Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1830-01-18

flushed than granted. Amongst other things he admit,
the insolvency OF the Bank This admission ough
TO be fatal totbe application for new CHARTER Vet
II you VIII grant 10 u Of men, the privilege OF
ew speculaiions, in times which promise far moro
Iuhous consequences, than tho1ast twenty five years
III expected by your constituents, that you will 81 ye
The State from any further losses IL becomes vour
solemn duty 10 dissolve the partnership between the
state and individual stockholders. In passing upon
.s SUBJECT you stand in highly responsible situa-
uo' the eyes OF your constituents will be upon YOU
and the general voice will be against renewed of
th sc CIui ters Ii is true, as "A Citizen" saws that
great portion Of this stock belongs to the board of
uoIc orks, the Literary Fund, &c. &c; and il is
'or hs very reason That yru should guard the State
against inrtho' partnership in stock Acknowledged 10
DC Oda, b the advocates Of the Bank of Virpina
Consider that all future imp oyerncnt OF the face OF
our country;n educating the youth OF our country;
III chuo'Ihg the Fine Insurance Company To paw the
unfortunate for their burniips & = d C. drprnd ,ncn
the SOUND und wholesome character of Bank Stock
uHu then, reconcile ii TO your coiscielce If v,,
10 continue Inc operations of institution tie ~
"a "iich, RS friends admit to be bad. For - lai,,yr
mas happened, you are bameess; but Tor Whatever
shall he'eyter happen after the solemn ndnou tine
"hlch you have had, you will be resnon .ib, and an
% responsibility 1t VIII h.. unless ali my uppre-
hchSions IRE wrong. ~ Cnizui. saws tim, arm
inens nave been addressed 10 the cudices and that
uelc Is something IN the cG rac,er of the times cal
cuiotcd To give undue wcgIt to these ARGUMENTS =
HO"'i WIN ASK al thinking men, why should ID eu-
should hp
any 'ng III the times caIiafcd 20 fur Lo, the vin,vs
oi prejudice: IL II be rttG that ,yciu,iices do
ana mat The Hnes partake Of these prcu,ices tn n
sttat extent, then ! thiak th3; IL Ctr. IN" has
yicIued The whole questions FOR tioi tnos could no,
De- nhl"ss there solid ground for them Bu, ,bnrn
IS ncpr'udice; for understand The incaliuV of Inc
ictii To b. rash uds-Sut before the matter can p
u'! weighed or considered. Now,.f hnk hat tn en-
" hve years Is long enough 10 have SUBJECT under
consideration, und an opinion formed ct The end of
Iha time cannot be called rdsh or premature Tho
tfuth is that the whole country IS oDposed tu Tho
cipies OF Banking, though necessity brings out ayo
Gates Tor thein, sometimes 1T is truly sad(saVs
Citizen that prejudice has neither eyes nor ears. let
US therefore guard against it." Let US guard Daius
II! In favor of whom? OF Banks? Lord Cokesavs.
th9t ihese institutions have Souls" and therefor
tiIN 'Icy are much more TO be dreaded, than pre-
JudIcc even take 1t as "a Citizen" has described it,
We have u state of things at this time, which
seems TO be bottomed upon solid principles aud bro
mise not to get worse than they are. No such arti-
c'al chataGtnr Is reelected, either upon persons or
Things, as has been every where seen, Tor fifteen
years beginning with the year 30I ,ohea the Bank
~ U-S'nia toent into operation. AZ this time the
Farmers Bank can do more business, than all Virgi-
ma wants; and III this Bank too, the State has an cx-
lensl'e interest | ask. why should double set of
expensive officers be kept wages when the insti
tuition is not at all wanlod' LAS Virginia SO much
money TO spare that she does not mind squnndcrnr
away S'V'ooo per year Such state of things, If ii
be true. has remained secret to the people
have examined, with respectful attention. the
prodGctlon OF "a Citizen, and, he will pardon me-
hope Tor saying that 1t Toes not contain single ar.
gument, which IS comprehensive to me. lie saws
Tor example, YOU may repeal Tomorrow, tie char
tor OF every bank III Virginia STILL our circulating
medium viii be paper This is a mere declaration,
unsustalued by any argument whatever. No rea.on
Is gwen going to show that the proposition is true
insist upon the truth of the opposite side fthe pro-
position and am sustained by the highest authority
ever w tIen upon the subject of political economy
That every paper dollar which is issued in any coup
try Will drive out of circulation rs many silver dol
lars none ought to deny; and the reason is that so
long as an inferior medium will pass currently, the
superior will gradually disappear Gold and s:ire..
are OF nearly the same value throughout the world,
and will therefore circulate every where whilst paper
beng local IN Its character, its circulation Will al
ways be confined TO the limits Of that countsv which
creates 1t, or, If it gets beyond these limits, ii will
pass at discount
No good whatever has been produced by banks
either to the State or to individuals. The expert
mant has been fairly made, as to their good or evil
effects, and it is full time change the system. So
long as the u. States Bank shall continue, State
banks must be Improbable, for their issues must ne
cessarly be small, in order to protect themseltes
against the power of the United States Dark in
picking up their notes, and running on the State
banks for specie. 1t is from the issues OF bank that
tho main profits made, and if, from any cause
these issues cannot be made, profits must cease
One of tie People.