Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-07-01
TO TIE EDITOR OF TIE E.TQUIREI


TO TIE EDITOR OF TIE ETQUIRER.
hope you will indulge with the privilege ola sub
scriber and publish the accompanying communication,
though the opinions advanced be more radical than you
approve-For my part, am extremely solcitous that
our Banking cupilu shall be increased and though
believe we have ever had less OF the evil Of Banking than
any other STATE and That Banks have been far more
honOrably and fairly conducted Than esew here-yet
hope in due time shall get rid of them altogether, tor
am fully convinced that The whole system is incrPedi-
cnf, unjust and unconstitutional Since writing this,
have editorial structures in the WhIg on the
Banks in Richmond-My communication is purely ab.
srac and has been accustomed or suggested By any
occurrences OF The day.
Ia thc .Hcm5c,S elect Of the inert Legislature.
The attempt 10 increase the Banking Capital o.! the
State, which barely failed at the last, viii no doubt be
renewed at the ensuing, session OF the Legislature his
will be the most important subject you Will he called 10
deliberate and act When viewed IN all It's bearings
society the power to create Banks invests The rgs.
lavc body with more complete control Of the pre-
and future destincs Of the people, than all The
other powers which that bod assumes to exercise
Your constituents, therefore, have the right to eI-
pect and require from you, that you will prepare
yourselves for legsating this subject, by calm re-
Election and close investigation; that you will inform
yourselves Of the wishes OF your respective constituents
and cndenvor ascerain not only from The most ap-
proved theories but from the past experience OF those
sections OF the Union where the Banking experiment has
been fully tested whether the present and future lnle
rests Of your constituents will be promoted by any in.
that the effects of any legislative action this subject,
whether for good for evil, will be felt for ages to
For epcndcnt of the generally received doctrine, that
laws comforting chartered rig hits are repealable the ex
pcrcncc of many of sister States must convince YOU
that strong banking interest once created, greatly IN
uences entirely controls all future legislation on the
subject. Virginia is Justly proud vi the pure mo-
raity and nice OF honor by which her citizens have
ever been distinguished. BE cautious that no act of
yours tends in lis certain consequences 10 impair or de-
stIoy this high and cnvabe reputation. Remove no IN
cenlve 10 honest ndusty, hold ont no temptation to
dlcncss and vice: BY making fortune the reward OF cum
ming, intrigue aud successful speculation. rather than
Of virtuous industry and economy gus cRlm rUt"em
ampiectur ipSam, Prtmia 81 tOilas:'
Recoect that when you induce those engaged in pro-
ducve labor to quit their employniens and launc! INTO
the Of speculation you do double wrongly gu cor
upt the morals and probably ruin the fortune OF lie Spe
cuator and task heavily the vrtuous part of the
community, who remain at their productive employ
nens. If reason did not relue the notion that the az
gregaie wealth Of nation could be increased by the Is
sue of paper money, the past experience Of your own
and her States has abundant!y dsprovedit Eve
~ act Of yours which takes Oft from the number OF those
engaged in productive industry in far dnlnshes the
national wealth.
There is one aspect Of this subject which must beg
leave particularly TO impress on you attention on are
generally the Representatives Of the country as dStIn
guishcd from the Towns Now, whilst l readily admit
that there is Il class individuals in every town who arc
greatly benefited by the creation of Banks, and still
more perhaps by their failure, il becomes you seriously
to inquire, whether The surrounding country does not
pay suffer loss, greater even than Tie Hleg
mate gains OF those avoured individuals OF the towns
Far be it from nv intention 10 excite spirit OF hostility
between the towns and country believe that their true
and lasting interests the same and have no doubt
that The iabouTng Glass; the numerous portion OF
the population OF all owns is seriously I'M ured by
the expansions and contracons, and failures OF mnned
institutions, than any other part OF the community
Look to the North and East, and behold that spirit Of
agraransm that is rearing its Gorgon head and almost
threatening the overthrow Of all that is valuable in their
institutions. Think you, If these turbulent spirits fell
that they fully participated in all the benefits of our pro-
essedy free and equal Institutions they would be thus
ready with rash hand to overthrow them? No; they
and feel that BY unwise and dishonest legislation one
part of the community is SO knitted and linked together
BY grants of nonopUles and exclusive privileges, that
they are enabled 10 live comparatively without labor,
whilst the industrious poor excluded from the prlv
legged pale and doomed to be the hewers Of wood
and drawers Of water If you wish not TO excite SINH
lar spirit Of agraranlsm in Virginia. create no privileged
order foster moncd arsocracY but leave tile avenues
fortune, nearly you can, equally open 10 all
Look 10 tue public press, The boosted guardian OF our
rights you will find that whilst it is avshng It's cit
cis and abuse every thing else, high or low, sacred
prolane with few exceptions. it hardly dares to
breathe censure the Banking System Chartered
oned institutions and free press cannot exist together.
Look 10 our legislative Halls what wonderful
changes Of opinion have been coincident with indebted
ness to the Banks. These changes may have been eff
eced by the convictions of reasun but read
ly sides with interest.
Examine the history Of banking and see the ruinous
consequences That have followed excessive issues Of pa
per money various times in every section Of the Union,
by inducing from the facility of getting money, 10
engage in improbable undertakings, and employ the Ia
Dor Of the country in thousand visionary schemes that
have repaid tenth Of the 10 the underwriters,
and have added little nothing TO the national wealth.
Recoect the almost universal bankruptcy in many parts
of the Union brought about by the great cur;aImentS
in I8l0 that memorable era, when Cheves saved The
bank by running the country Think of the hundreds o.
thousands of the laborng poor, who were then lett with
employment and reduced literally TO want and beg
gary because their employers could longer get the
accustomed bank accommodations. Remember the re-
lief laws the usuy laws, and tic thousand other demo-
Raising devices, which dire necessity induced honest
awgivers to resort to- The vain attempt to mitigate or
repair the evils which impro9ident aud dishonest legls
ltion had inflicted on the country.
will not at present trespass further on your tin'e
having called your attention to the subject intend
shoey lay before you some facts in the history OF
banking in this country, which think calculated to in
fuence your conduct at the ensuing session of the Le