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

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Tie 10th OF July, as the Northern Banks
would only suspect thatwe had hung back
rem days behild them, to have an oppor-
tnn,ty of drawing their specie from their
vaults {; TO avoid which, might they not
Jay back ten days beyond rs, postp0ning
ihclr payments from the LIST TO the 10Th of
July That although such suggestion
would not be true, vet he would ,lisdain
Tie lmputation al it.-Tliathe had not on
~ these objections TO the boay of the bill,
but lie was opposed 10 the p''ee.se -s!!:.at it
was unfair, because il makes a ,liscrim-
nation between the different denomina-
tons ofnotes, giving bounty to all those
VINO held the small notes that they will
NO, throw this specie INTERPRETATION, but
rather use 1t torpurroses speculation
.hdt .nis proviSionis not only unfair, but
iideieats ITS own object; because we have
NJ present some snail change, but under
this proviso, all the small notes will be
thrown into the banks, aud the silver
ufaWn out-& where would it be found !
>o' Il. Inc market. house, not on the cOun-
tiers oiour shops, but i'm their strong boxes
or converted, like bullion, into an article
ot trafiic-that the Bank of Virginia had
not, perhaps, more than 80 or 40 600 dolls.
OF sinail notes in circulation; but that from
the books OF the Farmers Bank, it appear
cd they had a short time ago not less than
SOL 900 of small notes out-which would
form a serious deduction from the amt Of
sperie they Lad in their vaults. In favor of
the substitute he had offered, Mr. III. CON
tended, that the coercion which If would
exercise over the banks, was not severe ::
that the stockholders are oalv deprived of
the interest Gu the stock which they hold !;
that 1t tins were an Inconvenience. there
was an iRcoDvenienceall round iiiepub-
liz sustaining a serious one in the want
OF sound circulating medium, and not
only an inconvenience in their Transact
ons, but a serious injury to public morals !;
and that tive went on long as wearc now
| gong, we should he converted into natl
on OF stockholders, usurers and extorti-
| oners-----that he was satisfied, the
banks would not make such great sacri-
fees and cxertions as they ought to do
| without such coercion that If 1T were
| SAID, we could not take this measure, with
outvlolatlng their charter, he could say, he
was not disposed to trample on any exist
| lng, much less chartered right but IT
WAS not so in this instance, because all
| thatthe Directors are required to do un-
| Ger their charter, Is, TO make semi-annual
| dividends, whenever they might deem it
| expedient; privilege, which this mea-
sure would not disturb but, even if it
| did propose TO change the charter, still it
! was proposition made under certain con-
| ditions, which it was for the stock hold
ers 10 consider; and to decide whether
| they would submit to this Inconvenience.
| or TO the greater Inconvenience ofiimitinr
the suspendmg law-but they will not he
| sltate one moment.
MIR. Smyth preferred the bill itselfto the
observation-disclosures il left the resumption
ofspecie payments TO the discretion of
the Directors-and what might interest
prompt them to do ? They are under no
obligations to pay, until they find it ex-
| pedeut; and might they not find it ex-
pedient TO discount TO a larger amount,
| perhaps ten millions of dollars, to increase
| their profits? All the Inconvenience they
wonld be under, would he to make no
| dividends; but the stockholders might
consent to this delay, il they were TO
share large fortunes at tile expiration OF
The charter.-Mr. 5. also commended. there
was All intimate connection between this
measure and tie Northumberland that
| il this substitute wer adopted, the Legis-
| laturc ought TO direct the Sheriffs fo lew
no execution, tillthe banks should declare
a diyldend.-Ile agreed with Mr.. Hay as
tqrthe PrOriso 10 the bill.
| lNir. Sect concurred with Mr.. Smut. on
the grounds he had taken-and assigned
| others tor his opposition TO the substitute:
| lie commended, that most of the stock in
the banking company was not held by the
wealthy, but by the orphan q the widow
| who we're dependent upon their dividends,
for the education of the one, and the
maintenance of the othcr.-SusDend
! those dividends, aud what will be the ef-
| feet? Where will the bank stock 90 p
| Into the hands greedy speculatOrs-Tt
| las been SAID on the floor, that i'm Rich
nond PERSONS had been shaved at per
! cent. a month-buthowm widera field
would this substitute open for speculate
| on! Adopt this proposition withhold
| the dividends for II months: and there
IS moi aperson III moderate circumstances.
nota widow or an orphan, who would not
be driven from these Institutions. Their
! stock will not sell at par; but a large a.
mount will be thrown into the market,
and sacrificed to the speculator.-But if
it be said, that the banks will lend out
money upon this stock, to save it from
being sacrificed, then it may be asked,
how will this substitute coerce specie
payments? lfthe banks should give re-
lief, not in the shape of dividends. but of
loans, where is the differencc2 Nav not
the stockholders determine TO suspend
their dividends, if they can obtain loans
to much larger amount Thus the eff
| feet might bcto extend the discounts of
the banks-But Mr.. s. contended, there
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