Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-10-19

The following communication is from gen.
teman, whose Judgment we hold i'm high res
pect.--Ihe plan is a plausible one but we
think, we have already Banks enough, and to
Sparc:
COMMUNICATION.
For The pernicious effects of idkncss
ana waste no better remedies can be pro.
posed than industry and lrngality. II is
not, accordingly, 10 check, bat 10 foster
habits so valuable. by removing as much
as possible the obstacles and smoothing
lie dltiic uites produced by a too sudden
and abrupt diminution of our circulating
medium, that the following plan for "a new
bank IL suggested. Should il be objected
that we have TOO mamv banks already.
the fact would be denied. That there
have been 100 many, cannot he denied
but the institutions which were formerly
banks are no longer banking institutions.
property so called. For self preservation,
their business eOw Is, and for some time
has beeit, 10 Withdraw, not IN supply, the
medium OF circnla,ion; and they have
breu driven 10 this course, SO rilmous 10
themselves and TO tine community, sim.
ply because their supplies had been pre-.
viously ton rapid aud extensive. Ii is moi
during slow and regular increase of The
circulating medium, that com munitv is
injured. On The contrary, industry is
stimulated. There may possibly be more
wasted, but idlcDess will, upon the whole
he diminished. There will be greater
activity, and il waste Increase, the fund
tor lis support will increase SIN faster
so likewise, slow and regular d. crease
OF the currency, although II NAV accom-
pany, Is not the cause of declining pros.
perliy--of decreased industry. In the
former case creditors receive less thar
TX N ltfl 4
pay more but the loss 10 either, is pre-
cise'y The gain Of The other, and if not
excessive, will pronIoie rather than dis
courage industry. II is the sudden accu-
mutation oi currency that like prizes in
lottery, produces aud diiluSes the spirit
and habits Oi The gamCSiPr, which we have
t'iy witnessed and II is ihe sudden iii
mihu'iOh OF currency, SUCH as HAT now
III operation, which stopping The cIrcua-
ton even ri that which remains. and
bringing debtors 10 insolvency at q blow.
paiallzrS industry and irugalIlv nv zen
dering them of 10 use. In short. as
accumulation eXciies the liOprs, so tlIni-
mutton acts upon lie fears OF society. and
IN proportion to the moderation of ex.
cess with Wliicu those powerful engines
are wic!ded, vii the result be salulary or
destructive.
ne Rating features oil Tie Dank, which
il,r present state OF things is supposed To
require. ought probably TO be such as
these =
Isl. Tia, the capital consist of United
States per cenls. aud real estate, each
one halt, or II tie introduction of real
estate be iounh Impraciicable, that The
~hcsc consist of STOCK OF the e, States,
and he MI pald IN previously TO The com
Weuccmcnt OF dlsrouniing.
ID. That all debts due 10 or by the
bank bind real estate, aud be recoverable
without offset, 10y easy and very summary
process.
cd. That for all debts due TO or by The
bank, payment Of which shall be offered
or demanded IN specie, ine debtor he en-
illled, during Tie FIRST year alter tie bank
shall have commenced business, TO d de-
dneiIon OF 10 per ctirt. during lie second
year, 10 deduction Of 81 per cent. of 8
! per cent. for The third year, and so 90 III
Tie rate Of one per cent per snnnm, pniil
he return TO standard money shall have
been completed.
Tue purpose for which these provisions
would be- introduced, is too ObyiouS 20
| req are ~ irh Explanation. by tue us