Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-01-22

Justly jealous Of Banking Institutions, this State
have been and however her policy in relation a.
then in other times, and under different circumstances
yet there IS no other alternative but adopt tc and
thus 10 meet competitors with their own weapons
The interests Of the Northern States taught them the adj
valtges OF their system, aud its successful results have
confirmed its wisdom Their crcd, increased their cant
u until what was at first fictitious. soon become
sohd aud real. and that to an extent sufficient 10
make tributaries Of all those States. which pursued
different poicy-rhciT credit became equal at
home TO supply the place of capital which was sent
abroad in quest OF the means OF It's own accumulation
ana the gam has proved worthy of the wise
ceptlon Directly the of the Northern system
mas oeen the course pursued by Virginia anl in the
iNe proportion has been the almost dcsoiatng rcsult
Ana Al ithcr evidence be required prove the benefits
OF Banking Institutions i'm their application to the OBJ
ects OF trade, and the general promotion of industry
only necessary to refer TO the experience of those Eu-
ropean cities that have used aud approved them and par
! heularly TO that Of Glasgow, whose trade by their
means, was more than doubled in the short space Of 10
years
Your memoralists are confirmed in the propr;etv of
imputng the prosperity of their Northern neighbours
che 10 these institutions because in looking for other
impulses, uey 10 mol discover any other advantages
possessed there, which enjoyed here and TO a
greater extent. New York is the single exception Ia
th's remark and the of this exception as is well
Known Is OF recent existence The loss of our trade has
oeen imputed to inertness but those who have watched
,ne progress OF ITS decline, ascribc it Justly the
lack OF the facilities to enterprizc-and they know,
moreover, that economical from necessity But
as the great trade of New York may be thought to be
the consequence Of other causes than those ASSUMED
your hehioHlists beg leave to cite, instance of
prosperity dependent upon Banking capital alone the
'eiatlNc conunlon OF Rhode Island and Virginia.
hode island has population of 90 500 and a Bank
ing capital OF $7,43 SiS, little than So y7-lOO
10 eacn soul OF her populaton.Virginia has popua-
tion OF llOo, and banking capital of 81 6g3 500
traction less than 81 7llG0, 10 each soul of her ponua
uon--so that the State of Rhode Island by her liberal
anu profitable policy, permits each of her citizens
vest some tlng more than sixteen times much is al
lowed to the citizens of Virginia. in bona fde available
Gank securities The annual bank dividends in Rhode
Island amount TO each soul of her population 81 57-IOO
whilst the dividends i'm Virginia rive only 100 To each
e nr clzens and thus plainly appears, that the arti
nSi cPllai IN each State, being about three
OF me actual capital the proportion of available capital
TO each soul in Rhode Island upwards of SOS and in
Virginia is less than S6
our nemoriollss cannot here iorbear remark that
not only does New York reap the advantages of her be
raj system in the effects already alluded to- but bv means
of she is enabled to carry on her trade with he cam;
TAI oil Nlrgina for such the thriving condition of her
stocks, and such the of stock market here that
our capitalists compelled invest their funds there
ana s must continue TO be the case long as interest
continues to be the motive to human action. The loss
10 e capital OF this State from this cause mst shortly
DC increased to AN alarming extent Your memoralisis
cannot doubt that the Bank of the u. States will i'm a
short time TO exist and in that event tho flnd
our capitalists now invested in the stock of that institu
to must go abroad, for want of the invest
ment at home.
Your memoralsts need scarcely add that unless some
remedy be applied to the evils complained of that they
must nj no distant day be increased, beyond even the
power OF our admitted resources withstand So lono
as the Bank of the United States afforded an equal cir
culang medium of exchange, the people of the South
Goud make Their payments to the importers, with little
| disadvantage These payments must now necessarily
| of tl,,
BANK OF the United States must be made either with
specie, or with Northern funds The transportation of
specie Tor this purpose is next TO impossibty and
ule premium IN the purchase of Northern Bills almost
ruinous The only alternative will be, to obtain the fa
Vor OF Northern Cashiers permit our merchants 10 de-
posite the notes of the Virginia Banks in their VIII,
inc fe5no winch Will be TO prevent the latter from dis
counting at ALL for IL be expected that orr notes
VIII circulate freely far from home, and deposited
tere TO draw upon will necessarily be returned TO he
redeemed by specie; in either case the loss may be INN
gned but cannot be calculated and the prospect equal
| ly cheerless.
Your memoriaiss have now attempted briefly 70 s,,,
their opinion of the Of the depression of our
ercial relations, and the evils resulting from that de-
preston, and would now respectfully suggest as their
&smedy, an increase OF Banking PRIVILEGES They Iis
clam any intention to dictate the course which should
be pursued in order to accomplish the objects thc ~,
III Nlew--the immediate end of your memoriasis ,vos
and IS, to ask of the General Assembly the ncornor,t
of q Banking Company in this BOROUGH wifi tie ,,r;,
fiege OF Locating branches as trade may rc
qnlre between the James and Roanoke Rivers In ma
KING tins application they have thought that the motives
10 ue request forciby applied 10 the State mt LARGE o
well as TO themselves and they could not well cnorce
their own claims, without reference the commercial
situation and condition Of the Commonwealth
But If your memorialiss have erred in their facts and
deductions IN regard to the of the State sill II
cannot be denied that the prosperity, and indeed the We
IY existence, OF Norfolk seaport, REQUIRE srcnu
Gus effort to counteract the operation otc
present depression which must necessarily he increased
when the capital of the Bank OF the United State LII
be Withdrawn Norfolk from its local situation is nj
most wholly dependent upon foreign commerce: and This
as your memorol'sts have attempted to show can ONLY
be recovered and maintained by an increase of canifo
Your neinoriaiss therefore request that Bank n,a,
be chartered, with capital of 81 900 0OOo be located
! IN tiis Borough, with the privilege of estabsLuo,
branches as before mentioned and subject to sucb y ~
the Legislature shall ordanand the more fully 10 CIV
plain their Wishes they beg leave to append draft or
suc charter "a; their interests and necessities seem TO
require " "
Your Inemoriasts do not ask that the State sbould
become subscriber tothe stock of the proposed B,n
although they would prefer that such subscription should
he made believing they do, that il would greatly nro
mote IT'S interests and insure its stability
our memorialsts, in conclusion deem il rroncr m
says that even If they have erred in claiming an The
benefits to the State which they have thought would
be derived TO it, from more enlarged policy than
that which has been heretofore pursucd st,fl thot
great advantages may be expected from tho bo-
nus, which will be Of the considerations of the
privilege they ask. They need not point to NIagsacbu
sctts, whose citizens pay other taxes than sucb
as are collected in this mode other States where
internal improvements have been effected by the same
means-and there is good reason known TO vour mo
moriaiists why Virginia should not i'm like manner at
tempt the devclopcment Of her resources
Your ncmcralists look forward with lively hone 10 the
period, when Norfolk aided by the liberal policy of the
oiate snail no longer continue humble tributary To
the North but shall reap the abundant harvest which
must How into he harbour frou her natural and artificial
channels again to be forth in the lIness az bcr
strenth to every land and nation And your MEMORIAL
lists, &c.
SUPREME COURT OF THE u. STATES.
Itcsday, i'm 10, 1885.
pursuant TO adjournment the Court met this morniny
at the Capitol. mug