Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-12-07

unite tlc lNecUitNc Ia Tie tiNSt
lie would make one or two remarks
more, though he had by no means ex-
bausted The subject. The gentleman
from Buckingham had said, that it was
;heinterest of the Banks To keep as they
are, and therefore he would leave nothing
to the discretion of the Directors. But
surely it is not their interest to remain in
their present situation, because the divi-
deDds are very much diminished, & their
stock very much deprecated according
10 the gentleman from Norfolk from 1870 to
9G. Ii the stock has been greatly dcpre-
Grated, IS ii not manifest that il is the i'll
tercst 9th banks to extricate themselves
as soon as possible from this situation
iiut 1t Is impossible that they can attain
tins object without the resumption OF
specie paymcnts-for, as soon as conf
dence can be restored, more of their pa
perwould be let out to increase their div
blends.
As TO the Substitute proposed, the gen
tieman from Wythe had pronounced that
II was not sufficiently coerciye; that tho
the Directors would make no dividends.
they would still go on with their discounts,
and maxi the fortune of their stockhold-
ers.-l'his is, indeed, a fair argument;
but, like many others, more fair than
strong. II proceeds OH the supposition
that nccontdence is to be reposcd in the
Bank Directors; that they are 10 act with
q basencss q ingratitude never before wit
messed. But, is this conduct TO be expec-
ted Is it to be believed that these men
Will III this way convert an act ofkindness
INTO an act OF baseness And who are
they that dol 2 Persons who are appoint
eddy yourIreasureran Executive Coun-
ell. Would these men ruin the reputation
OF the bank as well as their own
Much has been SAID of the probable 81
tuation OF the widow and the orphan
This is an admirable topic, which Flo
quencc never fails to employ. But, how
many ofthis description are entitled TO di-
vidends? Are they really the objects of
the charity of this House =? Are those
WHO hold bank stock 10 be found among
the poor or the rich! Generally among
the rich-But If these persons are 10 be
debarrcd the use of their dividends, the
State but puts them on the same footing
with itself. He would willingly make an
exception i'll their favor, but the ingenui-
~ OF the gentleman from Brooke had tried
IN vain to Introduce proposition to that
eifect.-(A After a few words ofexplanalion
from MIR. Doddrdge, MIR. III. proceeded.)
One word more-He had heard, when
boy, OF an ancient law which required
every man who brought in new law, 10
come in with halter round his neck, that
II the law should fail i'll its operation, its
Trainer should be Immediately carried ont
to.execution. Happily, this law was not
al present IN existence: but, there is some
thing like 1t, for every man who is TO de-
eide upon hsquestion has a halter round
his political reputation.-Rely upon il.
that every man who is for compelling these
banks TO pay specie when other banks do
not, VIII have 10 answer for his errors be-
fore the bar of his country.
When Mr.. Hay concluded his address,
the question was taken on the proposed
Substitute, and was lost 6y large n,ajori-
ty.
ar. Mercer (of L. then offered substitute,
which went To indulge the banks tail the 10Th of
February, or ill such other time as Congres IS
may adopt in lieu of it-This substitute .raS also
lost by large majority.
Mr. Snyth then moved to strike ont the mari
so OF the Dill, which goes to compel the payment
IN specie ofall notes under = 3 on or before
the 10th of January-This motion was lost, AYES
81, noes %.
Mr.. Doddridge then moved to amend the first
section or The bill, by inserting the LIST day of
July, instead of the I0tiI--He explained the rea
sons OF this amendment laying great stress up
on the engagements which the banks of the
specie on the FIRST of July ; and asking whether
IL would not have the appearance of IA trick,
nor very non0urabie to this State, though sure
~ 1t had been adopted in consequence Of the O.
ioqueht appeal of the gentleman from Loudoun
TO the pride of the Statc,) if we were TO adopt
the ioth OF Jniy as if we had placed ourselves
Ten days behind The other banks to draw out
,ile specie from their vaults-Ihs motion pre-
vailed by large majority
On the motion of Mr. flerander. after the
WORD " resume" i'll the Proviso, the words
ana continue were Inserted
mr.. Lane moved TO strike out five" ;,t the
emu OF the Proviso, with view of introduciur
the word" one'-1hs motion gave rise 10 =
snort Observation-Disclosures. Mercer 4, Robertson (of
~ being IN favour, and Hr. blackburn ag;,inst
1.-THE former being opposed to the banks paw
being III favour of 1.-THE motion to strike ont
prevailed, Ayes I05, Noes So
nT. Lime then moved to fill the blank with
Dir. Scott, with two.-The question on the
last was lost without dIvsiOn-The question
then required on fillingit with one, and was
carried ~
ON mr.. Lanes motion, the words and tick
cts were inserted after the words "notes" i'm
the Proviso.
On Dir. BdnkSS motion, the commeucinc
clause was added
On Mr. 1dzetCeWs motion, the Committee then
rose, and reported the bill and amendments to
tue ftOuse-On his motion, also. they were or
dered TO lie on the table-And the House adj
jOurned
The following is the shape, which the bill
has assumed i'll passing through the Commit
tee:
a ELL,
10 suspend for further time the act entitled" IN
1et to poridcmOre eGectuaily for tie pdynlento
nlu4. In ill.,.