Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-22

would quickly by this &C, be raised 10 10 per cent and
Two millions hive hundred thousand dollars would IN the
course OF short time 1t thus they went he sacEiilced
entirely for the benefit Of few brokers. in paying them
premium for specie. 1t 10 the interest OF the Dr.
recturs themselves TO buy specie now, and 1t was not
therefore necessary to pass law 10 orce them 10 neno
| 10 their interests, in way which would inlure theu
Mr.. b. concluded by moving to strike out that part Oh
the amendment which rendered it imperative upon the
Banks to buy up specie with their profits
MIR. ROBERTSON contendeh in reply that The nccnmu-
ation Of mnc!l specie in the bank vaults was highly
desirable and if il should lie found in furious, the House
could repeal the law.
Mr.. BORIS called for The ayes and noes upon his
amendment To the amendment In reference to repeal
ing law he cnGured, If il wise 10 sci up laws anu
then repeal lhem2 Should law be passed SO indefinite
i'll its character end doubtful in its operation MS TO have
lis repeal contemplated even at its passage: There was,
he maintained, great difference between passing and
repeating aw-and to repeal would not be So eusy as
the gentleman ina gned.
MIR. SMITH of /. of ". opposed 10 The amendment
The Banks without any Legislative enacmens, had IN
creased their specie by several hundred thousand COL
lars-Why, then, force them to do that, which they did
Of their accord, and without force:
MIR. May said he not connected in any way what-
ever with any bank and he in favor of as early
resumption could be effected without nuring or rum
ing the banks There only two ways Tor banks 10
get speciehe one was by controlling their issues; Tie
other was. by obtaining the payment OF debts due 70
thempur al least, in specie If they were driven 10
the brokers to buy SPECIE The brokers would bring the
paper with which they boug it back again upon them,
even before they had time to coua the specie bought,
aud they would either take back the specie tor their notes,
and pocket the premium, the banks Tor lie amount
Of paper they had received and thus gain not only the
premium upon The specie, but also per cent besides,
upnn the notes with which it had been purchased.
Mr. CRUTcurlELD had heard nothing which could in.
ducc him to change his views this question. The
amendment Of the gentleman from Hcnrico left it en-
trely open to the Banks TO pay dividends not just
they pleased. As he did not think the House would
consent 10 suspend the penalty without their resump'
Of ba dsDns tn
provision would authorize them 10 pay some dI"i-
dend, and al the time place them under some course
Of progress towards resumption Now, he thought The
amendment Of MIR r. would effect this AS to The &C.
curnulaon of SPECIE he did not think it would be
injury TO the Banks to be well supplied with specie
The Legislature, however, would be again in session be-
fore they would be required to make their second divi-
dend this plan, and it found calculated To IN.
lure them, would doubt repeal The law.
MIR. TUNsrALL understood 10 argue, that II the
Banks might pay dividends and make profits without
legislative control 10 the purchase Of specie, there
would then be no nducement Tor them 10 resume and
pay out specie.
Mr.. HARRisoS conended that the amendment Of Mr.
Bolts, if carried would take away all control from over
the Banks 10 the procurement OF specie But II 1t was
right and proper that they should procure Specie was
right and proper to direct when and how they 10
r purchase it, MIR. Fl. then replied to the argument or
Mr.. May, and said, that the broker could not go 10
The Bank and take hack his specie again, because they
would be specie paying Banks. For il! they paid out
specie, as Mr. NJ. had supposed them 10 do, then they
would not be subjected to the necessity Of buying the
i specie from the said broker.
Mr.. MAY commended that his argument was not de-
slroyed by The contrary IN that which he had sup
posed. No imagined that the banks would never
sume therefore, whether the broker claimed The specie
when they resumed, whether he obtained damages
upon the notes. the injury TO the Banks would be the
sae and he benefit would accrue 10 none put Tie Oro-
, ker.
MIR. START did not profess 10 have perfect know
ledge Of this intricate subject He had however, con-
dohlp
him he had informed that there would be little diff
fcully on the subject and that, ut The present favorable
rate Of Exchange The Banks would be able to purchase
bills Of Exchange. and convert them into specie without
difficulty and without loss lie therefore inclined
J. to vote for the amendment of the member from Rich
mond (Ar. Roberlson dsembarrassed Of the amendment
of the gentleman from enrco. But even if the Banks
should lose by the operalion he should be inclined to
for The measure, he preferred that they should
suffer loss rather than that the people should SUI
fer great evil This plan would no, only give them
stimulus to resume, but would 80 enlarge their
specie basis 10 put them in condition 10 be able 10
) resume the earlier.
The question was then taken the amendment Of Mr.
, Boris and decided in the negalve-nyes 30, noes 92
The question recurring on MIR. ROBERTSON amend
ment, il was the motion Of Mr. FESArLE, divided,
to be taken first the question TO strike out only
Mr. HARRISON spoke in fuvor Of striking out the 4,h
section He was opposed I" It, because II eit 1t optional
with them 10 pay dividends and submit to penalty Of 10
per cent interest their paper. Now suppose they
made profit Of % per cent in their present condition,
would il not be an advantage to them 10 pay Tie penalty
olD per cent, and 20 making profit Of % per cent
or more rather than and thereby make less
profits; They would naturally make this calculation,
and if by paying the penalty and remaining in suspen-
. sion, they cleared 10 per cent they would continue to
put off resumption He wished In the Banks
ploy all their profits 10 increase their contingent fund
10 be able at the earliest possible day lie
. hoped the 4lh section would therefore he stricken out
u Mr. VESABLE, in reply observed that that oEect was
TO be obtained without striking ont the Ssh section
FISHER moved anlpndm2u
providing that the Banks should pay the dividends 10 the
Commonwealth and Literary Fund only aud not 10 any
j. other OF the stockholders.
;, Mr. MAY could not patiently hear such proposition
as this pay the dividends OF The Commonwealth. and
the rest;of the people She had had the chief in
fluence in appointing the Directors Of the Banks, and
the people who had not been equal CAUSES IN lead.
ing to the present condition the Banks, be made
. unequal sufferers
MI Boris said he not surprised that this prnpo
slon should from Jackson county; for, il was a
Jackson Loco Foco doctrine. II was-take care Of the
Gorernmcnt and let The People take care If Memsctrcs.
1t was doc,ire fresh from the palace he wished to
! by the votes what backing il had got here.
MIR. WATKISs wished 10 know what there was Of
"Loco F0c0 in this proposition. There was no Loco
Foco doctrine in it,
Mr. MAY called for the ayes and noes this question,
which were ordered.
e MIR FISHER commended that inasmuch as this PROPOSE
lion went support the interests of the children who
derived benefit from the primary schools, by reservng
fur that object the usual rercnne, it therefore
position lending 10 the beneht OF the people theinse
! Mr. CooTEs said he opposed 10 the proposition,
which he regarded being based upon principles radi
cally false 1t appeared 10 him plain and evident that
if it was not right that the individual stockholders
should receive their dividends, By the same reason it
would not be right that the State should receive lis d
ydends. He wished the measure 10 he dealt out
to both parties, and opposed 10 any such invdious,
and he must say odous distinction between the people
, and The State The State oint stakeholder with
private Individuals and he could not see any reason why
Eal bnypn In
Germ and withheld from the other partners Besides, it
ought 10 be considered that if any of the stockholders