Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-11-16

unchartercu, fictitious, private or corno-
rate naper--t,at the Banks of PennsyyiVa..
MIA, Ohio, &c. to which tliey are indebted
tor Diost OF this paper, now draw from
them those profits of banking which they
I; ought to ENJOY themselves they f"Int
| tie attention Of the Legislature TO the
great Western Communi, alton which
might &c effected by good roads between
the Kcuawha and Grcenhrier riyers-they
appeal 10 tie pride of tl.e old dominion
and ask, If tie other states are to reap the
| golden harvest of the trade of the West
Ehcy conceive, that these great objects
| might be accomplished, as well as their
own cmbarrassnents removed by the ere
alton Of "a banking capital-tlley, there
! fore, pray either for branch of the exiS-
| ting banks, With capital of or 100000
dollars to be extended to Charlestown, or
the establishment of an Independent
Bank in that place--Refer,ed.
UNCHARTERED BANKS:
Nr. Mercer, (ofL. Uniformed the House,
that he had understood the Senate had
dispersed for short time, and would
meet again for the purpose of acting on
the Unchartered Bank Bill, if it should
pass this homse-that they only waited
for Il decision on this question, when they
would adjourn for few days-Iie there
fore, moved, to take up the engrOssed bill
fer suspending In part the law of the last
session.
The House agreed to consider it-and
| the,question occurred, with wlattime they
should fill up the blanks in the bill-(in
other words, how long they would give the
Unchartered Ranks to wind up their con-
Germs y
Dir. Ue,ce,, moved to fill the blank with
| LIST Mar 1917.
4 IN.
| He was of opinion that they could not
wind up their affairs before that time
| He compared the operations demanded
of them with the operations demanded of
| the Chartered Banks of Virginia. Both
laws had been passed i'll the same session
| both had gone into effect about the
| same time. But the operations required
| of the Uncbartered Banks were much
| greater than those demanded of the old
Banks. The old Banks had only to pay
Specie on the 10Th of November-they had
to prepare for this event only. But the
| unchartered institutions were called upon
TO wind up their affairs altogether. All
their paper was TO be drawn in; all thel r
debts collected While the dealers of
the unincorporated banks then were call
| eel upon to pay up their whole debt, those
ofRichmond were only required to pay
up as much as would permit the Banks to
resume specie payments, which by the o.
peration of the war they had ceased to do.
Mr. D. said that he did not know that any
measure like the Dill proposed last win
ter, for aiding the banks would be asked for
during the present session; twas possible
that after this bill passed, the whole matter
would lay over till the next session, when a
banking system might be brought forward
for the west, similar to tine existing system
ofthe Virginia banks. This law then was
perhaps sufficient for the present.-The
Charlestown Manufacturing and Export
ing Company might perhaps wind up their
concerns sooner than the 3lst of August /:
but in favor of that Company he begged
leave to say, that the Revenues of Brooke
County could not this year have been
collected without the aid of that bank
Besides, they mean to transfer their funds
ing the time which they suggested, their
dealers might be very severely oppressed.
l-Fthe uncliartcred banks do not wind up
by that time, the law may be put in force
| against them at the fall terms of the SUI
perior Courts. Where then is tic objec-
tion9 IL they do not wind up by the time
allowed them, you will accomplish your
purpose, by destroying these institutions.
! M. Mercer, hoped that the gentleman
from Brooke would not think him mimi
cal TO the period which he had selected
but really nc had been willing TO take the
1st MAY, rather than have no indulgence
for half a loaf was better than no bread.
The reason, why he had selected that
dav. was, because, as he had already sta
ted, the staple commodity of his part of
the country was grain, and that the pre-
sent crop would be at market by the
LIST of May. But in the western counties,
the case was different for there their
i market is on the Mississippi, and the
whole year might be necessary on account
of the swoln rivers to bring their crops TO
market. They might require, therefore,
different time for settling up with
the banks As the banks in his part OF
the country were introduced into the same
bill with them, he was willing to accom-
modate them in their wishes. He would
not agree with the gentleman from Brooke,
that this would be the only favor sought
during the present session for there is
no connection between this subject and
the establishment of other banks-but
that point was not at present within the
view of the House.-But why not allow
these banks longer time to close their
concerns? If they have begun to wind
up their affairs, they would certainly go
on. The House were satisfied, that they
had already curtailed at least SO per cent
What is the effect They have already
deprived themselves of half their profits
by this operation, and yet all the expen-