Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-05-02

that they were about erecting i'm the Dis.
trio! an extensive seniinarys Of learning,
and possessed aparcel of ground intend
ed Tor That purpose, which II vas necessa.
~ 10 hold In "A corporate character 10 en-.
abls them 10 receive donations, &c. the
object was purely literary, &c. The mo-
lion prevailed and tho bill Was rejected.
Thursday, April 27.-The bill and sub.
siiiute respecting the. District Banks were
his views at large in favor Of tue bill.
MIR. OHs took the other side, exposing
some of the novelties, if not incogrui,ies
OF the biz, which Congress had no, time
at present 10 examine and correct. lie
decidedly preferred The substitute.
MIR. Van Dyke insisted upon the ne
cessiiy OF adopting the bill, or Of acting
IN some conclusive way 10 save the PEG.
pie OF the District from the ruin which
would ensue from failing TO act, or COM
Pelling the banks io wind up.-He argu-
ed that The bill was not SO objectionable,
that there was time 10 correct il, &c.
MIR. Horsey contended that il was better
10 give temporary extension TO the
charters, and in the mean time Congress
could legislate with better lights, aud
more in conformity with correct prin-
ciples, as well as with q due regard TO the
interests and wishes of the District. He
reviewed the provisions of the bill 10 shew
their impracticable, onerous, partial, UNI
reciprocal and inexpedienf character,
particularly in the consolidating feature
OF il.
Mr.. BurriN was in favor of the bill,
| which would reduce The number OF banks,
aud provide a remedy without delay, for
the evils which exist, DC.
MIR. Rufus hing WAS in favor Of the
amendment. lie was averse TO the ANAL
gamation provided by the bill, as going
to give legal character 10 institutions,
many of which were unworthy of il !;
that the proposed capital was toe large,
and would be, as il was now, 10 a great
extent, unreal that il the consolidation
was expedieni, SUCH only ought 10 be
permitted as were oscpriained, by agents
appointed by the government, to have d
'v"' >"Pi'"t, uud tirv~C of q uitlrTrm yiIa
ractcr ought 10 wind up their accounts A.:
that he would have but one i'm each town !:
that 10 allow an examination Of the al
lars oil these institutions, preparatory
10 permanent state o! things, he would
extend them temporarily as proposed by
the substitute.
MIR. Roberts replied 10 Mr.. Kings arsu-
ments a, some length.
MIR. Macon thought the stockholders
would make better arrangement among
themselves, II left free, than if cocrced.
as proposed by this bill-he MAS in favor
OF providing for the fermina ton Of the
insii'utions,.as al present established, and
hereafter giving charters on proper prin-
cipies TO those companies who asked and
deserved II, He would not reduce The
number TO one in each town, b Cause
competition was useful i'll banking as well
as other things.
The question was taken on adopting tie
Substitute. and carried, ayes %.
The bill was then reported 10 The Sc
maize, with the amendment adopted in
committee, on MIR. Barbour's motion.
MIR. Waller of q. was of opinion that
time enough was not allowed for the
banks 10 wind up their concerns with
convenience TO all par,ies-he therefore
moved 10 strike cut 1922, and insert 1926.
l-Messrs. Roberts, RorSey and Il. King
disapProved Of tins amendment, as they
desired that the subject should be taken
us al The next or succeeding session, and
ap"rnaneni sy STEM maiured for The banks
OF the disirici.-Mr. Waikers motion was
lost.
The question was then taken. on agree
ing 10 the Substitute, and carried:
YEAS MessTs. Barbour, EdH aTd4 GaillaTd BoTsey,
hunter JOHNSON Of Lou. King AIab. King Of ". Y
ianHap, Leake Logan, LowIi.. Macon, Morrii, Noble
oi Peasanls stokes Tay ior Trimbie, Walker Of AL.
| Williams OF Miss, Hson-23.
NAfS,M.s.rs Brown, burrill, Dana. Dicterson,
Eaton, Johnsop Of Ken Meilen PaTrOit Roberts, Rug.
giles. sanford, Smith, Van Dixie, Walker ef Geo.-Il.
Mr.. IrimJie moved TO amend ii, SO as
TO make lihe private property u The
stockholders who may continue any bank
IN operation III pursuance of this act,
liable for such debts as may lie conirac
ted after The expiration Of iii present
charters.
Mr.. Il. wished this amendment adopt
ed, that those who accepted the benefits
of his bill might be informed Of the
terms. lie thought this condition ne
cessary check OH tie banks, for the want
OF which great evils had grown out of
the banking system; and without such a
principle, he would never be accessaTy TO
creating any bank whatever.
J The amendment was opposed by Mr..
| HorSey and Mr.. LaRmGn, on account Of
lis novel character, and the sbof, time in
which il would operate, and thinking il
would be tme enough 10 urge lis adop-
non When the system came up for perma-
ncnl regulation. Mir Lam,ran opposed it
on The iurilIer ground OF lis impractical
| Die nature and Ire inposs iiy Of ors
| 10rring u upon stock, whose rapid trans.
iers night b apply Ompared H. the 9" ad-
Ventures Ola guinea" o, 10 All atom which
flIed an hundred spaces in a day.
Mr.. Waller, Of Alabama, was opposed
to the amendment also, on account Of The
time, moi from an objection 10 lis princi.
pie, which VAS moi novel for u was
provision Of The constitution Of AIabama
that 10 bank should be incorporated un.
less Ibis principle were made a condition;
an he brlleved il just and saluIary
principle. This was not The time, how.
ever, 10 enforce ii on these banks.
Tho a tr.,o -