Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-02-09

many rruses has considerably iPpreciafcd -
~ isnot receivable iuio our treasury for taxes
-noi taAen AZ depcSit--nnr in payment of any
debt due to the banks OF this, commonwealth
Their local situation and state OF trade nut
them completely beyond the aid oi gu, me,ii, a
institutions; TINS srbjectiry them to all the
e.iis and losses consequent upon "a currency
which nnst increase i'm quantity with The
growth OF trade, and for all the uses referred
value IN direct ratio with tie inc
~ quantity. The people IN that section OF
connhy experienced no little Inconvenience
ana orrression during the last year, in NEE Ting
i've FnLuc demands against them. lie more
n'a,Sent were often entirely at the mercy of
coilectors--and others, upon a reouisition of
specie or Virginia paper, in payment of taxes
ana debts, reduced 10 the hard alternative of
sac'nelng property, or forced info the hands
parental assistance of the Legislature. TO whom
these people look with anin,atinv confidence
TOT redress, the grievances ofwhicL they com.
pam must continue ustii they become abso.
iutely intoleraDle.
Your committee cannot forbear IN add that
Tue peiition praying the establishment OF a
Dank at Danviile rs signed bv several thousand
persons-that Il is supported by other petitions
rom seven counties, and one corporate town.
. .tps popaiation ofnot less thau ninety
tnonsdhu Souls, aud paying AN annual sum int
me treasury ofnearly forty thousand dollars.
ih furnishing their equal quota ofrevenue TO
Tue siaie, the pray Tor reliefn their nced-in
return Tor ,heir devotion to the country, they
iihinbly ask dispassionate attention 10 their
Impeiious claims-in the strong ,Iaupuare OF
sunering, they appeal to the Justice of the
Leeisia,ure Tor the adoption of a measure at
once calculated TO remove their embarrass.
BILE trade.
lie question which these petitioners submit
10 me decIsisn of the Legislature is not
, "hether paper me diun, OF exchange shall
a po ,a,'9ductd INTO the section of country
oTcuPieu by The petitioners"-such medium
sTeauy exists: and ifno remedy be speedily
applied, threatens to assume lie very wors,
shape. lie question plainly is. whether a
'o'e,gh currency, over which this common
wealth. mas no control; which yields her
no rroht, but subjects her commerce 10
heavy and Increasing contribn,i.u shall he
Ge'sPiaceu oy one, not liable TO depreciation
from the salutary contronl of our own laws a
source OF ProfIt 10 those who supply the capi
.di' ahu TO those who use il; and productive 10
her citizens ~
ne /" therefore resolred, That il is expedient
10 establish, under such conditions as the Ie
ssiatnre hiay impose, bank at Danyilie in
the county OF Pitts.lvania.
REPORT ON THE LYNCHBURG BANK.
49,, Made 10 the House Of Delegates.
ine Cohm'tee to whom was referred the
memorials OF sundry inhabitants ofthe counties
VI " amiaeIs, and Nelson, complaining OF the
at Lynchhurg, and vito were invested with
power 10 SEND tor persons and papers i'm rela
non 10 me SUBJECTS of complaint set forth i'm
IN. rn9 saiu inemorisis beg leave TO submit the
ioiio"ins report ofiheir proceedings:
In The very threshold OF the Investigation
WIN ~hicii they were charged. Your commit
zee 'ouhd II necessary 10 exercise the power
when had been given them, of sending for
Pe!sons ana papers. 1t being supposed that
an inspection Of the books Of tl,e mask would
throw important light on some ofthe princinal
epdrges exhibited by the memoriaIists. The
committee determined. i'm the first instance. TO
aVal themselves Of that source of information.
~ .ai as 'hey could, without infringing the
OF The charter of the Bank, or
interfering with The actual course OF ITS ope
, I The privilege which is allowed
py me charter, IN this respect, is a very mar.
TOW ONE, bnt 1t was still farther limited, in the
ppao;s,, ease: oy The consideration OF the con-
.ehlence OF the Bank. for the committee
we're pledged not TO impede the regular
transaction of its business by the with
ltawa' tits books. or by any other mode of
sAeIeisihe the powers with which they were
Invested. The resolutions marked(A ) accom-.
panying this report, was adopied nv ihe con-.
nittee al their hrst meeting, calliHefor The orr
s c1H minutes OF the proceedings of The board
" directors since the tenth day OF Jan. 1918.
I'D e, minutes were accordingly furnished,
hereafter noticed. Another resolution was q.
ne same time adopted by the committee
requirins the Cashier of the Bank 10 furnish
ia OF the whole debt ofthe Bank. and
nc 'erPeIuVe amounts of the several portions
d IL payable by citizens of the town of Iynch.
Dnrg, Inhabitants of the country. aud Ii,rsc-
o'o VI Tue hdnk, al successive periods therein
mentioned andalso what proportion of each
.sscr,Ptoh OF debt, at the said several dates.
ou paper. orpaper originally
previous 10 The year 1916 This
,esoletion is marked (B y among the accomna.
'yi"g papers a question was raised con
;elhing me pr0priety Of the resolution AZ moi
'e'ng ~ al respects. authorized bv the charter
waived by the President of the RAM go
d me resolution was, therefore imme diateIy
enclosed 10 the Cashier Of the Pant in :,
etter from the Chairman of this committee
~ iePiy, d ietter, (marked C.)was received
rom the Cashier alledging want of t;n,e to
make out the statement reouired and s.w;no
nat he had sent the book from which SINGH ?
tateinept would be taken, and which he sun.
'oseo, wonid answer the purposes of the com
nltlee. Ihe book alluded To by The Cashier.
he 80; CIV, ~ We the discount iedser, obtaining
ne private accounts OF individual dealers nj
ne bank, which, the President of te Bank wa.
wing, should be examined by the Committee
'oHeetiveIy, while in session, bnt NOT other
~; me committee, however, were of
PRESIDENT of the Bank then undertake. ,o
make ont the statement required by The com.
nittee, himself. Accordingly lie presented the
'aaper marked 10 (which shewsthe whole de lot
y the Bank, the town debt, and the country
leot on The hrst day Of A ri and the first Of |
)ecemser, and Distinguishing The proportion |
y each which was accommodation paper or |
ne hrst OF April .but not making this distinc- |
ION I'D relation 10 The state of the debts on the
lrsi day OF December This statements still |
dIIner defective as the compliance with the
esoluilor of the committee, III not showing lie
'hte ~ The different descriptions ot debt on
ne hrst OF June, the first Of August aud The
Tst OF October, (Which dates were included
? the resolution with the first of April and The
Ist OF December) and also in being entirely
iltni rs to tie debt oil the Directors at all of
iie aforesaid periods. The statement OF tie
own aud country debts, at the intermediate
eriods. beiug insisted OF by the committee.