Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1825-07-19

tend branches to the places, at which the petition
ers prayed the establishment Oh location OF bank
capital. The report concluded with three resolu-
tions: The first proposed TO incorporate fifteen
banks at places therein designated, (irom one or
two of which cannot find that there was any pc
tition, upon condition, that they should pay the
same premium that has been exacied of The two
existing banks, should be compelled TO emit specie,
and should hold their charters subject to reyoca-
tion by the legislature, if they should at any time
TO einit specie without authority of law; and
that the public should continue, as before, 10
be receivable III specie, notes OF the then ex-
listing banks. The second proposed TO provide by
law additional means OF enforcing the issue of spc-
Gle by the banks OF Virginia: and the third, to de-
wise by law, the most ciicciua meas of protecting
the privileges ofhe chartered banks, and the rights,
interests and dignity Of The Commonwealth, a
gainst the abuses OF unauthorized banking. The
report and resolutions were recommiticd TO the
same committee; and Mr.. Mercer, very soon alter
wards, reported two bills in conformity with them;
the one TO compel the resumption of specie pay
ments by the banks; the other "to establish sun
dry banks within this commonwealth, and for o. :
fher purposes" OF this last bill, can only state
the substance from my own recollection, and the
best information procure from others: the re-
cent death of that excellent officer and truly good
man, the clerk OF the house OF delegates, prev ents
me IRON having access to the bill itself, if indeed it
be preserved, as such papers sometimes are, tho
not always. The bill, then, III effect, incorporated
almost all The private banking associations, which
hadby petition prayed charters TO legitimate them;
and added one or two banks, which no petition had
prayed for; and, in regard TO The other purposes
indicated by the tttle enacted rery hedpy pains
and penalties against The persons who should be
cd in any Unauthorized banking; SO oontriv-
ed, however, a MOTTO affect those persons who
had been concerned in the private banking associa-
tons OF 1916; conrived too that, e, en- in regard
TO future associations OF the like kind, they were
Little calculated TO effect the professed object.
well remembers that, in ills particular, the bill was
consdered and dcscrbedby its opponents in debate,
a. mere brutun tniEien On the 9th Feb. i, was
taken up III committee OF the whole, gone through,
and reported to the house. a motion was inmiedi-
a.ey made by Mr.. Scott OF Y ork, to postpone the
whole bill indefinitely; and it carried by ma
/ jority OF 100 TO 81. | say, confidently that this
-il!, lii all ts provisions, and i'll every stage of its
progress, was supported by Mr. Mercer, with the
utmos; Industry, persey erance and zeal. He gave,
Indeed, remarkable specimen of the anxiety, i'm
patience and pe'ulance of his feelings oncerng it,
IN meremarks lac made in his place, concerning the
Public Printer, whom he charged, wi h Intentional
delay in printing the bill, and with designedly
printing 1t on an inconvenient type, because his
own opinions unfaYor 10 the measure;
charges, which that officer Indignantly repealed in
a letter TO the Speaker. IL is proper, 10 add, that
the letter was put on the journal, at Mr. MERGERS
| own instance.
| II will be remarked, that the provisions to pre-
vent nnau bolsed banking, were be died. in the same
l1l with the charters oil the new banks That those
PROVISIONS Were thus ncongruousy blended with
the CHI rers, in order that both might stand or fall
together device loo common in legis!a,ion)
VIII not Undertake 10 affirm. But the whole bill
bei"s rc)ec' ed 10y the vote OF Tie 9Th February,
Mr.. Scott OF York the 9Th, obtained leave to
BRING In bill, " more etfectually 10 prevent the
circulation ofnotes emitted by unchartered banks''
| Hort hat.
on the 18Th The provisions of this bill Gas re-
ported) related mainly the contracts made by I'M
chartered banking companies; annulling lie very
contracts OF association, and all contracts made 10
such companies, for heir benefit; and subiec,ne
the members, agents and officers of such companiei/
to summary remedies, all notes or other securil
ties ihey might issue. do not remember, that the
bill, in its original form, denounced any penalties
OF Jo3tHtoe u5sa imprisonment, such as Mr.
Nie Ger OH had denounced, against the Dersons
s",i'e In slcb associations: 1 am very sure IL
o"i9 lo''oec at The most reTg moderate pecu,,orv
Pen"itei against them; such penalties as were de-
slsned and therefore calculated In be a, forced
Mt mercer did indeed declam against this hill az
mohsirous and abslrd.'' But lie did mt object
'ilt IL was unconstitutional: that had tten too
Prepos'erous; since az to the penalties on the ,,ey
| sons lie mad himself proposed far more erjevous
F'iie!is' ahu, as to the other and the main pro-
VISIONS oil the bill, they were only declaratorv of
| a well known principle Of the common law az tho
Cour' oil Appeals has since solemuly decided He
real Objection TO the bill was that il was 10, elc;en
4. was passed by the House Of Delegates ON the
'''h 4 eDroary, and sent up TO the Senate II was
returned, on Tie 9Th, with numerous amendments
III "details, and one very important in principle: an
amendment providing that all the capital stock of
any private unauthorized banking company, should
De neid IN trust sor the Common,y ealth: and ,oainr
IL the duty OF the Attorney General. to in.ftute %
sun u, inc superior Court Of Chancerv of Rich
mond, TO recover such capital stock This i.
was amended by the House of Deeoafcs On as
'''eii"hy 10 mitigate its severity II was in reoard
'o'nis principle introduced by the Senate and es
Peciahy IN regard to the Jurisdiction given to the
ooui' Vi Chahcery, to try Gas was sadly misde-
,i,e'Ir ana pronounce sentence of forfeiture that
W.T. DoddTldge and Mr. Mercer raised the consti
tulional objection
IN the same session of 1876 ard sometime
peiofe The suhocation of Mr. MERGERS bill-fuII az
OahKs' another bill had been introduced TO take Tho
ee"se OF the people on the propriety of calling n
t;m e"Hoh, ana Mr.. Selden, in debate on tha1
mao oehV cred speech on the right of suffrage
~ winch he had, most sirenuously and most so,i.
factorily, and Gas Mr.. MercA will perbaps ever
HoW "greeC very ably, indicated The political
Justice and the wisdom of our freehold Qualification
. mere IS strong impression on my memory tbae
.'iI' Mercer did, on the floor of the hoxtse nav
lus' tribute OF praise 10 that argument and express
us i. assent to The propositions il naInained but
WI ''eden himself has no distinct recollection thas
ne made any such such remarks on the sbisct
W fhe mouse. do not know what Mr. Mercer re-
5aius as puDhc expression Of his sentiments: bne
peg ieave to ask him, whether he does not re-.
ie e' 'n"t' IN large company, of which many
~ g ~ioS' strangers TO each other, and where
O"iiuehtIsl conversation would have been abs,,rd
r.. IJOldTIdpP he - 4