Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-11-30


salary? BY q check on the bank. An
officer of the army, his paw In the
same manner. But these checks will not
lay IN the bank. An officer who wants a
coat or a pair of boots, paws for them by
his own check on the bank; and thus all
thechecks drawn on the banks are trans
ferred to the merchants-the merchant,
transfers them TO the state banks, to pay
his OWN debts there; and tue state banks
carry their checks to the u. S. Bank, and
draw specie forthem. These men, said
MIR. Il. understand their interest much
better than do; but my life to penny.
IT they pursue this plan of discounts, they
Will be bankrupt III six months. Mr.. II.
produced a variety of other arguments
to show, that II the general government
had the disposition TO adhere 10 its res
olutlon, itwould not have the ability.
Was it not wrong then for the Legislature
to select that day But even il it were
adhered to, that it would not be efficient
that all the banks III the interior of the
country would care nothing for it :; that
their paper could yet continue afloat; that
the Legislature might, by their regulation,
drive the good paper out of circulation,
but that the bad would flow In. The
stream wiilcontinue to run, and though if
1t be attempted to be stopped, it will not
supply llmpid water, yet it will pour dir
ty puddle upon YOU.
Mr.. L. observed, he had said SO much
on the general argument. That as to the
Proriso, he had already proved that it
was avlrtual payment of specie-that it
was calculated TO make an unjust discri-
ninatiol between the banks themselves !;
the Farmers Bank having a much larger
amount of small! notes in circulation, than
the other bauk-as well as an unfair dis
crlminatiOn between the notes themselves.
What would be the effect? The holder
OF small notes would procure specie for
them at the bank, and this specie he would
sell tor larger notes but no specie would
be found IN circulation. He observed,
that no truth was more clear in political
economy, than that good and bad money
would never circulate together-that YOU
may as we'll attempt to mix oil and water;
that If the public will receive bad paper,
the good will vanish from circulation
that It would be the same case with the
one dollar notes, and the larger ones:
the small money would retire to the vaults
OF the broker, and the dollar notes
would come into circulation.
Mr.. i. made several remarks i'm favor
OF Mr.: Hays substitute, which promised
very little, but would do great deal; that
1t announced there were no dividends TO
be declared, until specie was to be paid
that one good effect would be to prevent.
on the 18th of January next, 500, 900 of
dividend money from going out in the
form OF new notes, thus in fact con-
trlbuting to strengthen the ability of the
banks to meet their notes already in cir
cuiation; tlatyou thus add to their cap
Ial Sl0O, 900, augmenting in the same
their ability, by the whole a.
mount ofthe dividend; that by this pro-
cess ofadding the cepitalto the dividend,
you are continually adding to the profits
OF the bank-that the proposed substitute
permits the banks to pay specie when
they please, but makes it their interest to
DO so that you attie same time enable
them 10 pay with much greater facility.
MIR. i. dwelt on this idea at considerable
length; comparing the banks of Boston
with those of Virginia, and contending
that while the former, by their course.
have been simply dividing their profits,
our banks have been dividing their cap
rtal; that these were eternally eating the
goose with the golden eggs; first a wing,
then leg, until at last, there will scarce
be merry thought left. That once our
stock was at 1877; and now had sunk
to 50: And where was the 80 per cent.
the difference between these sums g..
" Gone TO the tomb of all the Capulets."
And that If we go on in this strain, the
Vrg. Banks may have paper, but that their
paper will be of no more value than the
paper of the Merchants Bank of Alexan-
dria-not worth 4 d for sack load.
Mr.. Il. then proceeded to answer the
arguments fgentlemen in opposition
but these were SO opposed to each other.
that he could wish they would answer
each other.-Tbe gentleman from Wythe
had said, If the Substitute were adopted
the banks would go on discounting, and
would finally divide large fortunes at the 4
end oftheir charter-that the stockholders l
were generally wealthy, and could wait
for this operation.-T'he gentlemen from
York and Campbell had said, that the
stock was III the hands of the poor, the
widow and the orphan, that education
would stop, and the old women would not
be able 70 buy one bowl of panada.
These statements would DESTROY each o.
Their, but neither of them is correct-the
stock of the banks, like the lands and
slaves of this community, do not belong
to the rich or the poor--buf
partly to both-even the convict of the
or reprieved felon NAV
own his share. Mr.. T.. discIaimed any
wish to make law exclusively for the be-
nett ofthe widow or the orphan, for he
would protect ALL the members of the
community, if he could.--As 10 the rich
man, he will not, under this substitute,
enjoy his profits, but it will contribute to
pay the debt ofthc bank; and he will be
very much disappointed, if he expects to