Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1829-03-03
FOR THE ENQUIRER.
ID 4 NJ n Q

E.t
BANKS.--No. Ill.
in order to q clear demonstration of the PROPOSE.
ton now under discussion. IL will be necessary to
compare the condition Of the country, before We
had Banks with Its present condition. for il is only
by a comparison OF things, with each other, that
We can tell, which is the best.
From the adoption of the present Federal Con-
sdtution, in 1888, down TO 1904, Banks were un-
known in Virginia, with the exception of branch
Of the old U. States Bank in Norfolk, about 1899
OF 1900. The paper of this Bank. rarely found its
way into the interior Of the country; and it may
be truly said, that the currency Of the country
was metallic. Until the year l79S, no people
ever enjoysl more happiness prosperity than
the people oil the United States-nor did any coun-
try every flourish more within the space Of time.
The desk of every agriculturist in Virginia had
some gold or silver to spare If he was prudent,
industrious man; or he had something like money
10 spare In the hands OF his merchant, who, In the
days OF which am speaking, acted as banker to
his prospecting customers.
Nor was any interest paid upon such monies as
might be deposited in the hands of the merchant,
because both planter and merchant considered
himself accommodated by the arrangement; the
planter, in having his money safely kept for him
until he wanted to use it, and the merchant in
having the use of the money until It was called
for. Under such circumstances, none will doubt
the happy condition of both planter and merchant,
and II the view be some what extended, il will be
found, that this state Of prosperity not confined
W. III.
being no stocks Of any kind in the state to induce
paper speculations-all the spare money which
tho planter or farmer had, was regularly laid out
in new lands and slaves, whenever they were
found to be in market Lands were then consider
ed the first object, and all who had the means
were anxious to acquire them. Hence il will be
at once seen, that new lands were acquired,
new plantations or farms must be established; and
in doing this. slaves and stock of every kind were
always in active demand-so that the man who
I'M mil alc
readily and to adv antage, for the purpose Of pay
ing his debts. In such state OF things lands
might be truly said to constitute the wealth OF the
states, because he who possessed
lands. need only to cultivate them, and his wealth
gathered upon him sometimes, faster than he
wanted it. Nor was this all-the currency Of the
country being specie, was widely scattered thro'
the land, and in diversified hands. so that its con-
centration at any particular point was impossible,
and consequently, its removal from the country
could not happen TO any great extent. The coun-
try which places higher value upon lands than
upon any other species Of property rarely fails in
being the most wealthy and most happy. The
reasons are obvious-where land. are held as of
active and prosperous. The holders of lands must
Ire constantly estati.s hng new settlements, and
these will require something at the hands OF the
carpenter, the blacksmith, the ditcher, &c. &c.
Thus the services of all will be brought into re-
quisi ion; all will be benefited, and every class
that there are many, who, in order to effect pre-.
sent objects, insist that commerce could not be
carried on without the aid of Banks. To this
answer-how was commerce carried on before we
had Banks: Will any body deny that there was
any commerce in this county at that time? None
will be found hardy enough to take this ground
for every intelligent man of forty five years,
knows that, before there were any Banks in Vir-
Riaia, the foreign commerce of the country was
far greater than il has ever been since, and the
Nnr tharQ fha
least Inconvenience in transmitting money from
one point to another, through the merchants,
whose credit fher, was good, if not better than
Is the credit of Banks noU. l admit that Banks
have destroyed the credit and confidence, which,
before their existence, men had in each other;
ind admit also, that if Banks were at once de-
stroyed, some Inconvenience would be felt by the
commercial portion of our community; but this
Inconvenience would be but temporary, and credit
and confidence would gradually be restored.
This short view Of the condition of our Country
before the creation of Banks is here presented, in
honest sincerity; and under il, people had more
cause to rejoice. than the people Of Virginia
but, alas the Banks came, and " all things be-
came changed" Like the Upas tree, they have
withered aud destroyed the heaIthfu condition of
the Country, and inflicted upon the people, poIit-
ical and pecuniary diseases, of the most de ably
1t will BIO remembered, by all who at
tended 10 the discussion Upon the alton of the
Pank OF Virginia, in 1903, that, amongst other
y A.
the Merchants would have il in tIfii power 10
borrow money, without limit either 10 time CT of
Amount, and thus be enabled to Civ To- ,he planter
and farmer, cash price for his produce, which
would be equal to the then credit price of the same
articles; and verify believe, that this was the
most powerful and successful argument which
vas used-yet, how has the prediction been veri.
he'd! The practice of rs years will answer the
question: and every man who has taken the trou-
bic to compare the state of things, before banks
we're created, with the present condition Of the
Country, will give the same answer. Having
'ketched short view of the prosperous situation
d the people before banks were established, and
as we all do, the present miseries OF
my next object shall be, to ascertain the
Causes which have led to the change; and il am
no, greatly deceived, l think shall ind no diff.
Guilty in showing, that this change & owing to
BANKS. more than TO any other single cause; that
he value OF Lands has becn DESTROYED by their
.nnuence, and that no country can prosper, where
lands are deprecated below their true value
These are the propositions which propose 10 es-
Iablish and, If do not succeed, it will be because
snail be unable TO present them to the minds of
others, in the same view, In which, think, j see
ihcm myself.
Before ] begin to examine the propositions
which have advanced, will take leave to say,
hat know shall be told by many, that The pros
.ercus situation Of the people. before Banks were
established, was chiefly owing to Foreign Causes,
arising from the artificial state Of things produced
by the French Revolution, and other causes con-
nected with IL and am also prepared 10 hear the
PRESENT depi esscd condition Of the Country ascrib-
Ed TO other Foreign Causes, such as low markets,
se.--but artfu! and sensible men, can always rea-
'on plsusibIy, either for against any PROPOSE
Ton which may be laid down. 1t is enough to es-
ablish the Iact, that, until Banks we're created,
our lands were valuable, and our people happy;
md that, after we had Banks, our lands became
'icrile and valueless, and the people miserable.
GEORGE CLINTON.
To The Editors Of the ENQUIRER.