Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-12-03

pretext or invasion.
Whatever may have been the motives or necessity
which induced to the enactment OF tins statute, 'Ne -
;oc,;on of It's n,oyisions. by some OF these institutions,
has made il a question of the grarest import ="
discussion and decision OF which, ms S'a. e 49,
without n sacrifice Of her dignity anu ~ 81,
shrink or reccLc. In this aspect OF The i"t,'"n, : ~
constrained, BY every sense OF da,y, as "s'' , -.
o:,nce In exercise all the authority Win "h.s" NO
entrusted BY the Legislature or The I'"su.u'o", .,,'
,orce the objects OF the law through u' j"u',ti' "'ou
,ols nj the State. With tins view, . ufe'h'" y r'of''
-. ,he services OF several oi the most eIiic'ehi
.,r,,.uen ,f The Bar, rs assiStun, coupScl 10 coop
r,.e with the Attorney General and ooi'c''osS. =
,.arded it as the more necessary 10 q" so, as - S"
r., NJ the wear at which the Court was ieid III
cb,-ics,on. as well as the demands OF their rPsPec.
i've Circuits, would necessarily deprive me ohte "
the able services of some, II not oi az, oil 'he 0o"c,'ois'
I hud no authority to commend Their presence u SER
,;cas in Charleston and under snch circumstances OF
.sonron;.rce ne those under which they would have
been rendered, | could not presume c6fftahy 10 request
them. The ard.ous duties which would therefore nave
deyolyed upon tie Attorney. General, coI!o NOT nave
been performed, even by his lndeiutigahse 2eai ara IN
dus,ry. but at the expense Of every other duty aud Gu
u,,.,nput. And although having every confluence 10
ibee talents and attainments which have 50 descrvediy
nloced him a, the head IF his proiesSicn, yet The grave
responsibility Of advocating the interests oil .he people,
and the dignity Of the State, on a question OF such VITAL
;un,r,ance, | regarded as too grcat, rs ton serious, (aha
j, was deemed 50 by his modest sense at his own me-
ritz 10 be devolyed ON the abilities Of a sing's advocate
From the manner and ability with which their duty
has bsen periormed, | have derived the greatest sails
faction: and the people and the Slate, ! trust, lasting
and essential be neft, from the arduous and aoie en"t.s
with which their rights and interests have peeh ''na'-
Gated and discussed.
In connection with these remarks, relative 10 The
controversy INTO which tins State has been SO nniorta-
n,,c,y dawn, br the rfrnsaacg of same Of her Banking
institutions, i, may not b. improper Tor 20" 10 a'rre,
ynur view 10 thu consideration ol sonle ncrniaita' an"
Inrospective .node, .f regulating oGT currency i :
.,,ua. r caurca iInt Tins STATE eau never dcQdvSc' "
the existence Of q National Corporation, or auh''' we
necessity of subj"ctiNy lis monetary """tS - - "'''
;rarv and exclusive control of such an institution.
siuch of the pressure and difficulty under when our
.on,nnp;,y has labored, has arisen from the constraini
;nnosed upon the operations of our banking ins''tn-
lions. by the dissensiots, necessarily incident to an m
aousi,tv Of Banking Capital. There is probably no
f,c, in The economy Of Banking operations more
con,royertib!,, than that the business oil i mootIo ~e-
mini under ordinary circumstances, II usnaiiy ar ex.
tive OF the highest ;atcs of Profits. Ana y. rule, in
ueriencc, there exists any exception tpt - because
favor Of the larger Banking institution 50 vast a ms
thr late policy Of the State, in crea,iis substituted the
nrovoytioa Of capital rs now cxis,;ss5le competition oi
dominion of line few, far the Ind d,scnrd, where no
Nil, and thereby produced stiFion Of profit and useful
thing but n generous err
ness, should prevail. the Banking system are pre-
Tie greatest prohlf,m liz operations IN exchanges,
sumed 10 be deriT exorbitancy OF the rates prouncec
In proportion tent OF the currency, and the pressure
By The deran OF the times; and IN proportion 70 ~
and diffc,royf the capital hy which an institution may
advants,a that branch Of business, SO may lis interest,"
mope,d.nc;as he directed to pro,ract, and even TO M
ar.s tho, sinie Of disorder, from which II acquires is
.,sa,cst Gains. II cannot, therefore, be a wise policy
which supplies 10 private corporat"iis, III excessive : :
n;,,l. the mower, motives, and inducements 10 Pr"'lt ny
the embarrasslnents, or 10 eX!oit iFo'ii me heeSss'''"
and incon vcnicnccs OF the people.
do not mean By these general propositions 10 iin2iE
= ceusure on The conduct, or i!@s,Taie the abuses OF
any one OF our own institutions. Inc example oil "n'
-- .i, - -. n psltI - q "a "
from manifestinr such a policy, cannot be too highly
commended for its forbearance IN the use 81 IT'S aoSah-
,sges. ms well as lis wisdom and flrmness, N MAINTAIN
inv the faith and credit Of the South. stu, an nhaue
and dangerous power over our currency - Hettss"a's
incident, 10 the position of financial autorracy which u
occupies. And if that power has not been iyrannical'y
or corruptly used 10 its injury, or the detrhneit OF The
public. it has been owing solely to the discreet f"rbear-
ancc of those who welded II, and not 10 any safeguards
provided by the laws 10 restrain Il.
i reduction cf the capitals Of The several banking
institutions Of this State, (were their charters 10 he re,
newcd } 10 some common aud moderate S'aiearo, ftSS
han that If ocr State institution, would prooaoiy pr
vent The recurrence Of future evils arising from tnls
c,,se PM in the mean tiGie. to strengthen the intu.
ence Of our State Bank, either by an increase OF can'lai
or of immunities, is perhaps at present, Inc inos' el'ica'
cious, and the oniy means Of correcting eS,s''hg MS
which legislative action cannot Otherwise Ieacl. ''''ou
violating the charters which sanction them. "he'her
this State should participate in barking operations al
all. csnno, nov be regarded rs an open or a pIacticai
question. But whether she should not use her ihs''"'
ION, in tho language al q distinguished statesman 10
.snnbank' the abuses Of the sysicin, : a policy Ina oe'
serves 10 be we'll considered. Such a position " IS pre-
spmel The Bank Of this State world occupy. wGh a most
lirniticd, sa!utsry and tndic.ous ";i'ci. ''fia'h = =,
IN my csilma;iou, That - long Is Ia" STATE engages a."
conpeics in banking operations. hHr institution s"o"'"
n lras. exercise 4 c~oatroiiisg influence on her monetary
Affairs; or else present IL. sira.." political nnoinaiy oil
the public Treasury, (w,th which y = Praetcai'y den
lifed,9 aud the peoples money, subjected !" lie capri
tc - -.,ant., ~ ,Ftg1tn rQTIDrntfDnSl
which, however Internationally exercised heretofore, IS
always liable to abuse. That its present resources are
inadequate 10 this object, is but too apparent, from The
Inconvenience and restrictions, TO which, IN all times oil
prpn, pressure and difficulty, II has been subjected.
Whether i, may not be e%xpedieni, IN the event Of
increasing it's cap;ial, II associate private interests,
which may always exercise a salutsry vigilance on ~
operations; or, hy merging, rs their charters expire, the
whole banking capital Of the State M" one system
nyopor,;oaafdg controlled ~ the Stockholders and r..
representatives. Of the people are measures which Womb
suggest as worthy Of your consideration. Snct 4 sys-
,cm Of finance, ii uniformity adopted by the states, re.
rulatrd and modified hy the influence Of a National
Sub.Treasury system, IL Is believed would idfnish Inc
best end soundcSt currency IN the world.
The Report of the President, OF the Bank, viii ap.
prize YOU of the profits which have accrued from IN"
transactions ofthis institution for The past year; ana
for n review OF the circumstances ana eitaarfassaleh's
pcrvading the communi,y under which They nave peeh
realized, you need not be referred 10 a monitor more
faithful! than YOUR owa experience. Satisfactory rs
those profits are, considering The character oi Inc 'ihlcs,
they have been derived !rum accommodations a. oene.
fcen, in their Fl. cts, as they have been safely and Jt-
diciously administered, for The benefit q ih: insilii-
ton itself. Without resor,;ng 70 ANY Il tho nsiir.ous
rxpedicats OF the tunes, liz resources have, h"i"'r,
been as faithfully and humanely directed 10 pr"ffet The
property Of the cit xcn, a ratrio,icsiiy 10 snss"rve the
interests of ihe rt"te.
THE present mode of applying The Free School Fund
has been productive Of no benefit, 10 correspond win
the mos, ~mua;feent of all the benefac'ions Of our State
Government, to improve The moral condition OF her
people. The experiment of many years. not only pre-
SCENTS US with the result Of a large proportion Of our 'ndi.
gent citizens, who have grown up without the ehcnur-
cyeneut or the opportunity 10 participate IN lis advan.
tages, but 4 ut the same time forces upon US the c"nv'c-
lion, that these opportunities, ,ctcn fnyoyed, have, N
many instances, been accompanied by a s'andsta 81
morals. az we'll as Of tuition, a vtia,ed, aud perhaps
more injurious, than the worst consequences q II" Most