Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-12-03

into the market, would AS soon expeet 20
be called on for specie as for V;rrinia
notes. There, they are an article of trai'
fic, as inliclf as the goods. on his shelves.
II is understood 10 be the same case ~;
Norfolk. This effect is already bronyh,
about by your law. 1t is conte;noorai,e-
Gus with the subduction ofour notes from
the circulation of the country. We do
not urge that it was inproper for the
banks TO Withdraw this paper. for the pur-
pose OF gradually preparing to resume
specie payments; but the fact itself
proves, that if You withdraw the sound
medium, it will be replaced BY an impure
one. Such will be the operation ofyo,ir
successful system of coercion. Gentle
men must test their measures by their ef-
fects. We do verify believe, that if the
PLAIN and proxinate effects of this measure
were TO become a subject of enactmentin
this House, they would not be found to
supPortit. If this bill were 10 prescribe
those means, would they support it Its
first necessary effect is, to diminish the
circulating medium ofthe country. 1t is
a proposition equally clear, that the means
OF the banks are not adequate to the OBJ
Ject-this defect must be supplied by far
ther curtailment-you must then draw in
more ofits outstanding debt-publicco con
hdence, when once shaken, cannot be inn
mediately restored-it is the work of time
This want OF confidence will be more
Immediately telt when the banks resume
payment; and when this House by its own
measures increases these suspicious. it is
IN vain that the Banks can expect to com
mence the operation with their debts in
Incorporation off, toll They must then
draw IN more paper. put it then to the
candour of the gentleman from pittsylya-
nla-whether if the law were To enact that
they should sell their foreign notes, their
public stock, and make curtailments,
would he votefor such law! How then
can he, who would prefer large quantity
ofa deprecated medium to one, which
though sparse may be at the metallic
standard, vote for this bill!
gentlemen attempt TO escape from this
position, by indulging the superstition
that the moment the banks open, all their
notes Will rise TO the metallic standard
Are gentlemen serious Why then are
we this day debating upon such bill {?
Iheir argument proves vastly too much
Improves the folly &iniquity of this House,
debating upon this halfway measure, and
not compelling an immediate resumption
of specie payments; gentlemen have con-
ceded that the banks have not now the
ability TO pay specie-but if their argu-
ments be sound, they have the ability if
not sound, what becomes of their expedi-
ents for restoring our vitiated Currency ?
Consult experience elsewhere. All the
banks In this country, are not in the same
situation with ours. The Boston banks
have always been specie-paying banks
Boston, where the tide of trade has al
ways carried the surplus wealth of the
country-her bankers too, men who tho
not Adam Smiths nor William Pitts, NAV
be acknowledged to have some acquain-
lance with subject connected with their
interests. Yet, have they on this specie
capital extended their discounts! Ever
since the war, they have never overhowed
their capital stock, but confined them
selves to the humble business oftrading
to the amount oftheir capital. They on
ly DIVIDE per cent. (Nir. Mercer denied
tins fact) MIR. 5. demanded Mr.. Ms au-
thorlty tor this. assertion +; if the price of
stock furnished any indicia, it was not
correct Is there q bank in Massachusetts.
whose stock Is above par Certainly not
so during the period of the war. Ifthis ex-
pertinent be fair one, have the adyan-
vantage OF experience controlling the
Sentlemans theory.
o. The remainder of Mr.. Ssanards remarks.
on thtS subject, IN our merit
Monday, Dec. ..
Being this day prevented by indisposi-
ton from attending the House, we are o.
bliged to the Editor of the Virginia Patri-
OF for the following sketch i
The bill authorising John g. Jackson
to build a toll bridge in Harrison county
was read the third time and passed.
The bill concerning clerks of county
courts and superior courts of law was read
the second time, and, on motion of Mr..
TaZewell, committedto the Committee OF
the Whole
The bill concerning George Clark was
read the I'd time, and ordered for engross-
ment.
The bill concerning Landon Cabell pas
sed the same grade.
The Committee of Claims reported i'm
favourably on the petition of Charles Bag
%ell-Also unfavourably on the petition
of Thomas Pierce. Ths House concur
red with respect to both.
The same Committee on the petitions
of Benz. Blackford, Collin Meachum.
Samuel Allen, Joseph Glass and Dan-
bridge Martin, reported tavourably. On
the petition of Samuel Richardson. their
reportwas unfavourable. The House con
Cured in all.
The Committee, to whom the subject
was referred, reported that the expcndi-
lures of the Executive, amounting TO
5000 "a cts. are such as are justified by
law, usage or necessity. House concur
red.
On motion of Mr. TTomDso, fi,o hill.