Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1856-06-03
sprrcu OF JOHN c. RUrnEREoORD,

n, tis 8 1nking Poi'cy 81 virginia. a''''u ,S,;
H,,>, " D,isra,t> OF l'.rr,an, F'dFnH'g :, l"',
,,a n, mi 10 crttgd &c Charter II me hH"' "
Ne SPEAKER: In proposing IN anendmenI w,.;,T
limits the extension of this charter I" ', ~ l;r.,v
NJ fmr years. II has been my "t:ir"' ~ y. INK
h.fore the House the QUE siinn VI" -" ,; / de-
I'M, sy,te,n of Virginia shai! he lr'Pe'""'', ~
sire to see another amd. III my 'l'",. -, s,sL ,nd
tenn Of banking gradually sue>t'"' 70 H. ,,.i,, nj
tbnrri,rs uropose a short lc!..' 10! 'he eN'e"' W
tlis charter. . , ,u-ro,cv IN nil ia
n,,,,s. is before Il Il subject III H'.' " ~.
nj iu,sr..red-the rich and IN" poor ,a,''e uiu me-
chc,,. ,cborers and cap,tai'sts. WIN ""u system
~ bsnkip, we cannot havs sound CURRENCY ana,
,,,hnnt sound currency, we will have neither s'uiiu
credit nor heslthfui commerce. a circulating me
liam insecure distrusted and huctuating III VH'ue' IS
n, only hostile to credit, enterprise ami solid com
nlerciai prosperity u u'iue' '' ~
Y-mpl. ., ., f,,,
And fs;r investigation OF this subject III all 'S oe"'
inrs; let us study sell The Lessons OF the past n'
rnnie- long upua their application to the eA'Eencu'
=" lat situation The consc. u"nces 9" o ,,r
,.er,ug legislation that the character " ga, far
rrncy for the future is 10 be detcruiineu ,II,r,b
wears throw back our Commonwealth III NC, H., " 80
r., ;mnrovement and be disasiro,,sly tet ny 'ie Pc
PIE OF Virginia long after the grave nus nus, .n cam
T. Sc who did the mischief. Gorerhi i'nn.;J.rutely
r,it no graver error than 10 tanpeE NV ,h Gnanc,sl
with the sensitive springs oil Frauds in Illustrations
hi.tu-.. of our own country aoo"''u' 49,, 60, nm
,.c the ncaculable evils ~nich have sP'I,'G t,,
,si-a laws about banks anu curre"v! :; ,h. ta.k We
fearful responsibility tha' 10 '
have now to discharge , j.. .;d rs Ex,er;ance
;v.s M ~ flood of light. We occupy vantage
s-,,rI commanding the past and It's errors; anu
i.s. errors will guide US 10 the ruin: '" ~.
il, if we seek II, Tree 'Foni o''S' a" =" SP ~
AK hearing not for myself, but for my cause.
nave, it is true, deep interest IN the question ou
il no other than whist ia common to the great oouy
nf our farners-it IL the interest OF tue pe"pe ~
GOOD CURRENCY consisting uf good aud SILVER! or 'S
Equivalent AL interest in comparison with wh'ch INC
interests of bank stockholders, capitalists anu inoneS
ii corporations sink INTO utter insgn'neance'
Unfortunately, the subject, though "f such grea!
importance is not familiar tn the pubic nina. IN
te.igent men differ with regard to H. ana popular la
l.crs AZ 10 the true functions OF banks anu curie"-
cy, widely diffuaed Let US orlshy
the origin history and effects of banking INSTITUTIONS
Thus we will better understand their true operation ;
thus we may fres minds from prevailing Illusions
on the subject, and acquire Juster perception VI 'nn
tu. policy for Virginia in this CRISIS o, nsr r
good or for ill., whether they ought to be restrained q"
encouraged what evils should guard against ana
" hat errors of the past We should AVOID. Lei US ue
lr.nine the ends should seek let us hrst ueduce
th- principles to guide aud then endeaVor u ap
riy them to the question before u.s.
As in the earlier stages OF s"ce'y, barter proceed
81 money, 50, with tho progress OF c"nmerce' credit
followed upon money, and banks upon credit.
Tn, necessity of mutual exchange produced the ne
sess,ty fnr soIne medium OF exchange. Hence the
origin OF money; aud gold and silver, uniting IN lie
highest degree all the requisites OF general medium
o. exchange, have become the money Ut all civilized
,.,i,r. Thav hav. durability th..y are capable ui
.Iuie subdivision, and OF receiving impressions ana
..u,s tbev bny, uniformity of quality and are su
h,ent but not too abundant in quantity they nave
" 80 -. s. onr,a ,b, t,t aud ird,sppusa
o sn ;n,r,n.;,. vaiu- nnd one less liable
- 10, nf srv o,b.r urtici. 10 variations growing
a., Is 'bon,ss - th nrnnurtion between supply aud
demand
D,rect barter having given place TO the employ
-r.n, ,f ,non.y in many transactions the use of mo-
~ i,s.if came 10 h.. deferred or dispensed with
thr,n',b eSr.r entries bonds and proinsory notes.
drart, hills OF exchange and other forms OF credit,
or .v,d-nc.s of debt very different from money
Nrchsp.. dan ,sit.d their stock of money in safe
bis ;ns,ssd Of k..puy il about their persous or in
th;r bnusss II they had more of il than their busi
49, ,n,nd.d thav Lusn.d tiff l.ss they borrow
al !, =, ,nIar.st nni indytual. of wealth. credit and
.r,.,s,v hnsns.s n,rfn med m, mart both of bank
A. nd sents tnr nthrs-,ealu IN bills of exchange
,,.,vnr, d.nnsI,s and maxim, Iuans and d,scuunt.-
CT - .ha n,,nrsi AMI h. ,j,bfu, cuur,s of Things
s"1'. ""e WV o,nmnn;,y
H., 81 ;nd;v;d1sI hanl.rs And dealers in ex
snd Innns Ind di.rn,,,'ts .yiuced tendency
e. -, in La mnnan.s and increase. their profits
~. a,i,i;, ,,,nn,,i,n, They yer. willing 10 buy
sy.',s,ya nrivilo.s from xvy.rull.nt by bouuse,
.,,d Ian. and government was always resdy, for
s "a confederation. 70 sell them Its protection though
=. Ib ,rn.r, nf ,b.r rivaIs AMI If IN. public
IT, nrrchas.d tbus AZ last III. DANGEROUS priv, '
;.- & i,.puy. in exchange for coin, q circulating
,iur, consisting al thsir own bills bearing 10 IN
a,S ,hn,,h casting Them potrrn, bu; the fabr.
. ,,;- nan.r v,.,n,, rt-.n m. same profits |
- -,,,, ma .;iv,r
:, ,,.s -: J,.s;, morals, xsrs first estahiished-
g.. n,cL no ,b, ,w.It,h century a hank of deposit |
,.LI;.hst in tb, c,mm.rcluI r-uubLc of V,nic.
Lii. ,frr u, model in l6Uy, by the merchant
p,uc4s If Amsterdam, and Afterwards, Others OF
s,nxr i.rrip:Inn, though Oh smaller scale nnd les.
,,..rqily known at Hamburg Rotterdam, aud some
So c,,1,n..r,.;nI nn;n,s in En-, one.
-. cam. hanks of deposit discount and crcula-
zion /; wa, no, uutll 1924 that the Bank England,
e.. sr. ha,e nj s.u. VA. Incorporated. Soon AFTER.
IN I.l6 ys. ..tabIi.b.d IN. ROYAL Bank uf France,
~ ,,.i, knnwn INV ,he evils il produced and by its
,,rr,,,n win avs disastrous schemes of sp.cula-
finn Tn nr...nt Rank Of Frgnce, beg cunning IN lSUO
,;,, ca,utal Of about SIX millions OF do lars, has
;.. ;rnrs.J ;rs r.,,i;al and circulation till il is
49,. .ar,'nJ in n,w.r And ;pfu.nc. only 10 the great
Eant ~ EryIspd. I.rye banks of circulation have
-, NM ~ awL love IN Eu.nn.--the Bank of Russia
:" w e' S ~ ue Ne ~ IS u,-,n of Cnn.nba
:" 'I'",' VI .ne ,e'H H.;I nI. ,h R,vai Rant
Hi =, VIZ I -. Is.s .,,,.,'i.raI. I'm Eu,op.
- go, n,a;, dnr;n~ tha j,at century hank
60 a 49, ..;,T. c,r,nu snail and yr.u,
u.s." nd nnhIo ;rdan.nd,.nt ~ government mud
y, ,a'o a. az %, oU' a, NH cbsr,r. ard Win
f,ihee.eo van ,,,,as NJ s,iu mara
"u 'u"' 1o'a u v" L. 49,. r. ia, ,b fr.t hank
N"fie" ApeF,enNe !" o"'Nh' - ~, .I,i r.
"a ne ua,..u ", 9nn nan ~ ,,,r hnrkn
WIN .ana ~ O, IN" 49, nr'nn,;,,n -
cH IS aoou. Sn' n, ti md p"pe t
o. nsi,As NO. ..'I t,,,; '"A
"a, N-'u - '" .'' 49, ',, 90, ,. .,,ar;.,cs ,ya
81 ! .'.', ~: 49,, I; - S -, 49, ,b.
"''''' t I' Sc '., .nu - ,,,n, Nv III;
Wis oee.i ~ c,. =" 49, , ". o.. ,h ro,.-
ne oa"Ah ", .'',;, ,y,,'",s md ,.ps,
,,'ncN""S Oh oanHs.'I.t'''uS "u ;,;'
Ia 'u"us. "a'e ,ou "''' -. 49,, 40 49,
D: 'ncs loans "'id osc"uu's' '"e .hP'" Va 'ue oV':
NiH'ity aho 1hey ha'e eAe''''eu '''v p't '"'
.eIe "f issuing paper currency ""' uo'e ooen
81. n etectsi