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

ob SHOUiu ne Itft 10 TIE COMMISSIONERS
to receive the notes of banks paving spc-
cie which argument had been rejected.
And should course wh'ch was taken
then, be complained of at this time Mr..
:. said, he had all along been Under the
Impression, il had been SAID by gentle
men on that floor. that there was specie
enough in the western sections of The
State, 10 iiil the banks, and all that " us 10
be done was TO collec; it: but now, we
are told, they must 20 10 the commercial
towns at distance 70 procure it.--Nas
ii, however. necessary for those ~ Clarhs-
burg and on The CLIO, where no Ha,ti-
more or District paper circ ulates, 10 go
so Tar for specie for all they viii have
TODD, Is to 90 to the banks Of Clio, whose
paper Is current among thcm.-Ee recol-
lected 10 have heard one OF the best MGR
chants III this country cenSure ihe chait.r
of the banks OF Virginia, for putting them
into operation before Ill their capital was
paid IN /; for when the vault is once fall,
1t is diihcuit TO empty 1t; il requires q long
course OF adverse trade to take their cap
ltal from them, after il is once paid up
Hence the proprieiy of filing The vaults
we'll AT first
Mr.. Mercer moved.O add after the word
COM words which went To admit the
Mr.. VI. denied, that tie remark was ey-
er made by him that there wa~ specie g.
nough in those sections Of tlie State 10
fill the vaults ofiiie proposed hanks lie
also denied any weigh! at all To the pre-
cedent of the United States Bank
because there was 10 analogy between
state of things when there was no
bank Souih OF Connecticut paving
specie, and such = case as will exist
IN September next, when The banks will
be IN the habit ofpaying it-iIis amend
ment went 10 restrict t!e proposed banks
tromrecciving any notes, whether of the
banks ofVirginia or OF III adjacent states,
which should notpay specie by that day
He was also for compel.iag the Direct
ors TO convert the PAPER ihcy might re-
ceiye into specie, before they went into
opcration-and il this did not satisfy gen
ilemen, LET even a Commissioner be APP
pointed by the Executive to go into tho
vaults of the banks, and sec that there is
nothing i'll them but specie.
After q few other remarks from Nicssrs.
Chamberlayne and Mercer, the question
was taken on Mr.. MERGERS amendment, IL
lost-Ayes IS, Noes GO.
Mr.. ,Stanard then moved 10 strike out
from the word coin" to TIE word &c one"
and insert " and at such rates as are au-
thoriZed i'll the subscription TO the Bank
of The United States"-w hich was agreed
TO.
Mr.. Hay said, the observations already
made had satisfied him OF the pro
priety OF adopting an amendment to The
hrst seciion-w winch was to strike ouf the
9 first day Of September next" re said,
II was somewhat uncertain whether the
banks Virginia would pay specie on tie
lst Of iulv next, though he Hoped tney
would do it sooner but at all events
there would be d considerable pressure on
the banks, as soon as their doors were o.
pened that it was obvious, if the new
BANKS are permitted TO be subscribed tor
I on tie LIST September, only two months
after the old ones resume their specie
payments, large proportion of the CAPT
tal OF the new banks viii lie taken ont OF
the old ones and that The whole tenor
OF the argument used fo-tiay, showed il
would be so.--It had been calculated,
that the amount required for the new
banks was at ieast2 or , millions Of dolls.
jt, then, In only two months, draft is
made upon the existing banks for that IA
mount, the pressure, which they would
otherwise be subject to, will be doubled
FOR ms own part, he was friendly TO the
bill, but conld not consent to iniure the
existing banks.-He should, therefore,
move 10 strike out the lst OF September,
and insert LIST of July, 1918. He had con
| versed with some OF the friends of the new
! banks, and found them willing to co-ope-
rate IN this idea of securing The existing
banks, before the new banks should com.
mence their operation By July, 1878.
every possible doubt on this subject would
| be at an end.
! Mr.. Nerccr said, that the friends ofthe
banks stood IN very peculiar situation
| they sustained as much danger from the
| kindness of their friends, as from the hos.
| fifty oftheir enemies. Ii Tie idea ofthe last
! speaker was adopted, calculating the tire
! when the books would be open d. and al
| the instruments paid in, The banks would
| not go lnlO complete operation before
January eighteen hundred and twenty
| and as their charter is 10 end in eighteen,
| hundred and tliifiy-f0ur, the thirty semi
! annual bOnus's to lie State would rot all
be paid up, before III ir charter would
| expire.-lie urged, that we ought not IN
iegIsia.e for the benefit OF he banks o,
| the adjacent states, or Of the II. States
who would certainly take care OF them
| selves; that the proposition of the gen
tleman from JIcnrIco was then only cal
| cuiated for the security Of the banks ol
| Virginia but how we're they TO be en-
dangcred How were the subscribers in
the western sections to procure their
notes Would il not be easier for them
to travel to the banks of Alexandria and