Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-03-08

10 per centum per nnnum be recovered any of the
modes IN which the amount OF any note debt due from
any bank may now be recoverable by law-nny thing
herein contained to the contrary notwithstanding"
And in lieu thereof to insert the following amendment
offered by Mr. ROBERTSON:
And the whole surplus profits, over and above The
amount Of such DIVIDEND accru!ng 10 any such bank
during the and every succeeding half year, SHALL
so long specie payments continue suspended, be APP
piled by such bank, such times may 10 il ex
pedien to the purchase Of specie-whch specie ehnIl
be held by such bank applicable, The resumption oil
specie payments The discharge Of its debts, and 10 no
other purpose whatsoever Provided however that the
conversion of such surplus profits into specie shall be
completed within two months after the dvldend herein
before authorized, shall be declared"
Mr.. HARRISON submitted the following, which he de.
sired insert, instead of Mr. RosERrsoss if the House
should agree 10 strike out
Be further cnacicd That if any Bank or Banks in
this Commonwealth SHALL after the 9TH day Of July next,
fail pay any Of their other liabilities IN specie,
if required by the holder thereof SO to DO such Bank 30
falling shall be regarded having forfeited lis charter
and it shall be the duty of the Attorney General forth
with TO proper prosecution 10 be commenced TO
the charter Of such Bank And The notes OF such
Bank Banks shall not be received in payment oil the
revenue, after the day aforesaid
Mr. HAaR,soy said he would yet, however, vote for
Mr.. Rober,son's amendment, if the which he now
submitted should not be adopted by the House 1t Ind
been proposed to leave the day blank for the House al
forwards settle what day shall be appointed for resump.
ton In this view, Mr.. FL modified his anne ndment by
blank 10 be filled up hereafter
MIR. WooLroLK asked if MIR. Harrison believed, that
the banks under any circumstances, could resume the
9TH of July. If be thinks they can and if he offers this
amendment in good failh MIR. w. wished 10 know on
what grounds he expected the Northern banks would
resume by the 18th of July next Is there any hope that
they will resume? And until they do, it is vain 10 pro-
pose resumption of The banks Of Virginia
Mr. SMiru of /. of W. was persuaded the Banks could
resume II they plensed. He formed this opinion from
the experience OF 1916 He would not however, pro-
pose specify any particular day for resumption, but
would prefer subjecting them penalty if they did
not and 50 long they did not, resume 1t appeared
him that the resumption would take place even before
the time mcntinned the prospect forit every day
Frightening. He would therefore, make them liable 10
summary Iemedy after certain day. which he thought
would make them speedily resume He in favor of
moderation. 1t his intention to offer substi-
tuie for the present BILL He not in favor Of either
Of the amendments proposed; but thought the 9TH
tion came from the committee 10 be better than
either Of them.
Mr.. Boris was asonished at its being said that the
Banks could resume, without prior resumption on the
part of the Northern Banks. He wished to ask if this
amendment OF Mr. Harrison was offered IN good aith
and whether MIR. Fl. himself intended to vote for it,
How would it operate' The effect would inevitably be
10 draw out all the specie from Banks within the first
week after resumption. This would happen as the ba
lance Of trade against He commended that such
a measure would destroy The interests of the Common
wealth and the people. No one who did not wish to
crush the people, and bring distress and suffering upon
the country, could cnertaln for single moment such
proposition.
Mr. HAnnlsoS said that in order etectually 10 shew
his intention Of voting for his amendment. he would
call for the ayes and noes upon it, Nh II. wanted 10
ascertain il the Legislature would adjourn without first
fixing upon day for resumption. His amendment there
fore offered perfect good faith. Mr. H. wished 10
the Banks supported; he wished 10 confidence in
them restored and for this purpose such measure
must be adopted, or else they must 60 down. II the
State will not support lis own household Congress
will interpose and will do it for US in some other
form Who cannot see the coming events from the
blowing of straws' The question is, whether Virginia
is 10 her State Banks destroyed and United States
Bank TO be built up in their stead? No can be
blind as not TO see, that individual is being
brought forward for the Presidency, who will if he sue
ceeds, bring with him United States Bank. In the
Bank Convention in New York. all the bank delegates
voted for day to Why they not, therefore,
now fix upon a day: They avowed their ability then,
what has happened since 10 produce change! They
have not enlarged but the contrary they have since
that time, diminished their discounts therefore, they
better able now to resume than they were then. Why,
then does their advocate, the gentleman from Henrco,
say that il will injure them and the people, TO fix upon
day for resumption Mr. Fl. denied, that the balance
against in the North, and maintained that from
the reports Of the banks, it evident the balance
in favor Let tobacco and wheat 60 to the North
to pay merchants debts and not the specie from the
vaults of the banks Mr. II. believed, that the Senate
of Pennsylvania would pass the Bank bill, and obge
The banks of Pennsylvania resume, in spite Of the
contrary efforts Of the u S.. Bank, and the influence Of
of Virginia able to resume last Fail why are they
not also able to resume now? There will be
the banks, if they resume Would The citizens OF Rich
mond run on them with their notes? No! Would they
sell them to the brokers' No! Nor would the country
people run upon them.-Mr Fl. could agree 10 no bill
which did not fix upon a certain time for resumption
Mr.. DANIEL could not permit himself to be silent on
this occasion. He thought it impossible for the Banks
Of Virginia resume unless the Northern Banks first
resumed The Banks have already cur,aiIed and pro.
duced distress, and in order to resume there would una
roidaby be more distress and more curtalment. The
Of Mr. H. appeared like that Of warm friend of
the United States Bank Ruin our State Banks, and
you build up u S. Bank. But in order TO ruin our
State Banks the measure proposed need only 10 be fol-
lowed This proposition appeared to Mr. D. better cal.
culated to depress and ruin Virginia, than any one
which could be offered. Not only would these institu-
tons be crushed but the people would be made 10 suffer
with them. Their charters are all to become forfeited
by This proposition, and their notes not 10 be taken
any longer they do not resume. In that case nothing
but gold and silver must circulate for the taxes must be
collected in gold and silver and property will fall for lit
lie or nothing beneath the hammer Of the auconeer
the sheriff This would be the certain effect, making
the prosperity OF Vrg MIA 10 be ut the mercy of Northern
brokers' MIR. ID. would rather make it the interest Of
the Banks to resume and he would in this view 60 for
the amendment of the gentleman from Richmond.
Mr. BORIS did not any longer question the sincerity OF
Mr. Harrison; he now, however, questioned his know
ledge and information in Banking concerns An extra
ordinary spectacle was exhibited by Aboonists They
were concerned with US, they understood not our in
sttuons and yet they assumed to manage slaves
So here also, in Bank affairs, they who know nothing
Of our Banking institutions assume to themselves the
management and regulation Of our Banks This course
will inevitably destroy the Banks, and yet the gentleman
from Harrison goes upon the ground of being friend
TO the Banks Mr.. B. believed United States Bank 10
be the only remedy and the inevitable remedy but he
did not wish to build up such Bank by the ruin of our
own Banks The New York Bank Convention was a
mere humbug it impossible for them to fix day.
1t was vain effort to restore confidence, which must
f,nN Ne, Rankc Npn
not fix day for resumption, how the Legs ature
of Virginia Thefnotes Of the Virginia Banks always
found their way 10 the North, and almost every week
Mr. Cohen, the banker, presented $lO00OO or more OF
Cab, ,.,,;a th;o dnne before