Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-01-07


screen us from the iui Dads OF foreign paper,
anttD detect any of that paper, which mi S.it
prove counterfeit and spurious.
Dir. Brter assured the House that IL was
from no hostility TO the Western People he
wished the bill accumulation that floor, he
STOOL Is a citizen OF Virginia-he was in hopes,
indce !, the blu might be SO modified as to Sc
care it new friends.
Dr.. Smyth, WI; oppose! to re-commitment
As 10 the State Interest, lie contohded,
that nothing could be easier than 10 sell
out the Shares retained 5y the State ;
that as to there being too little specie ori-i-
nally paid in, the gentleman should recolect
the case of the United States Bank, as well
as That these banks could o1iy issue notes 10
twice the amount oftheir capital, whereas all
otner Banks could Issue three tmes--that
he hoped the gentleman would remember
the declaration, that he was citizen OF the
State. and he would therefore ask him. was il
just that one part of the State, should have So
much more Bank capital, and the other none:
.hat 1t was true, the number OF proposed
banks was so great, but the capital was small !;
that the ten counties in the Northwestern
borders of the State, would have only a million
of capital, while ten on the borders of the
James River, had more than urmillion.
Nh. Baker observed, after the declaration
he had made. lie shou!s! not again declare that
lie was the friend of the Western people. lie
repeated that il was from no objection to the
amount of capital, but the number OIL banks,
lie made this motion-He objected also to the
conneXion between the Banks and the Com
monwealth, which could scarcely be desired
by the Western People, as tileyar surely com
petent enough to marriage their own money
IN their own way.
Dir. THcf,r declared he never could consent
to the chartcrng ola bank, with which the
Commonwealth had not some conuection-thc
benefits OF which he contended, were apparent
from the experience of the existing Ranks.--
As to the number of the banks he said that
independently of other reasons, there was this
advantage; that IN those parts Of the country,
which were not very commercial and thickly
settled, a bank copid scarcely extend its dis
counts very far, as il would be out of its power
10 do as other banks did, give notice to its
dealers of the time when their notes came
round.
The question was then put on the motion
to re-commit the BILL aud lost without divisi-
on.
On 5Lr. Garnctfs motion, a section was ad-
ded, establishing bank at Port-Royal, in the
county of Caroline, with capital in blank
Ayes 81, Noes i9.-fMrG. accompanied his mo-
ton with astatiStical ex hibit sc.
Mr. fucker then moved, lin the absence of
Mr. Tazewell, an amendment to the 3D. secti-
on respecting theJ.iterary Fund Banks, that the
President and Directors of the +. Bank at
Norfolk, be compelled under pain offorieitng
their charter, TO subscribe S50,090, out of the
capital of the said Bank, for the benefit of
the Roanoke Company, lately Incorporated
by the General Assembly of North Carroll
ma
Much conversation ensucdupon this amend
ment.-Some doubts being expressed whether
the money was wanting for that purpose Mr.
Pollard objected to it, because it made il i'm
perative upon the President and Directors, TO
make the subscription. He would vote for
it,f twas left to their discretion.
Mr. Tucker finally withdrew his amend
ment.
Hr. Cham5er,ayne then moved to strike ont
so much of the trstsection fthe bill, as secures
IA certain number of shares to the State--He
opposed to all connection between the
tsfR inst Ifnf mil
meet the State with - new moned corporate
ons "a connection which might hereafter,
prevent the Legislature from making these
banks do their duty.-In each of these banks
the State would have three directors-would
you create ~ new officers, who would he de-
pendent upon the breath of the Executive per-
haps for their eXistence-He protested against
this ocrease of Electromagnetic was for making
the banks pay for the extraordinary privilege
they enJoy-but not in this way-not by going
into partnershipwith them-Ifth motionwere
adopted, he would then bring forward the sub
stitute plan which he had prepared.
On Mr.. MERGERS saying, that il was but right
foi the House TO have the plan before them to
compare them together, Mr.. Chamberlayne pro-
posed, that each share was TO be charged with
20 per cent for the use Of the State, PAYABLE i'm
10 semi Observation-Disclosures. (On Mr.. MERGERS
lnttmating, that the charter would expire be-
fore the instruments could be paid)-Mr. c.
said, he did not sickle about the rate of the
bonus hut would consent TO make it ID per
payable in specie.
Mr.. Mercer demonstrated by calculation
| that this was not so good bargain to the
| State as the one proposed in the bill, and that
it was not fair i'm relation to the existing banks
to make them pay so much more than the pro-
| posed ones.
Wr. Ghamberlayne said, he was aware the gain
| to the public was the less; but when he sold
| his rights, lie cared not whether it was for a
! copper or dollar
The question was then taken on MIR. Cham
| berlayne's notion, and lost.
Mr.. Pollard moved To amend tho section rel
alive TO the Literary Fund Banks by adding
| that ii should be in the power of the President
and Directors of the Bank established at Nor
| foik to subscribe dollars of that
stock to the Roanoke Navigation Compa-
| ny.
Mr. Tucker moved to add to this proposition
| the words " lately incorporated by the Geuer-
| al Assembly of North Carolina" TO make the
| designation of the Company more precise
| He took that opportunity to say, that the A.
| gent of that Company had stated that there was
| in fact deficit of Sli2,0oO of the sum cacua-
| ted to be necessary to the execution of the
work though they had hopes of raising this
| sum elsewhere but as il was possible they
| might be disappointed, and that their estimates
might fall short of the expenditures, the aid of
| this state would be very acceptable.
Mr.. Pollard's motion prevailed.
Nv Austin then moved to add a new section
after the 18th section, to provide, that if within
90 days after the rendition of Judgment against
| the bank, payment was not made then each
stakeholder, should be responsible in his natu-
raj private capacity, in proportion to the d.
mount of stock which he held.
Mr.. Austin commended, that such a proyi-
sion would be for the benefit of the bauk Itself
by increasing the public confidence, if it was