Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1856-02-15

chhfacter not less than I" the public 10 rerri ta,,
III tolerant and liberal spirit not as couc-..ia .,r
waich onerous conditions may be exsctei II L wc.-
thy ID De considered by the learned Cp,nU,,,y, \.
will be par'!oned for smgcrs;.I.- yyl.;I,.r il rsA
with the character of oar Stat, 10 r. .v. rs - r
clal difficulties, by connecting tie purchase o. f.,
bonds with grants, cons dcrrd essential To- cu. proc
greSS, industrial AMI co:nEIercal. Is uI;i,ra. ...
On the credit Of the State may wei! be tea.rf :,
might he regarded rs applying hi.s,e n ..tg,
pruyldent OF the fu.nre imps,ieI.t aud sayi l.g
nbou the present. The stockholders might ls con
sldered consenng 10 the purchase 10 csrap. f. =!
something worse; and II the opinion should prevail
that the investment was impol.ic, the Jat!4 vr.!:
be dis,rused, and any dstrust Of item wou.t reset
upon the State. The practical limit Ia pro!r;.g *
pendture, imposed by The absence @: demam,!, -
long as the State is content 20 Offer h1r bonds l.:
open market nos sli .h considerations in cslunn.:
pnohc credit would be lost the in"liemt She f,-ortrl
to fictitious enticcmenfs. 1t might be- feared i5-,a
would be no end to II, since II would be natural ant
easy TO 20 on
He was aware it objected to the Ennks. ,hat
they used the notes Of each nther rs p.nccaIv :!
evade their liability. The practice had ohinr,c At
paying checks IN current funds" called: fhs.l=
i'll any Issues but their own. lis a. kuvved,.s o..
WAS an abuse. The practice had s origin in the ac,,
OF the Legislature which required Of the banks -
receive on deposit, and in payment OF i-hr- iat.q
not Of their own issue. That which the law rslr.rc;
them 10 receive. they were, in common fairn-.. ~.
titled 10 The law aimed nj the uuat;nnnilr 70.
suit OF rendering Bank notes Of equal value wilrrrt
regard To the places al which they were rcdarrall,
The end was in itself mprnctcabs ms I.niaiy s.,,
would be to make a bag at gold in evishury worth
as much rs IN this city, IN tu Hn tAyu., ,ie-
inand. The remedy for The abuSc WAS r-p.ai n lir
laws which led 20 IT. Tia; wou;d restore ;hr f.auk.
to their position anterior 10 1871 when our circua: n
Was rs uneIceptonabe AZ in any ui ;hc States " ~
full discretion AS 10 their receipts "uf-ii" t .h n-
redeelnable AT Their own counters they would tD
without excuse tor paying out any notes Lut ire"
own The use which had been nndr of 'ru,frnt
| funds was the source lie satisfied o fllr cur.
rent prejudccs and diSirust OF our banks. llo Es!
| been, aud was opposed 10 il.
The Stockholders desire iilr charters ~ be rairr-
ed. lhey are before You respectfully asking Il. Ia
their Judgment the banks have been eminent. u.a.
ful III the business and commerce, III. udu..rv ant
| enterprise OF the State. They may hc rRrt"nri tor
thinking they have done the State good srrvlr AMI
| can serve her yet il il be error &" c",i,.G.r
banks indispensable TO active, busy. progressive"
people it is one fixed in the practice. and ra; o.;
the world a. seemingly 10 defy correction. IT,. dr.
position To cherish them has grown wiki IA" s,,r"a
of intelligence and liberal institutions. X ha. rr,n
claimed tor them, with what Justice the lrarn"i Conn
mi;tee will decide, ;ha they tend reduce m gii'
interest-to curtall the power Of individual w,Hl.!-
TO encourage coinpctition--o inaint"u stab" ;al'
kets, and 10 discourage monopVcs. Ey tIrir as..ry
capital is made active and suGservicut L. e.. y., ri
advancement beyond lis capacity III private hG.L,,
and is devoted under the drecti of iinpariia! .ul
| sells, to the common benefit. Our COnmauT. H!,I
has prohtted by their timely assistance a, ~. :,.ais
| Treasurer will inform YOU Without banks at "ur
own currency would, now, co;Isis. ot hal.
sues and We should be at the risk, without any s.g.,
III the profits, Ot the institutions drpryI,. ,.s,A.
of the security Of having them amcnabc ou. svs.
Earnest rs Is the desire Of the sock"ldrrs have
| the banks continued it does not proceed iron. .rur
idea that they have All intrr-- in I, result p"'',.-r
TO themselves, nor that they would lose or suffer IS
| refusal They fee! secure OF their investments aud
know full we'll the value ul muncy would bc enhanced
by closing the banks. as n body, they Eether box.
row. nor are in debt. Their capni wnGld b. r.-'ur.i
TO them, at time when almost all except thcm-riv.5
would be borrowers and sellers, ana woulG have
iue above bank shares. SIT! e.rearnc-; dvsr. j. "a
continue their Investments il il please the L--a'G-a
TO retain the banks liberal and sure footing.
convinced they are invaluable to the public, rg.t
that disasters, widespread and IameB;GG!", wu,i
ensue upon their termination. As a oGs-, tic
stockholders are far too independent and pUa,.-
sprited 10 solicit for themselves any concra-iraE
which would not sub.erve and adv auce tie common
veal. II they were the only parties interested, Ito
question o retaining the banks would hc b.u,dh no
sOleInnity of grave State ssue The diyi~ui- u:
mos;, exceed hot moderate rrurn for III" ri-k H.
Cured, and there is no lack of inv. Mo
as well or better. But the'qucston hn. grave =
nIfcance above and beyond the cInuluncu;s al IL.
holders. The Closing of The bank, woud bfiu-. u ,rrt
the community an n,innt and crushing smraa-s
mept. Endless reverses would be the ;:rst ill..
the intrepid act. Progrcss-,here wouI,: br uur".
until the slow rcviviug energies Of the people had
covered some new expedien 10 replace the l.ts
sanctioned invention Of which they had been dc.
. prived.
he prayed the Committee to accept lis graf, I'll
Acknowledgements Of their kind anu iiat:.IG. ..
ton. The opinions and views he had had iir iai. 4:
to express, were those be entertained IL = riIy j.,
after no little experience and observation. The in..l-
tuition with which lie connected neither ,Sp.r,. p!
nor desired that he should nsk anything at vaGaass
with bis own convictions OF the public inrrs: ~!
policy. He may have appeared 10 speak vh .ouir
confidence but he begged TO assure gentlemen. wi'l
whom il his misfortune differ, that he crirrs
tained for them and their opinions the met .ntrl
aud unaffected respect.