Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-01-12
TIE BANKING QUESTION.


Of the Legislature has reported bills, establish
ing four additional Banks within tins Common
wealth-one al Richmond one at Lynclburg,
one al Norfolk and one al Petersburg.
The necessity of an increase OF Banking CAPT
tai in this State seems to be 50 generally concc-
ded, that we anticipate very feeble opposition 10
this abstract proposition in the Legislature
The difficulty Of securing this object seems to
be IN the mo,ius operandi-thnl is, whether 1t
IS most polite 10 add to the capital Of the Banks
already ia existence, or to chatter new lnstitu-
tons. 1t seems TONS, however, that tAi, diff
Gully Is rather imaginary than real. At all G.
vents, the wishes OF that portion of the people
most directly interested in the question should
turn the scales-Thosc members of the Legs
aiurc who doubt upon this point, should, we
think, incline rather to the wishes Of the peti
TONERS, than TO the views Of those who are int
rested in defeating their application. and there
by pcrpetualing the power and charging the
influence Of existing monopolies
One oIlhe strongest Arguments against the Uni
ted States Bank, was, that, from its immense
capital and the extent Gifts field of operations it
WAS enabled To exercise too much influence up
on public sentiment, through the medium Of the
pockets OF lis debtors. If the argument had a
ny foundation IN truth will ii not apply with e.
qual force To mlmmoth banking corporations
under State control lfit will, that single coo,
sideration should he sufficient 10 induce the re-
sislature To withhold from the existing Banks
the large additional amount Of capital contem
plated by the bill. now before that BODY and to
1iGusc it among several independent companies.
But hen we add TO this, that the petitioners Tor
additional capital have, in almost every in
stance (pehaps alb asked that this addition
al capital shall be created by the Incorporation
Of new Banks, there would seem TO be no good
reason why this, the lavorite plan, should be
rejected, for another less popular, and indeed
which has no advocates, save amo0g those who
are directly or indirectly, interested III maintain
ing the existing state Of things
There is not in the State town, which, from
it, actual and expanding commercial operations,
stand, more in nerd Of additional Banking capt
tai than Lynchburg: But we repeat, what we
have heretofore bad occasion 10 remark. that
DESTROYS as our citizens are 10 increase their mo-
this should be done through the fundamentally
Of an independent Bank, Without imputng to
the institutions in Richmond, with which they
are now connected, any disposition to employ
lhe power which they possess, to har1ass or
annoy them, (for which, indeed, they can ina
sine no possible motive,) they cannot never
llelcss shut then eyes TO the fact tina: their
Banh accommodations, on more than one occa-
sion, when the Branches here were in condi-
ton TO cNtend them, have been suddenly con
tracted, in obedience to orders from the mother
Iinsritutions-o dictated by the state of
things existing in Richmoaa and having not
the slightest reference either 10 the necessities
Of this community, or 10 the ability OF the
branches here 10 relieve those necessities
Ought this SO 10 be Should dealers in this
market who rely upon the Banks, TO some ex-
tent at least for the facilities necessary to carry
on their business, BE subjected To the liability Of
the sudden contraction of those facilities, by the
emharrass ments ola distant community, or the
anprehcnsions Of Banking institutions elsew here
located We might safely appeal even to
those, who, from long standing prejudice, or
from their remoteness from commercial points,
or from their attachment 10 certain impractical
BILE hard money theories, are opposed to all
Banks whether it is not the wisest and the
most jus, policy, ii we are to have such instiu.
lions, to weaken the Influence which it IS said
they exert over the public mind, by dividing the
capital among several, rather than concentrat-
ing it in two or three institutions and whether
the people among whom this capital is 10 be
distributed are not likely 10 be the best judges
OF the mamie, in which it should be organized
and put in circulation If we, who ask for IN
increase of Banking capital, assure the Legis-
lature that our interests will be promoted by
the incorporation Of new institution, rather
than by adding this increased capital to those
already existing and if we tell them that our
primary object is TO have Bank under cur own
control, and divorced from the management OF
men, who, however pure their intentions, will
ncyertht less regard the interests of this commu
nifty as Of secondary Importance to their own,-
we cannot but hope cat our application will re-
ceivc an unpre JUDGED consideration, and that
the decision upon it will be exempted FROM that
Metropolitan influence, the power OF which has
been too often fatally telt by interior towns, in
the legislation of the State We hope we shall
not be misunderstood by the Richmond people
or by the officers of the Richmond Banks. We
donot intend 10 impute TO them any greater de-
gree Of sclfshness then is natural TO all con-
munites. We do not blame them for taking
care of their own institutions-nor should they
complain of US if we follow their example. in
endeavoring TO deprive them OF the guardian
ship of ours, and taking them under our own
protection.