Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-12-03
RICHMOND, DECEMBER 3, lsl6.
VIRGINIA LEGISLATURE.
HOUSE OF DELEGATES.
SKETCH OF HEDEBATE.
ON TIE SUSPENSION BILL.
ANDREW JACKSON,
Major General Cong.

hut that he would only touch on the promi-
nent points OF the question, and not impose too
great a tax on the patience of the Commit
tee.
His first objection to the Substitute was ;ts
great Injustice. IF the Stockholders of tho
Virginia Banks had the same confront oyer
the Directors, as in other banks, such a mode
as the ouostitnterecomnends,w would be as lust
as could be propounded. In that case the on
iy question would be as to the expediency of
the pian-But there is no cOntroul The Di
rectors do not care, whether the Stockholders
are pleased or satisfied with their conduct for
they look to other persons for their places
was IT not then UNI ustto punish the StockhoI-
derS tor the conduct of the Directors which
they themselves cannot controul1 The gentle
man from Chesterfield had said that you make
II the interest OF the Stockholders 10 resume
specie payments by suspending their diyi-
bends but the gentleman from Norfolk had
correctly saif that the Stockholders had No
sort OF con;roul over the Directors-thcy be-
i,,s appoii' 20, eliner by the Treasurer, the
Executive Council.-One gentleman had said.
that the poor class of the community alone
would be affected ; another that the rich. and
mat the proposed scheme would rebound
Irea,,y 10 tneir profit: But what is the fart?
AS the gentleman from Norfolk had ,rulv
SAID, there is no contrariety between these
statements; all would be affected Bat on
which class would the suspension of dividends
s Ugaf most heavily! The gentleman from
Wythe had correctly remarked that the rich
could withstand the pressure but what does
he say to the widow and the ornhan whose
subsistence and education, as had been trulyob
served by the gentleman from York, depend
Ell upon their dividends? Even, tIourh fine
House might De dazzled by the eloquence of
the gentleman from Norfolk, there was n feel
ing in our hearts which would reject his promo
sition. But the gentleman from Norfolk has
devised way for avoiding this evil he savs
that the Directors can allow the poor a dis
count equal to the amount oftheir dividends
In TINS case, we have a singular example Of a
geeat man being at war with himself-Mr. NJ.
I nad heard OF the drgamentum dd hominem, but
ms sort OF argument, might truly be called, for
want OF a better name, a felo de Sc (For. ifthere
be nothing in the law that forhiAs hi,manity
lending to the poor, what will prevent il when
interest seeks the same 1.-THE directors can
GO II IN onecase, why not in another But the
gentleman says, we may rev or their discre-
uon that he has full confidence in them: and
that IT we had not, the Treasurer and the Ex-
ecnliVe council, would see that they did their
outy. mr. M: SAID that he thought the Treas
urer, and the Executive Council had as much
TO do as would occupy them in the ordinary
honrs OF business that they had not time To
90 70 me Bank, ~ see who received money; he
hoped II the House added to their dutv. il
would also add TO their salary; but that ihey
mad no right 10 inspect the private accounts
OF individuals; even the Legislature had no
right, under the charter, to inspect these ac-
counts, ana that they could not pass a dispeu-
sing law-Would there not then he great sco,e
Tor partaty IN the Directors? As men. MIR
VI might know them; as men, he might trnst
tnem; buthe knew them not on the door of
that house-all laws should he made general
"ithont any particular reference to fine Der.
Sohal character of the Observation-Disclosures was
easier than for them to grant credit TO the
Whoie amount of the dividend. They wouId
hoid ample security Ill the stock of the Stock
holders
Blu; whether the Substitute were eHic;eut
or ihefflcient, he had another, and if possibje. =
greater objection to If, in its uncertainty. One
person would construe it in one sense aud an
other, in anOther-Some would sunnose that
relief would be given, that discounts tronId he
granted others, that they were denied nv the
law-there would be ample scope for sDecu-
iatlon stocks would fall the necessitous. the
widow and the orphan, would become victinns
70 tnat vast horde OF spectators who prowl
through society.
Hence Mr.. M. inferred tbenecessitvof fixing
particular day-In this respect, the bin was
superior 20 the substitute; but he was no advo-
CAFE on the time fixed in the bill. Why might
not The banks commence with the payment of
tneir one and two dollar notes1 This might
ImpeTceptibly lead to a general RESUMPTION
or specie payments The restoration of con
nuence would begin in the towns as SOM a
they found that on the presentation Of checks
tney couid obtain the fractional parts of a dol.
lar; then one and two dollar notes until thev
assembled tonotes of the largest denomination.
ne ihteiligence would ty on the wings of the
WIND II would require no newspaper to circu-
late II. what rs the consequence An imme
diate appreciation of the Bank notes thev
would rise to the metallic standard. conf.
deRce being thus restored, findin., that sner;o
could thus be obtained, what would become ne
shemoo ana the cOncourSe Of people. which
had been spoken Off Who wouId come 90
Richmond for specie, when the note ,yould an.
s6er the same purpose? Who would enconr-
10 market ''-' "V'ee
Buff the Banks did not commence he ,bo..
iInpeTceptlble degrees, still the mearsthaf thev
YOU'D pursue, would create sucha demand for
me notes, as would prevent their return IN tho
banks. FOR, by the day which should be i~ed
on Tor the resumption of payments, thew world
ne compelled, by the curtaiment of fieir de
counts, By the sale oftheir public stock h other
means, TO call IN their paper But how far
would they be obliged to call them in? Nofar-
ther, than 10 leave sufficient quantity in cir
culation, toanswcr the daily intercbanoes M Tho
community. suppose they began to sell their
Phohc STOCK, Tor example; as they draw in the
notes, tney rise an value, until they become en-
scarce, as 20 rise 10 the value of specie-,Tbis
was no new principle ; il had been particularly
developed, IN very enlightened No Of the I'd
inburgli ReTiew-that the value ofthese notes
depended upon their comparative abundance
without any regard 10 their intrinsic VALUE,
the same manner. if the banks sbouId ref,,so e.
receive any notes but their own fl,ev ,,i,,bt
raise their value by curtailments Of their IL
counts; and The reason was, that thov ,vo,,iJ
be daily wanting in the cOmmuuity for O..
changes between individuals. between Il
Is q Z, this principle might be carried
soiar, mat u the Banks chose TO refuse specie
Tor their notes, they might give them a yai,c
superior -Whenceihcn his mob tI,;s
conconrse Of people TO Richmond Ills nisr'ts
Ing Of Portpis at the bank - 80 P'",,tte