Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1824-02-05

| advantages of paper circulation, and one too,
which the state cannot controul? Can any
person deny, that the winding up of the Far
mers' Bank, will be attended with great pub
lie loss, and great individual distress Must
not AN immense mass ofproperty, of kinds too,
already sufficiently depressed, be thrown into
| the market, AL the same time taat the means
of paying for it will b. diminished Who will
be benefited None but the monied sp.cula-
tor, who will buy up the most valuable pro-
perry, for tiife. But some say, that the
other banks will supply by loans, the means to
pay the debts due to the Farmers Bank
This assertion is founded on a mistake. The
other banks will not only, not make loans
which would, in fact, shift the debts due the
Farmers Bank Oh themselves, but they will be
obliged Ia take measures To save their own
debts, as the same persons frequently in
d.bted TO all three Of the banks. Private
creditors too, will press for their debts
These rAngs will greatly augment the public
disiress,I
The 6pponeRts Ofan extension ofthe char.
ter, cannot deny the alarming diminuiion of
capital, and circulation, which will he produce
ed, ny winding up the bank but they say there
will he a proportiondte increase of the circu-
lation of other banks. | have already shewn,
that this Is not correct. But if il were, it is in
direct hostility with the argument which at
tempts to shew,s that there should be no
compromise with banks. Is the aversion of
any, to these institutions, so deep rooted and
so violent, that they would put down the state
banks, purely for the pleasure of putting them
down Or is the country to he subjected To
the distress, and ruin which has been predict
ed, merely, that the circulation of the Far
mers' Bank, may he supplied by that Of others
/ Again, we are Told that The back of the Uuit-
ed States, will encreasr its branches, winch
IN the.r #
ers' bank. And isit come 10 this That per
sons III this state should publicly espouse
The doctrine, that our own institutions are to
be put down, To make way for the bank of
the United States How is this To be- recon
ciled, with the decided hostility expressed IA
gainst banking institutions ? These persons
are terrified at the existence of banks of our
own creation regulated by ourselves the
profits of which, are distributed amongst us
or go TO the State and feel mn dread of the gi-
ganiic influence, of this enormous hank of the
United States, with capital of 80 millions,
; and suppllrd by the deposits Of the whole re-
venue ofthe Union. This Bank regulated by
few indn iduals al Philadelphia, with pow
er Ia extend its branches wherever il pirases
and without accountability 10 the state autho-
rules, may ,whrn without rival, cOntrnul moi
only the commerce ofevrry city III the Union,
but regulate Ia great ext-ni, the Affairs of
lcounlsrpolse ia the iO1uence of this back, and
the only check upon It's operations, is TO be
found IN the state banks, where pr"prrly con-
Quoted and sustained by the confidence of the
state Governments. What then must we
think, OF the policy, which would give 10 the
bauk "f the United States, the whole undis-
puted field of banking ? Is not the remedy for
the supposed malady, worse, than the disease !?
II is to be remarked that very little of the stock
Lot fln.ah IL ,ff H. 4
the citizens of this state. All or nearly all
the profit made on the stock of that bank, so
far as its circulation extends in this state goes
out OF II, IN the shape of dividends on stock (;
Whilst the profits made on our own stocks are
distributed amongst ourselves.
But some say, if the charter is TO be extend
ed, why do il, at this session The answers
are many. Id the first place the subject has
been discussed for months before the meeting
of the Legislature. The memorial which con-
talns detailed view of the matter, has been
for weeks, before the Assembly. There has
been meeting of the stockholders of the
Bank, at which ten thousand shares of stock
were represented, besides the stock of the
state represented by the Governor,eand the
memorial unanimously adopted. THE evil
dence afforded by this unanmitytof those
most interested, ought to have great weight
with the Legislature, in deciding on the pro-
prIety OF renewal. They would never advo-
cate a renewal, if it did not promote their own
, interest, and the interests Of the state in the
bank 1t is a fact also, which it is presumed
can be attested by the members from the
parts of the country, where the banks are To-
cated, that the extension of the charter is not
only desired by the stockholders, but hailed
bJ the people generally, as an indispensable
measure of benefit and relief The interests
OF the stockholders deserve the attention OF
the state, itself the greatest stakeholder; but
T The claims of the people To relief appeal d.
rectly to the sympathies of the Legislature,
and 1T is to he hoped, will not appeal in vain.
The great object OF the extension is TO restore
the value of the Stock TO encrease the public
confidence in the institution, and thereby pro-
mote its general prosperity. Is it not most
obvious, that this, to be most efIicacious.
ought TO he done at once If the PRAYER of
the memofialists be rejected, the directors,
however reluctantly, will be compelled, to re-
i sort to collection oftheir debts, without de-
lay. They cannot discriminate between final
rejection, and postpOnemenf, uT speculate on
tile measures, which future legislators NAV a.
dept All the evils which could result from
the certainty that the bank will not be re-
chartered. will flow from rejection ofthe prayS
er of the memoriaisis, at the present session.
Ii would be the duty of the directors to found
their proceedings, in the administration of the
affairs ofthe bank, on the belief, that the char
ter will not be renewed. And if this were
not the case, the proprietors Of the hank
would be left in such state of uncertainty
as TO its future fate, as would clog their opera.
tons, and discourage them fram those exer-
| tons, which IN state Of more confidence
and certainty as to their situation, could moi
i iaII To be attended, with the happiest effects
Ana VI The Legislature should feel DISPOSED AT