Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-03-09

they were evils. We could not be allowed
a crum from the table at which others were re-
galed. In deciding this question and every o.
Their OF a general nature, he took better guides
than abstract opinions and reasOnings, he look
cd at the situation of the countryside circum-
stances of the peOple-legisiated for the people
of the present day and not for distant posterity.
A systcmof Legislation founded ON abstract prin-
ciples might suit hilloclS like Saint Marino,-
small IN territory, inConsiderable in population
and without commerce-every thing that apper-
tains to Virginia points to different system of
egistation-possessed of a large territory-nu-
Inerous population, bold and navigable rivers
making into the heart of our country, an outlet
to the ocean the best in world-an annual and
hitherto increasing surplus of the most valuable
Notwithstanding, alluring to CONNER
ciai enterprizes--a trade carried on by our citi-
zens either directly by themselves, or indirectly
by their neighbours i'll the sister states, with the
remOtcst regions of the earth, all proved the sys-
TEN of Legislation we must follow. Yes, said
MIR. Z. we must regard the circumstances of the
people not yet entirely recovered from the ordeal
OF the commercial dlstress-through which they
have passed, we must look ut the situation of the
country-yes, we must look to the Legislation of
the states by which we are surroundetl-I would
not shut my eyes to lights on this subject, though
that light shonc beyond the seas. Indeed our
predecessors were animated by such views, when
they first established banks in Virginia, and up
on the same grounds you first introduced banks
i'll Virginia. ask you to give us the contcm-
plated branch at Danville-it was coun.eryail-
ing policy, II was to prevent the circulation of
bank noteS-issued by the banks in other states
over which we had no control that led to the first
establishment OF the banks i'm Virginia. Banks
invariably bring to their vaults the silver end
L,r. Il
bank notes are introduced. Our predecessors
saw the precious metals retiring from among us
and in their stead leaving bank notes of no
settled value at par in one place, below it at ano-
Their, and worthless at a third.-ro establish and
preserve standard of known value by which to
regulate the price of articles in all sections of
the country-to retain our silver, and keep out
foreign paper over which we had no control, led
us first to establish banks. Yes Sir, these rea
sons operated strongly with the Legislature,
with many solely when the banks were first csta-
blishcd. Yes Sir, they saw that the spurious
currency atioat was subject to depreciation, and
that they could not prcvcntit it. In war and i'm
peace well regulated government occasionally
turns It's eye 10 the circulating medum-it must
do so-it is not stationary like matter-it suffers
from political commissions. 1t is disordcred by
loosing foreign commerce. We know it has
been overturned by blast of war. Fortunate
ly the vacuum cannot continue long, there re-
sides in the government the right to control, and
In TACT To establish circulating medium. This
right when it is Indispensable TO exercise, the
government must not shrink from. Our fathers
have exercised this right when necessary, we
will look to older nations and you will see banks
resortcd to. Venice rose as it were from the
sea and aided by banks-became powerful and
wealthy. In Great Britain these institutions
bow, I,NI, l, i
who can doubt it. Great Britain has the
richest merchants in the word-haye not her
banks enlarged her commerce, thereby increa-
ed her wealth, her power, and add her popula-
ton by drawing to her shores citizens of all
countries and towns. In furnishing her with
money one OF the first and most important articles
IN war-has not her banking Institutions contri-
buted greatly to the victories she has won on
the continent of Europe. And 1 will ask has
our bank the Farmers Bank of Virginia, which
you now wish to associate with the proudest mon
umcnt ever dedicated to s0ience-has it done
no good-call your attention back to the late
war, when your youth like mountain torrents
were rushing to defend you, when your general
government was without money, and could
not borrow in this city at per cent, and
allowing $50 TO count 500. Your commissa-
ny department in disorder, and your soldiers fed
with lean beef and rotten flour, did not the d-
rcctors OF the bank step forward and open their
vaults to you-and loan you money at per
cent,--redeemable in reality at you pleasure
What comforts did it afford your suffering sons
What proud and noble recollections does nos this
patriotism bring back TO your minds when YOU
look to those days sign..lized by the modest sa-
criices for public good, and the highest prodi-
gies of valour, in defence of our country. Is
the recollection married by the reflection, that
ecl,o L..
in this case to be without soul. Here Mr.. G..
brought to view sundry incidents of the late
war-and continued has remarks as foiows-
Y OIL have under the influence of the views that
first led to the establishment of bank at Rich
mond, established banks at Fredericksburg
and Charlestown, to keep out the notes of
other states that come in among you from
beyond the Potomack, aud at Wheeling, and
at other places TO fence them out from that
quarter,-but another barrier at Danville, and
your currency will every where be sound and
whoiesome-and your circulating medium pos
sess uniform value through the whole state.
The people in the South ofthe state have at
present Carolina money almost exclusively for
their circulating medium. 1t cannot lie other
wise. Tothe bank of Milton wemust resort for our
accommodation TO carry on our commerce or shall
we go to Lynchburg or come here. We must pay
premium for an indorser, and then we cannot
at those places get accommodation unless after
supplying the citizens This state ofthings wilIu l-
timately carry our produce to the ". C.. towns and
thence to foreign markets 1t has been said we
have bank capital enough think so myself
but this bill does not contemplate any increase.
1t seeks to preserve that we have aiready-aD in
contestable proof that we have neither too much
or too litte is that our bank paper is received e.
very where-and is considered of the same va
E-.t. A