Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-10

B'eesi prosperity und honour OF this Commonwealth
MT. pESABLE would vote against The re.commitla and
instructions.
Mr.. WooLFoLK commended that, if this Company paid
the some interest on the money borrowed, the Banks
Pdo, would be all the The Commonwealth In
such case the fund which was said 10 be in danger
would be untouched He opposed 10 every circuit
Gus route and proceeding He thought the money would
oe SAFER naned 10 this and other Companies than when
loaned TO The Banks MIR. W. then entered into an ar
Gument TO shew that the public money ought not TO be
lent 70 Banks TO discount upon, and that total divorce
from these Institutions ought 10 be uncompromlsingy
carried out both here and al Washington. MIR w. con-
cluoed oy moving, as modification TO his motion, 10
strike out The words sttom The snle Of Bank stock.
m'. WATKINS thought that some gentlemen seemed
forever desons OF doing all they could 10 cripple the
Banks oil this Commonwealth. Weae oil interested in
destroy their credit? Why propose to take away the
money loaned TO them Why offer the most rigid EN-.
qulry when they have been found to be well managed
and 10 The manifest advantage of the Commonwealth:
why treat them a, if they were criminal and badly ma
naged nsolvent, and unworthy of confidence The in
eres's lhe currency the money of the people were con-
nected and bound up with Them and every blow struck
al Their credit is blow aimed at the fortunes and pro-
perly OF The people, both rich and poor
MIR. SMITH of |. W, was opposed TO this amend
ment lie was not Of those who disposed TO
cripple The Banks He felt much pleasure in saying
that from the investigation made n the Banks he found
mem 10 he IN much better sluul m than he had ever
expected TO lind them; their paper at par and their
loans had been found TO be made with mparally, jus.
lice: and for the good Ct the community al large:
MIR. HARRsoS wished to know If the Committee oil
which MT. SWIih was Chairman had taken into consi'
deraon what disposition should be made of the Surplus
Revenue: lie should like know rvh hat the Committee
thinks ought 10 he done with that Fun utter the LIST July
next when the Banks would pay it back Mr. II. would
vote against this amendment because The House was not
fully prepared 10 make in this mamie such disposition
OF the Surplus Revenue.
Mr.. SMITH of |. of w. said that the committee would
shortly communicate their views to che House. His own
IN yns OuU emDlOyP0
purposes of Internal Improvement TO prevent The
necessity Of making my loans. Why, he would ask,
make loans now, when they may never he called
for And they will certainly be called lnr, if the
General Government should not call for the Surplus
Fund, az it highly probable it never would. He
hoped, therefore, the bill would be recommted to avoid
borrowing money by circuous course. The effect OF
connecting Internal Improve ment with The Banks, would
be as fatal as the placing the DePosites with the Pet
Banks had BEEN and the loss might be the
quencr. The whole was in danger OF being
"DssoIvcd and, like the busecss fabric OF u 'is;On
''I.rnvc wreck behind"
Mr.. HaERisox enquired what the Committee had re-
commended in their bill:
Mr. SMITH said that the Committee had recommended
a further suspension of the loan
MIR. liAKRISoS SAID the amendment called upon The
House to make disposition Of the surplus fond: that
question, however, must necessarily come up beore The
House in short time He thought therefore the amend
ment ought not 10 be adopted
MIR. WonLroLK enlarged again upon the folly of loan.
ing money per cent and then borrowing at the same
time at per cent An individual would not do business
in this nanncr-why then. should the ConImonw
Mr.. w. maintained that the Banks had not responded
10 the Resolution of the House He threw down The
gauntlet against them: and would wage nlermnable
against them.
Mr.vExAplE explained as 10 the course and recon.
mendatons Of The Committee in reference 10 the Sur
plus Fund.
The question the amendment TO the amendment
was then taken and it re- ected The original
amendment was then put and carried
hlr. VESARLE moved a. further amendment providing
that the loan hitherto contracted by the company should
be applied 10 the discharge Of the debt OF the Company
Mr. CsurrL commended that the discretion should be
left to the Directors of the Company, as to the best dis
position of The funds Of the Company. provision so
arbitrary and unusual might be destructive 10 the work
Tie Company had not yet been able to make any dIvl.
denGs yet, and force them 10 do rather than
first to complete the works. might ruin the Company
Mr. c. further proceeded energetcay 10 defend the in.
,ercss Of the Company, and 10 advocate liberal policy
towards il.
Mr.. VExABLE then modified his amendment, so to
read "as far may be necessary and The amendment
linus modified, agreed 10.
The question then taken the engrossment, and
the hill was ordered TO be engrossed and read third
time.
Mr. VExAnLE offered the following Resolution:
eesotred That a select committee BE- appointed, to
take into consideration the propriely Of muking
appropriation Of the income Of the invested portion Of
the surplus Of the u. s., deposited with the
State o! Virginia.
Ali HAnRisos emquired what Mr.. Venabe understood
by the words "lnvested fund.-:
Mr. YrSABLE said he regarded all that had been depo-
s,ed with the Banks and which had been laid out in
Bank Stock, as coming under the title of 'nrested
fund.-"
The Resolution was then agreed 10, and The following
gentlemen appointed Select Committee for The pur.
pose:-Nessrs. venahle, Rlves, Beard, Wood, Lucas,
Harrison, Watkins Edmunds, Chapman Of NJ, Daniel,
Smith of l. Of W., Segar, Burwell.
INTERNAL IMPROVEMENT.
On motion of Mr. WATKI%s, the House took up the
Rcport of the Committee Roads, proposing general
scheme of Internal Improvement
Mr. SEoAR again renewed his motion Of yesterday 10
indefinitely postpone which threw the pending amend.
u,rp,s aside and opened the merits of the question.
MIR EDmrSps then rose, and began by commenting on
,hr course of the friends of Internal Improvement in
evuding the amendment offered TO the Report by the
ton To postpone attrbutag it 10 The fear of thorough
examination of the whole subject and Of the recon-
mendalions Of the Report in particular lie then pro-
cceded 10 at large the merits Of the proposed
lan and Ia controvert the arguments atduced in lis ia
yor Mr. l. Instituted an inquiry between lie Inter
nal improvements Of New York State and the proposed
system for Virginn. The New York canals
cessary in order afford outlets for the great Lakes
and for the produce Of the rich country their banks
No such circumstances existed in Virginia. In Penn.
syI min also her Improvements Vi similar pa pable
necessity and instantaneous demand and utility; but it
was not in Virginia
Mr. E. then wen. on to the particular detail of &C.
counts and calculations, in order overthrow the
ments made on the other side Of the question. Mr. T.
criticised the plan proposed for raising The funds, viz
TO borrow at per cent and invest at per cent lhls
plan Mr. r characterised illusory. The particular
PLANS and improvements suggested. next fell under the
attacks of Mr. all The difficulties and probable fail
urc of which, and apparent causes OF such failure, Mr.
+ detected or seemed to detect and pointed out Again
The mt crisis OF universal ruin and bankruptcy which
now overspread The country, was not, Mr. f. tlIough
favorable time 10 bring forward such plan as this. An
increase of Ration would be the result; because no re-
lame 70, funds could ought be placed The Sur
pIus Fund as il was certainly loan: anu not donation
The expense of these Railroads another consider
alton which amounted average 10 $4,000 per mile
ncr anpum Such was the expense for repairs alone