Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-12-12

s'ood that they have that quality hereafter There
be doubt, that an addition the depo-i,es the
Bank oil Virginia, whether public private, will enable
that Bank 10 extend its business aud OF course its pro
an IL the adopted by the Secretary Of the Trra
sury has the effect Of sustaining s notes. and thereby
creasng their value, II would seem to furnish no yerv
strong reason to the Bank to reject it-and in h.,
the pecunary interest OF the Commonwe sIth can bs
Injured by the enhanced value Of the paper OF Bank in
which Il Is so large sockhojer, aud over which Il has
preponderaiing Influence, Is not easily discussed But
the Secretary Of the Treasury not by the
under consideration In any manner nerfered with the
ccauoh OF the notes oil the selected any other Banks
The: paper Of all other specie Banks s equally
received with that OF the selected Banks in their respec
tive virinites because IL Is Immediately convertible
aud the paper Of the receiving Banks has preference
at distance, In payments To the Government. In
Iact so FAR from desiring depress i,jure the other
state Banks the Secretary Of the Treasury has actually
recommended TO such Banks he has appointed to re-.
ceive the public money. to with the utmost beraty
In accommodations for the promotion OF commerce. that
the public deposi'es will enable them TO give.
me message adverts to that clause in the agreement,
oy which The Bank of Virginia consents to give col.
lateral security, provided the public depo.i,es amount
70 one half or less. Of the capital stock. II does
not follow, because the formula OF the il
the with all the Banks appointed TO receive the
public deposes, that all the conditions apply equally
10 all In their practical operation. In places the
whole OF the amount of capital and in others II may not
be equal to eighth Of such capital In the former
may be proper, from abundant caution, demand the
security, while would be wholly in the lar
ter la Virginia, from the limited imports the nj
dspctes must TALL far short Of eighth of the capital of
the Bank OF Virginia The board Of directors
considered that article Of the agreement as mere
teller as respects that Bank II not that the
Secretary will feel disposed to throw any
IN he way OF The Banks he has selected TO do the public
business by useless exacionsbut, should he demand the
seeur'y the board must devise of the their
power TO comply, they must relnqush the contract to
those better allie to execute IL satisfactorily.
The Governor in his nessage has also entered on the
wue neiu OF Bank statistics AMI inland exchanges. How
far he has been successful in hunting up game few re
marks may serve TO show. The of the Sc.
cretary the Treasury with the Banks confined TO the
receipt oil the public money at the several points where Il
may be due, aud the transfer OF il whhersoever NAV
he required for disbursement He has not attempted IN
change In any degree the relations of inter-
course between The different parts OF the country All
a concerns the is at the revenue shall be
received and discussed in medium eqvaent to the
Udue Of coin as established BY lao. 1t is indeed ques.
tionable whether the General has any right
iui power over the commercial exchanges Of the country
either Ioeign or domestic They properly left the
seifregnating principles Of trade In the operations of
tho money concerns of the government gold and silver
are the standard AS said by dising states
man, this Ia hard money government. The several
States AMI individuals may govern their own pecunarv
matters in their way II is the policy Of every
State in this Union, TO keep up its circulating medium to
e specie standard and any fails 10 do its citi-
Gems must abide the ineonv enences; for when
ton bsgins, there is definite stopping point the in
tercourse between the Southern and Western States and
that much AIDED place, New York were as muchn IA
vor oil the latter the message asserts not the fault
OF the government" but of those who mprudenty buy more
nah tney can conveniently pay for New York her
elevation her own locality public spirit capital and
prize Ports OF entry established at almost all places
accessible 10 vessels the ocean; and il Giro
give TO New York the preference as place of import
the government cannot fairly interpose prevent il; and
me merchants OF the Southern and Western States deal
ere raer than import their goods for the supply
er customers II those States the mercy OF M W
York, they are under contribution her. it voun.
tary contribution. But the sacrifices made i'm
the payment of their debts New York. as described in
the message, are wholly imaginary. Ut one thousanth
part oil the payments is made in Bank No man
OIL common sense would carry business by which he
was TO incur loss OF six per at the very
threshold Have those States nothing to sell! What
becomes Of their coon tobacco, flour, hemp bacon coal
&C.! The merest tyro in political economy knows that
country cannot long continue TO buy il can sell:
ana so long as the several State Banks continue pay
Gle or Their notes on demand there greater
differences oil exchange either way than cost and risk
insurance oil transporting specie and fro; may not
De OUT OF place. state that for series Of years
Gle has been brought Virginia, from New York ti,an
has been carried ther from this quarter The
clerk In merchants counting house in Richmond. would
oe amused 10 hear that his employer had given his bond
in New York. TO bear per cent interest," and then los,
hye or six per cent on his remances pay that bond
when he every day obtain Bank check at par or
drat from his neghbor, who had shipped thithcr either
coal, Hour or tobacco. These mere details which
would have been omitted had not the message itself
tanned very mistaken details.
"Nor is this ALL; says the Message, sthc
is well calculated to subject all such Banks control
which is welded by the Secretary of the Treasury G.
IL so ordered by Providence that human
Is entirely without its Inconvenience; but it is put the
candor OF the Governor jealous and ardent
OIL the doctrine oil State Rights whether danger to the
liberty and welfare Of the country Is he
Iron, number Of small machines controlled and directed
by the several sovereign States, from one
engine established by the General stretching
Its arms 10 every State in the Union if welded by
mat Government, giving TO il irresistible power, or il
welded by Others than the Government, overpowerng al
once both ii and all the State Governments.
In conclusion, il may be remarked that this is not the
hrst occasion on which the Bank of Virginia has been
depository OF the money of the United States IL has
moreover, freely loaned its money the Government in
e hour oil need. and has the reore in the relation
debtor AMI creditor the United States but this the
hrst Time charge of sinister motives has been made on
either side No Bank can be conducted liberal
principles regards the United States, the Commonweal
public works, individual enterprze than The Rank ri
virginia has been Under the full conviction the cor
rectness oil their motives, and OF the propreiy their &C
IONS IN accepting the public deposcs il therefore pain.
n TO the managers OF that institution TO be put upon thei
Of Virginia. RANK DipEC10p
Virginia legislature.
In SEN u.