Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1837-01-24

! "|f M!a:t W want "iil lh'ir paper Ia G@ hare! y;
."''> "' - r:"U:, IS u! lot, Il 49, further c&Pa::i crl
payer system, aud isnre especially, By the creation o
urw banks.
/ have no faith IL. The supposed conservative influences
OF ANY banks Conducted II ioa our present. system. The
gteatcr the ~nu!l.es, The greater will be the proportion o!
paTer 10 hard I.oi!r,; a.d ."i;scqut ntiY, til" more un-
so%5c will Ge ,ie car.cncy. ana the more unsafe Tor The
f'a$'!". II =. cXl pt0ve, TINT, by bringing mic iIie,
lle tirnUscd Htey "a! t:@w han;&, the cnrrtiirT is [, |:
msdc more snuH&; i!s, ie proportion If resi- money To
FaTcr, sill lie ii:cte&stI; an! that the ltopic are To br
'pade iAole iide; .c:irht 81 The operations aud powers OF
baahs, than iisry uG~ lsc, I will go with him with all M
might.
!tr.' has strengthened my appeal to the Legislature.
Tie has shown b. his jealousy Of Richmond and the
banks there, that a2akS and to!ons may be too greedy for
nowe-. But all that he seems to care for is, tina, his ia.
vorite toicns and proposed banks may have as much power
as Richmond and Ler banks. 1t matters not with him,
| presume, what hrcomcs OF the country, and the mass 81
the people. The %Uatryman who talks about the undue
power Of banks aad other corporations, is branded as a
" sentpnian !unabuygcr,' a"deml rogue, and with other
bad names. And yet ar" can talk as bitterly about the
"HaHk OiigaIr.,,' and the 6 Bauk Arislocracy of Rich
mead, as roal4 Benton himself. Now, MIR. Editor, |
am not exactly willing TO admit, that The Legislature Of
this Commonwealth. | huin5!y Conceive, that our Sena-
It's and Delegates ought TO faV" some little regard for
the rights and permanent Interests of the great body ol
The people. II ii lie true. as ~" Ll oadly maintains, liza,
the prcseat banks give to Rictmnrd undue powers and
advantages, il. it Sarcly The duty OF the Legislature 10
curb and control them. II the Legislature cannot con-
troll tHo banks, that !act ought 10 be conclusive against
the establishment of any more banks. Does or" think
il just and e~Xpsdieut, that tie rest eF the State should be
ruled By bank Arisiocracics in Petersburg, Lynchhurg
and Norfolk. because Of his jealousy of the "l}ank Oh.
ga;chs Ct Richmond? He may talk about independent
banks being checks upon each 9th, r, and contend that
:c:ra Afis,,cracies are letter than rwo, and SO Gil, pre-
sumo. being Getter and better, the more masters we have
10 .u!e over US. Would IT" 81 contend' Elsa, where
wna!i he step: Is it unclaritable TO swap compliments
with him, and suspect, that if Lc could, without iva-?oT-
jur rL z bank "a IStUcrdcpH in pr!cr.bUrU lp vnI,ll
lie cOnter! - siopihtrc; yea, and pit rhars woul! caI:rHd
us IL, III answer to the scores of other places petitions.
ing i"r banks. that 1--WE have banks enough already; Ia
create saci 4 litter Of banks as would he necessary to
crafty all OF you, would bring upci us all the evils Of
!'riaer years OF eSlraragancc and fuily:'
care no. how ignorant ST" NAV conceive me to bc,
upon the sahj+ct Of b~aaking. | frankly confess TIA! !
AN ignorant Of The in;nuiip Of banking operations. |
never owned 4 share in any bank, not have any inle-
rest w!!i;sor" er IN our present banks, except all interest
which / nave, III common with the gre II mass OF my Eel
low. citize"s, To wit: that receive heir paper Tor my Ia
Dor; and that M pecuniary matters and prospects are
liable u be effected Oy them. 1t seems that IT. would
uot allow any nan TO know, or care any thing about
banks, without %mingiing in The businsEs and lurin0Ils
ut the mercantile and mechanicui VIC i'd" nor even
then, uaiesS he "dwelt Ill and near the towns An m.
notancr,' SAYS lIe, 'of the real wants aud necessities CT
!host who Ike in and near the towns o. the Common
wealth, units aid prevents Il man from property under
standing tine real Interests OF the agricuiturL!sts. Here,
]ucthlEiis, "f.' has shown the "cluveu foot I!ie
tGtCHS aIcEC, a.c 10 instruct the lie .iSialu!c- EOl only as
10 their ow: wants, but as TO ''the real int. -es,s ci the
agricu:luraiisis." Now, with due Difference To "Ts.
superior knowledge cf"il!e real interests 81! The agricu!tu-
ra!;sts, and without any undue partIality 10 itIciIlnond,
or any undue pTejudlces against hospltab.c, a,rloiic old
Petersburg, or any other town, huulbly think. that the
people Of Tie country generally, and the agricu ituraiists
particularly. have 4 right to Judge Of their own Interests,
and TO demand OF The Legislature, that their wan's $. their
wishes, and their rights shall be consulted; and tia too,
Notwithstanding their ignorance Of the mOduS on 'TTaGi
c! banking. We know that our rights and interests are
often seriously affected by these Institutions. We know
That The privileges granted 10 them, Of issuing three.
tiTe, ten; yea, in some instances even tmen;y paper
dollars, Tor every hard dollar IN their vaults, and then
paying us these paper dgiars, as dollars for our labor,
IS IN odlous privilege, and works IL our injury and
oppression. We know, too, that u farther extension c!
this privilege, would he All increase vi the ell
Most Of Us have no faith in any beneficial Influence
OF il litter Of nc,c banks over each other, CT over the old.
Although the competition between them, might icssrn
the p'oti!s Of! each, or extend banking accommodations
rlosc lberaily; yet, we know from sad experience, tiIat
there is no safety in = multitude Of banks, when the pa
per OF one, in tic vaults OF another, is counted as 'Spe-
Gle funds. and traded upnn as such; and when a banis!-
E,tnt Of real specie is the consequence. Let u Gay Of
settlement come, as come it vii! now and then, and the
came OF 'knock your nearest n%cishtor' follows; and
next follow 20 pressure in Tie money Market" low
prices. suspensions Of payment, and bankruptcies. These
things. tie country people, ignorant as they may be, have
seen and known. And, wonder as "T.' may at the TACT,
it is nevertheless q fact, That when banks are most nu.
merous-in States and places where banks and banking
most abcund-l!ie sGrtrS always press hardest, and The
distress is most general: Else, The histories which we
have Of convnisions in Tie money market, and the dis.
tress memorials which from time TO time, have poured in
upon our State ard National legislatures; are volumes Of
lies.
81" has misunderstood me as 10 The condition Of The
Banks q! Virginia. Perhaps it was owing to the hurried
and careless manner in which | expressed myself. l
certainly did not mean to question their solvency. J IN
tended iay remarks to apply to our baahS and ~bdahtag
system generally, throughout the Union. LIE: any man
examine into their condition, as set forth in Il document
iroaI TIC Treasury Department.; and he will see al I
glance, that general insolvency would be the result Of Il
general settlement. have US muc! faith in 0Hr banks:
as | have in any in the Union. ! believe their credit is
good every where. | hope they ''are sound to the care.
trust that the Legislature will watch, ard keep them
so. But if the proposed batch Of new banks be created,
| firmly believe, that in less than five years, FtTsinia
money vii. deprecla;c 10 the serious injury OF the people.
"T.' unjuslly charges Inc with appealing insidlous!y
to party feelings. | certainly have not Intended TO make
any unfair appeal to any party. II he fears the dcm0-
cra:y Of my own party, inc ought equally TO fear the no.
nesiy and consistency Of the Opposition. He knows,
IN, many Of the modern Wing party have expressed
the most gloomy apprehensions, that upon the going
down Of Tie National Bank, a hes: Of local dnnks would
be created, the country again be- Hooded with depreciatcd
paper, to the injury, il not ruin Of the pe"?lle. Surely
it is rnt unfair 10 aPpealto all such, not 10 AID IN forcing
upon us evils which they SO much dread. at knows,
too, that many Of the same party have admitted, that
Nicholas Biddle and his directors had, 10 4 great extent,
the power 10 regulate and control the whole currency,
and To Influence the whole trade Of the nation; and that
So far from Directing 10 this tremendous power, i'll lie
hands Of c single bank directory, they advocated 4 re.
charter Of the :;ulional Bank on thaL account. Surely 1t
is not unfair to remind all such of this fact, when they
plead the undue power Of tmo hanks in Richmond, as al
argument in favor Of creating runre banks. Neither can
I see wherein / have sinned, even if | have called upon
my own party friends 10 stick to the principles which
they profess.
| may have been wrongly Informed, as 10 the inilu-
ence Of the banks, upou the prices Of tobacco during the
last twelve months. ,Aly information came not from
Richmond. but from another market. BE it correct or
incorrect, hold it 10 be safer for The planters, that lie
tobacco buyers in all our markets, like those in Peters
burg, should :: not rely upon bank accommodations t"
maze their purchases" And | return the compliment