Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-12-14

IA refrrad ia the repeated indulgence granted to the
Banks He contended, that the proposition de'anueu
nothing unreasonable of them, ana tnat they W..
bound Io comply BY every obligation OF Their charl'
7, only r,ourrd that they should do the sam" Jus'ce 70
the Commonwealth that they were bound to extent 70
individuals The argument he considered III u nut,
she'll and was whether wc should do Tor ,ir ~
in a political mass, what we were ABOUT " w 10 '
as individuals. ;, :.,;o,,
AIR CocRr rcioncd and referred to the impression
Of senators at the time they voted for the amendment
and thought gentleman would review ticii
Some might have voted for the amendment, u'uef ''''
idea that IT allowed dividends TO be made upon the con
dillon Of "a wing The States interest III Specie "iiiSt
.h vot.d Gar II as . condition of the removal OF the
n.nalt.s You exact specie for the Government ana
the Office holders but you leave the people 10 TAKE c1i'
of themselves, &c. Mr.. c. was not disposed 10 give
too treat latitude to Banks, but he thought 'h''i 80
senial To the commerce Of the country, under proper
regulations
Mr T,rLKsrR gave his understanding oil INC pro"
v;sons If the BILL and contcndcd that was Just ana
rjrht that the Banks should make their paper eIsi'a
lent to specie far the State IS concerned re ar
o,, that the amount Of cost TO carry out the provision
would be but trifing, and that all burdens growing
out Of the present condition OF AFFAIRS onght 10 ia
upon the Banks as n condition Of the removal OF the
penalties now hanging over Them. VT r. sd" no le''
son for changing his vote on Saturday.
Mr. BorIpIS made some further explanation OF his
views and deprecated delay in the passage of the bill
lT.
SION and thought that principle ought to govern, m
stead of the sianrss of the amount involved; and that
lis inv idious character ought 10 defeat It.
Mr. FsuLKHru added a few words in further exPla-
nation Of his views
Mr.. Scorr rose to express hs dsavowal of any I'M
willingness to hold the Banks 10 all proper responsible
litv He, like other gentlemen, was against al! deiu-
siyr legislation, and could not vote for the amendment
Mr. L,oxs rruimcd to tn" argument of Mr.. SAIrH,
and further illustrated the injurious effects which II"
thought would result from TIN, provision under cos'dr
ration. He gave review Of the operations OF Bank-
inr and the dicult:rs which rrcw out OF The legIsa-
lion Of the State on that subject The obligation to
pay the private deposition great as to pay the pup
lie dcpositor, and carrying out the principle would IN
effect bt saving 10 the Banks, you shall not go at all
unless YOU resume specie payments. The bill would be
no relief at ALL and the Banks would hu be acting IN
accordance with the ancient spirit Of Virginia. in re-
llS;nr all such drus;ve offers of relief Here was an
unjust exercise of power simply because power exist
ed, &c.
The question was then taken upon the amendment
NJ amended and il was decided IN the affirmative by
the following vote
lgss-Alcssrs: Nash, (Spo"kery lIunon, Carson,
WILEY Poulson, Smith, Thomas, Dyer, Carter, Moi
felt, Faulkner, Bland, Anderson, Thonpson-l4.
Nors--Ilcssrs. Campbell Cooke, Pcyton, Atkinson,
Baptist Bondurant, Opc, Bouldn, Lyons, Woodhousc,
Scott, Good-l2.
On motion of Mr. CocKE, amendment was
adopted, inserting the words corporations or body
polite, after the word ''pcrsons
The BILL as it now stands before the Senate, in the
following words:
BILL.
Far Ms tcmp"rary rdi.t IF me BanhS Of M's Com
mGnrChhh
l. Be IL ennricd by tie Gcncrni assembly, That so
much of any act as NAV subject any Bank incorporated
by the laws of this State 10 the forfeiture OF lis charter
for failing refusing 10 pay its notes other debts in
specie or the payment Of damages or interest higher
than six per per annum for such failure or refusal;
or which nav prohibit tifcccviug Of the notes OF such
bank III payment OF the public taxes or debts, or the
drpnsitr o the public revenue as heretofore, shall be-,
and the same hereby suspended until the first day ot
March next; and if any Bank shall have forfeited its
charter by failing refusing to pay spcc", the for
future thereby incurred shall be remtcd-and the
charter with all the rights and powers conferred By
IT, except srch portions as are hereby suspended snail
continue in full force and effect, until the date above
mentioned saving 10 all persons, corporations or ho-
dies polite the right To recover any OF the modes
now provided by law the amount Of any note or other
debt due from the banks, with interest At the rate ol
per cent per annnm ProriG:d, In" Banks q! ms
Commonwealth IN winch The MONIES are on dcpoSic
shall pay the interest falling due III January next upon
public loans III specie its equivalent, If the public
creditors require il, If there be much i'll sad banks
TO the credit Of the Commonwealth: ind Pr0rtdrd, aso
That nothing herein contained shall br so construed
as to prcvc t the Legislature from passing any act
annullin. modifying the charters OF the several
banks which IL might be competent tn enact IT tins act
had never passed
> This act sha be- in force from the passing thereof
Mr.. ATKINSON proposed TO amend the bill follows
Strike out from the word 'any inclusive III the first
line Of the bill to the commencing clause, and IN licu
thereof insert
The 9th section of the act, entitled An act csa.
blisng general regulations for the incorporation Of
Banks passed the gid March. lS37, rs subjects the
Banks of this Commonwealth to forfeiture ci their
charters, for til" failure TO pay specie shall be, and the
is hereby suspended until the first day of March
next.
2 int be il furiho- enartcd, That so much of the 9Th
section Of the be fore cced act prohibits the bills
notes of the banks sub ect thereto, which have failed
or refused to redeem their bills notes in gold silver
CON- from being receivable in payments to this Com
monwcalth shall BE-, and the is hereby suspended
until the first day of March next.
g. .7ud be ii further fn0ctrd, That bank avaing
itself of the provisions of this act shall increase its
loans and discounts beyond the amount existing at the
time of the passage hereof, until IT shall have hmm dt
resumed the payment Of it's obligations gold SILVER:
Pr0rdcd. h0wcrCr, That nothing herein contained shall
he so construed release the hanks of this Common
wealth that have not already reduced their loans and
discounts 10 twice the amount Of their capital from the
obligation of so doing
A. And whereas the Bank of Virginia. the Farmers
Bank of Virginia, the Exchange Bank, and the Bank
of the Valley Of this Commonwealth. having forfeited
their charters this General Assembly the right
ut any and all times alter, modify repeal their
charters, or the charter of either of them.
5 .7nd bel further enacted, That no Bank that shall
avail itself of the provisions of this act, shall make any
dividend on its stock unless il SHALL least ten days
previously thereto, have resumed and bonn de contnu-
ed the payment of its notes and debts in specie.
Mr. ATKINSON gave his views at length in support of
his amendment, and urged the necessity Of keeping faith
with the holders of the Of the Banks. He deemed
the of Legislation proposed, violation of the
obligation of existing contracts between the people and
the Banks. Mr. A. considered il an attempt Of the
debtors 10 prescribe the terms upon which the creditors
should receive payment, and an unjustiabc interior
the part of the Legislature in that respect
He thought, if the bill also for the relief of the
people, as VOL for the Banks, commended, some
friend of the measure ought 10 to amend the title
SO as to express that object &c. When Mr.. A. con-
cludcd-
On motion of Mr., BoxpuRAST, the Senate adjourn
ed.
T0eSGay, DGccmbcr 10.
On motion of Mr. LYOSs the Senate resumed the