Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-12-05
RICHMoND, DECEMBER 5, 1916,
VIRGINIA LEGLSLA7URE.
HOUSE OF DELEGATES.
SKETCH OF IHEDEBATE,
ON THE SUSPENSION BILL.
Saturday, Nop. 80.
(DIr. Stanard-in conclusion.

Houhceu his preference OF the substitute
OF the gentleman from Henrico, and was
aided IN that selection by the unanswer-
able argument of the gentleman from
Norfolk He was perfectly satisfied from
that argument, that if the Northern Banks
resumed specie payments i'm July. our
banks would do the same. He was sa-
tisfied, that our banks were i'm a better 81
tuation than any others, except those of
Massachusetts and if they have this
superior ability, with all the projections
and guards (Which gentlemen saw thew
are encompassed with,) nothing but the
most consummate arrogance and resou-
ton TO control tile wishes of the peopIe.
can prevent their cooperating with the
Banks OF the North With this convic-
ton, be conceived the substitute would o.
perate as eiiectually as the bill. On that
ground alone, then, neither is entitled to
apreference but the substitute deserves
a preference on this ground that he
thought 1t the duty and sound policy of
this body mot that fraudulent policy de-
nounced by the gentleman from Bath. }
but that policy, which obtains lust OBJ
lecfS by wise means, not TO hold UP these
banks TO the condemnation Of the pub
Tic. Our authority ought not TO be in
terposed, because it Will convey an impu-
tation that the banks are seriously deIin-
quent. AS Won clear off the clouds of
suspicion, public confidence viii recover
steadtastness ; and without this conf
dence, they will be unable TO resume spe-
cie payments, by any other means than
the curialiment OF their notes-and then,
me whole circulating medium of the coun-
ny VIII become extinct. 1t is our duty,
then, 10 cherish this sentiment of conf
dence-But, Mr.. S. contended. there was
another serious objection TO this substi
tute:: Suppose the Banks, by the inter
Vention OF some sinister or unlocked for
event, which none of us can control or
toresee, should be prevented, on the 10th
day ofJuiy, from resuming their payments.
yet this Acts TO so sternly in force against
them; and yet if the Legislature were
then IN this hall, they would arrest the
blow. Why are we at this moment deli
beratInSt 1t is because we interfered
last winter by anticipation of their deIin-
quency and yet with all their exertions,
such IS the force of intervening events, we
have been brought together to arrest
| that blow.
There is neither justice nor policy, wis
dom nor advantage, i'm forcing our banks
TO pay specie while other great instit,ri
| ons, which WELD the commerce of the
| country, have their vaults locked.-Ou
tins point, he found it necessary TO ami
! madvert on the feelings which had been
expressed as to modelling our measures
by those OF the Northern banks. He adj
| mIred that high pride which rejects all
| dlefation, particularly from monied cor
| poraiions-but hOt0 do these banks attempt
oPrescrbe to us The Northern banks
| had thought IT prudent not to omen their
vaults tili the ravenOus demand, from the
u. > Bank, had passed aside. And shall
we say that we are dictated TO. because
ne wish TO guard ourselves against This
demand? itwould be Just as rational TO
say, that II two persons, covered with ar
mour, were about tn encounter power
tulenemy, because one of these retains
his coat OF mail, the other should throw If
oil, and open bis breast to the blow.-We
sometimes subject ourselves TO liictation.
as much by our pride as by our humility.
HE acts OF these Northern Banks have
contributed to Increase the imminency OF
our danger from the National s3ank-to
this bank, to which, now that il Is estab-
lished, | say, with the gentleman from
Bath, God speed it, may it promote the
prosperity OF our country But, shall
we open our breast, to- bear the whole
brunt OF the blow lcYeled at us, which
Inc Northern banks nave turned upon us
Is this trucking? IL was asked, with ir-
Tesisti5le effect, by the gentleman from
Wythe, what would these very banks do.
ifthey gore to dictate TO us What would
the Convention have said Open IN
siantly-fhis night give US vomr cash.
They would not allow US three davs'
grace; and yet, gentlemen would have
It's do the very thing, which these banks
would require, if they had the power 10
dictate! Suppose we were TO legislate
for them, would we not DO the sa7oe
tbIng.t would we not instantly lcgisIate
their vaults cpeu2 And vet we are to be
stimulated 10 open our vaults for the
very reason that they would moi What
because these banks have legislated for
themselves, shailwe say, keep gour vaults
shut, and We viii open oursl The pride
OF tlus House had been, therefore, inlpfop-
erly addressed.-fic should think. indeed
with the gentleman from Wythe. that n
they wcrc now competent TO paw specie. II
would be policy 10 close their vaults IN
prevent their specie being at this moment
draincdaWay but though licrc miQhf be
policy, Yet would hcnOt have advocated
It. lie would give them no immunity
But arc We now called upon 70 rive them
impunityl lie could not forbear no.i-
cling point which had been brought
mic the discussion. Before The last r.
gislaiufe, the creditors Of the banks Rad
Tic pOve CT Of enforcing their q minds bg
the common law remedy of distriu,as.
9ui THAI remedy was found 10 be subject
20 IoaIT. rr3scf8cnts Now vh.f