Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-10-16
The Southern BguG.


II will be recollected, that the Louisville, Cincinnati
and Charleston Railroad Company endowed with
certain Banking privileges. Gen. Hamilton has just
borrowed in London millions of dollars for the
pany; and II may be soon expected 10 into operation
The bank is called The South western Railroad Bank,
and has been chartered by North and South Carolina,
and Tennessee; aud Kentucky i. expected 10 operate
early day The Convention which met at Ashe-
ville North Carolina on the 18th Septen makes an
imposing Expose of the benefits OF The bank, and
"tcanno he doubted, that Bank extending with It's
branches three States, will furnish currency, which
will be of iresmable value TO the citizens Of those
Salcs-a currency, whose credit would be such, TO
command an extensive circulation, not only within the
States granting the charter but in the neghbong States,
and to some extent throughout the Union. Furnishing
the ready Of transferring funds by drafts aud bills
Of exchange, the South and the West will be relieved
from what is now felt onorous tax upon their in.
,erc1urse. The want OF i common currency now sub
ccs the trader ard the traveller, not merely 10 much in
convenience, but 10 great expense. Gold and silver,
though indispensable the basis Of sound circuliting
medium can, 10 any eItcnt be made available for
the general purpose OF commerce. No traveller or ira
der will attempt TO cross the mountains with bags OF
specie, while he obtain drafts or bank bills which
will his purpose equally well In proof Of
this, will state The fact that recent visit To-
the West unable 10 convert Southern bank bills,
Of specie paying Banks into Western paper, but
al premium OF per cent-whle Kentucky Bank
bills could not probably be rendered available in Charles
ton, whou, paying the same premium; thus subjec,ns
The holders oi these bills respectively, to charge, in
single transfer Of funds between Lexington and Charles
ton, equal to whole years incrcs, on the amount
Though this may be regarded as an unusual and extra
ordinary state Of things, feel warranted in stating
the authority Of several experienced Western traders
that the general condition Of the currency and of the
exchanges subjects the trade between the South and the
West charges which may be safely estimated al per
cent, the whole amount employed in that trade,
which oil know amounts TO many millions OF dollars
annually. The South Western Railroad Bank will sup
ply an rilcclua corrective 10 this evil 1t will thus not
only effect vast annual saving 10 the traders and farm
ers Of The South and The West but, by doing, will
recommend itself general favor and support; and if
conducted SAFE sound and liberal principles, will a,
the Time large profits TO the Stockholders
"The failure 10 renew the charter Of the Bank of the
United States has left The Southern and Western States
ia the Iamentabe condition above described, from which
they never can be relieved but by the establishment Of
such Bank The New York Banks, and the
Pennsy Bank Of the United States furnish TO the
Northern and Eastern States, currency sufficient for
their purposes. But nothing short Of Bank, having a
charter from several States. can supply our wants.