Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-12-10
from the circulating medium Of The country The scar

from the circulating medium Of The country The
city Of money would only be felt by those who had been
instrumental in producing it, by consuming furnish
ing to those who consumed more than they produced;
and the money withdrawn would be returned to the
country by diminished consumption Increased pro-
ducon probable consequence OF these cases OF indlV
dual distress.
TO guard against fluctuations Of the circulating |
medium and the other evils to which unlimited us''
OF The paper medium is liable. it appears to me- That
there should be increase Of the Banking capital I'll
lhc STATE but what is evidently required Tor Tie !Tlii-
matt Objects Of Banking. Secondly. That 'w !inl'l
be placed upon the circulation Of lis nnirs by any Bank,
III Proportion to It's capital lo preveat excessive issues
anc that lu'y be further restrained b. prohibiting The
circulation OF all NOTES under S %. winch you'd keep
within The c"nu,ry, scattered among thu pr'pi-. iron!
wh'nre 1t could not b+ suddenly withdrawn All adequate
iealc basis 10 sustain the paper currency ana glVe IL
stability. THESE reg uations would considerably dnI-
nIS the profits Of Banks, which is another desirable OBJ
jet We need but observe the large premiums winch
Bank stocks command, 10 that their profits may and
ought to be diminished They will then be less altrac-
tive 10 stock obbcs and spectators and their stocks Will
be soug for permanent Investments by persons VINO
will he content with lower rate OF interest tor their
money in consideration Of lis greater security than II
invested III Banks less prutenty OF less honestly ma
mayed
Thus limited and restrained Banks would be stripped
OF their objectionable features and answer to what should
be The design o! their observation-disclosures Tor the pnoc
benefit, and not machines to suhserve the purposes OF
stock jobbers and Spectators When the Legislature
shall become corrupt, then every guard Will be gone
We may not be surprised TO spring up among Us,
incorporated monopoles as monsrous and gigantic as
the British East India Company, or the United States
Bank of Pennsylvania. But, do not alI"w myself TO
anticipate such state Of things in Virginia. nor do
perceive that there any tendency To induce such re-
suit in the Banking system, while confined 10 It's proper
objects by suitable limitations.
Whether and what extent shall adopt the policy
Of Bankng question that should not be decided upon
absracly. Were disposed TO emulate The Spartan
or
and pursuits anu relation u nelgh5oring States,
would forbid Should enact laws TO have such ten;
dency, we, the people, who are The Ia" makers, WOMB
soon swell the tide of eigraon TO escape the influence
OF these laws, of Leau idcal periecubty, OF our own
making and seek some more indugent aud colgehla'
region. Neither stand still. we must keep
pace with the improvements Of the aye, or we rerogade
Without the advantages OF the cheap conyeyances 10
mai ket which multiplying elsewhere the property
and labor OF the planter with US, will be worth so much
less ~ him than they would be there as may be The d
ference between the two places getting his produce
to market Commercially we have Tor many years past
been dependent upon Northern cities. large portion
Of our exports made through them, thereby SUBJECT
ing cur products double treights and the profits and
other char yes Of theil merchants Nearly all our imports
have come through the same channel, with like add-
ton their COST which Us certainty comes out OF Inc
pocket of the consumer as though 1t were an adhloha
duty Of III per cent, or whatever may DC It's amount s
posed by Government. That should have an increase
of Banking capital, TO be shown by this condition
of our mercantile interest; for, cannot otherwise ar
count for it, than by supposlng want OF capital Ju
dcons distribution Of h" aids Of additional BanE'ng Ia
cities to be required to place orr merchants upon
footing with those of the Giles 10 which we are now
tributary and enable them 10 pay better prices Tor
produce and afford the consumer goods at cheaper
rate by making exports and imports drect, aud
| uncncumbered with the charges of intermediate
market. There is diversity OF interest between
town and Countrywide farmer and merchan-n this
. matter The merchant is The mere agent TO conduct
the business of exchanges-to take from the farmer
J Dbncn hat hp IlPS M
in return what he does want; and the competition among
merchants will always reduce their profits for doing this
the lowest rate that the circumstances Of the case Will
Justify The mercantile interest to look Tor It's bene-
fits not in an increase Of the rate OF proh-on the con-
lrary an increase Of the business of place. Is always
followed by reduction of the rate Of profit but from an
increase OF the amount OF business, arising from an IN
creased production and enhanced value OF our pro-
ducts resulting from the cheapencd conveyances OF rail-
roads md canals 10 the home market, und he reduced
charges on le transit 10 the foreign market by the mn
proremcnL in our commercial relations And, rs the
amount Of exports mast be The measure OF our I'M
ports there will in these be corresponding Increase
And if our principal towns shall hold out equal induce
mcnls buyer and seller, with other Atlantic markets;
il NAV be expected that they will attract all the trade
which they are entitled TO by their position, much Of
which has hitherto gone 10 distant cities, and been sub
ieccd TO all the additional charges OF transportation ira
| vel &C. incident 10 such 4 remote market Our prIn'
cipal towns and internal trade, would be alike beneed
y thus c!angc-th great accession oil business,
and the other in a saving Of time and money, which
cannot be computed at less Than live per cent OF us
amount Our cities too might reasonably count upon
come norton Of tie trade Of the West, which seeks
market on the Atlantic. The State at large would par
licipate in the benefits Of this acquisition also, as IN
whatever else promotes the growth Of our cities in wealth
and numbers Their population are customers Tor The
products of the SOIL and their wealth crculates among
u.s. and its influence is widely felt i'll stimulating aud re-
wardng industry. .. ,....
serve as hints TO 4 more extended examination OF The
subject of Banking which will suggest other cpnSdr,a'
tons Why at this time, it peculiarly to call l"r The
! action of our Legislature. ACONSCMEh'
, (From The .hc,c York "Ercning STAR
The "Righ, of Instruction., in the last number OF
. the SDrrUERy LITERARY MESSENGER, is an able paper,
which is not unworthy of the pal miesi days OF virginia
statesmen The subject is Of engrossing Inerrs! al
this time when our population arc torn by conflicting
views on questions Of vital moment t" the liberties OF
the country We wish The writer would still further de-
velop his views in favor OF the orthodox doctrine Of
. state sovereignty.
! VIRGINIA 4.Es1iSEATGHsE
REMARKS detrered by Mr. Parker Spsaker Of The Senate