Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1829-06-02

the country improved, without iaultegiur in is
progress, is one ofthe considerations which prompt,
me TO write.
All the existing loans for James River, are nj
tmately payable blythe State, IL the River should
fail, as il certainly WILL in its means to meet even
the interest, which annually accrues on these
Loans; and II so, what win be the state of things:
Why, in such an event, the State would have 10
rely upon the profits arising from It's Capital Stock,
TO meet its unexpected responsibility; and what
these stocks should fail! Why, as public credit
must be maintained, nothing but heavy tax up
on the people, could save the credit of the Com.
monwealth; and this, whenever it shall come, the
people must pay, though their property shall be
sacrificed to pay It'll, then, il be true that che
horrible consequences which l have depicted,
shall be the natural fruit Of Banks; IT, after en-
| siavlng the government and people, they shall
have il in their power to do still further mischief.
namely, to bankrupt the Country, l ask, emphaf-
'ed!fy, II 1t is not time to arrest the evil! But
shall he answered here, by the friends OF these
institutions, by denying that my premises are tue.
Upon this point, we are, then, at issue; and the
only way TO settle the question: is TO unite in hav-
ing the Banks most thoroughly investigatet--not
by the mockery OF Legislative Committee, but
by men who are willing and able 10 do it, and who
shall have full time for the purpose.
Why should the Commonwealth have ta,en
shares in the Banks already established in Virgil
MIA! And what is the Commonwealth but the
peoples The Legislature is nothing more nor less
than the people acting through their agents. for
SCENTS itself, TO wit: that the people have been in
terested in the Banks, in order to enable them to
speculate upon the people. 1t is substantially the
people against themselves. In individual concerns
IN lie, no man will be silly, as to establish
moDit- institution, for the purpose of Specializing
upon himself; and if the principle be ride ulous
one, when confined TO Few, il l. 10 less So when
It embraces the whole people.--If this view of
the subject is sustanabIe, then it follows, that
partnership with the Banks, on the part of the
in
IN practice; Tor, whether the Banks shall gain or
lose IN the progress Of their business il is a gain
or loss by the people, ont of the peoples; and the
only good which arises 10 any portion of our Com
rnunty, is provision made for those who shall fill
the various offices necessary to the manage ment
OF the institutions-and, cousequently a tax up-
on the people, for the benefit of those few indivi-
duals. lie thus, indirectly, levied upon the people,
III Banks existed in Virginia, and were the en-
elusive property Of indivdals,in which the State
had no manner of interest, the people would hold
their representatives responsible, for the sound
currency OF the State, and this responsibility
would operate as a sufficient inhucement, to cause
vigilant examinations TO be made annually by the
lie gisature, into The real state and condition of
these institutions; but, the state being interested
to the extent OF one fourth of the stock in the two
old Banks, the members of the Legislature, are
either afraid 10 probe them deep, il they be not
afraid TO do this they are least afr aid 10 sneak
out, whatever discovery may have been made by
examination.
These general remarks upon the PRINCIPLES and
consequences OF banking institutions III lead me
into particular examination of the state and con-
dition oil The Bank oil Virginia, according TO their
own report, of their own condition made TO the
Legislature; but, before go into that branch of
the subject, must again make solemn a;peal
TO the people, to reflect upon what has been said
ana upon the Importance of electing members 10
the General Assembly, who are entirely free from
interest, OF any kind, with the Banks; or if thew
VIII elect men, who not dsinteresed, TO cause
mem 70 De instructed upon the subject should any
Bank question arise, during the session for which
they are elected. Indeed, am surprised that gen
uemen, VINO hold an interest in these institutions
should be willing TO vote upon any question which
may affect them; for, if seems to me- that they are
us incompetent, upon such occasions, as Juror
would be, who is interested in the question. on
which he IS to render a verdict
In nothing which have said, or shall hereafter
say, do mean to question the motives OF purity
oil any individual who may be engaged in the
management oil the Banks. Many of them are
my highly esteemed friends, and for all of them,
nave great respect; but, aln enga sed in the
discussion of question: in which Is involved. as
verify believe, and always have believed, the
best interests OF the Commonwealth am i'm no
way concerned in these Banks, either as stock
holder or debtor. Sometimes have had occa-
sion to ask small favors from them, which have
generally been granted; and Cor these occasional
services, have always been thankful can,
therefore, entertain no enmity these institutions
particularly; nor have any motive whatever in
writing these numbers, save only the nctiye tn
redeem the Commonwealth from the effects of r
general system, out of which may grow ruin and
bankruptcy, as well to the State in its corporate
character, as TO the people individually.
GEORGE CLINTON.
u pargiRietsis in reply 10 6" I'm Easter,
bUginadn is In type, and we regret we can