Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-07-16
nd Wing md PETE
Ish lhrse lsoceec
MALL NOTES
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81 Z 81 Mf R'HHTRS1 .uf SmiH al CHpfptr,
IN HE Senate NJ Firgina .5prd le:Hl ne pr0tosi
h"n 10 suspend so much # lie General B"nhing Lam
as proht6Hs ne issue Of mites under $50 by Me Banhs
| Of his Communicable
Mr. SMITH ssid. that the Legislature had on the 22d
March, 1851 passtd act, entitled, ac establish
ing neral regulations for the Incorporation Of banks
to rhrh all Banks thereafter incorporated G0und 10
coatOrm; one pruVsl"n Of ~hch prohibits all Banks
from issuing any paper medium under dpIlars land
alter The htst day Of July lolO, for less sum Or de
| nomination than twenty dollars"
| This provision, MIR. Speaker, the House Of Delegates
by The bill in Jour hand originally proposed md.fnjtcty
10 suspend Tie Senate has by large majnry Stricken
out Ila, part Of the hill !ravng The Of The 22d Of
March, l-iI, in tins respect, untouched. The House
o' Delegates then modified The amendment of the Sc
nate 50 MS 10 Suspend The provision in relation 10
under twenty duars for five gears. The Senate then
refused 10 agree 10 this ndfca'Inn and insisted on lis
amendment and returned the bill the House uhich
dir The unpndmrnl of t!!r Senate 10 SUSPEND
for year, And the question now is, shall adh,rr.
ii Is well rec"ectrd By MANY Senators SAID Mr.
Smith, thai The Ac, of March 1887, received The mos,
anx'ons consdr ration, and finally, bpcarne law by most
drcd-d manritrps n butn branches oi The G,nrI As.
srmtly AT the time Of the passage al This act, IL con.
'ant no pr"visinn DEEMED at more Importance, than
the prohibiting the Issue nf notes under twenty dol
lars. Sir, said MIR s. il powerfully and conclusive
ly urged, that IL was demanded by -hr planerl prnci
plea OF political ecrnniny that This policy should br
fully carried FIJI up the sn,sller nils Of circua.
tim, il argued, with the precious metals and you
would place in The hands Of labor currency that
COMMERCIAL CONFUSION could impar-which rus, Con.
sumfih nui-whch fire cannot burn nor rain destroy
= Which slrOks hut language. but which all ma.
tuns Of every hue; Of every cline; Of every tongue.
whether civIzrd unciviI'zed, Christian, Pagan,
or Malunsian, equally understand, and equally ad
Inire Effect This POLICY, IL was SAID and The Banks
themselves would be greatly strengthened In the
hour nf adv,rsiiy and pressure, they could draw
| from these small streams Of circulation, an amount
of pr, metals sufficient enable them redeem
their paper and thus preserve unimpared The standard
of raiuc Aud this, too, without 10 nrnnsly diminish
ing the circulation II is we'll knna n. that in Of
pressure prcrs decline and Of course that lees
oil money i'll the purposes Of The people for cir.
Gu aiion than hen prices high In such times asn,
there is l.ss trade carried and of less de
maud iar money Hence the value Of this policy The
Banks themselves. Many other reasons were urged,
which shall not. snid MIR S ,reprnt Sufire cay,
that Upon full and deliberate sdvisemen, the General
Assembly adopted this policy !, is now urged vrhe
n~ny, that the execution Of this policy should be de-
/ uytd. suspended.
! Nj Speaker, said Mr. s., ! have repeatedly called
upon Senators in The previous stages of This bill give
single why this provisiun of the act of S37
should b. suspended. But have called in VAIN
40 IN eurat H. ask gentlemen Why shund hp sus
pradsds Grn,l,mrn have told said MIR S that this
provision could be execn,cd-ial small nnt.s would
rush in upon from The surrounding StaiPs-ihat thu
people did not drlnand H. DC &c. INV. Sir these
all reasons for rfpcang the law. but not for snspendng
it, We repeal that law h,c unwisr hut suspend
il, when there merely temporary causes which make
il n,pn,ic allow the law nov 10 90 into operation.
| Is that The at present: Are there nny causes
now existing, hIch fnbi The Pxrcnnn ui The law.
which will NJ, apply throughput al future linn? II
| ia moi pretended. We are al peace wi h all the world
Every description al produce and labor commands the
/. h, CHEST prices The country and the towns
p'dy improving. a. d We have an amount Of specie
nearly ouaI 10 one hundred millions Of dollars and
fully aG, qus,e 10 all wants. Nor will tins
sure produce any d. Inand upon our Banks for specie
Our barking pIa will br nrly doub!ed"ur business
in size aud nnmbrr Of operations greatly increased
hicb N a nj
The larger Geuunna IONS, fully equal 10 all al The smaller
DENOMINATION which may he Withdrawn AgnIn our
Banks have large proportion at five md ten dollar
nn,rs in crcuIainn which il is well known used in
actions that br well performed with nnirs n
the denomination Of len and twenty collars; which The
Banks will under The law press no circulation 10 thu
extent Of their ability. Let il be observed SAID Mr. 81
that The provision meriy declares. THAT ilshs n'd pc
la wu Tor the BonkSo ..isFHs any paper med an for
less sum denomination Than $40 and after the lstdaY
q! July ISiu for a less drnnmiDaii"p than $50
The paper <sufd byour Banks. according 10 onr lars
il is Ia rfu 10 circulate, excerpt by the Bank rhieh shn
hare issued -such Bank bring prohibited from paying
out issuing any paper Of her own creation or for
which she may be re.pnnsb!e. under ten dollars and
alter the LIST July 1910 under S2l-upon her accepting
the provisions Of the bill in you hand, and Of it act OF
March, 1887 This makes The operation Of the provision
exceedingly pasy-genr as The dews of ltaven-snfi
as the halny zephyr OF The ping dn not hesitate 10
express said MIR s as The result of my best rfeciinns
the circua,ion Of five dollar notes. 10 which alone
mnre Than f!y thousand dola,s by the meeting ct The
next General Assembly. What lrae to make such q
fuss about.
trus said Mr. s., shall now commence this great
and sautary reform per"d prnpi'ious never
can occur The currency has already undergone Rew
spansion which this measure will have tendency 10
check The Banks, a, least many of them, are already
xhbi,ing rev symptoms Of disease. which p"rtend sno
thpr Suspension. Indeed, number in the South, Sonth'
west and Norhwesi, have slapped payment never PER.
hars 10 resume again be mad, IL seems TO
me, said Mr. S, disregard these appalling evidence,
n the caanles Banks can bring upon the country and
false To his high trusts, not TO exert his whole ofhcai
mower to save our behaved State from their inHctIon
Bu,, said Mr. S there is a and mos, potent rea
son for odhpring 10 the provisions of The Act OF to31
In The establishment Of small indie pendent Bank on
Inc Kanauha the deveopemrnt OF new sno
mos, alarming poIcy-a pulley which is ultimately,
fear 10 plant in every village, small Bank, TO gene
rate pride and osentaton and 10 c"ru2,
and dppreca . the currency. Suppress however, Oh
nnt,s under 800 said Mr. s., and we stssa'e: smsil,
Bank. cannot exist wi,h6ut circnssfnn
under 800 Over that denomination, they cannot sreP
nut isrpe amount of notes The large Banks hsT'ag
superior credi, and capital would drive them home nm
ceasney for redemption Nor would these small Banks