Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-11-19

vest in bsnk stock The most productive of large
income. Whenever these wish 10 borrow money.
hey are no longer n situation to be money lenders ard
have no fureruse Or business with Bank stock lflhey
money lei them sell their stock in The ma ket ii viii
always command money readily any other commo.
CITY. snch restriction would probably notbe neces.
sary u Inc capital stock of Banks properly sub.
crbed Tor By persons who have surplus funds 10 invest
But all who fnow the tricks and cou,rynnces resorted
!" IN establishing Bank increasing lis capital un
dersland bnt 100 well how the matter 10 mauaaed We
"'rn see men "ho have mol dollar 10 spare from tn ir
ordinary business subscribing largely for bank stucF
"nd before The arrives for paying IN their install.
inents they ." niO Their Bank and borrow money
Ia pay Tor ,ar. stock |, VIII always be found IT,
thes" men clamDrous ior increase of Bank
capa! bfcans- thry hope Tor increase OF Bank faci.
'Is IL ing stockholders. t.sy consider themselves
having brr!F;shto accommodations Than other ,nsn,
ana whenever they can ret into the directory they are
sure 10 help themselves most literally This the great
cause OF the es'raToaaace and Overlooking Of the Banks
MANY oil the tcs"rs and khniders interested
lending money 10 themselves, and hey consist.
emily refuse 10 do the same 10 others They establish
banks that they borrow their nancy for which
they IN fact have paid only part and
mol al all NO wonder then that ne have expansions
and suspe nsuns of the Banks. when those who have
the management directly interested in borrowing
much as possible. Let then draw The distinction be-
tween he real money lenders aud the money borrowers
Let The money lender have the entire coaol his money,
ana NJ VIII always be Is guard 10 avoid losses and
bad debts Let the money borrower shew his ability 10.
accommodations IN bank Had this rule been adopted
~ Tie different States, should have to plore
ihe existence OF immense banking capital, imprr-
perry and exraSaganiy conducted until scene OF wide
spread ruin and desolatlon The land with
mantle OF darkness and despair. II woaid doubt he
lnstructIng 10 The list Of bank debtors and compare
with the list OF stockholders that this abuse OF lie
banking system raigh appear in all hde0us deiormt.
~ In some OF the Southwestern banss IL has been seen,
that the directors IN instances have borrowed of
ihemse'res) mora than halt of the bank funds and the
writer would hike 10 J. report from our Virginia
banks on tbS subject. Let see who these men,
VINO get such extensive Recommendations to produce
suspension OF specie payments. Let US whether
The directors are no: gully of making loans
AMI discounts 10 themselves and then shall be atI-
10 Judge "hsther The restriction proposed s1morstrou
and ridiculous the bank gentry would make believe
The Legislature has rope. eegad for public opinion
or proper sense Of teif own duty, they viii examine
this subject thoroughly and my lie upon 1t, il will
he found that many men have subscribed arsdreds
for bank stock for The purpose of borrowing thousands
from the bank. n II he possible 10 make the pro.
posed restriction eifeclual. or scarcely any thing
possible With banss,) there be question tina;
II will do more than any heretofore adopted
prevent The expansion and overdeallng OF tie Banks
Favorilism and abuse might still exist bat there would.
be some limit 10 banking; for it would be governed bv
that great principle Of "demand and supply and limited
To the amount OF real BONA tds capital which would seek
that mode OF investment The lender and The borrowrr
would be two distinct and separate persons; each would
look with eye sang 10 his interest," and the
mnny be saved from the distress and Of deprc-
cated aud irredeemabe currency.
There other limitations the business banking
but will iorbear mentioning them with The exception
ot one which ought always 10 have formed part OF their
charters and that is that The Legislature soald always
retain the power of altering repeating their charters
1T pleasure will not enlarge this subject but only
say that II any SET of mea unwilling TO trust
the Legislature II is sufficient why the iegisG-
iure should not trust them. II is strong evidence of
intended fraud and dishonesty, which should be instantly
!Tb"&ed aud their petitions for privileges promptly re-
jec,ed.
These views have been offered after mature reflection,
" It'll anxious desire that reform in Banking
system may be devised and adopted by which we shall
hereafter escape the evils Of the present rotten system
for unless something be done 10 remedy lis defects
and give Of better management for the iu
lnre, long suffering and indu'gent People, in The
l'sty of their strength will issue The destroying man
date, cut then. down, why cumber they the ground:
a COuNTRYMAN