Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-01-05

ought to be represented But he not see that III,
Treasurer would look upon this bill positive direction
to him TO vote Tor the subscription That officer woult
scarcely do his duty IL he did for ihen, ht
had shewn, the subscription might be decided upor
by fraction ofthe stockholders. asked thos,
individuals who had embarked their funds IN those nstiiu
tons under the faith of the charter which prohibited then
from diverng their funds to other objects investing
them other stocks would not have reason to complain
Would II be fair TO delude them into speculation in
which they did not desire to engageI Mr.. y. did not
take upon himself TO say that the James River and ka
nawha Company would not be profitable enterprise
But we have right to Judge of such subject for others
He presumed that the bulk Of the stock of the Bank,
was owned i'm the city OF Richmond- would easily be
perceived therefore that the stockholders of the Banks
siding in Richmond would probably be i'm favor of the sub
scrption to that work. because il they should believe
II would return profit 10 the Banks yet the sub.crip
ton 10 its stock by the Banks would render their
nents in the Company proiabe-whle individuals resil
ing i'm other parts of the State and having no such double
interest might be opposed TO tho subscriptonyet their
wishes would be unear and disregarded by OF the
combined weight of the Richmond Stockholders and the
interest OF the State. Such would probably he
case with regard to the Bank OF Virginia. the Far
mers Bank, he understood, that the Common
wealth not represented So far then, the stockho
ders OF the Bank of Virginia concerned he though
the bill without the ryder wond be injurious Time also
ought to be given for full meeting He should not vote
Tor the Bill without the ryderand he of opinion that
there should be another provision requiring when the
question OF subscription 10 the companys stock
upon hree-iourhs of the stockholders should be present
Much he desired the the great
in question, and that he did desire its success his
would shewhe could not consent 10 the uassaye nj
bill which threatened disregard personal rights and in.
jure ndividuai properyto a large amount.
Mr. rutherford could orbear the expression of his
dissent from the argument in favor Of this ryder by which
the stock of the State TO be placed under the control
OF others than the appointed agent OF the Commony ca
Ii would appear from the remarks of the gentleman from
re'eTsourg mat The larger the amount oil stock held by
the State, the less its right TO have voice in disposal
The gentleman from Petersburg supposed the vote of
the State was equal to two-sixths of all the stock in
the Bank OF Virgniaand according the argument of
the gentleman from Caroline, the commonwealth had no
right to dispose OF any this property until the individual
stockhodort made application for the the Lee
gslature The gentleman from Petersburg of OPT
Mon, that il the ryder adopted the rights of the
other stockholders would be violated and their interests ga
crhced. But he would ask whether when those stock
holders made their investments, they did know that
the State had vote upon its stock. If they did know
thls-as who can doubt they did-will they be Ia
ken by SURPRISE! Certainly not. The gentleman sup
posed that the bulk OF the stock OF the Banks owned in
the ctyot Richmond. Mr. II. did know how the stock
was distributed, what proportion owned in this city;
but ii it was considered that Richmond mercantile
community, and that most OF IFS capital invested in
commerce, ii would be readily conceived that citizen.
could not have large amount TO invest in stocks;
will appear probable that the people OF Richmond
not the OF stock large amount the gen
teman supposed. He thought the House ought not pass
the ryder if il he passed. the individual stockhoIer
COmmonw eah's stock. This state of things which
he hoped would not be allowed to occur.
MIR BrodnaX sai that the ryder presented the question
in new light and it was apparent hat the House wal
not prepared 10 vote upon II present He should
fore move, the hour hand, which the or
der OF the day would be taken to lay The bill and ryder
on the table He would merely remark that seemed ia
him strange pro the interest ot the Sa'e hy
abandoning the vote on its stock while he thought the
suggestion Of the gen eman from Petersburg that pro
vision for the attendance OF majority the stockholcr
when the vote the subscription taken, would he
but of Justice
The bill ani ryder then laid the tale.
FEDERAL RELATIoNs-1 Continued
SPEECH OF Mr. WALLACE, of Fduquier, deliUerei IL
Committee IF the H'hoie, the state Of the relation
a bef'ceen The United States and South Cdroiima o.
.NOnd0y, the 3ISt December.
MIR. CIIAIRNIAN:--rhs Committee are charged will
inquiries touching the highest interests of man; the re
OF which, may bring upon the people OF this State upon
Union large, and upon the liberty in general III
OF the importance OF the OCCASION must feel much dit
hculiy, and great embarrassment in opening the dcbat
on the report OF the Committee Federal Relations.
hope Sir that may avoid every evil discover an
apply the best means of Cancellation between the Unite
, states and the State of South Carolina. To enable us
discover and wisely apply them, we must ascertain frs
b the true state of their relations.
II | am not msniorned, two of the Representative
from South Carolina in the first Congress held under tn
Federal Constitution in 80, represented the condition
of that State melancholy that their staple products
rice, indigo, and hemp, had fallen low b.
worthy OF cullvaon-and that duties to foster thci
growth ought TO he laid This done: The next yea
the duties indigo were doubled and in '92 those o
hemp were increased eight per cent The intermcdiat
alterations Of the Tariff between 80, and about the tim
OF the declaration of the late said to bear III
stamp of protection agricultural products Pre-
. cIse data have been unable TO obtain.
= Passing to the Tariff Of 16, the of Soui
Carolina in regard to the introduction of the principle
protection into the legislation Of Congress- bold
eT and stronger than that OF 80. Congress the
told by the distinguished of her representative.
that when manufactures grown TO certain per
lection, as they will soon, under the fostering en-
I NJ Government we will no longer feel those evils Ga de
ranged state OF the currency and iuance). The fame
will find ready market for his surplus produce and ygha
IS almost of equal consequence, certain and cheap sup
ply OF all his wants" Advcrting the distressing stat
OF the country, IL also declared that there bu
tUoo remedies, and only fC0-thc Navy and DoD,csfi
manufactures" and after stating the reasons why W
could not attain immediate naval ascendancy, il
I said, that it then became the dufu Of the Hous
to resort, TO a considerable extent at least FAR
proposed, TO the only remedy-the protection OF on
manufactured. IL was further urged, that HHledir
and ample protection should be afforded TO ingenuity an
industry manufactures produce interest strict
j y American, much agriculture" These sever,
positions maintained with much ability; and, in aC
cordance with them passed that which forms II,
basis OF the entire protective system OF the present day
/, Virginia and New England IN almost unanimous
resisted It, Its advocates from South Carolina
ed OF the evils that must follow il in the South while i
Representatives from the East with but exception,
heinently opposed " ruinous 10 their
comprising all their active capalard false IN theory
but their resistance UndvaiiingThc doctrines and
, icy OF South Carolina prevailed, and the Tariff from tia
moment became part Of thc settled policy n the govern
ment Independent Of the grounds taken b5 South Caro-
protection OF ingenuity and industry" aud means
" defence, the leader Of her delegation, the lro
whom have quoted, said. "Agan, (the manufacture
inerest) - calculated to bind together closely
widely spread republic. II will increase mutual ~
pendeHec aud intercourse and will, necessary cor
sequence, excite increased attention TO Internal In
n pTOUemcHfs, subject CucrV cGy Intimately
with the ultimate attainment OF national strength and M
% pefeetiOn' (mark that wordD Of our political Insult