Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-15

notice that they would be able 10 redeem ali their notes,
and calIinr on the holders 10 make no sacrifice upon
them L
Mr.. K. also stated tha. the purchase OF their own s'ocs
by the banks had heel done in an honorable manner no'
10 enrich themselves, but they had purchased II al 'We
market price from individuals IN order 10 ehaole 1Ae" "
free themselves from debt. -,
Mr.. X. also argued in favor Of cqnalising the capital
among the different banks, If II should be thought pest u
reduce 1t. ,,
Mr.. Buchanan, in reply to Mr.. Hubbard, who wished
the second section TO be modified so as to equa!lse Tue
capital, said he wished The old stock and the old stock
holders 10 remain as they were.
Mr.. Davis advocated the bill in its original form. he
thought the committee had the best means al Judging
what vas bes, for The district. lie argued that a large
capi,al was both better and saier tor the community )
that the danger was not in n large capital, but IN a ia!se
ca pitaI that it was better Tor the community 10 nave
banks numerous enough TO admit OF Tree coH,Peuuon
in their efforts 10 accommodate The puniIc ara lhat
hank stock wns almost invariably purchased up by Inc
corporation, for the exclusive purpose OF maintaining lis
M. Buchanan said he thought 81 900, 600 of capital
sufficient for the city Of Washington alone. with po'
pulation of 10000, and without much commerce., 0ie's
actual capital was now SJlU,uOO' a..
MIR, Merrick expressed much regret at The condition
which MIR. Buchanan had attached to his vote, and ne
spoke with great earnestness IN favor oil the Original OH
Ie argued that the amount of capital proposed oy The
bill was not equal in proportion 10 The caPi'al IN Inc ia'gef
cities of the country.
Mr. Webster said he was rather disposed TO reduce the
capital, if it could be properly done; but the reduction
proposed by Mr.. Buchanan would cause very great me
quality, to which he could not agree.
After a few further remarks on this point oy HlessIS'
Williams, Buchanan, Merrick, Webster and Hubbard,
MIR. Buchanan modified his motion so as to retain the
second section, strike out 5000 0O as the capital OF each
bank, and insert S33o,0OO.
Mr.. Southland argued at considerable length, and win
much earnestncss. chiefly from statistical data, IN iayor
Of the bill as it was. He also commented on the apPa'
rent inconsistency Of denouncing bank paper as bank
rags, and then dcnouncing the banks for drawing IN their
paper.
mainly on the general subject of The bill.
Mr.. Southland showed that by the act of 1oll each OF
these banks was allowed a capital Of $5C0,OOo. THIS
bill, therefore, proposed no increase Of capital.
MIR. Buchanan said his object was 10 continue the
actual capital Of the banks as they now were, and as
they had themselves made them. lie was opposed 10
allowing them any actual increase at this time.
Mr.. 3 ) amendment, making the capital Of each bank
S335 600, was agreed 10, as follows:
~-tMleSssrs. Allen, Benton, Buchanan, Calhoun,
Clay of Alabam ma, Clayton, Cuthbert, Fulton, Hubbard,
King, knight, Linn, L~Lnmpkln, Lon, Mouton; N'cho'
las, Niles, Newell, Pierce, Rives, Robinson, RugsIes'
Smith of Connecticut, Trotler, Wall, White, Williams
Wright, Young-29.
Robbins. Sewer, Smith Of Indiana, Southland, Spence,
Swift, Upton, Webster-l2.
MIR. Buchanan moved further TO amend the bill, by
requiring the banks to keep an amount Of specie IN their
vaults equal to one fourth OF liIelr private oePos'les DIS
as oflheir circulation.
MIR. Roane explained the ground on which the com
had required specie only 10 the amount OF one
fourth ofthe circulation.
Mr.. Buchanan argued, from the practice in England
and other places, that safety required specie to the
amount proposed by his amendment.
On motion OF Mr.. Benton, who expressed n desIre 10
obtain some additional evidence ON the subject,
The Senate adjourned.
HOUSE OF REPRESENTATIVES,.
Mr.. Bouldin called the attention OF the House to an
error i'm The list OF votes in the morning papers, and IN
vote book of The House, which he was well assured
accidental. He was represented 10 have voted on
The duellinr propositions yesterday, whereas he was TEN.
porarily out of his seat when those votes were taken
lie took that opportunity 10 say, that had he been pre-
he should have voted against laying the subject on
The table, and in farOr Of the printing.
The error was ordered 10 be corrected by the Clerk.
MIR. Graves moved 10 print 2O, 600 extra copies OF the
testimony and journal of tho Select Committee OF In.
yesliration on the late duel; which was agreed 10.
Mr. Craig asked leave to present q petition or resolu.
for a post route; but 1t was objected 10.
INDIAN ANNUITlES.
MIR. Pennybacker asked leave 10 offer The following
resolution, which was agreed to:
RssoIred, That The Secretary Of War be directed TO
inform this House if The annuilies engaged TO be paid by
The United States lin specie) TO the OLtoway and CHIP.
peway nation of Indians by the 4h section OF the treaty
concluded between the said United States and the said
UlllUu VI uIlht Oh VIC ~-hh u ~ Nf"iSh N'p "N>
paid; and if paid, whether they were paid in specie
or not; and if not paid, the reasons why; and that lie be
directed 10 communicate to the House any
information that he may possess in regard 10 the pur'
chase by the agent of the Government, for the use OF the
Indians, large quantities Of goods from Suydam, Jack.
son 81 Co, Of the city of New York; the qualities and
prices of goods so purchased; whether good, and at reason
prices; and the kind of money, and the manner IN
they were paid for by the Government; and whe-
Their any Of the said goods are OH the hands of the Go.
yernment, and where.
Mr.. Fairfield asked leave to submit a motion TO print
%, 900 extra copies of the reports Of the majority and
minority on the subject of the late duel.
Objection being made
MIR. Fairfield moved a suspension Of the rule, and
asked for the yeas and nays.
Mr.. Graves explained that he had intended TO embrace
The reports in his motion.
The Chair said he would so consider it, unless il was
objected 10.
Objection was made; whereupon,
Mr.. Boon and Mr.. Fairfield simultaneously moved a
reconsideration Of the vote by which the other motion
prevailed; which was agreed 10.
MIR. Graves then submitted a motion 10 print &c, 600
copies Of the journal and evidence alone.
MIR. Fairfield moved an amendment, to add an equal
number of The reports.
MIR. Campbell. of South Carolina, objected TO the lat
ter on the ground that it would be unjust 10 the parties
implicated, though, if the gentleman from Kentucky
choose TO waive 1t, he wonld not object, &c, DC.
Before any decision was made, the hour for morning
business expired.
MIR. Boon, from the committee on Public Lands, re-
ported, without amendment, Senate hill TO grant 10 the
States and Incorporated companies engaged in the con.
struclion Of roads and canals, The right Of way through
the public lands Of the United States.
MILITIA REORGANIZATION.
Mr.. Wagner, from the Committee on The Militia, re.
ported a bill more efirctually 10 provide for the national
defence by establishing a uniform militia throughout the
United States, accompanied with u report; referred 10
the Committed OF the Whole on the state OF the Union,
and the bill and report ordered 10 be printed.
MIR. Lincoln moved 10 print &c, 900 extra copies; which
motion lies over.
WISCONSIN AND FLORIDA.
MIR. Bronson from the committee on the Territories,
reported a bill to enable the people of East Wisconsin
10 form a Constitution and State Government, and 10
such State into the Union.
Also, a bill to authorize The people Of Florida to form
Constitution and State Government, and 10 provide for
L. A:.:. &c .s.L -: