Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1827-01-06

| VAsRINGToN, January The venerable Sen.
ator from North Carolina, Nathaniel Macon. wa.
yesterday elected President of the Senate, pro tenn.
pore, IN the absence Of the Vice President of the
United States.
Mr.. Webster. it will be seen, has introduced
| mo the f1ouse oil Representatives bill for the
| establishment OF an uniform System of Bankrun,dv
On principles corresponding with those of the iii
on the ssme subject introduced into the Senate.
Ihere 10 every reason to believe that this question
! VIII soon engage the serious attention of both
Houses OF Congress, and that it will be solemnlv
decided at this Session. GAat. INT
decision was made by the Court OF Errors of
the Slate OF New York, on the 2Sih uli. which
it appears to must throw into irretrievabIe con
fusion, Tor time, all the commercial concerns of
that great State, go far they are connected with
Bank transactions. The case was that Of the Bank
OF Utica vs.. Philip Wager, which is thus stated:
90 This action was brought in the Court below for
the recovery OF the amount of note discounted at
the Bank OF Utica, which was resisted by the
defendants on the ground of usury because that
In discounting the note. the bank agents retained
the interest 10 advance, charged interest for the
three days grace, and also because the bank a.
gents, in computing the interest calculated it a, 30
days for each month, by which mode but three hun
dred and sixty days were allowed to the yearo
The decision Of E" the Court below" was that the
note was rotd on account Of usury. The Judge
ment OF the Court below was affirmed In The
Court Of Errors, by Is votes to 8. This decision
appears TO Us to be clearly against equity, howe
yer 1t may compor with law. The practice. here
so severely denounced as to viliste contracts CON.
nected with il, Is universal, in Bank Transactions
An attempt was made. by Mr. Golden, who was
one OF the Judges in this case, to obtain, whilst
be was Member of the House OF Representstives
OF the Urited States, decision of the House. ON
the same grounds against the legality of discounts
by the Bank Of the United States and its Branch
es But, 1t failed, the usage being too well ca
taolished 10 be shaken light grounds. For
ourselves, we owe more money 10 Banks than we
ehuse to tske any pride in telling; but we ,fu.,
the evil OF this decision will be limited 10 the STATE
OF New YORK, where enough Of evil will be work
ed by its iavoring those who nay avail tbemselye
OF II, to the manifest injury Of the Stockholder.
OF the Banks -to the defeat Of the ends of iusfice
and to The prosrstion Of public morals.
Thus one explosion sfer another reaches ne
from the combusuble region of the great Stat. =
The quiet citizen OF that Stste, who jsa spsc,.-
Tor merely, must feel himself, after one Of fbss.
shocks, to be somewhat in the condi,iso of ,bs
honest tar, who was blown 4" sky-hieh', Al a ;oS~
gler's exhibition, and. on re-lsndlns on mo,bsr
earth with whole bones, ssionished ct his ;ovo,,c.
tsry somerset, wondered what the d--i ,b.v
would do next" rm by
Abe attention Of the House of Repre.en,a,ivss
was yesterday given 10 the bill for su,horizins he