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


ir. DOa'b.idge said, it was strange, that
rom the same quarter from which had
lately proceeded nothing but compliments
on ,he Farmers Bank. we should now 5e
tori, whenwe are about to participate of
the benetitof banking, that this bank had
acted spontaneously For his own part,
ne would consent that no instrument OF
the new banks should be paid iii tiier
own notes
Mr.. Chen'6cricYrc said, the further the
argument was carried, the more was he
satisned, that the pledge which had been
given TO this house was not 10 be redeem
ed.-trenilemen now confess, that these
are not 10 be specic-paying banks. (Mr
Coiston asked him TO name one who had
made the confession.) Mr. Chamber,ayne
sand, he inferred 1t from their own words,
as lie found them IN The bill for, after
all their iabors, they had declared the
stock OF the banks was TO be paid, not in
com, but III paper-m0ney--a proposition
which would v.tiatc the whole scheme
lie coniured the Committee to sci their
faces against it, unless they meant TO ell
tail upon the State set Of bankrupt in
stituiions.--Ast TO the check, which gentle
men held out, that if they did nor pay
specie, their charters would be forfeited
he could not wish them destroyed i'll this
way; for, what would become of their
notes that would be afioat? what, ofthe
people who held them? ln their bankrupt
cy, hundreds might be involved.
Mr.. Cofstoe said, if the gentleman was
not satisfied with the restrictions he found
IN the bill, he would did him in adding IL
ny new penalties which might secure the
payment of specie.-Nir G. repeated that
1t was much easier for the Cashier 10 go
10 Baltimore, DC. torspecie, than the d.f-
ferent subscribers to do it-As the gentle
man from Loudoun had correctly said,
you give the large capitalist the advantage
III procuring the specie and taking tile
stock.-ile begged the Speaker(Mr. Stan
ard to recolect, in relation 10 the u. s
Bank, that it went into operation in the
commercial towns, where specie could be
conveniently procured; an advantage,
which did not exist ia the remote sections
of Tins State.
MIR. Mercer was willing, if the modifica-
ton he suggested should prevail, to- i'm
pose upon tie commissioners the necessi-
ty Of converting that part of their
capital which was in paper, into specie,
before the bank went into operation.-Iie
contended that they would not at all e.
vents receive any notes, but of those
banks which paid specie-for otherwise,
they might defeat the object OF their in,
stliution-lf, then, Gentlemen were III
earnest, aud wanted a pledge, he would
give IT TO them in the idea he had thrown
out that the banks should not go into
operation until all the paper paid in had
been exchanged for spece-thus, they
would have the three first instruments in
com. Asto the amendment suggested by
the gentleman from Brooke (Mr bod
dTldge,) 1T would be of no avail, because
all that subscriber had TO do, after OBJ
tanning discount from the bank, was, 10
convert ITS notes INTO specie, and then to
pay that specie for his instalment.-For
his own part, Mr. NJ. declared, that his
constituents would consent 10 the estab-
iishment of no bank which did not paw
specIe-that he himself would even CON
sent to bankrupt law, which would d.
vile the effects ola bank as soon as itsus-
pendedspecie payments, among It's cred
itors ; an idea, which he understood was
now agitated before body (Congress)
which had tuli powers TO AIRY it through.
MIR. Robertson (of P.) declared, the more
he heard, the more was he satisfied of the
prop-Ieiy OF the amendment offered by
the gentleman frnm Henrco-iiiat if we
say the banks are TO receive their capital
only IN coin, we know at once that thew
will pay specie-that it was the duty Of
the House to see that they paid specie at
first, & not TO look TO the ultimate penal
ties for this guarantee.
MIR. Doddrfdge said, he was willing TO
convert a!lthe paper that was received in
to specie, before the bank goes into effect
that this was not new operation for
the bank at Clarksburg had consented to
take from the subscribers their suhscripti-
on iii the notes of the bank of Marietta.
&c. and then TO take upon itself 10 send
this paper 10 the issuing bank to be ex-
changed for specie.
lie question was put on Mr.. Cham
berlayne's amendment, and ca,7fed-
Ayes 6S, Noes "a.
Mr.. St@drd moved to strike out the
words, " such coin as the commissioners
hereinafter named shall approve and de-
eide upon" with view of inserting Z" the
legal COIN of the u. States"
Mr.. Mercer hoped the question would
be dlvided-for he did not understand
that the Committee had decided to the ex-
tent which the Speaker seemed to suppose
that Is, TO exclude all species of paper
from the payment of stock if the Speak
erS motion did not prevail, he should
move TO amend the bill so as to admit
the =" notes of such banks as paw specie, q"
and then to add proyiso, compelingthe
Commissioners to convert them into spe.
cIe before the banks went into operation.
lie called upon the friends of the banks
TO resist tins amendment, which might
- NI