Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-11-28

49, dsDt-Sii't Sifdtt NC t.tttbtE SuSCtlQcu
IN Its operation until snch dav as the Con-
gress OF the Uuited States siiall have pre-
Scrbed for the purpose a.orcsa;d-And
tercridsd moreover, that 40 bank within
tbs Commonwealth shall avail Itself OF the
benefit OF this Act, which shall not, by
the 10th day Of January next, have begun
ana shall thereafter continue TO paw, in
specie, all It's notes, and al! checks drawn
upon 1t, Tor an amount less than Ole dol
lar
This Act shall commence and be in
force from and after the passage there
of.
MIR Iazc,reN rose 70 address the Com
mi'tee-(We touch this speech with the
greatestrcluctance-- lfouriu.crs had been
endued with the velocity OF the canlc's
WINES, we could not have followed him
III wis one or the greatest burS ~ OF ,houpht
we have ever heaTd--Ye feel as if we were
about 10 mar and murder one OF the
tneSt specimens OF public speaking. we
have ever witnessed-for we shall only
furnish sketch of the points on which he
spoke-ihe whole speech took hind hours
to Gellver-Let 70 reader Judge from
what he now sees of what we have heard y
MIR. /. said, now that the amendment
was before the Committee, it presented
Shall the Banks of this Commonwealth be
compelled 10 resume specie payments on
the 10th of january Shall thew be com
pclicd to rcrs;nle them on the both OF Fc-
brnarV! Shaii they be compelled to re-
sumo them on the 10th OF July! Or shall
they be left TO their own discretion for
the RESUMPTION OF specie payments, pla-
chg the exercise of that discretion on
such conditions as would make il neces
sary for them 20 do so at the earliest nos
sihle time !-1'hese four questions were
really before tie Committee, though there
we're only three nominally suggested
but Mr.. Mercer's amendment wasre-
ally calculated to compel the Banks TO
pay on the 10th of January--for what did
II providet 1t declared, that the Specie
law would be suspended till the Goth of
February, on condition that small notes
and checks under one dollar were paid
on the 10Th OF january-otherwise the
law wonid be let loose upon them. But if
the BANK be compelled to pay every check.
which is for less than one dollar. If vould
be easy for every man vino had deposits
IN bank, TO draw checks for one dollar
and the whole deposit money would be
exhausted IN one dollar checks.
Adopt this measure then, and YOU need
notpostpone Their payments till the 2Otl,
OF February, or till the 10th of July-for
on the, 10th January each man would
have his check printed and filed I'D with
enc dollar. What effect would this mea-
sure produce OH one OF YOUR Banks2 On
the Bank OF Virginia! For, what applies
to one Bank, equally applies TO the other:
what IS true of the Virginia Sank. is in.
ilnately more true as TO the Farmers Bank
The Virginia Bank has S 1885, 95S of de-
post money-and how much specie2
But 79l ,00D-and thus with the sum OF
5 70i 200, tieyare TO take up checks to
the amount or S ,233, 95S.-The areu-
ments OF the gentleman Of Loudoun went
TO show that the Banks were not at this
lihie prepared 70 resume specie pay
ments-bnt would be able TO do so ON
the Goth of February-ae vas sstonisbnd
then to near that gentlemal advocate
proposition which was calculated to
drain them ofail their specie by the 10th
OF January.-So much as to the proyi-
SO.
lie would proceed TO examine. whefIl
er were best to select The goth ofFebru-
AIRY, the 10th of July, or an indefinite ne
ROO, predicated on certain conditions. -
These questions were more iaterestin@
than any which could be presented din,
ring the present session. 1t was moi on
ly important TO the citizens themselves.
but 10 the Commonwealth, in her corpo-
rate and collective character. From the
documents on your table, il apnearcd
that OF the notes Of the Farmers; Rank.
there were 50, 10000 in circulation OF
those OF tie Virginia Bank, SI,45O. COZ
S3,600,o00 of notes of both banks IN cir
culatlon-Where were these notes? Dis
trlbutea over the face of this whole com
mnnlty-in the pockets of all your con
stituents. Our vote Of this day decides
tile value Of this anouiFt OF circulating
medium III the pockets OF the people.-ls
this all? No: In the Farmers Bank. the
amount of the deposits is near 1867, 900
IN the Bank ofVirginia 81 ,2S3, 0Oo-near-
ly two millions III a!l-which are subject
70 be drawn ont in the form Of deposits.
Our vote this day, is then TO decide upon
tine value OF 81 millions of Circulating
nedium-55 millions of property then
are pending on this days decision. But
the question is not less important to The
State, IN Incorporate character-not less
than ST $780, 900 belong 10 this State in the
stock of both Institutions, consecrated
by the last Legislature TO the most pious of
all purposes TO the internal Improvement
of this Commonwealth. On this day.
then, you arc called upon TO pass upon
81 millions OF property belonging to our
citizens, and millions to the Common
wealth, dedicated moreover to the grand
est purposes. What subject then can
be more imDorfautI WouId IN God fh.f