Richmond Enquirer

RICHMOND, JUNE 5.

For the ENQUIRER.

The Members and Stockholders of the Unchartered Associations or Banks, called Faro Banks, A B C. E O. &c. &c. to the Grand juries of the State of Virginia.

GREETING.

Gentlemen,--Admiring with feelings of gratitude and profound respect, the interested zeal, patriotism and marked regard for the Constitution of the Country, manifested in many counties in the State, by presenting as a gross violation the late act of the Virginia Legislature dissolving various banking institutions; we indulge the hope, that our banks. which the same usurping Legislature have endeavoured to put down by a law equally unconstitutional, will receive from you, not only that impartial attention which sympathy in a common cause and common suffering ought to excite, but an act decisive of the general reprobation of the citizens whom you represent.- You are the chosen guardians, not only of the public, but individual liberty : the watchful warders on the tower; and whenever an attempt is made to sap either under pretences of existing public evils, which you are as competent to ascertain as the men chosen by the people to represent them in the Legislature, you ought not to hesitate in challenging and denouncing the act of the latter when it is not in accordance with your own opinion.--For we ask in the name of principle and every thing sacred in Representative government, if the sheriff by whom you are chosen is not more capable of selecting respectable men for the grand jury, than the annual mob collected at our Court-houses, are, men to represent them in the Assembly? Let the cavillers object that the sheriff or the grand jury may be interested, or if you will, stockholders in either of our unchartered Banks.--We would again ask if in some instances the people do not choose to represent them, Stockholders of the great Chartered Banks: who wish to hold fast the monopoly which they have purchased, by excluding all of our unchartered Associations from a participation in the profits? It matters not that the Stockholders of the Banks already chartered have purchased and paid for, a monopoly.-We, the owners of A B C, E O. Faro-Banks. Equality, Ragg. &c. &c. and all the other unchartered Banks, are willing to do the same, and the legislature not being competent to judge of the quantity of circulating medium necessary in any community, much less to regulate the same, if we are willing to buy they cannot constitutionally refuse to sell. They have no discretion in this thing, and yet to the astonishment of every one in the least acquainted with constitutional law, they have not only refused this right, but denounced by law all our unchartered Institutions as great public evils in inflicting imprisonment in the penitentiary on us, and the common jail on others, for doing that only which is guaranteed by the plainest construction of Federal Constitution. Thus striking at once at all limited partnerships, and dealings in bullion, notes, &c. giving the law too an ex post facto operation on partnerships already formed. and rights already vested.Our case, Gentlemen of the Grand Jury. is not distinguishable in a single feature (except by the keen optics of the legislature,) from that of the other unchartered institutions; unless indeed we stand on better ground by reason of adding more to the circulating medium; but since we are embarked in the same common cause and resisting the same usurpation; we will not forfeit good faith towards our allies by claiming superior merit. Suffice it then to say, Gentlemen, like the other unchartered Banks, we deal in bullion, notes, bonds, bills, and obligations--that our banks are transitory, thus affording accommodation to every part of the state, dispersing thousands among the community, which but for the agency of our banks would have silently slept in the coffers of some miserly ancestor (and never have made part of the circulating medium.) or have been squandered abroad in foreign countries by young heirs for want of amusement at home-that our partnerships are limited and were formed prior to the act intended to put them down, and therefore that act is ex post facto, and being contrary to the first article, sect. 10, of the United States Constitution, impairs the obligation of contracts. If then the States by reason of this article are unauthorised to pass laws annulling contracts made, "ex turpi causa" or "contra bonos mores" or where more than legal interest is secured to be paid, it follows necessarily that they have no right to impair, much less annul contracts made by limited partnerships dealing in money. bullion, &c. especially when the estimate is that our banks are but three per cent in our favor nor can they impair the contracts of the other unchartered institutions, altho' it should appear that by shift, covin, or device, they gain ten instead of six per cent.-The language of the constitution is that "no state shall pass any law impairing the obligation of contracts." This embraces every species of contract.-It is pretended that the unchartered banks,by a conspiracy of individuals uniting their capitals and issuing notes beyond the amount of such capital, monopolize large quantities of chartered banks notes safe and sufficient as a circulating medium: thereby withdrawing all the security attached to such notes. by reason of legal limit as to amount of issues, and substituting their own without such legal controul, and without the means too of compelling a discovery of the Stock-holders, or if discovered, when bankruptcy ensues from excessive issues (as was the case with the late Merchants' Bank of Alexandria) they place a few bankrupt stockholders in the front. to receive the fire of the creditors on a dead carcase- Well! and what if this be the case ? does it justify the Legislature in their attempt to punish the practice with fine and imprisonment? It is a saying among us, "that a man has a right to be looed if he chooses"—and it is really strange that the Legislature should foist itself into the guardianship of every man in the community. and say where he shall place confidence and where not=what he shall receive and what he shall not receive, in his ordinary money transactions; in other words, deprive him of the liberty if he pleases of being looed. The fact is, Gentlemen, that the legitimate power of a state legislature has been but little understood in the State of Virginia, since the adoption of the Federal Constitution, and instead of being confined as they ought to be. to enacting laws respecting roads, bridges, causeways, altering court days, and preserving the breed of oysters, they have gradually progressed in the usurpation of power, until they have swelled their code into a most frightful mass of tyrannical & unconstitutional laws, threatening destruction to the liberty & property of many good & worthy citizens of the commonwealth---For example, in the very teeth of the constitution, they have not only impaired, but actually annulled and made void the most solemn contract by bond or mortgage given for a debt fairly and honourably won.-Again; a merchant cannot trust a man more than twelve months without forfeiting the whole debt, pretending that long credits bring ruin upon the people, and this they call a great evil, which they have a right to remedy by law.-- We hope and trust, Gentlemen, that at your next meeting, you will take up the whole code, eviscerate it, expel this morbid matter which contains the elements of legitimate revolutions, and restore it to your country uncontaminated by usurped power. If you should be at a loss to draught a presentment, the gentlemen of the bar who are concerned in any of the unchartered institutions, dealing in bullion, &c. will aid you with pleasure and without reward.--It is true you swear to what they write, but it is only matter of opinion not fact, and we demand, who is to be the arbiter of the truth or falsehood of an opinion ? or can you be punished for perjury on the supposition that you are even mistaken ? We answer, and every tyro of the law must give the same response-- No. Some sceptics have doubted your authority to make the presentments already promulgated but they must be such as would not believe, "although one rose from the dead," there are in the world such infidels of the plainest propositions. Let us see how easily these doubters are put to flight on the approach of lex and reason. You are charged by the Judge to present all treasons, murders, felony, or other crimes or misdemeanors committed, or done within the county where you reside. Now, for the oath-" You shall diligently enquire and true presentment make of all such matters and things as shall be given you in charge, or otherwise come to your knowledge touching the present service." Mark that! "otherwise come to your knowledge ;" although the subject of your presentment has not been given you in charge, has it not otherwise come to your knowledge, viz : though the Attorney drafting the presentment, and who is capable of understanding and proving a law to be unconstitutional? It is just whispered, that we have left out in this reasoning, the words "touching the present service," touching a fiddlestick !! Does not a law made in Richmond operate in every county in the State? And is it not at least a misdemeanor, if not a crime in the legislature, to enact an unconstitutional law ? Ergo. it is an offence committed in the county of Harrison, Berkeley, Jefferson, or any other where you have, or shall make presentments. It may not be exactly in point ; but there is certainly some analogy to be drawn from the British precedent, laying the venue, where the offence is charged to be committed on the high seas, viz : in the county of Norfolk. Thus, Gentlemen, having established your right to act, beyond all doubt, we trust hereafter, you will be impartial, and embrace in your next presentment. the grievances of the whole sisterhood of Unchartered Banks, and in doing so, confer an everlasting obligation on your friends-

The Persecuted

GAMBLERS.