Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1855-09-11
CHARTERED BANKS rAILrD.

Alll nNc III lIiiHoi@' ''' 49,
We have moi inrlui~l broken banks in the South
ern States. parity because: the Chartered b"nns i5ht
have failed there were a! the most extreme wildcat
character. and partly because no Southern Free
Bank has failed
Thus. we clearly prove that the Free Banking Sya
TEN il decidedly the least likely to throw loss Oh HE
public.
We will now look II the feasibility adaptation
of the two systems "t banking 70 the wari7 of 'irc
community.
In the State OF New York, both systems are in re-
five operation. The Bank of C,rnlarcr. :cpnh!lc,
METROPOLITAN, Sc, were organized under the Free
Banking Law. The Bank of New York, Phoenix,
Mechanics, &C., rrnrghn:Zcd Mndcr the tree law
when their charters expired. The Manhattan, Mer
chants c. are close corporations. their charters Ia;
having expired. The sune palal!e may be draw:
between the State R"nks-H portion of the best aro
under each system.
Hind we suacc we would take up the bank reports,
aud show that hc banks under the two systems are
auunly liberal in Recommendations TO the public.
In The State of New urk, the Free Barking SyS-
ten, being cnsr.itri i'll the Constitution. must root
ont tho corporation sy'tem ns fast az their charters OK
pirc In Connecticut and New Jea,ey, the friends ol
close CORPORATIONS have secured ori;ics IN the e'
rsature aud BY giving clrtnrs 10 the free BANKS
have virtually repealed the frGn Banking Law. In
Illinois aud Wisconsin, The free ia The only banking
law In Vermont, Ohio, lrEinrhn and Tennessee
both systems prevail; and in MASSACHUSETTS,, New
fInmpshrc, Maine, Tennsy ylvsnia, Maryland, Nrgl-
mia, Caroliuas and Georgia, tine close charter sys-
tenn prevails.
The three State, iha. have the greatest interest i'll
fostering the Free Banking System are Pennsylfa-
nia, Virginia aud Missouri Tho first hns dent "i
forty millions onchali of winch would be bc'd ny
her own citizens il il were uaade 'hc Oass %! hc cur
rcncy The bcntt of laying interest on Sf"'e deD's
to its own citizens instead Of drawing oil the am""
every six mon,hs into The pockets u Foreigners mus
he the subject of another article. Virginia needs
some machinery that ril! pae and s,isaln her STOCK;
at par, in Order t" fash her programme oi internal
im,,ruvcmeits: the adoption OF the Free Bahklii
System is the only rEing sha can do To accomplish
this, The same n sv he sa of Missouri
In r..char,criu. TIE Bnnk % England the brit!sh
Government cng:a:ted the Free Bank feature oy re-
quirinS the issre artneiit 10 noa coSois Vi ~
lion TO the a.nvaui ~ crcu!a ton outstanding. lhis
was Il mcasu:s ii coDsum.u ate policy. lhs FeuP'e
look upon cc:e. IS better than any othe7 paper So
curity becalso III, bank holds millions OH millions o
them. =, -,
Tine fac: thai tu.o-birls of the eutre debt oi the
State of S.,Y YORK is hsid by the Bank Department
for accoant Of R rkS, III wi icI the wealth, aleh "
tere.t and pride OF the cnni State Is ihFn'eT p'ceS
her cr5dit par wi;h the best on earth. oresn-
ers often eay. $50 t;nn lien 80 many oi Sou ~"
citizens are irt arrstc,"
Ir Missouri, Virginia, 10 c,h Caroin7 and Georgia
tue banks axe owned and ned ny Il ie" WI" '.s y, '
ready rich and sciis!. Z IL pubic WORKS oi l!iesc
States are IL desire anG pr of the whole population"
The banks never assist in T,rosecutn. these WORKS.
There is wisdom, thel-;ne re IS necessity III
the Banking Laws for the benefit as Well as lo' me
safety OF The people nt large Not one III huhu.su
of the people of ony State ms III 'u'etes: !" 'ne
banks except to know tho notes money which tney
hold mud on which the banks get interest, are GOD
Every person who puts 2 bars note into his POCKET
helps the bunk Let the laws. then be 50 mace Is 10
compel The banks to do something uohcne'a' ~ ''e
State.
Our neighbsr, the Exa:niner, justly remarks OF the
article just ci:ed that it contains "truths ana IDEAS
which should penetrate the tekest skulls OF virginia
fogydon.'
We snail, .ecu- to this schject again.