Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1836-12-24
Esicilsaaoras, Saturday, Dec. ga.
BUSINESS of the LeGtsinkure.


BUSINESS Of the Legislature.
Present appearances warrant the belief that the pre-.
sent TO be business session of the Legislature En-
cept the Resolutions concerning Mr. Leigh are not
aware OF any general question: which will consume
much of their time. We presume the debate on these
resolutions will be despatched in The course Of two or
three days-rerhaps lessIhen will come on the great
oca! concerns OF the Sate-he principal OF these LIST
The disposition Of the Surplus Revenue-2d The State
Banks-3d. The schemes Of Internal Improvement.
LIST The Legislature having determined to receive The
surplus on GepoSe, the next question is, wLa they
do acith u?No movement has yet been made upon it
NJ propositions for specific investments have been sub
n:!!ed-nor has the whole subject been referred to
large Select Committee; is probably the best mode Of
preparing The matter Cor discussion, and decision This
COMMITTEE would not only have the advantage of COM
pairing ideas, and digestng comprehensive and euarg-
ed report on the whole Of receiving and con-
sdering the various views and resolutions submitted in
the House, by gentlemen who are not members Of the
Committee
We should be happy TO bring The Press TO bear also
upon it, II those who accustomed TO think upon such
Subjects would favor with their views in condensed
form 1t strikes us, that this general principle should
serve as land mark TO our measures; lha as the money
is simply deposited with loan without interest,
and may he recalled by tho U. States, kuoc ,Dhe,
1t should either be loaned out to the Banks vested in
such Internal improvements may admit Of immediate
conversion into available fnds-Or if choosc give
1t different destination, tina. should provide in the
bill full power to The Treasurer to borrow the money from
other quarters upon the faith Of State stock 10 replace the
may be called for under the act Of Congress- Such
prospective provision is calculated TO give larger
sweep to the employment OF the fund-as it 10
carry out the principle OF ioaand in fact TO au;ho
rZe new loan 10 he contracted for the purpose Of
placing the money, which have received dcpositc
from the GoveInnlent.-As we have got the money the
great object is to make it profitable to uSnot to waste
silver Of itnot to dss!pate il in general scramble be-
tween various minor intcrcsts-bu it wisely and
well, that when 10 return it, if the General
Government should ever call for it, may have con-
vertlbe funds Immediately within reach, or have
valuable equivalent for tlcnl.-Ioo much care and cir
cunspecun, therefore, cannot be used in selecting the
modes Of investment 1--we treat il, exactly would
do, to authorize the Treasurer to go into market
and borrow for US two mlions-lookng ahead to the
prospect OF returning It, and or course, having Vauu-
bic consideration 10 produce i'll lieu of it, we shall but
do our duty TO the State-lt would be miserable piece
OF tnancerIng indeed, if we TO waste the fund, or
spend it upon objects of inferior Importance; and
when pay day should cur, that had neither the fund
sclftO command, nor any thing, or very little. TO slew
for it, when make loan tor replacing it.
I'd. Internal improvement forms another OF the great
subjects of the present We are tor prosecuting
it with all the means, that possess or can command
good TERMS taking 20 vest them in such Objects
assured on the best information will be most
productive, and essential demanded by the present
interests Of the Stale. lcan-or public debt,
have for provided the money is prota-
b!y laid out What citizen Of New York grudyes
the millions which have been vested in their grand canal:
Who docs contemplate with pride the immense pro.
fit which it is annually producing: Who does not see
too, with what facility this revenue Is calculated 10 eS-
tnguisl the debt which originally contracted for It's
production: The Times say, GO This aye ot I'M
proycneni tells TO pesevere. The spirit OF our SUI
rounding sisters calls 10 up They arc all press
ing 10 the goal; all striving 10 turn TO Their own
advantage their resources well as those Ot the
other States. South Carolina is eXertng herself to the
South-Nary and to the North OF Both ale STRIVING
bcueiit themselves al our expense lenEesseeeX-
tending her railroad to the Mississippi invites 10 con-
tinuc the communication 10 Atlantic frontier, and pour
the riches of the West into BOSCH II We are III
different the other States will shoot ahead Of us, and throw
US into the back ground i! sleep, we vii! not say we
are undune but years will The ground we
may lose But must go not only IN an active: anu
liberal, but wse and torcSceing spirit We cannot do
every thing al unce:-"c cannot command the capital,
nor obtain the labor the whole
ground in breath.-We must select the Objects,
which most Immediately necessary; which are the
pruGuctlve; upon which we have obtained the pest
lights and have the best assurances OF successbc they
canals railroads, turnpkes 10 carry out these pm
cules, repeat that we are Wiling TO RISK the credit
Of the State TO make loans and to incur new debt
Some have proposed lend out the surplus revenue TO
the Banks-and with the interest thus received, to pay
The interest the monies We may borrow tor paying
our proportion Of the stock Of great, pressing public
improvements. We state the proposition Tor more &C.
! neral and deliberate consideration
3D. The other great object which is brought before
the present session Of the Legislature is the BANKING
Syscm-We understand, the Bank Committee OF the
H. Of Delegates, propose TO establish lndepend Banks
al Richmond, Norfolk Petersburg and Lynchburg, with
the privilege and under the obligation OF establishing
brancl.es-as we'll to intuse banking capital INTO
the existing Banks For our own parts We 40 not hrs
tate 10 say at once that would go for such SYSTEM
! upon two conditions: One is, that the augmentation ot
the Banking capital of the State, sou De rcasonao!G
and not the other Isl that no new BANK
should be permitted Issue notes below lU-and re-
serving 10 the Legislature the right OF limiting The notes
to S2U, when the charters OF the present banks IN i'ch
mond shall explre-so 10 embrace them within lis pro"
visions When we look to the past-anu see no" lar
. ~ L \ and
! banks were set up and how much the country was
Hooded with bank paper OF various and iucualg va
lues-how strongly this debascd state OF The paper cur
rency used to rebuild Mammoth National nanK-
when too, we see how many new Banks nave nteh
recently established, since Iecharter was refused To
! the National BanE-kow much paper is alioa!; now
various their value; how eagerly the same argument
| will be hereafter pressed for a new Bank, we are
impressed with the deep necessity OF employing much
caution upon this subject. How can we nave any
thing like uniform currency, II The State Banks are per
mtled to multiply like mushrooms, and then TO lro" out
small notes in such profusion: The more paper we haVe
the less spece The best currency seems 10 be due pro-
portion of both Paper for the larger ransactlon-con
for the smaller All experience teaches u.s. that lhee
must first be laid solid foundation OF metal on when
10 erect good superstruclute OF paper 100 n'uc'
papertoo small notes. Danish the precious etaiS-So
that if paper be only principally employee, Tue
REGULATING medium varies in its val oe from place TO
aud when disorder comes, and the pressure hreaens'
panc threatens society, and the whole monetary sys-
,e becomes disturbed to its deepest foundations. What
is the best remedy Danish all the small notes from CIR
collation. Take lessons from En- gland and tIance-ln
the former the lowest notes tolerated are for 10 ser-
line-ln France, circulated under loo francs
Tic remedy is in the hands Of the Satc GerernmentS
o,Iv Let The Fedora power do al! it can; and well ana
wisely have its powers been circumscribed-let 1t com
god and silver as fast as can-cl make the metallic
Standard as fit as mayct it exclude as tar as IL pro-
c,n MI but the urecous metals for It's revenues
vet how far short all legitimate exeri'onS
of The great object of improving the currency So long
as the States abuse the power with which they arc IN
vested so long they multiply bank eha5cIs wnou,