Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-01-04

'ssps calculated that certain property Womb
bring the money; hut it will not brin,- Sne.;n
for that is not TO be had; and notes viii ans,,a,
the purposes of tic creditor; for they arc
money, and the only circulating Medium -,
seems therefore to be inst that the creti.o,
should take the only money that is i'll circulati-
on.
The Legislature should act as fathers IN ~,
the people. and take care that no portion act
iu'uSt'v towards another portion, nor shonii
we estimate the soundneSs ofthc comniunite
tas has been done in deba.e) bv their wealtb
or exemption from debt. If that were 10 10 :
rule, the bank directors of whom we bay"
heard, who has made sj0,OD0 a year by ,,sn,;
Gus practices, must be the soluadeSt man i'm tho
community. c
hope the bi!lwill pass
Thursday. IAN. o
The cnSrosscd Hill "Refunhiug the tay ON
certain stamps allowing till the LIST Of Nav
for this purpose. was called Nd, advoc,ted h.
Messrs. Robertson, (ofR. Banks q, Doidridgc
and passed. 'sV'
Report was read from the Committee &c
Propositions and Grievancesn favor of the ne.
titiou OF sundry merchants and other cif;yans
or Richmond, praying, that the election of ,bs
Inspector OF Flour, may be transferred from the
Court of Henrico, to the Hastings Cont or
that citv-Nlr Hay moved 70 reject the Resoiu'
ton of the Copnmit,ee which rnotinn was 90.
Gated by himself and Mr.. Blackburn. and on
posed by Mr.. Robertson (ofRl-and tinallv
carried. "''S
MIR. Mercer moved to take M the EanL
biii-which was opposed by Mr. Black harn:S,
Some new question having INTERVIEWED M.
Mercer renewed his motion for taking nm ,sa
ianN-Bill-which gave rise TO nm anirn,to',
discussion in which Mr.. Mercer advocated tSa
mo'on' ana M"SSrS. Blackburn and Tucker
opposed 1.-THE motion was again lost-Aye,
90. Noes 20. AYES
Much local business was transacted ,yb;o,,
VIII be skctched hereafter e"
YESTERDAY, the II. u fool, -
the Mem hill-Thep proposed Sect;,",'pp
relative to the literary Find Banks ca,ns
first into view:
fhS scheme contemrIatesa Bank IN R;cb.
mont underline name ofthc Literary Fund Rant
OF Richmond with capital OF II Ion o9r IN sb,,N
ofSl0j; 80 to be retained for the use of AZ
commonwealth, to constitute a part Of AZ
Fund for Internal Improvement $3.50 r.
ne disposed OF to individuals, and the residue
to he for the sole use of the Literary FunI
Books for dispoSing of tie shares To indiv;d,,aIs
to he opened on the LIST MONDAY OF April nswt
10Th OF each share to be paid in the leyal cnr'
rency of the United States at the time Of sinh
SScrloins ~ GAYS alter 18th: 10th within 30
days after the last, at whcliime the bank is IN
go into operations and the residuarv baths in
equal instruments ofa0 days each The div.
dcnd on the said 51fo shares tobe cllarraI yr;,h
me payment OF the 75O, belonging to the Fund
scribed by the Literary Fund are To he maid
one moiety IN per cent. stock of The state tn
be created for that purpose the other. in the
STOCK now held and (Which May be hereafter ac-
9ulre't by the Fund or in the legal cnrrencv of
the u. s.: 18th 1.-THE fine sfsubscribipr IN.
IN 20 days AMI the other 3-5ths in instal,nonte
off months. The denominniion of No = ' a.u
cent. stock, and the period Of re,Ieeuino The
:, ne togelheT with the t"nd iorthe redemption
thereof, tn be hereafter established hy law "Sr
The 2nd. Sect. Provides that if the < .0o,
shares authorized TO he subscribed bv in,jivi.
d"ais, be not taken within ten DAYS, this Sub-
Scripuon 10 be mil but the books are to be
opened againon the ISt November.
3rd Sect. On the same principIes Iiterar,
ruhd bank al Norfolk capital stock s gOOOO0
400 shares to the Fund for Internal Improve,
meht ;3;oo9to individuals the residue for the
use Of the Literary Fund
18th Sect. ifthe subscription Of Irliyi.,uaIs
shou'd fail in Norfolk. and fill in Richmonl
then the subscription made bv the Iiterar1;
rund; to the bank at Norfolk, shall be trans;
ferred to the stock of the bank AZ Richmond
whose capitals TO be enlarged in that propor-
ton. f-0P''
5th Sect. 4 Bank to be established at Peters.
Durg, on the same terms as at Norfolk
Inese banks are all TO have {" the ike re-
straints, privileges and immUnities as the Ma
nongaiia Bank, &c.l
The proposed sections being read Mr..
SMITH moved an amendment at The
end of the Ist section. that The interest ON
the 6 per cent. stock be charged on and
paid out of the Literary Fund. unless O.
thcrwIse directed by law.-This was 10 do
away any apprehension fiat hight be en-
tertained, that IL was to be paid by new
tax on the pe0ple.-Mr H2etcc,. sun
ported tins provso-which was carried.
MIR. Mercer then addressed the House
M fayorof these new sections, in speech
abOundlng with calculations, intended 10
shew how the interest of the ncr cent.
was to be paid, and the stock itselfrc i'm
bursed. lie con;en2eh that when the
present means ofthe Literary Fund were
properly used, and the debt due bv the
u. >. was paid, the moicty PAYABLE in 6
per cents would be considerably rnduc-
ed-and the whole ofthe literary Fund
would amount to 5000. Ca9 that IFS
revenue, exclusive ofescheats. the revenue
from ITS real estate, &c would amount Ia
more than S2e0, 000-fhat applying fhi,
to the reduction Of the 6per cent. stool,
created by the State, it would effect IFS
extinction in little more than 4 wears,
without charging one cent OH the ordina-
rvrevenue of the Commonwealth that
then the Fund would own s., 900 $50. free
Oh debt, which might beempIoyed 20 CO.
yer the state with primarV schools. &C.
Mr.. NJ. said, if this result were obtain
Ell, there could not, in the mean time, be
any appropriations schools, unless some
OF lis real estate were sold-but. for his
own part, he would prefer a medium
course; to take twice the time for extin-
gushing the debt, and meantime TO de-
vote about 500, 600 every wear TO tLees-
faktiI1llfupnf o4 cphoo1c. fl,,4 ,,,,.oI