Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1835-01-17


Hunter of Essex Ball, Marshall Price, Barton Smith
OF Frederick, Smith Of Gloucester Blair Vance. Null
len, Bolts, Gravely, Hollcman. Gregory, Berry, Gala
her, Suqmcrs, looc, liawes, Emanuel, Caldwell Law
son, Janncy, Beard Nj Carty, Alexander, Webb Col.
! Inns, Watts of Norfolk County, Parker Epes Brady.
Nj Lure, Jones of Pcndlcton Witcher Swanson N,sb
Dupuy, Stands, Boothc, Thornton Harley Cru,np. De-
iashmutt Jett, Prentss Cunningham Brown and john
son of Richmond--C2.
Joint vote with the Senate-fr Dromroolc sl-for
Butts w. SO Col G.. G. Dromgooc was elected
On motion OF Mr. Wcthcred, the Committee of Courts
OF justice was instructed to enquire into the expedency
OF providing by law for charging the law library for
burg, &c.
Also to enquire into the cxpctencv of eouali1nr tho
fees of Attorneys prosecuting for the Commonwealth in
tne County Counts and Superior Courts of Law and
Chancery, &c.
BANK AT PORTSMOUTH.
town ofPortsmouth, returned from the select committee
wth an amendment, was taken up The amendment
provides that should it be deemed expedient at any flu
turc time the Legislature shall prohibit Bank from
issuing notes of smaller denomination than twenty
doiarS-and having been agreed 10 10y the House The
question being on engrossng the bill,
Mr. Holeman said he had prepared some other
amendments which he would offer and without
TO the passage OF the bill His first amendment pro.
posed Ia strike out the word Give" and insert tbc
word ten,' as the lowest bills which the Bank
from us commencement, should be authorized to is
sue lie had been pleased perceive an approach TO
TINS restriction III the provision that if the Legislature
shall hereafter fit. the Bank shall be prohibited from
issuing bills of smaller amount than twenty dollars But
ne thought 1t better to begin now and engaf restric
lion upon the bill
MIR. Colston did know what rnight he tho ,v sbos
or opinions OF the gentleman from Portsmouth on
ts subject But if an Independent Bank was 10 be es-
published at Portsmouth, ought to be placed the
Ioong OF other Banks IN the State If the gentleman
would modify the amendment to provide that after
the present charters of the Banks expire all the Banks in
the state should be restricted in their notes not
lower IN amount than ten dollars, the provision would
be fair and equitable and MIR c. should not object TO IL
But to restrict this Bank while the other Banks could
10, al,
trcmely unjust
Mr. Collins said that he should be unwilling that this
Bank should be Incorporated u different footing from
other similar institutions in the State especially when it
would be directly to the disadvantage of the new est
bshment He thought the modification proposed by the
gentleman from Berkeley fair and equitable and
should willingly acquesce in such n provision
Mr. lolleman said he did not think that this objection
could be reasonably urged there was already a pro.
VISION IN The bill that the Legislature may any future
period at its dscreton take up the subject and carry
the restriction still higher He aware that the Oh
1ecuon would be made that the other Banks were not
iesiced as he proposed in his amendment; and that
they could not be until the cxpry of their charers-
but those other Banks were not before the
iouse. III they were, the restriction could be ex-
tended to them This charter however is before us;
M IL is better to commence the principle now when an
opportunity offers, and it must be commenced sooner
or iater Than to wait five years He of opinion that
1t would be better if the Banks were prohibited from s
SUNG notes under fifty dollars These institutions were
chiefly valuable for the facilities they afforded to mercan
tile transactions; and in that capacity there was no ne
cessty that they should issue small notes If restricted
To te larger notes. they could supply smaller sums i'm
Specie and better currency would thus be put into the
hands OF the community 1t is true that the Banks are
supposed to be considerably the gamers by the issue of
Siha hoes, as they are passed more frequently from
hand to hand than the larger bills and are sooner
destroyed, and oitcncr lost, by which the Banks
proht TO some amount But he presumed that
thls consideration not which would have
any weight with the Legislature. For all leoiti-
mate purposes, Bank could be as useful by issuing
large as small notes If this were yielded and the adj.
vantage OF increasing the specie circulation also admit
ted as he thought it must be- the proprety Of restricting
tie issue OF The small notes. could not be denied If it
was proper to do 1T at all, why not begin now 1t was
true they could not drive out of circulation the small
notes OF the other Bankshc wished they could but
they could commence the system and curtail them as
lar as IN Their power No injury could be done the Bank
ny II Tor the Issuing these small inconve-
mence, and sometimes they could be issued for
nontS lie mad this very day. heard officer of one
OF the Banks say, that he had not for long period
issued any small notes, and that he had not time to
90 IT. they were MIR H. said, an injury to Bank
IN the long run, because they drove out specie from
general circulation and in case of any panic in
which run should be made upon the Bank, it would
be unable TO obtain specie TO sustain itself ms il
could do if large proportion of specie was scattered
through the community In the latter case if run was
made upon the Bank the officers could step out to their
neighDcrs and obtain specie without difficulty. There
was sucha panic not long since when run was am.
pretended on the Virginia Banks but which fortunately
ad not occur. Had the crisis arrived they might have
been obgedto stop from the difficulty of obtaining specie
lie could see no advantage the Banks from the issue of
small notes, except the gain in and He was
therefore for fixing the principle now and when the other
Banks came before the Legislature, it could be extended
to them
MIR. Gregory said he was, as those who knew HE
sentiments were well aware, opposed TO all Banks But
1t a new Bank was to be established why should they
put 1t IN the power ofthose already in operation to put Il
down lie would go with the gentleman from Isle of
wight, II his object TO kill the BILL as he was not in
favor OF granting the charter But if that was not the
OBJECT oil the gentleman, why did ne wish TO place this
Bank on worse footing than the others Mr. G. should
vote against the blbut if the Bank was to be forced
upon the people, he desrous that il should be placed
on the same footing tc others and be made as useful
as possible AS to the ard Tear of small notes Mr.
meyer heard OF persons tearing up Bank notes; and he
thought that far accidents were considered more
specie dollars were lost than bank notes.
MIR Watts opposed the amendment as HIGH y injurious
ana UNJUST to the Bank proposed TO be Incorporated The
consequence of this partial restriction was evident The
small bills Of Norfolk will be thrown into Portsmouth,
far as small notes required.
Mt Parker moved division of the question Of strik
ing out and nScrtng order that upon the latter the
decision might be had with fuller House. There
seemed TO be some novel ideas of Banking abroad among
us, Wheh presented curious matter of speculation He
Knew OF no State Banks south Of New York the Epire
state, which he supposed would at some future dav be
tue mistress OF the cOunrywhich issued notes of less
denomnaton than five dollars With that restriction
we have gone very well in Virginia and he saw no
good reason for making change at this time especially
when 1t must operate invidiously upon one institution
But still greater objection the change arose in his
mind from the fact that this proposition emanafed
directly from the President of the United Statpe
re mas tricd his golden humbug through the country
during the past year, with but little success and he now
calls upon his adherents in the several States T. assist
Nun lie has told us in his annual message that the
States must lend their aid to the system y restricting
me state Banks from issuing smaller than ten dol
lars If The States viii his relief he seems 10 SIM
posc that his boasted hard money currency can be cs.
taDlshcd MIR L. was not willing, by any vote or act of
MS, to assist in giving councnance TO one of the most