Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-01-14
FOR TIE Eve UIRER
TO THE LEGISLATURE OF VIRGINIA. No. .

TO THE LEGISLATURE OF vIRGINIA-IS 30. 81
Our Banks should be few i'll number and placed un-
der the govcrnancc of set of plain, well-dgested
strong regulations which would give them fair pros.
pect of defending The State from the profits ahd nhu-
ence of Banks located ont Of borders, into which
our Legislature cannot examine, and give fair profits
upon money invested in their stocks by these means
you keep capital at home to aid merchants and
obtain fair return from the capital Of the State in
vested in banking, upon the profits of which, you.
Univerity, Primary Schools &c, &c, mainly depend
Confne your Banks in their operations to their legit
mate sphere of action, viz: to the promotion Of
the commercial relations Of our State-with occa-
sional aid TO hardrun planter mechanic; but debar
them from nermcddling in stocks-cut them off from
State stocks canal Stocks railroad stocks &c, &c.
throughout the chapter Of stocks give them chance
excuse for becoming stockholders; and feel well
assured that by adherng to the principles above cited
may be liberal in your charters in other respects
You may allow them TO issue three for one, fthey
chooses for, those 'swho knowing not the law, but by
nature doing the things contained in the law are law
to themselves; and ''er ncccsSatc rel, when banks
have responsible customers, they will not break nor
need suspension Of specie payments subject them to
more onerous burdens than fine proportional to their
fault; and when another pressure comes, come il
WILL banks instead of being paralyZed by useless
restrictions enter boldly into the and sustain
the dropping prices of produce by furnishing the
fair dealer with the assurance of the continued conf
dence of the banks and thus permit him. with the lei
sure and which the requires TO seek profit
able market; and thus assured he would enter the
ket in temper to make the benefits of fair and
liberal purchaser felt by the growers of produce and
consumers of our merchandise
In the establishment Of the banks which the situation
of Virginia calls for, the enquiry is naturally made,
whether good will spring to the benefit of the
great body Of the people from organization,
adherence to the institutions have: And to
arrive at correct conclusion upon this head, would
propose that every fair means be resored to- that pro-
mis- IN lead us IN he dpsr
that it is unfortunate for the interests of any country,
the united history Of every age and country will tes
tfy where it has occurred that the religion the mo-
Notary affairs of people should be connected with its
politics. The is too sacrcdthe other too deeply
and abidngly connected with the wel-beng Of the
great of the community, to be connected with the
passing political vagarics Of the day. Nor should in
novaonS be made in either, without thorough con-
vction of bcnef--nor should institutions, when
established be oppressed by Justice its appearance
What Justice, permit to enquire, there be in
your late law giving relief to the banks in name, and
furnishing them (when they have committed no other
fault than taking Of interests conhded to them IN
mertoous manner as well the funds OF the State as
Of Individually by subectng them to pay the interest
Of the loans Of the State in specie, when that specie is
obliged to be bought at loss to the banks Would it
not have been fair to have faced your own res
possibility and have placed the losses to be sustained
by the State through the obligation to pay the interest
upon her inprovidcnt loans in specie, upon the same
account with the loans themselves than to have screen
cd yourselves under the appearance OF throwing
the burden and the blame upon the banks, when,
as they constituted, near three-fourths oil
their whole capial owned by the State, and the small
amount held By individuals is only to suffer in the d
vidends Can you expect the capital of individuals to
be invested in State banks and be used in aid OF our
commercial enterprise under such exhibit OF Legs
latve Mberalty-bu no doubt in the haste to remedy
the pressing emergencies of the time, little matters
could not be remembered, and all will yet be put upon
fair footing unless the Legislature OF the present SEES
should be like that have preceded it. viz so de-
termncd to attack the banks whether right or wrong,
that they passed many laws of penal character
that the Governor could not tell which to enforce,
and how to apply them, and very wisely let the
banks and the people alone to manage their own affairs
An accurate investigation into the history and affairs OF
the Bank of Va and the Farmers Bank of Virginia will
shew that between 80 40 years they have furnished
the people Of the State with excellent and conve-
nient medium of exchange: That they have ably sus-
tanned the commercial relations Of the State: That
during the heavy pressure upon the treasury occa-
stoned by the last war, they munhcenty supplied the
State with funds upon moderate interest: That they
have given the State good dividends upon the stock
owned by it: That they have been for number OF
years past the custodras Of the funds Of the Treasury
without charge and without loss That they have pass
ed through the that succeeded the period OF
high prices just after the late war, which was uncxam-
Piled in the history of times for its severity and also
the difficulties and pressure of several periods since,
which have all been marked by heavy pecuniary dis
asters; and although they have, in common with
every other interest," sustained losses, yet their
dit has at all times been high: That their specie IS
now abundant and that they have hand 4
contingent fund that is more than sufficient to make
GOOD every dollar Of bad and doubtful debt, that they
have permitted 10 be contracted with them since