Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1826-01-31


the Eagle Bank with capital OF 500, GOO dollars
1t presents the following development: 1t is well
known that the capital of the banks granted Tor
several years past, has been paid in with the bills
of credit of institutions previously Chartered As
long fc.ions state ofbusincss can be kept up,
an institution that derives its capital from the
sources Just mentioned, may add 10 the general
appearance of increased wcal,h and capital Bat
the moment pressure is felt in the money market.
and when these institutions ought to he able TO al
ford relief, they, If honestly conducted, compel
led TO curial their discounts and the merchant is
left 10 sustain himself; their operations increase
instead OF dimishing the prcs-sre. II, howeYer.
the stock is owned by spectators, their resource,
is to throw INTO circulation the greatest possible
quantity OF their money, and thea 10 close the
doors of the institution, and 10 buy up the bills at
an enormous discount; else 10 abandon the in
siilution forever; and thus leave their unsuspecins
fellow citizens the dupes of viliany, cloalied under
tie sanction of legislative charter.
! The reason why these institutions are unable to
relieve the wants OF the mercantile community,
when a pressure FOR money is felt, is that they
have very little specie capital. Capital, strictly as
applied TO banking institutions, consists of the
specie II may have in its vaults. Now, if the grant
oil bank charter by our legislature, would draw
additional specie into the city OF New York, it
would be sure and never failing resource in every
time OF need. But in fact, it only tends TO distr
oue VIC dihount OI capital, tiat Is specIe aUeauv
on hand among the different institutions, and with
out the mutual understanding which is supposed
! to exist between most Of the hanks in the city OF
New York, ii Is doubted whether many OF these
| institutions could pay one twentieth part Of the
| bills they have in circulation, If specie should be
demanded for them at their counter II will then
be Tor the wisdom of this house to say whether
they will go aud add the banks in TIE city OF
New York other banks, uf. the fictitious state OF
Things already can mo Longer be
The committee speak thus confidently in calling
The present state OF our monied Institutions fictitious;
because IN the late pressure for money in the city
OF New York, the banks Were obliged TO cur,a
their discounts to prevent the discovery OF their
own weakness. The committee are, however,
fully satisfied that banking Institutions 20 certain
extent are beneficial TO the commercial part Of the
community; but they have come to the conclusion,
IRON their enquiries, experience and reflection that
banking institutions have ALREADY been granted in
sufficient numbers, and with sufficient amount of
capital to meet all the exigencies that can be met,
without pushing the banking principle to an extent
which, instead OF proving beneficial, would be
| irauShi with the most disastrous consequences.
From this view they ofopinion that it would
be Inexpedien' at this time to gran, any more char
tiers Tor moned institutions in the city and county
| OF New York, and therefore beg leave to report
that the petitioners have leave to Withdraw their
petitions. A bill is before the Senate to aid the
Geneva College by "a grant of 5O0,00o.--lt ap-
pears from the valuation of the real and personal
property In the different counties OF the state for
1928, received at the Comptrollcr's Office, New
York Is set down at SlOl 100, 046; Albany county,
! the next highest NJ 10, 26l ,Sl5-The Commit
tee in the Senate Mr. Cad. D. Golden, the chair
many to whom that par, Of Mr. Clinton's message
relating to the safety of passengers in steam and
canal boats was committed, have invited al per-
sons interested in such subjects to meet them on
4 he Elh ~,
PENwsYLvNIA.--The Influenza is said TO prevail
in Philadelphia more this than it has done
Tor 20 years. The players at the Theatre grumble
hoarsely, and the fish women cease the squall
through the a Mr.. Robbins has driven
from Hempfied mills to Washington city FIVE hun
bred Turkies MIR. Brainard, one of the contrac-
tors for excavsting the Union canal, near Potts
| grove, brought action against the company for
a breach OF contract This action was determined
in the District Court day or since, and dam
! ages to the amount of S33,646 awarded to tie
plaintiff The frs: annual report of the Society for
the promotion of Internal Improvement has lust
been published. II is said TO be full of valuable
information; containing estimates showing the i'm
mense savings to manv Of the interior counties from
the introduction of the article of salt from the
west by means of canals railways.-The House
Of Representatives of this State has agreed 10 meet
until otherwise ordered, at half past nine o'clock
in the morning, and 10 meet on the afternoons of
Mondays, Wednesdays and Fridays, at three o.
clock. The afternoons of Fridays to be devoted
to private bills
a convention is 10 be bed at Pitisburg in Feb.
to select some citizen of the West. to be brought
forward in convention in March next at Harris
burg, a candidate for the Office of Governor
! Henry Baldwin, Abner Lscock, William Clark,
Joseph Lawrence, Samuel ID. Ingham, Peter Rit-
ner, Joel b. Sutherland, Walter Lowrie, William
] Marks, and John Andrew Shulze, the present in
cumbent, are all named candidates for the Office
There are a number of applications before the Ie-
gisature for Lotteries; from Lancaster, to raise
dollars by lottery, for the purpose of bring
ing water into the city, has been reported in favor
OF. Bills have been reported TO incorporate the
Chesapeake and Ohio Company dissenting 10 The
act of Vrgna,) capital 5000 900 dollars: TO in
corporate the Tioga Navigation Company, capital
1875 900 dollars: to incorporate the Delaware and
Susquehanna Canal and Rail Road Company, cap-
tai 500 900 dollars: to incorporate the Wilkes
barre and Delaware Central Rail Road Company,
capital 900, 900 dollars: Lacsawanna and Sus-
quehanna Rail Road Company, capital $50 600
dollars There are $50 students in the Medical
| University Of Penn. at Pha. and l05 in the new
Medical College, recently established in that City
The store of James Hyatt, of Westchester, has
been destroy ed by fire. together with almost all OF
his valuable stock OF dry goods and groceries, In
The same village, the house of the editor of the
West Chester Herald, with much of its furniture
has been burnt: The fire was communicated from
a barrel Of ashes.--Two boys lately broke in the
| window of John Dickinson, matchmaker, in 81
street, Phila. and carried of Glaciers patent Dia-
monds, and watch ribbons, worth $50; the same
night they cut pane of glass out of MIR. Morse's
fancy store, and took out one dozen silver pencil
cases, and two dozen sportsmen $ penknives valued
at S25.-- Mr.. Bestlys resolution in the II. of r.
relative TO a. amendment OF Che constitution on the