Daily Richmond Whig & public advertiser. [volume] (Richmond, Va.) 1833-1840, 1836-03-17
Foe THE WHIG
NO MONOPOLY.

have Shewn in what manner Bank, enable
individuals To use single amount OF capital IN n
double, treble and quadruple capacity at one and
the same time and II pTudeniiy used, uf course
10 multiply their profits accordingly. The whole
capital OF Virginia may be enlarged IN the same
manner, and whether the money come ORIGINALLY
from The rich men of our SI.ieT States OF from The
Dukes, Lords and Ladies Of England | fancy
makes no great difference. Ii the additional
capital IL used discfseily, the country mast be
benefited. Banking may DC abused and has be IN
ahuScd,a and IN no place more than in Virginia But
We are no longer 10 our infancy IN such matters
as We were twenty years ago. Experience has
taught uS wisdom, and knowledge gives security.
u man once over cats himself and suffers from
The Surieit, must he never eat Sgainl We poor
VIrginlans have been unfortunate in many IN.
derlaSingS. We have gained some cNoerirnce.
and have paid dearly for II. Let us profit by what
We have learned, and not suppose that We are
always 10 be unfortunate We have learned the
prudent management OF Bank Capital, and have
laiiefly been highly successful IN all our works
OF internal Improvement. Much vet remains 10
be done, and will remain undune without FOREIGN
capital. We must ca! foreigners To our as>is.
t'ncc, they are ready AMI willing TO come the
mumsnt NE hold out To them I safe, permanent
and profitable investment for their money. We
want their money we can afford to borrow it-all
then that Is required IS the establishment Of Banks
and their money is AT our service.
IL has frequently been objected to Banks that
the amount Of their npies IN circulation and dchis
exceed the silver and gold IN their vaults, THIS IN
most instances is true with reSpeCt Ia B0uIs and
may say GirGyS Uc with IL spect - prirQ'c ind.
ridHdis. Where Is the man that could ray all his
debts IN SpCctc u he was SuddcnlS called urun1
Was II ever required Of farmer, merchant or
mechanic that he should always keep specie rra.
dy to pay all his debts whenever called uponl-
The farmer has his farm aud stock, and The mer.
chant has his goods, more valuable 10 them tn a
specie, which, II necessary could be converted
INTO silver and gold, 10 pay their debts. IN like
manner the Banks hold the pfomls,oty notes Oi
individuals real estate the notes Of u.her Bank,
and other scCuflticS to meet the debts due from
them for their notes IN circulation; they also have
quantity Of specie always ready for all oTdiua
~, and generally all extraordinary demands -
The Bank with specie, real estate, good bonds OF
pr0miSSOry rotcS sufficient tu pay all her debts 4,
just IN a. solvent a condition A. 2 farmer whose
means Of paying his debt, are locked IN IN land
crops and stock. Neither Of them have silver ant
gold 20 ray ihci! dchi>-Lcilhcr of them prthap
could pay one dollar in Ten, or one dollar in a
hundred, IN hard money, set ihcy are both per-
lectlY sound, perfectly solvent This is enough or
! this part of the subject There never was a grca
/ ter humbug than that Of hard money. II n on,
! ui The temaguguc's weapons with which h,
! fights against reason, justice md common sense
With love for ihcif country, and It's institutions
| ienrlOl oulctieS against Banks and corruption
llaitely Of the dear people ami ferven ptotcStalon
Of eternal devo ion 10 their service, their whole
soul Is wrapl Hp IN ssif their whole aim Is sci
/ dHEIduNlEcUtuls
While the dem1goguc cries out against Bank,
and calls them monicd munopolcs and ofhci
/ hard names, consider them the peoples bsS
security against oppression aud ksavcry. Sup
posing shat our present Banks were deprived ul
their charters, aud their capital returned 10 the
stock owners, where would the money be found
| w I'll probability % would b. found scattered
abroad ~ town and county, 10 The hands OF men
called shaycrs, requiring , and rcr cent. re.
month Tor he nee oi u. Money will be power IN
The hands Of .ae few or the m1Ry To prevent
The abuse o that power, collect u IN convenient
quantities in suitable places and lay II under lc.
gal re,uio'ionS and limitations, and The people
will then derive all possible Advantage from the
free use IT the capital without being subject Ia
imposition or oppression when obliged TO borrow
began by proclaiming No Monopoly cons
cludc with The same idea. II VIC arc 90 have al
increase Of Bank Capitol let us have 70 IN tho
shape Of new Banks. The present Banks have
power enough over the currency OF The country
Indeed more Than they ought TO have. Tbs man
dates of The boards " our two Richmond Bank,
could shake Virginia 10 her centre. Local Bar k
can best judge Of local wants. A. present thC
Richmond Banks src guided by no sort Of regard
20 lor al wants. Their orders 20 forth, and csH.
,,dt contraction or expansion Is The consequence
" We had independent Banks such state o
affairs would not be likely Nv oc,ur
COMMON SENSE.