Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1829-06-26

quarter lay this down, AS a general pr,lclpiS.
to which, 1 admit, there may be found individual
exceptions. Who does not remember the crrtail-
nent made by the u. S. Bank in 1917, and the
immediate curtaments also, Of the State Banks
And has 1t ever been known that the latter, could
go on u accommodate, whilst the former was cur
failing. Such thing has never yet happened.
and should marvel much 10 1t, at any lime
but It has been asked, in the public prints why do
1 not also attack the United States Bank. 1 can
only say, that all, which has been said of the
state BANKS, IN principle, may also be said Of rhe
U. States Bank, and that the mischief which may
be inflicted upon society. keeps pace with the
extent Of the means which each Bank NAV be-
able to command. But why should 1 attack. in a
enough TO combat mischief which our own
State may relieve against. Does any body ex-
pect that the great evil of Banking can find an
end. at the same time VA Yirginia7 How can
this happen, when their charters will expire at
different tmes' Those, who are sincere in their
opposition 10 these Institutions, will unite with
me In putting down one at time, according to the
time when their charters will end; and he who
refuses to unite in this reasonable effort il oppos
cd TO every attempt to abolish Banks In vain may
we be told that the State Banks form the only bar.
rier TO the overshadowng influence the u 8. B.,
and, therefore, they ought not 10 be abolished: il is
mere pretexs; an excuse for supporting ins,itu-
tons, to which, they feel bound by some ties.
which, though invisible to others, are plainly seen
and felt by themselves-What would those who
hold these opinions. do! Would they violate the
pighted faith Of the State ami u. States, by ahol-
Hhing institutions which have been chartered for
given time before that time expires. If such
doctrines shall be advanced, solemnly protes 81
against them; am for preserving the faith Of the
Commonwealth, and at the same time rid ourselves
oil the great evils Of which complain as soon as
good faith and fair dealing will permit u.s. Hos
tile as am 10 tho principle Of banking, l -tr,,ss
that shall never be found in the ranks Of those
who would cause the Commonwealth TO Disregard
her solemn engagements and must be pardoneti
| w o hail Al,
ground that because cannot reach oil the
Banks at tho same time, therefore, we ought to
touch mono, are either ignorant Of the true prn-
ciples OF Banking or, they are the slavsh friends
OF banks, whilst they seek to cover themselves
by cloak Too thin TO conceal their real motives
1T becomes those who rest themselves upon this
ground to tell the people, what their plan is; for
myself, l conceal nothing: nay opinions are honest
they are openly proclaimed. My plan is to put an
end to these institutions, shall respectively
get legitimate hold upon them, and them would
The country got rid ofthem in the following ORDER
viz the Bank of Virginia in 1888, the Bank Of the
United States in 1886, and the Farmers Bank of
Virginia in 1912. Here is my plan plainly de-
cared, and, until those, who talk of the protec-
ton OF State Banks. against the " overshadowips-
influence OF the u S. Bank" shall give as thei,
plan, they ought to be considered az advocates of
all Banks; though they seem unwilling to make
the acknowledgment
But would not the United States Bank, obtain
possession OF all the specie in the Country if the
q
graveiy PCT by writer in the U. s. Telegraph.
an will endeavor TO satisfy his doubts In the
irst place. will ask if,hers be not better chance
Tor hall dozen Banks to obtain all the creulat-
ing specie than that one will? Upon this point,
II seems TO me, that bat oRe opinion should prevail
IL six men be engaged in gathering apples from
tree, will not the tree be sooner cleared of the
fruit, than il there was but one! And il six
BANKS ne engsgedi in collecting the specie, crcula.
'ag IN va, will not the whole be sooner collect
ed than IL one only was thus employed. But onv
answer can be given to this question: and If there.
be any who think otherwise. they should give their
reasons aso IL order that the position which thew
take, may be fairly examined. Bu, we have M
occasion TO theorize upon this branch of the s.,h.
Ject, because we have an uranswerabIe fact be-
ioreu us; and would not give one fact for a thou.
sand theories
In 1899 branch of the oil United S,.,.,
bank was established at Norfolk, time when
there was no other Bank in Virginia, and assur.
from nv own observation and experience thar
specie was most abundant, aud remained so, until
the Virginia Bank, with its branches were Iocat
ed in every corner of the State, in lsei-5. after
which the specie began 70 disappear, and IL has
been scarce ever since This state of thinqs mus,
remain, for all time to come, provided, Banks shall
continue; because the banks themselves A. 7 ,,n
oes,ana, are engaged in specie fraBiehiag bv
which tbsy sometimes make handsome pS,fits.
.he specie goes out OF the country, and to which
IL can never return, long as the balance of trade
s aga'hstthe United States, with that country,
when has possessed itself Of the specie Per.
maps, in justice to the State Banks, ought not q,
include fhem, in this remark, but it seems yerv
certain, that the United States Bank, has fra
quentiy sold large sums Of specie, for the purpose
of expectation.
The influence and effect of the United States
sank, upon the people and government of thu u.
o'ates, are, In my opinion, to- mighty for nv peu
10 describe, and l-must leave it for ADLER hands:
more especiaiiy as l have not time 10 write the
volumes which the subject would require.
An opinion seems 70 prevail with 30 ne IN NJ IL
the local Banks were abolished the circulating
medium would become so much reduced. as 10
Affect, very seriously, the value of property; and
mus produce great pecuniary distress. II seems
70 me, 'hal ho'hing can be more deceptious Than
this idea, and moments reflection, ought to be
enough TO convince every mind upon the subject
How Is the wealth OF the Country noy en,nloved3
In large investments made in Bank Stocks, and
paper oil various kinds. How was the same wealth
employed before the creation cf Banks? In lands
and other property necessary for their settlement
ana improvement. Why was this wealth ,viti
drawn from the purchases of lands? BECAUSE. the
various paper bubbles, that rose up in the Countrv
, unoer me sanction OF law, offered at first,
larger ANIMAL profits, for Investments of money
IMAM lands did; and, therefore the whole countrv
became stock Jobbere and usurers But these
SPECTATORS, like all other classes Of Society bava
been great sufferers within the last few wears.
anu anu, II paper money and paper stocks we're put
down by law, these men would have no induce.
ments TO these specuiations- and the consequences
would DO, that the surplus wealth of the countrv
would again seek investments in lands. slaves
ana I'VE stock OF every kind; in addition 10 Which
,nc lap9f OF a,i Kinds OF mechanics, would be in
demand, ana mus would and comfort be ex.
tended TO every family that would practice mcon.
ony and Industry. Instead of producing distress
and causing property to fall in value by abolish
ing all paper money. property would advance in
P, a., anu me whoie Industry Of the country,
would fiLd active and profitable employment.
W tn specie CURRENCY for lis basis I tl,;,t. 81,