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

T,ug their notes and enforcing The penalty: from
ee"on exposed to such dangers, it is probable the
:A1 would be driven the other horn of the d
i b'" aud conclude rathet 10 foregn making divi |
f tanIs He (Mr Rober'so:,} did not wish to see
0 Iu ,l.crd in any such dilemma. Tile amendment |
= '" ncosrd would relieve them from II. II author-
~ iy;enGs t. be made during the suspension OF
e. ~. ,synnn,s, without imposing any new penalty |
s H.. Ranks ia the event of their being made But
w. n,opnsrd 10 fill The blank IN Tie amendment, so
A lm;, those divdends-so that, while on the one
neither the State individuals would be exposed
,e injury resulting from total stoppage OF then OH
w ohrf the holders Of stock should participate by d.
"bcd proi,s u the lot Of reduced returns
% labor aud capal-and not De rendered indifferent,
a.or of exemption from loss the duty Of return
w as early as due regard 10 the general interests
nL allow, TO specie payments The last clause OF MS
andneni had in view 10 aid the Banks in their efforts
-,,arn to specie payments without interfering with
w. .uctai management Of them, and in way as il
ssnd to him. (Ms y which, while i; did injustice TO
6v was at once the easiest 10 the banks and most
trGr; a 10 the community. This was, to require the
s ntos,s over aud above The dividend provided for
e previous clause, 10 be appropriated to the purchase
~ s,eee and thus aid in restoring to the bank paper
tic character OF converlibiiy-the sole test and qua
r,, Of the soundness of paper currency lie hoped
,S House would adopt the amendment.
Sir CRurcHslELD moved TO insert the word "sem-
annually after the word "ptohts
ri; RonsRrsoS asscnted 70 this amendment as not
Objectionable although unnecessary; the bank charters,
h. believed all requiring dividends TO be made seminar.
naaliy.
Mr. VESApLE said the object Of the bill was to relieve
the Banks from the penalty which they would TALL under
n, Inc LIST Of march,. He anxious they should re.
same as early possible. The act provides that they
h no, pay any dividends until this resumption takes
Mace Ii absurd il was not even honest that they
!borld pay dividends when they did not pay specie II
man went their counter 10 get specie he could not
80, il and vet the very next day tie would read IN the
eape.s of dividends TO be divided among the s.ockhoid
ers While they did NOT pay their just debts he would
no sanction the division Of profits If this permit.
ted they would be made to profit By their insolvency,
and make extraordinary profits upon the people by giving
ont deprecated paper II would not however be right
that they should divide part OF their prohts ana win
The balance their paper into specie because by SO
doing they increased their liabilities by their profits
As 10 the argument of the gentleman from Richmond,
lMr Rober,son, that the slockho!ders would suffer, he
would ask did not all the country suffer oy their present
course? With respect TO the Commonwealth any def.
CT, which it might suffer, could be supplied by tempo
ray loan The Legislature ongh no, to provide for one
class of the people at the expense OF The other the pro-
perry of stockholders ought not TO be placed by egsa
tive enactment in more favorable situation than The
property Of all the other citizens
Mr. BORIS said he differed from Mr.. Robertson in his
views this subject He thought the Banks could at
any lime specie payments, if the Northern Banks
should first resume, but if they did not it would be idle
for the Banks here to attempt 10 resume. They could
have continued specie payments al the very time oil the
SUSPENSION aud now tleir situation was better than II
then; they had nov specie ia their vaults,
while their mach contracted than they
then were. What good would it be for them now TO be
made to buy specie at an exorhltant price: 1t would
raise the price Of specie still higher and by the very act
of buying they would increase their liabilities and con-
sequenty the difficulties in the resumption OF specie
payments. Why should the Legislature dictate Us 10 the
dealings of the Banks in the purchase OF specie, when
the Directors best Judges of heis interests
in this matter? As 10 fixing day tor the resnmp.
ton Of specie payneRts, he astonlshed when he
heard gentleman talking of such lhing they might as
well fix time when the siloah rise. Suppose
day were fixed, what would be the consequence? They
must either perform their functions Banks
or they must be broken ef vaults would be immediate
IL drained Of every dollar and then if they did not leave
OF banking, but on, their vaults would be drained
again and again, and the process would go Until
confidence restored aad general resumption took
place, would notbe possible for them to resume, and II
appeared to him. that il not possible confidence could
BE- restored under the present Administration, pursuing
the measures which it did. Mr said he would there.
o.e move 10 strike OFT the last clause of the amendment
commencing with the words, aRd shall! &c. because
was utterly useless for the banks 60 accunulat
ing specie 10 lie idle their hands. They had specie
enough this moment and il the Northern banks should
resume they ready to Go in the very same hour
But as il well known, that the want Of confidence
prevented this resumption, and under present etcum
stances their resumption ,aght be put of till 1862
il was not possible for Virginia to FIX this time.
Mr.. SMrrR Of |. w said he should vote for the amend
men. Of Mr. BoTTs though not iros The same reasons
as he had given.
Mr. Roseeyse. coa,ended that confidence in the banks
depended the amount Of specie ia their vaults being
proportion 10 the amount OF ther notes and ables
He commended also that this due proportion between
specie and their current notes and liabilities, mus first
be established, in o.dar 10 enable them to resume The
amendment he had offered appeared 10 him OF vital i'm
po,tance. 1t grea, fallacy say, that they would
not have stopped if the Northern Banks ud not; their
power al; demands amounted only TO the cu2a.
city Of meeting what they were not called upon for In
order that their be convertible, their sPece must
be in proportion their and all their oer iabil
ties. It the duty of the Legislature TO take the
strongest io-ce them to increase ueie funds
in specie and if this not DONE constituted an a
of ihpr rssfpt r0n
deplosed and oug hl 20 BE remedisd
Mr.. Boris enqured what good would it do 10 force
them TO accumulate specie: jest in such proportion
they issued paper to bay specie they increased their liza
1cs. The very measure therefore insisted upon,
would defeat the object il proessed to have in view
Suppose they went into the market 10 bsy specie? That
would Immediately raise the price Of specie. And, if
they paid high premium foS IT, With Meir notes. where
would be the benefit when they gave bsck the specie for
these notes, and we're made losers the TRANSACTION by
the amount of the premium: The course they were now
pursuing, was TO reduce their issues. This proposition,
however, directly opposed TO that course; for, it
would make tleia increase the issues only for the pu
pose OF being losers by The return of their notes upon
them
and thought the amendment would operate in the way
ne had described AdverDg TO the Importance Of this
subject and the circumstance ,hatthe nessers were not
prepared for s coming on to day, Mr.. T. Roved to lay
the bill the table that it might he called up ,o.mor
row This motion was agreed To.
Mr. Boris then moved that the amendment which he
had given notice feer dag Of his ineRtiou to Of
Ter TO this BILL be laI the table and ordesed TO be
printed.
The question printing being takes, was decided in
she negative, ayes So, noes So.
Iaios,day, feJ 10, 1885.
DEAF, DUMB AND BLIND.
The bill 10 establish Institution 70. the instruction
{" The deaf and dumb and BIND beisg before the House
on rs passage,
Mr. McruERseH rose and moved lie indefinite post
Ponement Of the bill. lie opposed to the bill
'srf but he thought the Literary Fund ought not to be