Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-12-07
RICHMOND, DECEMBER 7, 1916.
VIRGINIA LEGISLATURE.
HOUSE OF DELEGATES.

Thursday, Dec. s.
a communication was received from
me senate STATING, that they had agreed
Ia The blu, entitled can Act authorizing
the Clerk ct the Court of Appeals to tax
an Attorneys fee amongst the other costs
IN the Court" with an amendment pro-
posing To make 1t 80 dollars instead of
~, as an attorneys fee, to be collected in
The bill OF costs,-whicl, after some dis
cussioil, was concmrred in by the House.
bill was also received from the Sc
naic, for FIXING the time of holding the
Courts IN Chesterfield Countv-The Sc
nate proposed to make one ofthe quarter
~ courts to be held in March instead of
tebruary-Coucurred in.
Communication was received from
the Governor, enclosing a Report from
the President and Directors of the Litera-
ry fund-also, letter from John Tyler,
resiSning his seat in the Executive Coun-
cil-Laid upon the table.
lhe House then resolved itself into a
Committee of the Whole, on the Supervision
BiN-Mr. Baker in the chair.
Mr.. Dodd,idge rose to enquire of the
gentleman from Henrico, or from the CT
~ of Richmond, whether they could in
form him what answer had been returned
by the Banks of Virginia, to the letter of
the Secretary of the Treasury, requesting
TO know if they were prepared in Octo,
Der lastto pay specie for all theirS5 notes 81
under.
Mr.. Hay said he would cheerfuIiy give
the information, ifhe possessed it-he had
heard of the application, but was unac
quainted with the answer which had been
returned-but at all events, the source
OF information was as accessible to the
gentleman from Brooke, as to himself
MIR. II. said, he felt very grateful for the
indulgence he had already experienced
IN this discussion, from the Committee ::
but he would not trespass long upon
their patience-without further preamble,
hewould proceed to develope his views.
lie would, however, by way ef prelimna-
ry remark, supply a defect which had
appeared in the remarks which he had
formerly addressed to the Committee.
lie had then noticed that the Farmers
Bank of Virginia had 100000 of small
notes In circulation and that the Bank
OF Virginia had only 80 or 10000 dollars.
lie ought then TO have stated the reason
of this great disparity; which was. that
during, or immediately after the war an
application had been made, on behalf of
the Executive, to the Farmers Bank. TO
Issue small instead of large notes, for the
purpose of paying off the militia in cur
rency which was the most convenient for
themselves. To comply with this request.
the President and Cashier of this institu
ton had worked, day and night, SUNDAYS
not excepted, for several weeks, to finish
notes OF this description. And is it now
TO be contended, that these notes, then
issued for SO laudable purpose, were to
be returned upon them for specie And,
why are the banks to be stript of 5000, 900
ct their specie? Does any man suppose
II Will be thrown into circulation The
gentleman from Loudoun admits that the
specie now bears premium of per cent
this difference alone would be sufficient
to drive the specie from circulation.-
why should any man use it as circulat-
ing medium, when he can obtain 4 per
centprofit on it? The effect will merely
he TO deprive US of all the small change
we at present possesS-a measure more
oppressive upon the poor could scarcely
be conceived, as the poor man will have
no change to purchase the little things he
would want for his family-nor would he
be able to sell any articles, Which were
worth less than 3 dollars.
lie would here begpermission to notice
a mistake into which the gentleman from
Loudoun had fallen as TO the difference
between the value of specie and Virginia
notes. That gentleman had stated it at
only per cent. This might have been
correct, when the discussion had com
menced; but the truth is, that this diff
ference had since increased. He had now
certificate i'll his pocket, that OH the
day before yesterday specie had sold at
per cent. III Virginia notes; and brok-
er on the street had informed him, that he
had had specie to dispose of, some of which
had actually been sold for z per cent.
and the remainder he was instructed TO
sell for not less than that premium.-If.
then, the argument against an immediate
resumption of specie payments was good
at first, it was at least 66 % better than
at iirst-tle Inducements to hoard I'M
specie being greater in the same proper
ton.
Another inference might be deduccd
from this statement-It contributed TO
show the fallacy, and even absurdity. of
relyIng,upon calculation upon this political
arithmetic on such great questions as were
before the committee. IIeconiessed he had
long viewed them with jealous eyes-tllo'
not intended, they were calculated TO
lead TO deception. You may make your
calculation even to the most minute deci-
mai fractions; but while YOU are labor
ing at your process, the very ground ON
winch you stand is moulderinr avav.-
While you calculate specie at per cent.
it rises suddenly 10 Z. Thus the Gentle,
man from Loudoun, had shown how the
Banks might acquire supply ofspecic M
frr.x. <.lr~ n ~, L N