Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1838-02-21


was then taken, and it was agreed
10.
Mr.. Watkins proposed that the words
"current notes" should be stricken out,
the effect Of which amendment would
be TO render The interest payable abso.
lu,ely in specie.
Mr. VenabIc thought the bill would
be rendered useless By striking out
those words, which constituted It's most
essential feature.
Mr.. Watkins supported bis views.
MIR. Fisher asked Tor the ayes and
noes on this question.
Mr.. Harrison supported the propo.
sllion to strike out. Ii was his opinl.
on, that If the bill authorized the pay
ment OF specie, we could then conirac.
loans at four per cent, while, on the
other hand, If the interest might be
paid in less valuable medium, the
necessary consequence would be, that
a much higher rate OF interest must be
gwen for loans to the foreign capital.
list. From this cause no was DESTROYS
oi seeing those words stricken out. II
we retain IN our hands the option of
the alternative, either TO pay in bank
notes, or IN specie, as we may please,
then 1t must be evident that the for :.
eign capitalist would not take stock /;
Tor. what benefit could he derive from
his stock if the dividends forthcoming
were paid, or might be paid, in "a cur
rency which was of no use to him
Mr.. Fisher was understood to main.
tain that it would be an odious feature
to pay The foreigner his interest in GOLD
and silver and the home stakeholder in
bank piper.
Mr.. Watkins contended that the on.
ly odium would be entertained by the
foreigner, if he was paid in a currency
which would not purchase for him a
breakfast in England such pay.
ment would be odious to him, and not
To the credito: here, to whom the mo-
neg was as good as gold and silver
Indiana and Illinois were now borrow.
lng money at a cheaper rate than
Virginia, merely from the crcum.
stance OF their paying the interest OF
their loans in specie. He hoped the
bill would be passed providing for the
same practice with us, IN order that
the work OF Internal Improvement
might tie carried on, n work SO essen
tal to the prosperity and we'll being Of
the Commonwealth.
Mr.. Stuart explained the object Of
the bill 10 be, not TO create any new
Obligations, but to provide for the dis
charge of those already existing
The law already provides for what the
proposes no other tender
is legal tender than thai OF gold and
silver, and the foreign creditor can dc.
mand AMI receive gold aud silver If he
is not Wiling 10 receive any other pay
ment. The amendment itself is there.
fore superhuous. Mr.. S. hoped the
bill would be passed, as it was well
calculated TO establish the credit Of the
State on firm basis.
Mr.. Venable was opposed TO the
which he commended would
reLder the bill entirely useless. The
object of the bill was to relieve the
Banks, under present circumstances,
but by this amendment, they are com.
PEELED to resume specie payments the
very instant the bill is passed. Ev-
cry one knows that this cannot be
done.
The amendment was then agreed
to.
After some further conversation on
the subject, and some other amend.
ments being proposed and carried,
Mr.. Venable moved 10 lay the bill
on the table, as in consequence Of the
changes which it had underg one, it
was now no longer the same bill, and
was entirely useless as to the accom-.
pIshment Of the objects for which it
was originally intended.
The question on the motion to lay
on the table was then taken, and deci.
ded IN the affirmative ayes 6S-noes
not counted. So the bill was laid upon
the table.