Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1829-06-29
THE VIRGINIAN.
,yNCHBURG,JUNE %, 1929.
BANKS, AGAIN.

To- ,sceiyed. by last Thursday evenings
Iii a letter from Richmond, requesting us 10
t.onv from the Wing, the subjoined short essay,
COUGHING the conduct Of the Officers ofthe Bank
IF Virginia, in Richmond. if~hat the author
:..;,,,ot,s. rather than asserts, be true, there
an, be no doubt that something IS rotten IN
AZ. State of DENIM ark'--and that the remedial
,.,,fs oueh, to be applied at once. Az all events
,be neglect oftbeir duties & the abuse of,he'r pr'-
v;leses. by banking officers, do moi prove thatthe
State ougb, to abolish the charters Of the Banks
locomotives any more than the defalcaton OF
treasurer. or the despotism Of a President
..ove the proprety Of abolishing those Office.
r;,her of the three shows that necess'-
~ exists for change in the ofiieers--but not
cha, the Offices themselves ought TO be dscon-
tinued. George Clinton" and his coadJutorS
should recollect that Banking 'cW exist, IN
came shape or other and the question should
occur to them, whether, If the States refuse to
Incorporate such Institutions, they will not Gre
ate much greater evil than they destroy
We suggest TO them the proprie'y of iooS'ns
ahead to the effects of the policy which they re-
commend and to decide whether we had not
better bear the ills we feel than fy to others
aha, we know not cf :" II the State of Nirgi-
MIA refuse TO re.charter her banks, one oil two
consequences will inevitably ensne. The on'-
ted States bank will supply her commercial!
towns with branches, aud then the evil Ill Con-
,inue to exist in a mere obnoxious shape even
than at present, or individuals of capital Will
transact the same sort of business which the
banks now do, at treble or quadrupie the injury
20 those who will borrow. With these briei re-
marks, we comply with the request to copy the
following article
To The Editors Of the Constitutional Hhig.
lam an admirer OF Geo. Chm on's Essays, as
I believe is every maa in Virginia, who rs not
pariiceps crimjns in the instruction OF the
Bank Of Virginia. may perhaps only anti
cipate whau his much ADLER pen IS preparing TO
disclose, but through you would point ont
10 him or TO the republic, that he has scared,
not probed, the wound, and that he has not
pointed ont that evil whch 10 itself would ruin
any institution OF the kind that ever existed
The Stockholders OF the Bank of Virginia,
have given power to the President and Cash.
Ter, greater than that given by the people to the
President Of the u. S., TO Congress, or to the
Senate in either of their separate capacities
that Of disposng ofthe entire of their funds
not only without check or control, but actually
spithout erer being obliged 10 account Tor their
disposal I! The Stockholders have given
power TO the Presiden, and Cashier, TO take
drafts aud sterling oills without the previous
or subsequent knowledge Of the directors
Time ar an wi rlaIep making cgnhprs
OF he directors 81 facing The whole capital oi the
Bank ia the hands of the President and Cashier
Under sucha system will DO that act ofkindness
10 Geo. Clinton, that he perhaps would not 60
for me--teli him how to make bis fortune. Let
him open House in Richmond, under the
firm Of Geo. Clinton, in Petersburg Geo. Cln-
ton, jr., in New York Clinton George, the next
step that must be taken, must be 10 get into the
good graces OF The President and Cashier, and
this he can do by telling them that he will buy
tobacco and ship TO France, that he has friends
there as complete Machavels in working the
wires, as the parties can be here, and that he
can do the great service TO the Bank, of giving
them northern funds so soon ms he has shipped
his tobacco. Now, that Geo. Clinton has q
large capital established, he rings the changes
Of hog upon bacon, Geo. Clinton on Clinton
George, Clinton George on Clinton. jr. but 10
keep up appearances he can through his freud
the Presidents influence accept an accommo-
dation Of $50 to $l00o0O. But rs the market
Iuay be oyerstocked with hog or bacon, as the
directors may not go the hog round, he must
establish houses in the coun,ry. They can
draw for moderate amounts, not to exceed
$50, 900 at clip; they can il necessary, remit
and draw agan--thus my friend George,
point out to you the road TO fortune TO y0u-
but the road to ruin, TO the Bank, and to the
people. Let the public ask, san this be?
say yes if George Clinton with Back means,
makes a fortune, the Bank does moi participate;
II merely gets back, what it has lent in north
ern funds which it must have gotten through
other purchasers (whom they have driven out
OF the market by the weight oftheir capital)
without mourning hazard. Let Geo. Clinton
proceed in this business-ahd what becomes OF
the tobacco planter Who can at once com
pete with the Bank of Virginia here, and the
corrupt satellites Of the French reggie Let
abe monopoly be once as complete here, as il
has lately been proved TO be in France. and
Geo. Clinton may place his foot on the planters
secks aud give them 81 for tobacco worth SI4
appeal TO the experience Of the last sixty tlay..
Has not fine tobacco declined 50 TO per
ioOibs. since the result of the last concours
has been known, caused by the withdrawal of
the principal competitors, and what must be
the case IN another year, should they all be
compelled to resign. If there be any thing
N inns picture to strike the eyes of the direc.
"rs, let him, If there be one independent man
among them, awake from his leihargy, let him
examine the accommodation sheet, let him
Examine the deposit book Of acceptances let
MN call on the President for his private bill
ooos III he refuses TO produce it, tell him there
ethlng rotten in the State Of Denmark.
~. lei these books be produced, and then say in
VIC CONSCIENTIOUS discharge OF .your duty, will
you permit the continuance of sytem. in which
u george Clinton win the people suffer if he |
'OSes, God save the Commonwealth.
PAUL PRY.
W Mr.. Giles rs again in the field. The
4"chnond Enquirer of the 3d. ushers to the
"ol'd' No !, )" of" Retrospecis- Compilation