gu nee TO the community and in the
present instance, from seeing notices in
the state paper of eighteen new appIica-
tlons fer banks, intendedfo be made at
The present session, have no doubt come
tp with high raised expectations Of reap
Ing rich harvest, and by amalganaling
banking bills with those of more lmpor-
itnce and more saluhary in their nature,
aud by asserting and caEyassing the
house with all Tie conflicting interests of
individuals, until all distinction is lost be-
tween the fair and honest petitioner, and
The cunning designing Spectator, and
fhuS the man who asks III The SIMPLICITY
OF bis heart for what lie honestly con
ccIyes his right, Is sOOD made 10 under
stand, fiat III order 10 obtain II he must
become The instrument Of drsIgninguru.
aud advocate that which bis better juda-
ment tells him is wrong. And your com