Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-09-21
RICHMOND, SET lE0i5EN :
FAifi.ICIUS- No ,


FABRICIUS No ).
TO THE EDITOR OF THE ENQUIRER.
SIR have endeavored to slew, and
trust with success, that the STATES have
an UNREASONABLE right to incorporate
and maintain banking institutions. To
rejecting mind, think il will also APP
pear, that sound policy and regard 10
Their own sovereiSnties, require. that ihey
should never abandon or surrender this
right.
In the present situation Of This coumtrv,
there can be no question, that The banks
have deci'ied influence on CONNER
cial and agricultural prosperity. The
facilities thcyl afford the merchant, ena
bles him 10 be liberal or otherwise, in the
prices he gives The farmer. The Bank of
the United States with an immense capi-
lal, and aided by The deposits of The gov
ernment, will have, even whilst The state
banks exist, a most deci;ird Influence. on
the commercial and monied concerns
of the country. 1.-THE state banks, which
serve as the only cOunterpuise To the Ma
tIonal Bank, were out of the way, il
would prove Irresistible. Nov, are
we prepared in this country, for a state al
thugs, i'll which corporation situated
in Philadelphia, shall control, at lis
nod, the desiluies of every state IN tie
union, so far as they are connected with
their trade and their agriculture Is itmoi
better ihatI reliance should be has on
banks, organized by ourselves, and sub
iecied TO such guards and restrictions as
the public good requires ! Besides, lie
state banks being situated at bone. will
naturally feel HAT sS mpaihy tor The stu
alton ui The people. on whom their pro-
To r.ta Ia.
from a community of interests. But the
national bank being situated at distance,
It's directors cannot regard the peculiar
wants and interests of particular places,
but will be principally intent upon
keeping the immense machine, Of which
they have the care, in motion, and eau
moi see, who al particular spot, may be
crushed by If. II may frequently, as
has been proven IN practice, be necessary
for The mother bank TO take measures
which are not necessary at parlcu-
lar place, but which the state Of the
bank III some other place, NAV require.
HE business III a particular town,
may mol require curiailmeni ofdiscounts
bui n may be necessary 10 make il there,
to The great pressure OF HE customers, 10
meet an exig' ncv in some other place.
The commerce of The great state oil Viz.
ginia, is thus 10 be regarded, as thai of
department, and To be regulated moi by
what will best subServe lis interests. but
by what may cOnduce TO The general
prosperity OF the bank, distributed over
eighteen sovereigniies. Again, il NAV
sometimes happen, that the Interests of a
particular stale III commercial view,
may require different course OF proce-
dure from what many other states require.
VIII not The directors Of the National
Bark, therefore, feel themselves bound Ia
regard the interests of the majority of lis
brahchcs, even, at the eXpenCe of a par.
ticniar one Thes considerations serve
TO slew that II is much safer, much wiser.
and mere independent TO rely or insIIiu
lions Of our own hay % c,riid,. The
management OF all the commercial and
pecuniary concerns of our state. TO an
institution which may he considered in
many respects aIlrD 10 II. Aud why
should not fhe state erjoy the benefits
arising from The banking carried OH in
IL Why should II surrender TO another
government the advantage resulting frGnI
granting charters TO such institutions :
tiaS mol This state derived great profits
from this source, greater indeed Than the
banks could afford 10 give i'm some IN
0'"hNoH i'iS UNIV ilGS DtfiI btFONtU 10
useful purposes @f public improvement,
| aud the endowment Of literary inslitu-
lions. II may lie sometimes extremely
interesting 10 the state governments 10
| iave institutions created and fosIered by
| themselves, from whom, they NAV m
iinies OF difficulty, derive pccnniary aid,
| by loans. During the war ihe Importance
of this was sensbly ieit nv this state,
when several millions of dollars we're Dor
rowed of Tie banks, al time too, When
without these loaps, the troops could
not have been kept in the field ioT the
| defence of Tie capital; aud when Tie
| United States had il not in IFS power TO
afford us aid, either is men or money.
But though considerations of policy
ought TO have great weight in inducingtir
STATE legislatures TO foster, and support
ihelr own institutions, YET there Is Sno.
| thrr view of ihIs subject still more impOr-
iani. aIlude 10 the Influence which The
extensive existence Of the Bank of The
| United States, would have Cd the cliarac-
ter of The government. To estimate this
properly, LEI us consider, that, IN Tie event
OF ibtre being ma other bank, the whole
moni"d Operations Of lire United States
w3uid br carried By the national bank.
| with thirty FIVE plilliCns of csCi'al, With a
power 10 eSteUd lis branches inio every