Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-01-04
GENERAL AISLE MBLY OF VIRGINIA

GENERAL ASSEMBLY OF VIRGINIA.
House of Delegates. Tuesday, Dec. 81, 1888.
MIR. BARBOUR. from the Select Committee on
the Depusltes, reported sundry resolutions. NIB.
stated that a report would have accompanied these
resolutions, but for his ndispostion. He asked
that the resolutions be read-which being done,
Mr.. RoANE said he had had the fortune to be
one of the Committee, and the misfortune to be
in minority upon it. He had differed IN all
things from the majority. but had thrown no I'M
pedment in their wav. AS one of the minority,
he desired promptly to submit his views on this
grave novel. and important subject. and he had
put them in the form OF resolutions, which he
hoped would be printed and issued to the world
IN company with the resolutions OF the committee.
Mr. r. wished his resolutions to be considered as
substitute.
Resolutions of The Select Committee on the De-
pOSiteS
The Select Committee to whom was referred
so much of the Governors Message as relates to
an ayre ement entered into on the god OF October
last, between the Bank of Va. and ITS office OF
Discount at Norfolk. and the Secretary OF the
Treasury of the United States, have according to
order had the same under consideration, and
now report in part, thereon, the following resolu-
tons
Resolued. as the sense of this Committee,
That the SAID agreement is injurious to the PEG
pie of this Common wealth ard ought to be re.
scinded: that ITS terms and conditions NAV be
greatly prejudciaI to the Bank of Va by bject.
inc its dealings to an inspection more full and
rigid than that which is reserved to this state by
the charter Of Incorporation: that aIlurements to
overtrade and make excessive Issues or It's paper
upon expectation, which may be fatally l'usory.
NAV bring upon the country heavy calamltles,
and upon the spIvency Of the Institution periIs
and jeopardy that may on be averted, by sub
hitting to any impostlons however severe, that
the Secretary of the Treasury will dictate.
Q. That the critical examination to which the
Bank has agreed to submit us books, and trans
actions, not to the Secretary alone, but to any
agent or agents. that he may appoint (tendlng ne
cessariIy 10 disclosure of the affairs of the peo
Die. and h,cal means of the Commonwealth) is
degrading to the State and hurtfuI to It's citizens
aud its several Banks: That the stipulation to
give collateral security for its fidelity and ability
to perform this duty at the will OF the Sc
cretary, gives more absolute dominion TO that
federal officer, the acts OF the Bank, and by
the power which he retains to discharge it at
pleasure from the service OF the Government, the
stability of the Institution, the rights of the Stock
holders, and the interests of the STATE. are sub
iected to the caprice of an individual holding Of
flee under another Government, and who Is In
no wise, responsible to the power OF this Com
monwealth.
That while this Committee discaims the
expression or intimation of any opinion in refer
ence to the constitutonality Of the existing Bank
Of the United States, it nevertheless conceives
that the power of the Secretary of the Treasury
to establish and supply national currency
through the agency of the State Banks, or other.
wise, is no, sanctioned by the federal constl,u
ton, and If such attempt be- persevered in, much
of harm may follow to the good people of this
Commonwealth as well as to its other banking
establishments already in existence; BY giving to
the favored Bank an undue ascendancy, over the
circulating medium of the country. visiting it
with the evils OF vicious and spurious currency
in which. the speculator, the broker, and the p0
j litican, may prosper, at the expense and hazard
OF the farmer, the laOorer, the mechanic, and the
merchant.
4 That the recent removal Of the Federal De.
postes from the Bank of the United States and
its branches, at the instance, and upon the re.
sponsibity of the President of the United States.
ought to be, and is regarded, as an ALARMING
usurpation of power, and breach of the public
faith, most seriously felt in the distress which its
sudden and unexpected operation infiicts upon
the community, and which if submitted to, con.
verts our free system, founded and secured to US
by government of LAW, into one guided, con-
trolled, and acting by WILL.
S. And regarding the assent of Virginia to the
said agreement as giving countenance to this
act of unwarrantable power in the Federal Exc
cutlve. the Commonwealth owes it to itself and to
the Constitution, to employ promptly, all proper
means to revoke and annuI the same. to the end
that this portion of the public treasure NAV here