Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1858-11-02
Civ and Country Ranks.

The article on the city and country BANKS, 10
which we alluded last week, will be found on
the first page of this paper.
The policy pursued by the Richmond BANKS
has appeared to us to be exceedingly selhsh anu
mistaken: We will not discuss the question as
to their legal rights, or what may be due 10 oour'
tesy in their relations to the Country Banks
we only look to the effects of their course upon
the interests and convenience Of thepeople. we
cannot admit the idea that Banks are crea'eo
solely for the benefit of their stockhoiuerS.-
They have public duty and benehcent design
to accomplish, as recompense Tor the extraor-
binary privileges conferred upon them, In 1acil-
itating exchanges and aiding the general business
of the country. In this view, we think the
merchants of Richmond and the people of the
State at large, have just cause to complain ofthe
Richmond institutions. Their refusal to receive
the issues of the Country Banks, (Which are as
sound and good in the general as their ownO Is
yexatious and annoying in the extreme, having
the effect OF making different ourrencies for the
same people; and is in direct conflict with the
object of the laws creating them, which is to
secure to US sound and uniform currency. 1t
unquestionably. operates as hindrance to trade
and intercourse, aud as tax upon the people to
the extent of the difference required to convert
the issues of the County Banks, when so needed,
into Richmond funds. Ifauy well-founded reas-
on existed for this, there would be some excuses
but all our Banks are specie paying, and prompt
ly meet every demand upon them. Why, then,
might not the Richmond Banks continue, as for
merly, to recognise and use their issues as cur
rency2 The notion that they would be redeem
ing the Country Bank notes by so doing, is sim
ply preposterous. They would be only giving
them credit. No one could object to their
throwing out the notes of any particular Bank
for sufficient reason-but they are indiscrimin-
ate in their course towards all the Country
Banks, and consequently are warning against the
whole Banking policy of the Commonwealth
1t is not for them to assume that they are the
only institutions required by the wants of the
people. The Legislature has decided differently,
and it is hardly respectful or becoming in them
to do what they can to thwart and embarrass
its action
The refusal of the Richmond Banks Gf we
understand the Enquirer's article rightly to col
lect bills or notes payable at Banks in the inte'
rior, strikes US also as a most grievous wrong
upon the business community, and entities them
to no higher rank in public estimation than the
licensed broker who shayes you for fee. All
our Country Banks, we believe, render such SER
vice without compensation.
The instance noticed by the Euquirers article
of Country Bank refusing to discount for
merchant because the funds might be used in
Richmond, is exceedingly rich, as it is obviously
and admittedly rare. Upon such principle, the
Country Banks would have to refuse all accom-
modations to merchants, because their funds are
generally needed abroad--a fact that could not
exist without being generally known.
In conclusion, we would respectfully suggest,
as remedy for thewhole evil, whether it would
not be better for the character and dignity of the
Richmond Banks to receive the issues of the
Country Banks as formerly, and hold them all
to strict settlements By this course, (far more
consonant it seems to US with the pretension
they set up for themselyes) they might become
the bene6cent regulators, instead of the odious
debasers of our currency. No matter how rigid
they might be, it would be less discourteous, and
not more oppressive certainly totheinland Banks
who are now required to redeem their issues
through the brokers. Our suggestion, however
is not for the benefit of the Banks, but for the
relief of suffering people.