Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1829-07-28
ne ruK Ep1roR. or rHE Enoutn.

10 THE EDITORS OF TIE ENoUfRER
The very able Essays Of your CORRESPONDENT, s Geo
Clinton, OH the subject of Banking in Virginia leave
little to add TO, and still less detract from his disnu
stlon oil The subject The practical knowledge which
ne mas exhibited oil Banking operations this Country
and the faithful deneaon Of their effects could have
been attained only by application Of intense interest
study, and reflection.
Altho' your Correspondents arguments lave been
brought to bear more Immediately the Banks OF Yir
gina, their force is equally and perhaps quite az
erfully felt in other states Man being au initiative
creature throughout the Universe IL is only reasonable
to suppose That your Banks established on the same
principles those Of other States, holding communion
with each other. and managed by the same
ole agents, should have met with similar losses nd with
similar results.
BIT experience ustifcs in the belief, that YOUR
Correspondent c. c., correct in tho position that
me present distressed condition of the Country be Grill
icdiy examined, IL ,ciH be found that most Of me spis
zoe endure, may be traced to Banks. Not but be-
ieve, that the establishment Of them on sound princ
Pies ami TO a moro limited extent, Banks would prove
convenience and blessing to the Commercial Com.
munity, instead OF TO the land and an inc
on society, as now conducted.
In order TO remedy the evils complained OF, ma
ny considerations present themselves tbs FIRST aud most
important Of which, is how TO devsa cure that shall
be the beast announcement to the Community; aud, that
shall at the same time the NAL practice sud frauds
so repeatedly praciised the unfortunate S;ockhoJ
der and Community generally With this objec, in view
would propose:-
LIST. That the Charters Of the present Banks be suC
Tered to expire.
2nd. That entire rev Banks be established in the
large commercial cit -, not exceeding one TO every
three that exist; aud that the amount Of Capital be
reduced in the sarne ratio.
3rd That the Capital to be paid in, shall be actually
paid in specie; and. that the Board Of Directors be pro-
hibted from dscounting Stock Notes." until the full
amount Of the Sharcsbe paid up; and that them they
be restricted to loans Stock, to the Of BIS
Of its par value.
1,b That the Officers, 40 we'll as the Directors be
allowed liberal salaries for their services that the OH
GERS Of the Bank he prohibited from obtaining discounts
either directly or indirectly; from being concerned in
the establishment of other corporations transacng
other business, under forfeiture OF their appointments;
and that the Directors be restricted TO The Discounts
as the other customers Of the Bank.
9th. That the Directors, well az President and
Cashier, be held individually responsible for all 10.
Judgements OF the Charter
9Th. That the State appoint, with liberal salaries
three Bank Inspectors whose duty shall be TO inspect
every six months before dividend I've declared, the az
fairs OF all the Banks established within its jurisdiction;
to examine into the securities, bylaws, regulations
current expenses, and proceedings Of the Board
ihat no infringement OF the Charter occurs the duty
OF which Inspectors II shall be- to report annually I'M
der oath, to the Legislature. And where infringe.
men OF the Charter occurs such Bank 5e declared to
have forfeited the same
Itb. That no " accommodation Notes" or renew.
al paper" be discounted; penalty, forfeiture Of the
Charter
sih, a bonus 10 tie State, Tor tho priyege Of ssu.
ipg bills OF credit.