Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1834-02-06
GENERAL ASSEMBLY OF VIRGINIA.
HOUSE OF DELEGATES, DEC. 81, 1888.

,,o1,sE OF DELEGATES, DEC. 81, 1888.
Mr. Barbour, from the select committee
on the 1eposites, reported sundry resolutions.
Mr. B. stated that report would have ac-
companied these resolutions, but for his IN
dsnns;non. He asked that the resolutions
be read, which being done,
M. Roane said he had had the fortune to-
be rne of the committee, and the misfortune
~ ha';n a minority upon it. He had differed
in all things from the majority but had
thrown no impedimen, in their ways As one
of tho minority he desired promptly to sub
nit his views on this grave, novel, and I'M
Z portant subject, and he had put them IN the
form of resolutions, which he hoped would
he prinsed and issued to the world in compa-
nv wi'h The resolutions of the committee
Mr.. r. wished his resolutions to be consider
ed as a Substitute
RESOLUTIONS OF THE SELECT COMMITTEE ON
THE DEpostTEs.
The select commitie to whom was referred
so much of the Governors message as re-
lates 20 an agreement entered into on the
226 of October last, between the Is nix OF
Virginia and its office of discount al Norfolk,
and the Secretary Of the Treasury Of the U.
States, have, according to order. bad the
same under consideration, and now report
in part, thereon, the following resolutions:
] Resolred, as the sense of this commit
ties, That the said agreement is injurious IN
the people of this Commonwealth, and ought
to be rescined; that its terms and conditions
may ne greatly prejudicial to the Bank of
Virginia, by subjecting its dealings to an
inspection more full and rigid than that
which is reserved TO this State by the charter
of Incorporation; that allurements to over
trade, and make excessive issues Of its paper
upon expectations which may be fatally Ilu-
sorv, may bring upon the country heavy ca
lamlfies and upon the solvency of the Inst-
tutions peris and jeopardy that may only he
averted ~ submitting te an imposition, how
ever severe, that the Secretary of the Trea
sury wiz dictate.
Q. Tha the critical examination to which
the bank has agreed to submit its books and
Transactions, not to the Secretary alone, but
to any agent or agents that he may appoint,
tending necessarily to disclosure of the
affairs of the people and fiscal means ot the
Commonwealth) is degrading - .hn State.
and hurtfui to its citizens and its several
banks; that the stipulation to give collateral
security for its fidelity and ability TO perform
this new duty, at the will of the Secretary
gives more absolute dominion t" thai fed
eral officer, over the acts Of The bank, and,
by the power which he retains to discharge
it a, pleasure from the service of the Govern
ment, the STABILITY OF he institutions, the
right. pf the stockht Iders, aud the interests
of the State, are subjected to the caprice {
an individual holding Office under another
government. and who is in no wise responsi-
bic to the power Of this Commonwealth.
3. That while tins committee disciaims
the expression o. intimation of any opinion
in RET rsoce to the constltulonality of he Ii
ext. ,ng b.. X of The United States, it never~
thetss eanceives that the power of the Sec :
reiary OF he Treasury TO establish and supply !
national currency through the agency off
the State banks, or ,therwse, is not sane l.
toned by the federal constitution; and, MI
such attempt be persevered in. much of harm
may follow to the good people of this Cons "
monweaiih, as well as to its other banking q
establishments already in existence, by Civ y
ing to the favored bank an undue asceudeu- "a
cy over the circulating medium of the conn lc
try, visiting it with the evils of vicious and r
spurious currency, in which the speculator I'd
the broker, and the politician, may prosper. n
at the expense aud hazard of the farmer, the IL
laborer, the mechanic, and the merchant. n
A. That the recen, removal OF the Federal Il
depns,es from the Bank of The United States
and lis branches, at the instance and up IN
the responsibility of the President of he U. /
States, ought to be regarded as an alarming
usurpa:ion Of power, and a breach Of the pun
lie faith, most seriously felt in the distress :
which lis sudden and unexpected operation :,
inhicts np'n The community, and which, If
submitted to, converts our Tree sy stem, found u
cd and secured to IFS by d Government of
Law, into one guided, controlled and acting
by WILL. If
s. And regarding the assent OF Virginia to
the said agreement giving coutenance tol,
this act OF unwarrantabie power in the Fed :.
erai Executive, the Commonwealth owes 1t :"
to itseif, and to the Constitution, to employ ?
all proper means to revoke and :
apnui the same, to the end that this portion
OF the public treasure may, hereafter, be
lodged in the places where by law it ought
to be deposited, and that it may be again
subject to the constitutional control of Con-
gress.
q. Resolped, That the Treasurer of this b
Commonwealth be instructed to use all the
influence Of his situation to procure reci-
sion Of the contract between the Bank of
Virginia and its office at Norfolk, and the
Secretary of the Treasury Of the United
States. Is