Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1829-06-19
FOR THE ENQUIRER.
RANKS MO 10

FOR THE ENQUIRER
BANKS, NO. -Ie.
Every calculating mind must plainly soc, thai
there Is nothing in prospect. which can promise
any profit TO the Bank, within The nsrt twen.v
years. The Bank OF Virginia commenced ooera
IONS IN 1904, and when the present extended
Charter shall expire, will have bean in operaiion
thirty-three years. This is great space OF tirrre
anu VIII have embraced as many good years 10y
business as will, in all probability, he found in any
succeeding time Of the same measure. The Bank
mad the advantage too, OF beginning with fresh
capital and free from all embarrassment; and at
'he emu oil the thirty three years, what will prob,
probability, TO pay her debts; but without any
thing TO give to the Stockholders and in mauy re-
spects, greatly perplcxed in her annual operations
II this Bank begins new business under new
prospect before il.
u, with fresh Capital in 1904, ,cifhou COM
petition, with all the Country It's friends th;s
Bank has been unfortunate as to lose its whole
capital Stock, after 30 years Of active business,
Is II prohabe that in 1888, 1cifho1H CdDifal with
great and overwhelming competition. and will,
many enemies It will probably do better than il
mad done bctore' Or, is il not much more proba-
Die, that il thirty years operations have swept
away its Capital, thirty more in sue ce.sjon will
sweep away whatever remains These are uues-
uons-of grave and interesting character, and il
becomes the people, in every quarter of the Com
monweaith, to take them into their most serious
consideration.
tion OF Banks when ruined, should, by all pIausi-
BILE means. lie concealed from the public-not eyet,
when the Commonwealth il deeply involved asa
partner-because those who manage them, are but
human beings, with all the infrmities of their
nature; and. in all past time, man has been found
cnsng to the last hope of relief and the last bopo
never comes until explosion is al hand. On the
part oil those, therefore, who manage these lns,i-
'ntlons' u need not be expected, that any adms-
SION oil danger viii ever he made; thsy will insist
TO the last that they canrecover themseIves from
the peri's, by which they are surrounded and thar
they can save the ship from sinking though the
pumps are all choked. Nor will that clas. Of rol-
llcians, who have aided in the establishment of
Banks, ever unto in any scheme, which will lead
10 development Of the real condition of tho
Banks, or any one of them. That false pride OF
OPINION which has wrecked so many men, and So
many countries, will be adhered TO- thoueb All
around shall be one wide sprea d ruin Thar rsa-
son thus TO Themselves: al desire to pass for a.
pro'olnh politician; have advocated these Banks
and aided in their creation; have spoken of The
benefits which they will produce to the Country.
and have told the people that they would End in
Banks every thing which would make them hap
Ply, &c &c. But, in these things have been
deceived; and, in place of blessings, they have
produced curses; yet, if acknowledge these
iacss, shall lose my popularity, and lose nv in
tuence-therefore.I will conceal the things wb;ci
know, and continue these Banks though h.
iieve they will bankrupt the Coun,ry.'-Hence.
II VIII be seen. that there is no hope of aid 10 be
uerlved' either rom those who manage the Banks,
or those WIN created them; by which aid such an.
investigation can he made as will Jeyejone tba
true condition Of the Banks-From whom. theu.
is II expected, that efforts will be made TO mako
the true condition of the Banks known to The
world? Certainly from those who have opnosea
their creation, az well upon principle az expedien-
cy. II Is true, that extensive ia the influence
Of Banks at this day, that ne who runs against
them may be sacrificed; perhaps, there is nm
chance OF escape. Yet, If shall! he sacrificed.
will say, as was once said by distinguished man.
" shall glory in the sacr6ce-for il will ne
made, whilst defending the cause of my Coup.
try" Nor do wish to do any injury TO these In.
situations, whilst they have lawful existence +
am prompted by no such unworthy motive Nv
whole Objects, to purify the Cole Of the Country.
ov striking from the Statute Book, at the proper
Time, the laws which sanction the principle Of
banking, and which verify believe, have so can.
kered the human heart. as 10 make man what he
was not and 10 have produced an extent of human
misery, utterly unknown in past times
The evils which Banking Institutions have pro.
duced IN this Commonwealth, are 80 numerous
ana SO various, that no mind can count them, nor
pourtray those which may be counted in coIora
sulhciently gloomy: Suffice il to say, that there
are but few things connected with human con.
Germs, which have not been touched by Banks
and nothing which they have touched, has es-
capped disease, and perhaps death. Amongst other
"'''-', b"hhS are oecOiNing tne owners OF all the
property, as well in the country around the towns,
as in the towns themselves. This il an evil of so
high magnitude, that IL cannot fail 10 be bereaf
ter both felt and acknowledged; but, aIasl the
time may be Too late, and all remedy viii be lost,
Nay, tho Banks themselves will. as I beIievs
not only feel the effects OF their own measures
but these measures may involve them in one curn
mon ruin with the people.--When the lands f,r.
yoDd The mountains, and even on the East of tbs
mountains, belonged exclusively 10 the Common.
wealth, suppose she had said, we will hold these
lands, aud part with them only upon lcasehof,l.
does any body believe that the country would ever
have been settled! Or, suppose the Common.
wealth should authorize the Treasurer TO buy ,rp
every estate, which may be sold al a reduced
price, under deeds Of trust &c. what effect would
these principles probably have upon the popuIa
lion OF the Country Why, there can be no rea
sonabie doubt, but that in the case Of the lands
held by the State, they would never have been
settled to this day; for, the free men of this cotIn
try have, AT all times since the revolution. die.
dained TO DID their lands upon principles partsk.
ing OF fhe English feudal system, and In The last
supposed case, the effect Of such policy would.
inevitably. lead 10 depopulation; for such specu,
latlons would, very justly, become odious and the
last owners OF the property sold, would soon seek
new fortunes Ing the wild woods Of the Vest
These would probably have been the effects pro-
duced upon the Country, IL the government had
adopted the policy which the Banks are now pur.
suing; and now, let VIZ enquire, what will be tho
probable effects Of the same policy, when pursu.
chiei OF this policy, when pursued by Banks s.irs
he as extensive, as when pursued by The state ~
cause the sphere Of action will DO smaller b,,fy
do contcnd. that within fia et,{,cre r..