Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-01-27

y sragnaIimity would distate-in this there would be
merit, because it would involve sacriflce-in the
former instance the merit consisted in the
frifice, but the discretion which dictated the
zalng seifdenial.
sfb .Nessrs. Dromgoole, Lundy, Mcfarland and
Mason.
4 SGENTLEMEN-In defeating the following re-
~ S,rks 70 you t,y nam, do ii upon the presump-
y ga derived from the general tenor of your politi
elfesiing and the generous disnterestedneSS Incl
dent to your age, that you concur IN most OF the oi
wing opinions of the writer, and that with hin, and
o people, you entertain decided and pncompro-
sing hatred for tine Banking System. l am
oinpted to submit the following reflections to your
Eolee, by no considerations which affect me indi-
yiitaily, by any desire to drag you to any Sit
aton of awkward painful conspicuousness.-
- ~ my self have no motives distinct from such
esare coIrmonto every citizen of Virginia, and
for YOU, know as Conscientious Representatives
OF the people, you will accept from any quarter
NY portion of light however faint and inconsidera-
BILE the spark, that will lighting you the way
10 the attainment of their wishes, their interests and
their happiness.
The charter of the Farmers Bank of Virginia,
: expires in the month of June 1927, and some who
are interested III its perpetuataoa, have already adj
d.essed memorial to the present Legislature sug-
costing various arguments in favor of its extension.
The approach of the time when this charter was
expire, has been anticipated for years, with anX-
n. All who are apprised OF the fact, that me-
rial for reincorporaton is before the Legislature
ssFirgnia, view it crisis, decisive of the fate
psthe banking principle in this state. If it be "a
fdopted there is end to all hope, and along with
lie, Banks are permanently and unchanseably incor-
Ypofated with our institutions For if the Farmers
NBank i'll its present unpromising conditions and with
the recollection of the incalculable mischies that
shave resulted from Banking, still fresh in the minds
ECf men, find arguments sufficient TO prevail
with thu Legislature extend them charter, then it
we4d be impossible 10 imagine any state of Things,
when any similar application would not receive
similar favorable reception. If when their stock is
unproductive to the propnetors, notwithstanding
they have paid off the bonus to the state, and sell
ing discount of more than 33 and third per
cent, when many of their debts insolvent and
\ aany others in a tottering condition, whom the
numerical situation CT the country will neither
Jesr a large emission of paper, or afford any but
the most inconsiderable profits and lastly, when
Sney do not proffer to the Legislature the
al equivalent of bonus, for their barter of princi
5pie--f under all these advantageous circum-
fstances they accomplish their purpose how will
sthey be resisted, when the expiration of the
fseun, they urge the prosperous condition of the
Bank, the value of the public stock and all the
kgiunents reversed, which they now employ, rea-
ssons for ne@ prolongation of the charter? do
mot mean to admit, for do believe, that this
win pe us COnoiti0n then, or at any other tIne Tor
FIRMLY believe that things that natural nd
sober state now, when the profits of Bankngm ust
{pecessariy be moderate and circumscribed, nd
mat the Farmers Bank is in Indifferent a con-
lstiop, that without specializing era it can ne
b yer recuperate. But wish to remind those who
arc fhimical to Banks principle, of the extreme
Inconsistency of the reasoning employed by their
friends, andhat rejecting all considerations of mere
profit ezpedieDcy it is their duty meet and de-
eide the question on the abstract principle.
The original question of principle involving the
whole policy of the system has again REQUIRED, and
present Legislature has 10 determine if the state
pfeyrgnia, by regulating the visionary policy of
EhaEes Fenton Mercer, and other dreaming fheo-
fists, shall gradually return to the honest simplicity
former times or by renewing this charter recoo-
lze anew the pretended necessity for Banks, give
yfiem lease of existence, and in fact establish
tsif influence virtually beyond the reach of future
e Begislation. BY rechartering the Farmers Bank
of Virgniaa at this time, you not subectiny the
state only for another long series ofyears to all the
evils which the necessary conconants Of bank
ing Were this the extent of the mischief, it might
be tolerated for the sake of peace, and quietness
gut you arc pledging the State, to recharter all
Fother Banks whose charters to expire hereafter
provided they can make out similar plausible
7 n 3teneut, and induce the General Assembly to be-
,.,e that there is hope, no matter how distant or
9acert y, that their stock may improve in value,
nd theirA-enera condition ameliorate. You adj
lance anew be opinion, that the Banking system
is compatible With the purity and simplicity of Re-
Osbiicsnsrn and that there is either an original
Aneces,ty for is introduction into all civil societies
that 10 the particular condition of this State we
pc becomes so much accustomed to their inhu-
b, they al so Unexpectedly and intimately in