Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-06-22
FROM OUR CORRESPONDENT.
RICHMOND, June IL. Is.

RICHMOND, June IL, 1887.
Oear Sr-You will see 10y the papers tha
several measures have Leen proposed for III,
action OF the Legislature, TO meet the exigen
cy for which il has been assembled. Tbes,
are-lst. for The relief of the Banks I'd
10 authorize cooperate towns To emit SINAI
notes Tor the purposes Of change. 81. a STAY
law, To protect debtors, in case Of refusal I,
receive Bank notes, under executions i,ust
deeds and other demands 9TH. To extend
change Bank OF Virginia, Sc
l have the satisfaction la inform YOU tba,
the bill fur the relief of the Banks passed the
House of Delegates this evening, with but ii
feeble opposition TN the final vote. The till
RENTS the forfeiture of charter where IL has
been Incurred hy aay oflhc Ranks in The sus.
pension of specie pay ,ncnts, and relieves them
from the paymen. OF dlmages or higher rate
OF interest than six per cent. upon any note or
debt upon which suit is brought, until the
first day OF March next. Every Rank " hch
avails itself OF the prov sions of the act is re-
quircd so 10 regulate its loans and discounts
as that the whole amount Of its out standing
debts on the 1sl vi March shall not exceed
the amount exhibited by the return made on
the first day Of the present month and once
the amount OF the increased capiiul autboriz-
ed by the acts of the last session, in case they
accept the increase. The notes of the Banks
are 10 he received ss heretofore, in payment
o! taxes and debts due To the Commonwealth.
and the depoSites of the public revenue to
continue TO he made IN the Bank OF Virginia
aud the Farmers Bank, uniil the period a.
hove mentioned, unless the TREASURER, with
the sdvice Of the Executive shall direct 9th
erwise. IL may lie we'll To state ,ha, all the
reports and information received from the
Banks and Bank officers, represent them 70
lie in much more stable condition than they
is not the least doubt of their entire ability
10 resume specie payments the moment il
becomes eXpedient or proper for them 10 do
so. But all agree, whose opinion worth
any 'ii"i 'heJ HSt tO 10
until payments are resumed by the Banks Of
the great commercial cities.
The proposition in regard 10 tie issuing Of
small notes by corpor atoms for the purposes
"f change, may lie considered as settled in
the negative ny the decisive vote on The
Frederick sburg memorial. ! very much
lear, however, that we shall have reason 10
regret this decision. The probability is tina,
before the next session the public necessity
will have become so urgent as TO induce a
disregard Of the law, and thus give license TO
all sorts of emissions. II seems TO me,
therefore, that i, would have been the part
Of wisdom 70 have provided for this necessi-
~ III time, and in the least exceptonabIe
mode, by allowing the privilege 10 incorpo-
rated towns.
The stay iaw has been read the first lime,
and meets iih great favour. | think there
is little or no doubt Of its passage from pres
emf appearances, though am most decided
iy opposed TO it. | very much doubt whelh>
; er il " i'll no, tend in the end more TO the adj
vintage Of the creditor than the debtor, While
fear its effects on the credit Of our Gil liens
abroad.
Much time has been wasted during the
week in Improbable discussion. Violent
and repeated efforts were made by the BEN
ton portion Of the Democracy, or the "hard
money men" as they call themselves, 10 get
the names Of the dealers in the Banks, which
was warmly opposed by MIR. Riycs and 9th
ers What the precise object was, is not
known-but illusions were made by Dir.
Voolfolk 10 sinister influences, in his reply
10 Elr. Rives, which betokened state. OF
feeling not very favorable TO the harmony
and integrity Of the party.
think it highly probable the Legislature
will bring its session TO close during the
coming week.