Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-11-23

pie when the friends of state ,i9.Lls are
increasing in numbers and bolduess
would II not be uakind iu the ex,rear, "
one who had abandoned The constitution
al rights OF the states, could not, ON so
pressing AN occasion, also forego The i'm
parilalliy. due from a public journal to
the community?
| In short, the article under considera-
,ion, is high wrought eulogy or the
National Bapk, not founded OH facts:
Out IN direct opposition 10 the candid
opinions of nine tenths OF the people in
tins UNION. have not time to examine
the other absurdities contained in the
article, nor 10 enquire into the numerous
advantages which are strung together BY
the lntelligcncer, and alleged To have
resulted from the Bank For, such au
enquiry would occupy more than AN
hundred columns IN your paper. will,
however, make a passing remark on one
link in this chain of " important benefits
to the community" We are told that the
/ National Bank has sustained the tocqi
banks by every means in its power
How has this been effected =? Look TO
Ohio aud Kentucky. The local banks
IN those states have been deprived OF the
greater part Of their specie, and have
closed their vaults. Let us come nearer
home. The banks of Virginia, perhaps
The most able in the Union, have received
no sort of cOurtsey from the Bank Of The
United States. That portion of its stock
subscribed i'm this stale, aud paid i'm mo-
| ney, was paid chiefly la notes of the
| Virginia Banks. The government depo-
sits were transferred to the National
Bank, and all public money, collected
since the Bank commenced its operations.
| (niore than half of which was state paper)
was also deposited there. The facilities
OF remittance afforded by the u. States
Bank, by which Virginia Bank notes
| were deposited and checks received i'm
return, ought to be added TO the other
| advantages enjoyed by the national, over
The state banks. Under these peculiar
| circumstances, the state banks fell large
| ly indebted TO tire branch in this place,
ana were compelled 10 pay off their ba-
| lances in specie. An order came, i'm The
FIRST instance from the parent bank, re-
| curing that the state banks should either
pay their balances or pay interest on
them. To this demand the state insti.
| tuiions replied, that they would not paw
interest, and were ready TO paw i'm specie
and the specie was taken from them,
| and forwarded 10 Philadelphia. The
people OF Virginia well know how oppres-
| slVe were the heavy curtails 10 which the
slate banks were driven by the policy
| OF the United States Bank. So far as i,
respects Virginia, | assert without the
Tear OF contradiction, that no manner of
forbearancc has been exercised towards
| the state banks. That on The contrary,
the branch in this place, within twelve
months, has owed TO one of the state
banks. larger sum than the amount of
lis specie, and that il has been frequently,
| and Is at this time indebted 10 some of
the state institutions. The mother board
| directed that weekly settlements should
be made with our banks, and the balances
due from them drawn immediately in
| specie. The course of the state institu
tons, on ihr contrary, has been more
liberal although they have frequently
had II in their power 10 reialiate, vet they
have never done so.
We are told that the local banks Of
Philadelphia have received from the pa
rent bank 3 l,l50,972 in specie, more than
they have paid TO IT, and, what is still
more extraordinary, that they noO owe to
IL s . 500. 65S, aud it owes TO them.
5 94l 900 the balance being 8 SOL sos,
for which il is entitled 10 draw specie
THIS as forbearance indeed. One tenth of il
exercised towards the state of Virginia,
would have prevented the drain which
our banks have experienced, and saved
them the necessity Of SO heavy pressure
upon their customers. Yet, sir, we are
gravely told that the National Bank has
sustained the state banks by every means
III its power. This remark is certaini,
applicable 10 the Philadelphia banks, If
the report speaks the trmtk-and proves,
that they have been unjusiIy iavoured,
at the eXpence of other state Institutions
| / al fem ia6 IN
into an explanation of the effects Of such
a system of favouritism, in giving TO Phi
ladelphia coniroul over The interests,
nay, the very desinies Of other cities
| But have already exceeded the limits
had prescribed to myself. TELL.
| TO THE EDITOR DE THE ENOuIRER