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

v
for ,i.e present resolution. He preferred the
Substitute, becasse il excluded "A cant term
which the other had accepted--and he did not
wish to disgrace the Journal by sucllcant phra-
ses.
The question was then taken on LAYING the
resolutions on the table-and lost
The question on adopting the substitute in
preference TO the original resolution was car
riei in the affirmative.
The substitute was then agreed to-Ayes3s
Noes 10. And the house adjourned III a lat.
hour.
YESTERDAY, Mr.. .Smyth made Il Re
port to the ii. of ID. from the Armorv
which being received and
read, he offered resolution, that it was
expediant TO augment the salaries of the
Master ArmoTer, Assistant AMI
Clerk of the Armory-wh;ci was reject
A Report of the c. of p &; g. in favor
of removing the Seat of Justice i'll Prince
William County, from Dunfrics &c. was
dscussed-Mr. Heath in opposition TO the
Report, and MIR. Foster in favor Ofit-the
Report was finally accepted BY the House,
by Il majority of34
A Report was read from the G. of r. &,
|. n. proposing new scheme for amend
ing the several road aws-the Bill accom-
panying the Report was read the first and
second times, and committed TO the Com
mittee OF the Whole, and made the order
of the day for Thursday.
NEW-BANK BILL.
Tile engFosscd bill for establishing sun
dry new banks within this Commonwealth
was taken up-and the several blanks
were filled-The semi-annual instruments
for paying the bonus were fixed at 3Oz<
The time for the expiration oftiIe charters
IN - ..fN 90
Rod when the u. of Virginia expires: thus
giving an opportunity, Gas MIR. Mercer sug-
gestedD for passing in review tie ,choie bank
ing system. The lowest note which the banks
will be permit TO issue is S5-corres-
ponding with the present banks Mr..
Mercer said, if any change we're necess-
airy IN this respect, il might be done here
after by law-The sum which the Litera-
ry Fund Bank at Norfolk may subscribe
To The Roanoke Navigation is fixed at
S 50,000.-'The capital of the bank al
Wythe Court House was fixed at 5 VA
600; that al Wheeling, at S 200, 600 and
that al Morcfield, at 100000
The blanks being filed, the question
was on the final passage of the bill-Mr.
blackburn roseto address the House-and
spoke considerable time; but hasty
sketch can do no sort of Justice TO his
speech.-lie examined the arguments.
which had been advanced by Messrs.
TaZewell, Mercer, Colston, &c.-He at
tempted TO show, that no precedents
ought TO be drawn from the small repub-
lies ofGcnoa, Venice, and Holland, to
the great republic of America land as to
England, he admitted that her banking
system had arisen under William, but he
treated his character with great deal of
severity-he said he was the founder
of the national debt, and its concomitant,
the bank and asked, whether the pros
perity of England under William was TO
be compared with her prosperity under
Elizabeth, or even Cromwell, when banks
were unknown; thatone gentleman seem
ed to be pleased, that the predictions of
the WashingtOns, Madisons, &c. of the eff
fects of banking, were disappointed, but
wha! time did they allow for their accom-.
plishment ! He eontended, that the sys-
tenn was in sure progress, and that The
time would come when their foresight
would be Observation-Disclosures the JWbe-
fore the House, he objected 10 it: LIST, be-
cause of the connection which it created
between the Stale and these banks that
the House found ii difficult 10 manage two
OF them, and that this difficulty would but
increase with their multiplication; that this
House would soon be crowded with men
interested i'll these banks: and he did
believe, this would be the last indepen-
dent legislature which would sit here. if
this bill should pass that in short time.
there would be but two interests in the
State, the landed and the monied, and
that the landed interest would 90 to the
wall; that these banks would prev upon
the NltaiS of the country, as the vultllres
did upon the liver of Prometheus X2d,
because the Stockholders were not made
liable in their private capacity for the acts
OF the Directors, who were only their a.
gents Sd, because the bill connected
the Interests of the Literary Fund, the
last hope OF the country, with these usu-
rious, gambling institutions ;-4th, be-
cause OF the vast floods of paper whichit
would put out-he asked what we had
once done without these banks ?-He ox-
amlned the position, how far it was ne
cessary for us TO have more banking CAPT
tai to compete in trade with our sister
States !; as to the importing trade, he
contended it was not for want of banks
that we had failed, but because we did
not make our lands liable TO the payment
OF debts, and because the impression
WHICH had arisen from our throwing i'm
pediments in the recovery of British debts
had not yet altogether subsidized.
lie asked where was the consistency of
our closing our vaults til! the lst July TO
avoid run on our present banks on ac-
count of the u. :. Bank, aud our creating
by fnis bill a demand f.,r uoa,. a, Il;, = :