Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-12-14
VIRGINIA Legs :. .TURE.
SENATE.
- Il. " Il ] L.
Suburban, Dec. ., 1889


The Senate concurrcd in the Joint resolution sent
from the House of Delegates reference to procuring
an additional appropriation of land BY Congress to sa-
tsfy the outstanding military bounty land warrants is
sued under the authority of Virginia.
On motion of Mr. SwIru, the bill for the temporary
relief Of the Banks of this Commonwealth, was taken
up
The question pending was amendment reported
BY the Committee Of Genera! Laws, TO strike from the
bill the following provso:
"Proridsd, That no Bank which shall avail itself CT
the provisions of this act, shall make any dividends on
its stock unless it shall at least ten days previously
thereto have resumed and bona tide continued the pay
ment of its notes and debts in specie.
Mr.. ANDFEsoS moved TO amend the committees
amendment By striking out the clause relating to dvi
bends, and inserting clause requiring the Banks to
ipay the Commonwealth share thereof in specie or
such funds will be received IN payment OF interest
upon the public debt
Mr. AXDERsoS explained his object to be, to provide
for the amount which the Commonwealth would be
bound to pay in specie the lst of January the int
rest upon loans made by her. The dividends on her
bank stock were the only she had for that
purpose, and she would be found IN predicament If
suddenly called upon to raise the amount in any other
way and her credit would consequently be injured. IL
10 guard against this difficulty that Mr. 4 proposed
his amendment.
Mr. Coop suggested that the amendment not in
ORDER but the Chair decided it to be in order.
Mr. PEfroS thought the amendment less ohectona
bic than the original bill, but no Improvement as an
amendment He thought the gentlcmans object would
be more efectuay obtained by suffering the provso 10
be stricken out Mr. p objected to any distinction be-
ing drawn between the dividends of the State, and
those of the widows and orphans who were stockold-
ers in the Banks. He deemed the restriction as to
dividends, impoltc and unjust The bill itself seemed
based the idea that the Banks had done wrongthat
they had been guilty of fraud and in state of
bankruptcy. Are prepared for such verdict: Mr..
P referred the aid the Banks had rendered the State
during the war; and deemed it harsh and unjust to
eicpate wrong and ccnsure them without invcstga-
s;on. He thought the requsitlon of the bill mpotic,
because it was calling for resumption without ascer.
tanning the ability 10 pay or whether the cause will
last long the act itself The true course was
relieve for the present. and look into matters careful
ly hereafter
Mr. Lyoss also opposed the amendment at some
length. He did not think the object i'll view would be
attained, even if it were proper If the cond-
;ion imposed, requiring the States dividend in
specie, the Banks might declare dividend at all,
and then where would the Stale get the to meet
the interest on her public debit The Banks should be
permitted to raise themselves, and not be subjected TO
clogs which would operate act of injustice. lie
believed they had duly done that which the force Of
circumstances required of them But even if the Di-
rectors guilty, would the widows and
orphans who stockholders responsible. MIR.
L. was against this mcrcilcss legislation In the body
of the bill you approve the suspension, and the pro-
viso condemn If the Banks to be put down, say
so-et gentlemen come 10 that issue at once If they
were prepared put their hands into the pockets ote
amendment There were but two modes of meeting the
interest the State debt-by the Bank dividends or
by taxation But why prevent such of the creditors OF
the State willing to take Bank paper from do
ing so; This must be done, resort TO the OBJ
noxious plan of selling State stock below par
Mr.. Lyons urged variety of other views against the
amendment.
Mr.. ANDERSON further explained the character of
his amendment and replied to Messrs. Peyton and
Lyons
Mr.. SMITH alluded TO the wide range of the debate,
and explained the Of the Committee for propo
sing IFS amendment. He thought Mr.. A. 5 amendment
right, far went bu, did not go far enough: and
he read, by way of argument, further amendment
which he should offer il this were adopted He asked
IL the Banks wanted extraneous aid to enable them
resume' The Bank of Virginia, by the report made
the other day, stronger than she had been
and MIR. Smith was astonished that she should
have suspended. He thought there occasion
for IT, She had either Welded TO the panic of the
ment, or desired to profit by exchanges Mr.. S went
for striking out the clause restricting dividends because
he was against deusve legislation. If dividends
prohibited, the private stockholders could get the
amount in shape ofoans but the State could descend
not needed Upon the Sl5s, 900 due BY the State
there would be loss Of SIS 900 get the SPECIE which
damage the Banks should pay, because it their act
which put irredeemahle funds into market. MIR. S. |
thought i. the duty Of the Legislature to that the
interest of the many was not sacrificed to that of the
few but he denied that there necessity to buy
specie AZ all to meet the State debt DR.. Broken
brouph had lust informed US that he had upwards OF
S7O0,O00 ia specie in his vaults. Why keep lying
Ssad' Nv. E. had ne such horros OF the departure