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Editorial
December 27, 1810
The Enquirer
Richmond, Henrico County, Virginia
What is this article about?
Editorial from Richmond Enquirer advises Virginia Legislature to oppose renewal of U.S. Bank charter to preserve constitutional federalism, extend and expand Bank of Virginia for state benefit, fund infrastructure and education with profits, punish out-of-state note counterfeiting, and urges similar laws in other states.
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RICHMOND, DECEMBER 27, 1810.
FOR THE ENQUIRER.
Hints respectfully submitted to the Legislature of Virginia.
"An ass may preach wisdom"—He who addresses himself to your honorable body, does not, on that account, assume any superiority over them.
1st Instruct your Senators to vote against the Renewal of the Bank of the U. S—or against a Bank, in any of the States, in any shape whatever.
Reasons.—What is the constitution? where is its virtue? Not in parchment, but in practice—not as it is written, but as it is interpreted. Will you then acquiesce in the idea that the constitution is to be interpreted in a different way, from that in which it is written? It might as well then have been written in the very way in which it is interpreted. But do you wish to see your constitution interpreted in such a way, as to lose sight of its spirit—to knock down the distinction between specified and general powers, between federal and state rights? If the Republicans now vote for the Bank, they will lose sight of the great point on which the two parties were first at issue—they will take federal ground—both parties will concur—and it will be said that the friends have recognized the doctrine of a federal bank. This one precedent therefore fixes the interpretation of the constitution—and if you let in a national bank, what is there national which may not be let in? Schools—roads—canals, &c. &c? Every thing which is emphatically municipal and internal is taken from the states at one sweep—and you approach the grave of consolidation—Therefore as this question may fix the barrier, may give a tone to the constitution, which shall bind us hereafter, do you bind up the hands of your Senators by instructions. The fate of that law may hang upon your vote.
Does the U S want a bank to conduct its fiscal operations? Let the Treasury make its regulations with some bank in the district of Columbia—which shall make its arrangements with the state banks—thus negotiations may be made from, and to the most distant parts of the union.—State banks in the mean time, to receive deposits of the U. S monies. &c. &c.
2d. The Charter of the Bank of Virginia expires in 8 years—Extend its charter for 10 years longer.
3d. Extend its capital at least $500,000, if necessary $1,000,000—let all the additional shares be for the benefit of the state.
4. But to prevent depreciation and injury to other Stockholders, let a minimum be fixed say 25 or 30 per cent. advance below which the Treasurer shall not sell.
5. Extend a branch bank to Lynchburg.
Let the law of course provide that these arrangements be made, with the consent of the Stockholders—No strong objection will be made on that score. The vote of the Treasurer will be a pretty powerful argument in your favor.
Reasons—If the State sells, say 500,000 dollars at 30 per centum. advance—the profit will be $150,000—that sum ought to be CONSECRATED to the laying out of roads, clearing rivers, digging canals,—which will aid the operations of agriculture, commerce and the Bank itself: as well as to Schools, which are not only the great pillars of the republic, but will enable us to make a proper use of the riches thus acquired—$150,000 will build many bridges, dig many miles of Canal, &c. &c.
6. Pass a law punishing the counterfeiting of Bank notes of other states, when conducted within your limits. This is a Courtesy due from one State to another.—Pass this law, and your sister states may imitate the example. Without it, how can the practice of counterfeiting in one state the notes of another be radically struck at? There has been a horde in Tennessee, which has forged the Virginia notes & been detected; a similar horde may be at this moment in this state Counterfeiting the notes of Maryland.
There ought to be an accommodating disposition in all the states on this subject.
Hints to the other Legislatures.
1. The law, above described, ought to be passed by all.
2. You ought to pass a law, like the Virginia law, and the one lately passed in Pennsylvania, punishing the circulation of any notes, not issued by Banks regularly incorporated by law—Mark the effect in one point of view—In case Congress should refuse to renew the charter of the U. S. bank, it will, wherever it can, go on discounting, &c. as usual.—Stop their career
TURGOT.
FOR THE ENQUIRER.
Hints respectfully submitted to the Legislature of Virginia.
"An ass may preach wisdom"—He who addresses himself to your honorable body, does not, on that account, assume any superiority over them.
1st Instruct your Senators to vote against the Renewal of the Bank of the U. S—or against a Bank, in any of the States, in any shape whatever.
Reasons.—What is the constitution? where is its virtue? Not in parchment, but in practice—not as it is written, but as it is interpreted. Will you then acquiesce in the idea that the constitution is to be interpreted in a different way, from that in which it is written? It might as well then have been written in the very way in which it is interpreted. But do you wish to see your constitution interpreted in such a way, as to lose sight of its spirit—to knock down the distinction between specified and general powers, between federal and state rights? If the Republicans now vote for the Bank, they will lose sight of the great point on which the two parties were first at issue—they will take federal ground—both parties will concur—and it will be said that the friends have recognized the doctrine of a federal bank. This one precedent therefore fixes the interpretation of the constitution—and if you let in a national bank, what is there national which may not be let in? Schools—roads—canals, &c. &c? Every thing which is emphatically municipal and internal is taken from the states at one sweep—and you approach the grave of consolidation—Therefore as this question may fix the barrier, may give a tone to the constitution, which shall bind us hereafter, do you bind up the hands of your Senators by instructions. The fate of that law may hang upon your vote.
Does the U S want a bank to conduct its fiscal operations? Let the Treasury make its regulations with some bank in the district of Columbia—which shall make its arrangements with the state banks—thus negotiations may be made from, and to the most distant parts of the union.—State banks in the mean time, to receive deposits of the U. S monies. &c. &c.
2d. The Charter of the Bank of Virginia expires in 8 years—Extend its charter for 10 years longer.
3d. Extend its capital at least $500,000, if necessary $1,000,000—let all the additional shares be for the benefit of the state.
4. But to prevent depreciation and injury to other Stockholders, let a minimum be fixed say 25 or 30 per cent. advance below which the Treasurer shall not sell.
5. Extend a branch bank to Lynchburg.
Let the law of course provide that these arrangements be made, with the consent of the Stockholders—No strong objection will be made on that score. The vote of the Treasurer will be a pretty powerful argument in your favor.
Reasons—If the State sells, say 500,000 dollars at 30 per centum. advance—the profit will be $150,000—that sum ought to be CONSECRATED to the laying out of roads, clearing rivers, digging canals,—which will aid the operations of agriculture, commerce and the Bank itself: as well as to Schools, which are not only the great pillars of the republic, but will enable us to make a proper use of the riches thus acquired—$150,000 will build many bridges, dig many miles of Canal, &c. &c.
6. Pass a law punishing the counterfeiting of Bank notes of other states, when conducted within your limits. This is a Courtesy due from one State to another.—Pass this law, and your sister states may imitate the example. Without it, how can the practice of counterfeiting in one state the notes of another be radically struck at? There has been a horde in Tennessee, which has forged the Virginia notes & been detected; a similar horde may be at this moment in this state Counterfeiting the notes of Maryland.
There ought to be an accommodating disposition in all the states on this subject.
Hints to the other Legislatures.
1. The law, above described, ought to be passed by all.
2. You ought to pass a law, like the Virginia law, and the one lately passed in Pennsylvania, punishing the circulation of any notes, not issued by Banks regularly incorporated by law—Mark the effect in one point of view—In case Congress should refuse to renew the charter of the U. S. bank, it will, wherever it can, go on discounting, &c. as usual.—Stop their career
TURGOT.
What sub-type of article is it?
Economic Policy
Constitutional
Infrastructure
What keywords are associated?
Us Bank Renewal
Constitutional Interpretation
State Rights
Bank Of Virginia
Internal Improvements
Counterfeiting
Education Funding
What entities or persons were involved?
Legislature Of Virginia
Bank Of The U. S.
Bank Of Virginia
Senators
Treasury
Republicans
Turgot
Editorial Details
Primary Topic
Opposition To U.S. Bank Renewal And State Bank Expansion
Stance / Tone
Anti Federal Bank, Pro State Banking And Internal Improvements
Key Figures
Legislature Of Virginia
Bank Of The U. S.
Bank Of Virginia
Senators
Treasury
Republicans
Turgot
Key Arguments
Constitution Interpreted To Allow National Bank Erodes State Rights And Leads To Consolidation
Instruct Senators To Vote Against U.S. Bank Renewal
Use State Banks For Federal Fiscal Operations Instead
Extend Bank Of Virginia Charter By 10 Years And Increase Capital For State Benefit
Fix Minimum Stock Price To Prevent Depreciation
Establish Branch In Lynchburg
Use Bank Profits For Roads, Canals, Schools
Punish Counterfeiting Of Other States' Bank Notes
Other States Should Pass Anti Counterfeiting And Anti Unauthorized Notes Laws