Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-11-26


mir Robertson (of Pe.ers5lrrl saw the
worst consequences growing out of the
subSfi tute- Heccntcnted, t.,at the stock
holders had purchased NJ. stock in full
confidence, that they woal. receive their
dividends, as thsy rad uniformly done.
and that the measure Cf si,snensinn would
BE- virtual abolition of the charter
lie painted IN strong terms The dcpriva-
tious which would fail npon the poor and
necessitous, who had expected to enjoy
the dividend when they had purchased
tlr;r stock-iie stated, that this measure
of restriction would not he confined 10
the Directors, but s.oHd extend 10 every
one vino owned - S,ars- lie thought that
the 10th of July would be sooh enough
TO compel them 70 pay speciek-fIe con-
Cured with Mr.. Anthony. that they had
been honorably copducted-an urged
the services which they mad rendered TO
the State ~ the time of her need--iIe had
no doubt that by the 10th OF July,
they would resume their payments-Iie
reminded the House oftbc urgent motives
which the institution of a Bank of the u.
States would lay them under--that this
bank was TO be specie-paying bank;
Who would take the notes ofihe Virginia
Banks, if they perscvercd in their present
United States notes were to be obtained,
and the Virginia notes could not command
the specie? tits then the interest of our
Banks to pay II as soon us possible they
will be compelled ia this course, by the
establishment of the National Bank: the
4. :. notes will usurp their place, while
they will cease TO circulate. MIR. r. con
tended, that second strong inducelnent
would be found IN the resolution Of Con
gress after the 2Otll Of February Ia reject
all paper In the collections of their taxes,
w.llchwere not convertible into specie
VIII moi our banks make this effort 10 pay
specie, and redeem the character of their
paper lie concurrcd with Mr.. Hay in his
objection TO the prnviso-Mr II. conclu-
ded with giving il as his opinion, that the
banks would be able 10 pay specie before
the time fixed in the bill.
Mr.. Ckambe,iay,e said that he was on
posed both to the bill and the substitute
that he would give his reasons for this OPP
position, as well as the course which he
| deemed it best to pursue-tllat it appear
| ed TO HIM they were legislatine on ques
ton already decided; that Congress, at its
last session. had erected Colossus, (the
National Bank) one of whose feet rested
at Boston, the other at New-Orleans, and
which would govern inns State, the Union,
and the very body which had created it !;
| that the die was cast and the only queS-
tIonw how we were to trim our sails,
| to weather the approaching storm THAT
70 assist in this operation, he would pro-
| pose to suspend the specielaw to the Goth
of February next, the day which Congress
| had adopted for the specie collections of
| its taxes: that it was i'll vain for small
bank, like ours, to say, what they would
| do, when bank of 80, 600, 900 dollars was
| erected over them to say 10 such mann
moth institution, Thus far shalt thou
| go and no further :" that if our banks did
| otpay specie, by the Goth of February,
| the merchants who owned large bonds 10
! pay 10 the government, would not take
| tile Virginia notes but that Congress
had thus fixed the day for our resolves,
| and we must go with them pa,1 1,assu the
| question was already settled by Congress
Mr.. G. insisted, that neither The bill nor
the substitute went far enough-tliat they
| ought also TO have prorided, that the
| banks should ceaseto curtailand do bona
fide business paper-iIc enlarged upon
the propriety of addixg these clauses also
| to the pYoriSo-said he should offer them
| hereaiter-and concluded with moving
| for the present the following amendment
| to the substitute, viz to strike out after
| the second C suspended,"O TO the end of
the first clause of the substitute, and in
sert in lieu thereof, the following,
| % Until the 10th of Februarynext, il CONGRESS
| adhere to its resolution on the subject OF dues
| to the United States"
| mr.. Threat was in favor of the sub
sGtute proposed bv Mr.. Hay.-T-He con
tended, that, self-interest was ore of the
strongest springs of the human heart
that Il was Therefore the first wisdom OF
I the politician to combine seIfinterest
with the public interest; that the public
good requireds pecie payment, 81 that we
| ought to make it the privite interest OF
Banks to do so; that banks were under
the influence of the stockholders, who
| appointed and confronted the Directors
| and would compel them TO paw specie,
as soon as they found their own dividends
arrested; that the gentleman from York
| (Mr. Scott was mistaken, when he sup
| posed that they would sell their stock
under such circumstances rather than
retain if. Ifthe house were to Law We
ry heavy tax on the land would the ow-
ners sell it-no, but they would turn
ont those who voted forthe tax, and elect
such As would change the lawn the
same way, the Stockholders would retain
their stock, and turn out the Directors,
who would not take the necessary steps
to put them into possession of the di
! vldends.-Mr. Thweatt said he was sor-
| ~ to hear such denunciatiors, as had
been uttered against the Banks-he well