Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1830-02-09

Va, it il equally important that our circulating me-
dunn should be preserved uncontaminated by the
sound, il not spurious notes which would be forced up-
on us, of whose value ard genuineness we would be
incompetent TO judge,-,ius .uhjeciing perpeually
TO the frauds and depredaons OF inposto and coun
erciters III then. many OF the evils OF paper
lrency, are beyond our coUtroul why should not
extend tn our own citizens the alvanagss afford.
Why suffer ourselves not only TO be hoped wuh the
notes Of foreign Banks, but te re in arJsure tributary
to their gains Among these has been asceiAned Ia,
the loss des ruction o. ties form small item in the
p otis oil Bank-tie hal been informed tina, sucl,
was the ease, on Whining up the affairs OF tn. oil U
$ Bank: AMI among the exhibit. recently submitted
to the Committee by the Bank OF Virginia it was
ted, that OF $4,000 of and too dollar notes issued
by that Bank during the Suspension Of specie pay
| menis, only S62 i45 had been returned FOR payment
leaving clear gain TO the Is INK 50 $50, or ahout
l3 IL per cent upon the amount Issued. While i, j.
doubt true, that this gain would be in the inverse
ratio OF the value OF the NOES issued in
OF The diminished circulation and the greater care
which would be taken Of the larger notes IL il obviou.
that the gains of Bank In this way during the ordna-
ry term OF charter, might prove thing consider.
able. Is il not better afford Banks OF our own
The benefit OF any profit deivable from this and other
sources, than 10 foreign Bink' which, unless counter
acted by similar institutions of own, would suhisc,
Va 10 rios OF the evils, without aT,rdng us any of The
| advantages Of Banking.
But, even admitting that had il in our power 10
exclude entirely from our territory the circulation OF
losegn notes, the Bank OF the u s ha. been fastened
upon and settled the question whe' her we ar to
have Banks or not. This circumstance alone would
have been sucicn, to decide his course upon this sub
| ject, whatever might have been his directions 10
The policy oil Banking, anterior TO the establish
ment OF that mammoth institution. II. had not,
only regarded the act of its "a uncon
sutuona but had ever been jealous and di.,rustiu
| OF Its power and Influence. He knew full well
that no State Banks could il; but did not con-
cur in the opinion which had been EXPRESSED by the
| gentleman from Frederick, (Mr Masom) as TO their
INABILITY TO present any check 10 it, opsraons.-In
proportion "a the capital of that Bank should be
augmented he m Oh in
IN the same ratio would its patronage and influence
be Increased The United States Bank knows its inter
est too WELL not to employ its capital wherever could
be used 10 the greatest advantage. The distribution of
ITS capital among its various b anches throughout the
Union would prove this fact Virginia has already been
Idr0Wed with two OF its branches And il we had no
Bank capital OF our own, might anticipate an ac
emulation OF these fa' ours If all our Banks were
now wound up and their present capital amounting TO
more than hive and half millions of doars) pad OF TO
the stockholders would there not be some inducement
TO the United States Bank increase its capital and
multiply its Branches in Virginia? IT, then renewal
oil the charters oil our Slate Banks, would operate i'm any
way as check TO the extended power and influence of
mat BANK, they should be chartered that
ton alone il entitled TO public confidence Us will here
after be shewn He also opposed to any farther cx
tension oil the influence oil the United States Bank be-
cause 1t would have powerful tendency TO seduce us
from political principles which should cherish and
perpetudte. lie alluded 10 the opinions which virginia
had uniformly avowed and maintained i'm regard 70 the
incorporation OF that Bank Debt is evil at best
still more so, when il affects our independence of
thought or action. Let citizens become extensive
y indebted to that Bank and interested in its perpetua
ton and that very interest will be apt TO reconcile
them TO an institution, whose establishment thew had
felt it their duty TO resist. Notwithstanding the strong
and repeated protests of Vii ginia against the usurped
power of the General Government 10 construct Roads
anu Canas mas not the aid OF that Government Tor those
very occts been frequently solicited by citizens in
various parts OF the Commonwealth? What better evil
dence could be furnished OF the melancholy truth that
principle is too apt to be sacrificed interest whenever
| tlnx into lit,
men may change opinions, without being aware OF the
real motive which actuaes them Seif.interest is too
apt TO bias if not TO blind the Judgment If il be deter
mined that the Charters of State Banks are not TO be
renewed, VIII not strong inducements be presented 10
many OF our citizens TO seek through an augmentation
OF the capital and multiplication of the branches Of tho
ohuea states Bank that accommodation which has
heretofore been afforded by Banks {? And NAV
not the United States Bank readily avail itself of this
temper, TO profit by the sudden withdrawal of so much
oil our Bank capital and extend its dangerous and wide
spread influence throughout every portion of the State
If the existence OF State Banks would not only re-
move this temptation from citizens prove check
to the extended operations of the United States Bank
sound policy he thought, demands the renewal of their
Charters Mr. X. conended that could never rea-
sonaby expect from the United States Bank yhose Di-
rcctory are far removed from us) proper interest
IN and concern Tor those changes which must occasion
ally occur IN the circumstances of people and which
could not fail TO be felt by the Directory of our State
Banks, whose interests and feelings are identified with
those oil the community among whom they reside The
vi e Bank, IN their admins
traton OF its affairs, would of look solely to the
interests OF the Bank and the nation regardless of those
OF any particular State. Our State Banks, however
while consulting their interests would never fee
disposed to act harshy towards their customers unless
required by lnperous necessity. To illustrate the JUS
tee oil this remark he referred the temptations if mo-
invitations which were given TO citizens obtain
loans at the United States Branch Bank here during the
mania which prevailed for speculation i'm real estate
shortly after the establishment of that Branch LARGE
sums, borrowed as was well known for the purpose o
SUCH pecuatons, ha been scarcely invested and placed
beyond the immediate reach of the orrowcrs before
orders were received by the Directory here to
heavy curtailment OF its discounts As NAV well he inn
agned the hashness of the operation was severely felt
Our State Banks were constrained to follow the example
and thus commenced the rapil decline of property
the embarrassments of commerce. and disastrous traiI
oil events which viii long he remembered. direcio
ry acquainted with, and feeling proper interest in
The peculiar circumstances OF this community at tha
| time, would never have adopted such poi CIV. III,
felt assured, that il could have been approved h,
| he Branch Directory here, who, acting under a man
date from The Bank at "hddeirhi, had hut one cours.
10 pursue. lie aiso thought il not unworthy of con.i.
deration whether IN S. Bank is not suscep dble n
Heing used a. political engine in the hands of the go
vernmen', in 'm's Of high party excitement TIL,
question OF charterlng that Institution, has alread,
been, and would no doubt again brceme an interr stni
subject OF discussion in national councils II wa
one OF tho'e subjects, which contributed 10 draw b
| lin" between tie contending political parties whic;
have divided our country. May not it, patronage b,
conferred on is own psrtiZans, or a favoured class
politicians 10 the oppression and injury of another cIa
NJ ay OF certain States in The Union, who should on
pose the views OF The Government especially in reIa
ton TO tie recharIeDg OF that Bank be made 10 r.
ln nj a.. u A