Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-06-22


would result. lie stated, that if Corpora
iinns wanted small notes, they might 90 To
Georgetown and purchase enough TO supply |
themselves; and continued his argument.
MIR. Stuart expressed surprise ui the sug- |
gestions "i the gentleman from Harrison,
who he thought ought To know that the law $
were as positively against the circulation as
the issuing Of small bills, aud replied further
Ia MIR. Harrison.
Mr.. Harrison rcj"ined, depreca,ing the is
sue 81 small bills, and urging his objections
MIR. Murdiugh, to- quiet the fears of the
gentleman from, Harrison, stated, that Nor
folk and Portsmouth did not intend 10 apply
10 this House for the privilege nf issuing
small mates. That Ihsy had authority 10
borrow money, aud that they would borrow
money in such sums as suited them, from
one dollar or less, up, il they chose. The
laws OF Pennsylvania were against issuing al
small notes but in Philadelphia, lew
weeks since, the city was Hooded wiih small
notes, issued under authority To borrow mo-
ney. He went further into the subject.
MIR. Stuart argued that the issuing OF
small change would facilitate the resumption
oil specie pay menis.
MIR. New made few remarks in IA
vor of the indefinite posiponement.
MIR. Garland-lt had been argued that the
emission nf small hills wOuld facilitate the
re-umpiits' ei specie payments and he he>
liered that i! the gentlemen who advocated
their emission could he conv inced that the
effect would he contrary they would abandor.
the eNpedient. lie asked il the corporations
would keep the money deposited with them
in exchange Tor small bills, ON hand idle for
twelve months? lie thought not. That
they would loan il gut, use il. or depnsiie il
with the Banks, and they would loan il out.
kn l.. 81. 4
with indiv iduals and that thus the amour,
| of emissions in the way Of small change,
would be clear increase in the Giro ulaiion
and would thus increase the evil from which
/ we suHer double the amount so issued and
/ IN that degree constitute n retardatiun of
resumption OF specie payments. Mr.. U.
carried out his views further He stated
/ that the investigation gnIng on had convin-
ced the committee tina, tie Banks were in a
better condition than they ever had been ;.
and were able and willing togo Immediately
! into the redemption of their paper, if the
! Northern Banks Mould let them and that
when these facts vert abroad, confidence
would he restored, and our Banks paper adj
vance in value. A nd insinualeti that lie he
lieved that il the Banks were defended in
their course, they would use every effort TO
supply the wants ofihe country.
! MIR. Murdsugh allowed, asserting that no
prospect OF relief had been held out To the
committee; and continued his views in be-
hall OF the issue Of small notes.
The 9uesIi,a was further debated by Mes
srs Smith Of L. Of W., Murdaugh, Garland,
Peter and Jes.ee.
Mr.. Fisher Withdrew his motion for i'm
definite postponen,ent. and the question was
taken on the motion &c take up The memorial,
and decided in The negaiive-Ayos SO, noes
20.
Mr.. Booker offered The following resnlu-
ton, which he moved 10 lay on the table:
Resolved, That the committee of this
House appointed 10 enquire into the condi-
lion OF the Banks, he instructed to report a
hill To This House, relieving the Farmers
Bank and Bank Of the Valley, from the PEN
alties and forieitures imposed by their res
pectise charters for failure 10 meet their
liabilities in specie.
Before the question on Mr.. Booker's mo-
ton was taken, on motion OF MIR. Riyes, The
! House adjourned.
Thursday, June 15
MIR. Booker, from the Select Committee,
reported bill To stay the proceedings ofex-
ecu!ions, trust deeds, and other demands, in
cases OF refusal to receive the notes of certain
Banks--"hich, on Mr.. Booker's motion,
was ordered 10 he printed.
Mr.. Smith Of G., moved the House 10 lax C
up the petition of BeIden, Walker s. Co. d,
for permission 10 use tic. els Tor small Change
which WAS rejet ted
Mr.. May from The committee 10 whom
was referred the memorial OF he Exchange
Bank N Virginia, reported bill for extend
ing The time Tor paying up the capital stock
requiring ten dollars on each share in 80
days after the Stockholders shall in general
meeting have accepted the provisions Of The
bill, and len dollars each share every
month thereafter, until the whole amount
shall he paid in. The books of suhscriptio
To be opened and kept open for one month,
unless The whole OF The remaining stock be
taken sooner. Until Is 600 shares Of the
stock be taken, The capital assigned 10 The
Bank and its Branches, shall he so appor-
tioned, as that the capital at Norfolk, when
all The actual subscriptions shall have been
paid up, shall he nol less than $500 900
The residue OF the amount subscribed 10 be
apporIioned among The Branches, allowing
one sixth TO GAINESVILLE, and dividing The
other five. SiXihs between Richmond and
Petersburg. In case the Commemorative
portion OF The stock Cannot he paid in specie
II IS made lawful for the Directors 10 receive
The drafts furnished by the Treasury OF the
United States, In payment of such portion
with provision, that The Bank is not 10
commence operations with less than three
h'lhs Of IT'S Capital stock in specie in actual
possession. The Treasurer Of the State is
directed TO make the States subscription, on
behalf Of the Stale, whenever The subscrip-
ton book shall be presented TO him. Laid
on The table
MIR. Garland, from the select committee
on The subject Of the Banks, made the fol
lnwi,,p reuort-