Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1830-02-20

ENJOY the confidence OF those who KNOW thcin best
aud have the best to form correct opinions of
them; that those who by the integrity of their lives
have acquired honest fane do suddenly become
knaves that to commit such fraud would require
coufederacy Of all the directors, with all the other
bank officers, to plan and effect the scheme, and that
in its own nature the thing is impossible. have
sometimes looked into the volume Of human nature
and have found upon its Pc ges many-very many ho-
nest names, as well Us those Of vains. blind and
unlimited confidence in men would be weak and inju-
iciomsa rational reliance in the integrity and abil-
iy Of others is essential society We appoint pub
lie agents administer the Affairs Of government; we
appoint private agents to attend to private bust
ness-and corporate bodies appoint directors to
manage their concerns. Must we discard all conf.
dence in men because some have been dishonest ard
betrayed the trust reposed IN thcmI The improba-
bity that board OF directors, elected yearly by your
treasurer and the private stockholders, could be
found so base and unprncplcd to be guilty of such
an act Of nfany the gentleman has described fur
hshes IN itself an answer to this part of his argu
ment. The gentleman has complained that the pub
lie money is by law directed to be kept in the banks.
Why was it placed therrS It for greater secu-
fity and for the public benefit quite as much foe
the accommodation of the bank; and this circumstance
goes to show the confidence which this body has here
oforc reposed in it, and which, believe, has never
been violated. Tho same gentleman has urged upon
the House the proprety of rejecting the BILL because,
rs he alleges tho people, several years ago. complain
cd very much of the extension of the charter OF the
Farmers Bank. Those complaints, presume, were
mt general, and uust have been limit ed the part
COuntr r.
ticnlar neghborhoods elsewhere The refusal of the
legislature ut that time to proong lis charter, would
have probably produced more serious complaints than
those spoken of by the gentleman FROM Sussex. The
policy OF prolongug the charters of the banks is
Very different question from that of the policy by
which the system introduced. II is in vail 10
dispute about the proprie.y of having adopted the
system in tho first instance. since we cannot now
abolish it without very pcrBicious consequences. IF
it be evil il is better TO submit to il now, than by
attempting remedy for 1t, Introduce an evil which
will be much worse, and which will be felt to the
hottest part OF che State. / do not know that we
have pet suffered any serious injury from this policy
nor 90 fear it so long confne it within proper
limits the danger is III running into excess. Indvi
duas may, perhaps, in some instances be injured by
dealing IN banks to too great on extent, but can
not by legislation make men prudent. Productivity
and imprudence defy the protection Of law. The
man who would destroy his fortune by borrowing
from bank, would, if there banks, do it as
speedily and effectively by applying for money the
usurer Another argument of the gentleman is, that
this legislature cannot constutonaly enact a Jaw to
proong the continuance of the bank charter, and that
we have no right to bind puseritv. In what part of
our constitution is this prohibition foundi Are then
oil the laws which have been enacted respecting
banks and other corporate bodies, void' Hes this e
gSature for half century been employed in passing
laws which II had no authority to enact?
There MIR. Eppes offered an explanation.
Mr. Speaker: the constitution of Virginia does not
contain all enumeration of powers granted TO the le
g'saturc, bat enumeration Of limit atoms and re-
strctons to general powers. If cannot enact laws
TO bind posterity absolutely, can, and do yearly,
enact laws TO pledge the public faith. Such are the
laws by which we enter into compacts with other
States, with corporate bodies, and with individuals
and can 1t be said we have power enter into
such agreements, because posterity will be bound by
them? But the public faith will be pledged by the
passage OF this bill only for little than twelve
years. Tho legislature will then be liberty to pro
long The charter to further period, abolish the
system 1t is enough for us, at this time TO adopt
our course OF policy to the condition Of the country
shall not now repeat the arguments which advaii-
ced on former day, in favor Of renewing the char
ter My object in addressing the House at this tiue
wcs to answer the objections of the gentleman from
Sussex, whose remarks thought ought to pass
unnoced profler my thanks to the House for its !
attcDtion and shall conclude, with the firm convic-
ton my mind that sound policy requires to pass
this bill