Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1856-02-08
Far h' Enqnirtr.
BANKING AND BANKS IN VIRGINIA.

Mr--rt. Eii!"rs:- In glancing AZ thr newspapers,
which is all ] do in III" way 0t rcaiing, hive mo-
ticc,I ih- views of several writer's the subject of
banking aud Banks in i'ir,nin, aud perceive most
"i i"in ar i'll favor of reforming the system; but, in
my hamhe opinion. none have advised or pointed
n,f feasible substitute. A Friend in the Country
;G n Member IT the legislature, in nine seCtOns or
articles, published in your sheet Of 10th instant docs
propose a constitutional aud safe system; but !
could not promise myself, were | 2 member Of the
Legislature, adopt 1t, ~ III. present time indeed
should ouh; the pr"prcty ot adopting it at this
moment, to the full extent advised by ~ Frlend,'
&c.. though, il it could he adopted without intcrtcr-
img inuriolsy the finances of the taxpayers, both
ndivually aId publicly, would ut once discontinue
the co-partucrssip in banking between all the tax
payers 0f the part and portion Of them OF the
other, the other having grcs! advantages over ne G
But rs matters now stand, would re'charter all the
existing Banks without branches offices Of dis
count nn6 depositc, in which tn" taxpayers hold
stock and where branches and offices ut diacount
and dcpnsite now exist, II continuance of banking
" her they are located is necessary, would create
Banks and divide the present Bank stock o; tie ta1.
payers ratnby between al TIE Banks having branch
Is and offices Of discount and dep"s-, and the Banks
created in the places of said branches and Offices OF
discount and drpnsite and, Is now provided, permit
thu notes If al of them 10 be received Tor State tax
cs, whilst they redeem their issues promptly by pay
ing specie cor thrm at the place where issued, when
demanded, otherwise satisfactorily hqurlate them
to whoever presents them, and none ~ be made pay
able Mt Hny other place but that ut which they ARE
issued. In r,-charcrmg ;hc existing Banks III which
the taxpayers hold stock. aud none others should be
re-charerrd or chartered, except upon the conditions
| recommended by ~ Friend i'll the Country To Il
Member Of the Legislature, referred to herein, hen
w uerulties should be provided for the punishment
ii nil having any thing to do with them, either rs
directors or officers, every wiliul act o any Of
them to the dtrment of the stockholders, should bc
punished capitn!y.
II must b. rIear to all who will scru;;nze the SUBJ
1
are not reliable for State Individual purposes. II ia
ire the notes circulated by them good ~ State
securities bat who can say period nny not arrive,
aud too when $500 900 OF State securities will not
sell for SlGD0DO. even i'll current funds In such m
occurrence what would a the securities, deposit
cd III the State Treasury for bank notes IN crcu.a-
tiru produce 10 the holders Of the notes And with
prGpriety it may be snid III times oi pressure and
panic, loss may be sustained by any system Of
banking If the pressure and panic is such ~ To rem
der il necessary suspend specie payment. How =
ever, the Banks, | propose to recharter with the
| am-ndm have indicated, possessing money ca
pita Cnn III an EMERGENCY issue aud put IN crcula
ton several hundred thousand dol!drs, for the pur
pose Of relieving the taxpayers temporarily. AT least
and saving the State from dishounr; whereas, the
Banks operating altogether State securities, can
only issue many dollars OF circulation as they have
duusi;cd State securities the Stale treasury 10
cover. An. now, when il is saId the pressure tor
money is very gr n; portion "t the notes III circn!a
tlun issue! stat" securities are not paiika"'
consequently, ii i usees 10 increase tl'~r md rs
think folly 10 depend upon the eyste'n either Tor
State or individual purposes. l do nor ih!ehu' or
wish il To be understood, that would permit or hi-
low the Executive officers Of r s'etc to borrow mo-
nev frn the Banks Grr State purposes without "ring
tir. specially authorized by lnw to do 50. Bnt the
time NAV come, II il has n" ai'"aay, "hc atcnpn-
s-,. loan ~ m. State Treasury may be Of great in
nnrtarce 20 the Taxpayers. ard none nave or car
have stranger claims on the BrIts th.u the pax-pay
, ers-I near the Banks advise 10 Dc re-rhartcrri
ana created at this time nigh; give Rs ihlnH
,rnr- reasons for the conclusions have coisic
- in ref -eIce 10 t!:, subject OF this communications
hut; b.l:cy!us have said cnongn 10 make my view.
nnd desires known respecting Banks, shall only add
circumstances compel me 10 yield my thorough con-
v;rtous to them | am out and out anti-monopnly.
WORLD RE CONSERVATIVE.