Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-03-29

every other product (ior they but product woah
not confer similar and not less decisive advantages lie
States where they exclusively existed, and which Of
course could only furnish the article.
ITO ascertain then, how this privilege, conferreden
bank notes, acted on the commerce OF the country,
is necessary TO ascertain the number and location d
banks and the amount Of their capital, particularly st
the date Of the order and shortly after when its relative
effects before commerce had worn its channels deep
would be greatest.
/ son examining the public documents, we find ih'!
at the date of the order, there were but banks tie
Union, of which not one in the staple States "
these, in Philadelphia, with capital Of 81
000 000-another al New York, of S950,G0o and 'te
other at Boston, of 81 10000 making the Hhe'r
81 100000. In the year 1915, the banking capital M
GLIDING the Bank Of the U. S., was S2j.350m', q
which only $39i00O0 was III the staple States ara
Sl9,4l0 600 in the o::ers. In 1905, the bank cap'
had Increased to $50, ig3,G eco, OF which S'l64aW"
located in the staple States, and 34, 0OV III e
others
ain IslG, another Bank of the United States wax
chartered with capital of 3o,OU0,00O which, 10 ~
location, the distribution of s capital and the CONF
which il gave the and exchange OF 10.
country, produced, in every respect, ehcc's s'H"'''
with the FIRST. .L
"Bnt in no State in tie Union did this policy o. '"'
Government bear heavily than on Virginia I|''
was dee rooted and fixed opposition IN tins 0''s''
not only TO the Bank Of the United States, but 70 w.
system, generally, which long resisted the e1ampe'
/
exception of the Bank of Alexandra, chartered ~
1892, with capital of 100000, not charter w.
granted by the State until 1905 when the Bank o. W..
ginia was created with capital Of 81 ,oeoVVV a.
in the face of her opposition, that her banking csP
is small, compared with most Of the States o. ",
Union During this long period Of 80 years l'oln ~
commencement, Of the Government, Bank notes.
may be almos, literally said, made part OF the F'v
ducts OF Virginia, and that she was compelled |" l'I'
her custom house bonds and other public dues III eo
and silver, whilst the citizens Of other States VIM
went into the Banking system had The privilege OF
ing in paper. Her staple commodities, conss'hs
tobacco flour, Indian corn and lumber, although ~,
nishing great amount of the basis Of our foree"
change, would not pay custom house bono' % p.nc.
other due, until exchanged for the Bank notes OF r
sylsania New York, some other Stae-ana Gu a,eb
wonder that the ctzensof other States, who nsa .or,
great facilities in commanding that which coula Ind and
mand her staples, should control her comme.e.
industry, and turn her trade from her own po.'
"But this was not ALTO receive the notes o. CON-
in payment of its dues, not the only Pt'Vnes They
ferred by The Federal Government on mem -;,h The
were made the repositories of the public iunas, ~ dis
liberty Of using them part Of their capaa asa
count o. or loan out at pleasure, and wncn ..,,a
devotion Of so much additional capital tree Oh r,c
accomplishing The double object of increasing nd re,
~ Of commercial speculation, and the P'0h'' -''