Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1852-04-02
For The Enquirer.
NEW BANKS.

Tho S,,,a oyns stock in the Bank Of the Vsllcy, North
Western Eans lecian: nna Mtenanes l'aa o. ',l'sc
H,nt tn the aggregate Of Hrte millions etght hHndrcd
iousgud dollars From this STOCK ic state derives large
,ortior az its annual revenue. Fo!hc year G4"'h" me
~, Sn- :.O ~, finance Committee oil the House OF Del
nn,s estimated the dividends bank stock hia oy tc
Si,,r a, one hundred end sry fo.r thousand ao"Tsn
~ ,,,v canal IA estimated land iaN, ana ,"c tha''
i. The ESTIMATED the Stare property 81 'ne 9ts.
A. Tho Commonwealth is large stocEh"acr IN Gt n4
she is as much interested in their prosperity n
20 ,b,n my of the private stockholders INC iit"su!
h Sat, - mol in sc. Ieharc condition. as 10 ma y
,ro,,,r Of indiii renee 10 the Conlicn"eah "Ie .
does or Lncs not receive sGod ,yiv shnnd nthe
va in; t,nk4 he established many years before tne eS-
niraon Of the charters o: The existing oanEs ~ not
such legislation inIu:tonsiy aiee, 'ic '"''' " " 49,
as well as those OF lndl'idIi!S a., ..:.I.,,., -,
VIVA, evidence has been hid before the iee!sa'rrs 10
convince that body, that the capital OF inc 'AsI niNs
J ,,.;r circulation inadequate Tor inc commerce ana
b"sinrss or The entire CommOn"cdIhi "hal copant o
da6c;oncv of circulating medium (cScep s!'c has ech
heard? 'ihcrc two descriptions u csnis, isaa ~
s.or Tucker in his work money ard banNs VINO might
hn vcrv dcsous 10 bank established where u may o
hc needed They ,hns" who expect 10 De employed IN
AMI those who ANXIOUS to oecoinc norEc"-
ave Soains, their acts aud representations the Legislature
shnr he on its saard although they should nave enlisted
IN, coo,cralion Of few capItasts,a as ey arc sure 10 90
Mon cyo; Of moral courage are hw0thy 81 puzzle Hsi
and if NIL improper and unreasonable petitions were granted
horn youl son be an end D all sober and wciregcstcd
uovcrnmrnt Statesmen should discriminate between pub
liz and voice III clique and ncvc: impair tc
gIrat interests of the Commonwealth from hcEev"len. de
Sire 10 crafty interested appeals o! lew ni!VlaalE,
who by little cscron and industry, can always Obtain
fcw hundred signatures Ia Their petitions.
new Constitution has been adopted and the present ses
aion of the Legislature II ri great importance as n, "
laws arc required carry the Constitution Into elect Inc
subject of banking Of great decacy, AMI should &c
considered and discussed only when circumstances a1wet
time for thorough investigation and serious and iaur" DE-.
liberation II is idle anticipate such investigation and
Aelbe,on upun this subject the present session. iIcs
tiuns more urgent il important demand legislative
attention BY prccpn'c legislation extensive and !r!efl'a-
Bile mischief may unneDonaly he inflicted. The meTc love
OF change, the Ibdo rerum i: propensity which
prudent and sagacous statesmen should mol cherish or sup
port.
atng The home demand for STATE stocks and may be well
questioned whether ut the present time any additional BANK
ing capital; necessary Virginia II We have not as large
banking capital in proportion 10 population as assacu-
scts or New York what then We have large
mcrcis city like Boston or New lork and IN Mas
sachuse;ts and New York much larger proper
ton or The population is engaged in crlng ana COM
mcrcia pursuits In Virginia those engaged in and
manufactures inconsdera5lc in number when complrcd
with the agricultural population The extensive domestic and
foreign commerce Boston and ~ York those cities
control specie greater facilities for lis acquisition
and distribution among the several blnEs oil Massachusetts
and ~ York, Than are possessed oy the small cities Oh i
rnla Manufacturing ard commercial States need more bank
circulation Than agricultural States and does not follow ne
cessary that because particular system OF tanSng has
succeeded in the former that is equally suited 10 Tie latter
The frcc5anknr system NAV suit Massachusetts and New
York without surfing Virginia Those who have directed
their attention the banks of Scotland have attributed
and steaness Of that people. Do the people 0 Virginia
possess these traits ot character high degree as those
OF Massachusetts ana New orA {!
Banks OF circulation prosper wi;hou, the conf:
Gencc Of the community This confidence cannot DC ac
quiyed, without the converbiy Of bank notes. IN ado
qua;c and regular supply Of specie is Indispensable ~he
thcr vGur banks arc based upon State Stock
whether they are called "Frec Banks Liberty, Equality
NM! fraternity" Banks, or by any other al capGndum
name Instead of ucrg heartily, does il not become US 10
enquire whether the free banks Of Massachusetts, and New
York succeeded Have those banks been subjected 10
the irving times OF commercial rcvuIsonsl On lie contra
nv are not those banks OF recent origin and have ty Ee
had very limited experience? Il had not bus make
haste slowly with caution, obtain more Information and
compare the different systems of banking before dsclc
question which may very seriously acci the Interests 81 the
Commonwealth In or three wears additional gh' WI"
civ Illuminate path, and al the mart session :" ic
Legislature The banking system o our Slate can &c considered
carefully and deliberately BIndy follow the cXsmlr {"
sister States without reference 10 circumstances "ou
BE- the widest in:atuaon No injury Heel" 70 result from
delay years and during this interval defects or me
ris NAV be Developed which known The cgis
has now large OF business before 1t fe9
ing attention. investigation and patient reflection. when
,hey shall have disposed Of the business before them, the
minds OF The members will require relaxation and repoc
AT the next session The whole subject 81 banking coud be
taken up and considered under circumstances Tar maze aa
sorinus far Ddciols and sanitary legislation. II.