Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-12-31

IlODOStN 10 0nfCiiU
MIR. Nercers Amendments bv adding a
proyisS, that if the subscription MAS not
filled and the Ist iDstalmemt pa;i for in
90 days from the opening OF the books,
then The authority granted 10 establish the
sad bank to be utterly void.
This proposition was agreed io--and
Mr.. MeTrers amendment thus anendcd
was agreed ia.
Mr. Eay proposed to strike ont shares
of such amount as the commissioners a.,
ter named shall decide upon" aud subs;i-
tute "s!lares OF SiOO'-i.e wished to tix
the amount of the share atoncc, torelieve
the commissioners from all embarrass-
ment.-BeSides, might they not Tx it so
high as to exclude great many persons
from subscribing?
On Mr.. Nercer'S suggestion, Mr.. Eay
consented TO retain the words Of the bill,
adding after the word "amount" the fol-
lowing, not exceeding SlOO'--,Yhich a
mendment was agreed TO by the Commit
tee.
Mr. Chan5eriayne moved to strike out
the words " or money" so as to let the
shares be paid for only Gin coin"-fIe
SAIL 1t money and coin were synonymois,
were different, contemplated the shares
TO be paid in species ofmcdium, which
the flVuse never wouldagree to.
Mr.. Mercer replied, that this PROPOSE
ton would defeat the object, which he
had IN view-that is, that the bank might
send the paper of the Baltimore aud Dis
tict Banks, received Ill payment of the
shares, TO those places, to he converted
into specie for the use OF the bank.
MIR. Dotiridge said, the amendment
was unnecessary because, as had been
said, the new banks were to he specia-
paving banks would the commissioners
then consent to receive any paper, which
at the time of subscription was not readi-
ly convertible into specie'
hlr. Cham5e,idyne contcnded, that If
these banks were TO 20 into operation
without even the first instalment being in
specie, they never could pay Specific
asked, If they depended ON converting the
foreign notes into specie, why the subscri-
b'rs themselves before subscribing, could
notconvert their paper into specie at ~
lexandria, Baltimore, &c.
Mr.. C9iSion contendcC, II YVES far easier
for the Cashier to take all these notes to
these places, than for each separate sub
scriber TO do lit would require no more
inconvenience and cXpeHce for the Cashier
to exchange 100000 III these notes than
Tor one subscriber TO exchange S5o-Iie
doubted whether the gentleman from
lienrlco had read the bib otherwise he
would'liave seen that their charter was
forfeited, unless they did pay specie
Even If their first inSialment we're paid in
oyster-shells, il was immaterial; because
they would still have To pay specie, by the
terms of their charter
Mr.. ChamkerLayae replied, that as TO the
expence of sending TO the towns for spe-
che, the subscribers might as well employ
one agent to go Tor specie before subscri
blng, as Tor the Cashier 10 20 afterwards
lie wished to know how the banks could
pay out specie, if they had nothing butoys-
ter-slelis III their vaults AS TO tile for
fixture of their charter, how would the
case stand You first destroy their char
ter, and then sue them OH their paper
and the execution would be levied on
oyster shells-Thougir born in an oyster
country himself, still he could not say
he liked the oyster-shells.
MIR. Dade suggested, whether it would
not be proper 10 add gold and silver"
before the word "coin"-Mr. C.. accepted
the amendment.
Mr. Mercer also doubted whether the
gentleman had read the bill; because he
would have seen, that the subscriptions are
TO be scaled down, If they overrun the caui-
tai stock of the bauk-how then was any
subscriber TO know, previous 20 his sub
scrlption, whether he would be entitled
to share, or i'll what proportion his sub
scription would be reduced and his mo-
ney returned How then was he TO know
beforehand, how much specie he was TO
get!-tie suggested as modification of
the amendment, that the commissioners
were only TO receive such coin or the
notes of such banks as then paid specie.
MIR. Ckam,berlay,e could not accept the
| moditication.-He said, it mattered not
whether he had read the bill through or
| not, for if he saw any objection TO it i'm lis
9TH line, he surely could urge it-and
so also when lie came to the last line-H @
insisted again upon the propriety of Sc
curing TO the bank specie capital from
the very start, and pointed out as warn
ing the Farmers Bank OF Virginia, which
had gone into operation on a small part of
its capital, and when il came to receive lis
residuary instruments, mad but loaned TO
It's subscribers the very money with which
it was TO pay itself.-I'hough he was hos
tile 10 the bill, yet he would still try 10
remove its defects, and make it as perfect
as posslble-I1e declared that he would
stick 10 his amendment with as muchper-
tinacity as possible. Though it might be
inconvenient to the subscribers 10 paw
specie, it was their own look-o for il
they did not subscribe, il would be no IN
convenience TO them and ifthey did, he
wished only to put them to the inconve-
nIeucc of oaffinc fLo cracio L,lc-o IL.