Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1855-12-21
f' ftt '."i ''
NEW BANKS AND OLD BA\NS.

li. Nart1riGRdS Speech 10 the Brh. f.Ms.tis.
Mcssrs. Edtors:-Does nj it strike you az q ,.;',.
remarkable, that the Committee on Banks, Gcp....s :
from the usual course of inviting gentlemen ir "v.
press their views in the committee should hsva
initiated their movements on the subject -. baG!.lr-
by an invitation 10 the two President. OF our t'v
Banks TO discourse the subject before The vino"
body of the Legislature! Ali that the advocate: o.;
free banking desire ask for il, fair AMI uGp~5
diced hearing before the House when the question
comes up for dctcrnna,ion-nmd tbs plvi!elr,
submit, ought 10 content the old banks. n,h""c""~.
il should be deemed proper TO have the question d..
cusscd before the Houses Of Assembly, ~ u!ca.cc
and If gentlemen Of intelligence and mIgE.- "t" -
be invited TO set forth the merits al the >p"ra. ,a'
ter system il seems but rgl: that Their opponents
may have an opportunity 10 meet them in dcUat. 3nl
not seal their mouths until ail the virtues oi ;-
system and none u It's defects Ihv- b--M iIty!as-
and re-impressed upon the minds Of the 'nrMrDr,-.
All that We AK is hearing at the Am: time "it
place, and before the same audience, viii! IL, ass".
Gates of the old banks. Give lis that, ard "-r
cOnten; 10 abide the issue.
was not SO fortunate as 10 hear TIE "sr'--,'N
speaker who addressed the committee 4 i"Y .ycnrFs
ago. though learn that it was admirable d.sseIta
ton on the subject II has been stated by ."i
has paid little attention 20 the matter, tat u".
sing lie argument addressed or siny" fact if-s!
which may not be- marshaled with more eiiicI-ucy IL
support OF free banking.
Sir. Maciarand | did hear. The ability of TIE.
gentleman is well known. His experience IN II ~
ary silalrs has quite extensive. aud uHi'l-@L
secure information OF importance bearing upon I'J
question. | must confess, however, my cggCE,-is
disappointment at his effort. IL wa an lncr.!0aa -:
fence ui his sysem-such defence as cDg!a hu t.=s
scented by any a.utc lawyer who is quick {" perceive
the rxctlencies Df his own case and tOally ol...=
of its defects hardly cXpectr,! this fo.n ,rG'.-
man Of Mr.. Maciarland's experience. His ample g-'
servaton, his enlarged capabilities, h;:cG Inn pre-
emnently for the post Of Hdrser He did not -g.S5
that position, however. ile contented him.s! ~sti
the humber and less useful office OF tne 0ir6cu;e a.
space will permit me 10 reply 10 H.. Gr.U6"L'
he urged. But you have fair specimen IN '-.-
Mr. NJ contends that the old system is preisrHir -
the new independent system, because. "h!ie 80
credit Of the old banks is based upon ITS ps rtcs'.
able and "i,s specie the credit OF ihe n'" Ia ITO
posed tu be based upon estate stock IN i'- !"'1O
The most uciuatng and uncertain "f al reca' ''s' -
Admit to be true all that hc says concerning 'h' 49,
,uatirr value of ..Stat. Stock does III X az ono ,''
eur even 10 tb. most superficial :EinK"f, thn' MI =.
mas totally forgotten in the contrast ht brf
have ,hs seenrty of "S;ate stock NJ 'iG!t'IE T. !.a
.ecur;,v furnished by their bills receirht.e arc ,
.nsc;.i Thi. argument Of Mr.. NJ is based uV6a %
ihnt the free banks are 10 transact ." 80
s;nass-ur. not TO discount paper ana create LvD'a-
I'D in .hort are not 70 do what II Is the Srry p-.'
nose and object Of their creation 10 enat.c 'yc.
10 do. - -
You may readily judge, from this specimen .! y.
~ logic how much his effort was WORTH u. dr.
sing light on the subject Ii ali tho advocate - 40
charter system are equally successiu, nm he.i iI'
cned 10 think there will be necessity I" answer
them until the subject is properly pres n'sd - 40
House, after report from The committee.
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