Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1855-09-28
Banning IN VIRGINIA.

COULD Inc pam h'' mod" nf operations will prove
"m trial, inefficient. ii would seem Il sut;cicI,; IN.
swcr To such objections: that the sv,tcu, ha. been
trc ai.i that Il has ",Pr in other STATES nn.; ,Ia:
lhsrc Is no good why it NAV rot succeed here
~ 10 IL feasibility the most ,hnt We can do-nii TINT
can be reasonably a-h of u, - to point 10 actual
experiments which have proven successful. And
;h:,o atr al har, Tie New York Free Bquktns
Sys;enI, winch l. tbc parent. c foster mother Of eli
ihe banking institution. .! tic kind il. the Union, has
ia operation upwards OF seventeen years and u.
ring that period, while it has encountered serious
drawbacks ANA difficulties, arising from imperfect
legislation, !, has steadily progressed in popular ia
and popular support, until i; la. completely sup
planted and undermined the Old chartered inst!tu-
lcns. These latter, i'll that State, are gradually dy-
NJ OH: their charters expire, and il few years
more, tho entire banking operations Of til" State will
BE- carried nn ~ free ba,ains. VIII il be Contend
cl Tor instant, with the fact before us, that the
immense, the almost incalcuab.c commercial opera
lions If liza, STATE arc safely carried under such
system. that the comparatively restricted commerce
oi our own. will suffer ior lack "f capital III these
institutions The pu=i,on is absolutely unienH-
BIZ: nni no one vino has ca:riuly considered
he subject would hGznri such assertion. We
have !vc.c up, in the strong boxes o our iarinere IN
virginia, lrc;r.ty enough TO sU;cc 20 carry on zen
iln.>, US. hundred time, "5 large commorclal o?e-
.a;ioIs a. W. lu; AMI If any b" devised by
which L. brIag mu active operation tls comparative
$ dead capital, s.. have benefited farmers
in dlrcc; rcua!iry pnim: r N:ew ~ the sane tin"
;hai improve the value -! tnr. !!,,s, nml Of all
specie %! property IL ;= Sia-. Luck u! capital
Oar State with Wheat ,ai Grain it is di'iin
i-cd "r il. mineral. not less t!!aG Tor its vas;
agricultural resources. 1; j. ai"~: allowable 20 lay
ilia, spot caino he ipand winch, b. side supplying
Tic lux ri"!- wants n our people, doe, not afford
surplus tia may be- turned 20 ready accuu:.t. What
have we t. frur with such country, ii access be
opcnc,! II, inr Il :naIy make, TO these prolucts!-
, Why shout. we ,inib that capital in abundance Will
dow n .ot merely 10 supply the wants Of present
restricted commerce, but 'u meet ant more thnn
, meet H.. future demands Of IL growth. di-;n.
gushc,l Souihcrrrr in All able pamphlet few years
ayo, demonstrated that III" people in Virginia, and
the Snuth. were better oil thnn any Of The North
, rrn S:stca of the Union, and if on" will take
IN, mains 10 inquire, h. will, individuality reach
T. the same conclusion. Ava, tn"n, with The notion
that w. s,nli ai! TO secure the cpp;ta for such n
system o.. banking. When our rrn"rs and cnpi-
:ali.ts 4ha Irarn that the "caumr - In; only
-ni. but prc-rlnnruty SAT-; "hcn they shall nave
wci.h-,! ~ advantages. wt.n thy h"ow 'ha., h;'
sl,. ray. their fuuual interest from III" sfn:' thry
will reap the vr"i- ar'ruh- from 10" h'.''ha- "pc-
ration. iir,r-cv"-, there viii b" II" rrk "irapa /"
carry ~, such -y-'"n. irw stands he matter now
What il III" capital chHrrrc'! institutions ar" ira
d.a- upon! Withdraw from, them the support ri t'r
S,n,o-a support pro ha'o Gripping our finances, an'
rendering oar w"y!;s u! internal improvement 70 thes
d. extent burden AMI clog upon "r financial opera
, ,;nus--ir"m wha, capital would ;hcv derive sup
} port? With The privilcs" "f multiplying notes to Mt
i ia... thrccf,l.l the actual nm,Gn "i money in
!. their vaults they wnu ini il Il dfilcui uairrta
: king 10 keep their h"i- m:rvc wafer In i"ct' 'h'I
arc doing .on hug" Il lu.mc,s Tor their capital even
: now; and when pressure III the money market Is
fl; with the rate OF exchange against us even WIN
sl hr support derived from the STATE. these in,I''"'
,ors hnyr to confess their inability to meet The pub
|, lie wants: Whnt, then. il that support were With
drawn! And, what right, "sk, have these instI-
tu;inns demand any peculiar Iv"r- "t the hand' oi
the State The pr, sent syot"m. say what We VIII "i
il, certainly does not enlist and engage, or put INTO
active use all the capital which frrr banking would
1 secure.
A view which la, been presented of the effects OF
the free bnnkin- system npon the internal improve
,rru,. ot IN. Stale should not he overlooked Er-
.;riu needs" we confess il, s"ne machinery that
will place and sustain par her t"cks, in order to
: finish her programme oi internal improvements. -
Th, she cannot do too quickly, md no c1pcdi"nt to
wl.irh she can safely sort Tor the purpose should
he deemed impolitic or imprudeut. Let her citi-
. zens purchase her stocks nnd make them the
4, baulin. capital o the State, snl they will a "IIcS
. secure II permanent too;il"d, Of rcSpecti'''E NJ
.as, among the other state stocks. Others will nave
confidence in their reliability VIXEN wc begin I" rely
. upnn them ourselves; and whi.c We ARE ihns placing
our credit abroad and nt home on IN" best prartica'
b, footing we arc turning 10 ready ns' the debt OF
, the State.
The rub,ic works of tho State, il they nre ever to
y be completed without onerous amd uncomfortable dI'
. rect taxaiion mu.; be sustained nnd Carried on by
State credit unit! the ample return o those improve
ne,ts shall compensate Us for II" money" expended
IN their ccInp!ction If this credit h." ei'riHi'il, and
if the stocks oi Vrgi:.ia the siucks OF New York
(which has adopted thiS fyetcin) rhould commands
us they wuuI command, not only par abroad ana at
home but cxree! We may, without d!thruity, nm
i,h up' t!a present lines t" in.rrna! improvements
and nur pcnp.- will then begin 10 share their unor-
mans advantages with comparatively Light taxation
This nf itself would be enough 20 the passage
of free banking laws ii in nil other RESPECTS this fen
, ,ures Of the two systems wero ahs aml equnly I'D
vantaGeou-.
In wh., we have said, we do not mean 70 bo un-
,ier:;uod u resisting tlr rt-rharcrng OF tho old
baukin. institutions. a refusal to r.charer at til"
-, ,, rho Least. b..
matter of doubtful pp.icy. III, monetary operations
OF the State are intinlt" connected w;h The present
boukin,- sv.,enl-.hc influence of that system ha,
pcrincucI ever: branch and occupations every 'u''
ness and pursuit OF lifanl sudden breach 'i these
tie. would be huzarGous il not r2lnous, I" ni"fc7''
wc! shouId be prc..rvri. Ii ;h2 prr'cn; system Is
to b., a!,ar.one,l sra,!ua! withdrawal OF the Stale
funds should be demanded ari time should be aiord'
cd tu allow TIE l:e. bank, win then: way t. public
favor a, s.rur. public confidence. b"iorc the char'
in.t.,.;nus n, ciosr.l. Tia. they will cventu-
n,y b. su,,pi :rl by ,l"r Younger competitors. may
: be presumed from tiD cx'ri1ncr oi New loFh !e''
,,. f.. ,h,, IT,. two s".,sms viii work in harnO-
nv an,l be allowed 10 continue. lh' however we
can hardly br".c vii! be IN" case, wien ti' s'"chs
o; the Stale are Withdrawn from the chartered lh7'
,u,;ons, and that it shou!d he Withdrawn sooner "r
later is thu bcri of n! The advocates nj Inc Tree
ba,!,iu, sv.;,.n The Valley Deni'cTH; proposes
withdrawal n. ;!ln {" twenty poT cent. Per anhnh
r,r :;rr v,.ar. som. mly advise longer, others
,,,,cr r,r,i: the rcsi:, however in tbs end will be
in, .an. if the freq ,lulSin. system 7irii nr:c. wia
" in, .,c,urn-r,ucn. wc ,hink i; deserves.
We ;,oy,, not yet d,.c with t;I' tn2;r. Ia vas'
practical mrnr,anre demands thorough da'u'7''n'
4 fbn sui,.cL ilttrt