Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-11-19


WIN. NORWOOD, Seey.
COMMUNICATED.
Public Meeting IN Po,ehaton County
At Meeting of the State Rights Republican Party,
held at Powhaian Courthouse, on Monday, the lst
inst, pursuant 10 previous notice: me Hee.ns was
organized by the appointment of Maj Jacob Mlchaux
as Chairman and DR.. r. W. Royster as Secretary
Then, on motion, made by Gen. Lyon, 1t was
Rtsoired, That the Chairman appoint Committee,
consisting of seven members, 10 draft preamble ana
resolutions for the consideration OF The meeting
Whereupon the Chairman appointed the following
gentlemen, TO witt William Old, Gen. VIM Lyon,
John w Nash, Dr. Wnl. Crump Dr. A. Crump, Mil
Ter w. Michaux, and DR.. Michael K. Murry.
Wheyeupon the Committee retired, and in short
time returned and reported the following Resolutions
l. Res0ired, That, in the opinion OF tins Meeting
Congress has no power derived either from the letter
or spirit of the Constitution 10 incorporate Bank OF
the United States, under any form, or by any name
whatsoever and that the establishment of such an IN
stlution would not only be violation, but tend greatly
10 increase redundant and irredeemable paper cur
rency and be mischevous attempt to bolster up and
sustain by legislation unsound credit system.
Resoteed, That President Tylsr, in refusing his
assent to the bills which passed NE two Houses Of
Congress at It's late session, Incorporating Bank of
the u s., exercised high constitutional and conserva
tive power, preserved the Constitution from violation,
and entitled himself to the thanks os the whole Repub
lcnn party.
3 Rcsolr.d, That as Congress WIG convened at its
late Extra Session ac0,cediy for the purpose of provd
ing the necessary of enabling the Government
meet its existing engagements Until The regular ses
sion Of that body we consider 1t as indelicate and
highly improper in the dominant party to have seIzed
upon that occasion to press The consideration and adop
ton of great and important measNes calculated 10 Ell
feet material changes in the geDefa policy of the Go
vernment
Resoircd That the act passed at the late session
of Congress- providing for distribution OF the proceeds
,EAIh a-na nk,
lion, as being unjust, unwlse and unconstitutional and
when taken in connection with the alleged deficiency
Of the revenue and the means simultaneously adopted
to supply that deficiency is grossly absurd. II was
eriny and thus creating necessity for borrowing 10
supply the deficiency created BY giring II presents
standing and continuous bride the people of the
States 10 permit themselves TO be taxed BY further
and continually recurring increase Of the Tariff. IL
deprives the Government of an important source OF
revenue, and leaves il in possession oil all the e1ien
sive and mschievous patronage and corruptinS infu
ence Of the present land system.
And, Whereas paper currency can only be consi-
dered sound and beneficial TO the community, while 1t
realty continues what 1t purports to be, the repre-
sentative of specie and is IN fact convertible al the
pleasure of the holder; and that the n?erous duty
Of the Legislature creating institutions for the ennis
sion of such paper TO watch the and By all pro-
per TO preserve this essential principle oi con
vertiby nvioate, not by enactnens only hut ny the
infection of such penalties will at all times, and un-
ton Of their notes. when presented for that pupose-
Now it is notorious, that The notes of the Virginia
Banks have long since ceased To have this necessary
quality; the holders of them only get specie by
selling them at 4 considerable discount;-and yet the
Legislature, so far from performing its daty, by en-
forcing, permitting the enforcement OF even The ex-
istng penalties have constantly passed. with the ut
most bromptitude, bills of indemnify for the past, and
granted licence for future violations OF their engage.
me nts and will probably continue to Go as long as
he tate has IN.
| tions with those institutions:
Resolred, Therefore, That this connection between
the State aud the Banks ought to be dissolved soon
practicable, with prudent regard TO The interests oil
the Commonwealth.
| To this Report Of the majority OF the Committee,
John w Nash, Esq, offered The following Preamble
| and Resolutions as substitute:
.Nr .SasLs Substitute
"Whereas is both The duty, and the privilege Of the
freemen of this country, to assemble in public meeting
for the purpose Of expressing their opinions upon all
que stons affecting either the great interests Of the
| commonwealth, or such as in their opinion involve u
breach either Of the Federal or State Constitution
And while this meeting would not deem it necessary,
upon light ordinary occasions to nterpose the ex-
preston of their sentiments yet regarding they do
the present condition Of the Banking institutions Of our
country, in 4 state OF suspension, during perlodoi
profound peace, and during season OF acknowledged
commercial prosperity, they have deemed it their duty
as patriots and honest men, to look into the OF
4
flee of greater interests 10 seek its correction They
are admonished too by the appoach of the meet
ing Of the next General Assembly Of this Common
wealth. aud the meeting Of The Congress of the U. S.,
that il favorable period 10 call public attention TO
the remedy which they propose for this great evil.
In dong this they III no degree unmindiul
Of the difficulty and embarrassment which surround
this question and while thus reflection may serve tc
suggest caution and prudence in the selection OF the
best means accomplish their object, does not pre-
insnD effort
at redress. This meeting VIII not now inquire either
into the policy of creating banks Of discount and
circulation the power the part OF the States to
create them They bound to regard both settled
questions under the practice of the several States OF
this Union. And long as this power is exercised by
twenty separate and independent States, with al.
most every variety of opinion and interest to influence
their legislation, the paper currency OF the country
flowing from such institutions, must necessarily be oil
very unequal value, we'll as credit, unless they are
subjected, at all times, to the obligation OF redceming
their notes in specie. Ii is in vain, that singh State
may pass laws upon the subject, unless similar laws
are passed by other States with whom commercial re-
ations exist 1t is true, that great deal may be &C
com pllshed by wise Of legislation, upon the
subject by single State, and which each State is
bound to adopt and sterny to enforce; but il is the
deliberate opinion ofthis meeting, that nothing short oil
Bankrupt law of Congress applicable TO Corporations
will afford full and complete remedyi and without
this salutary restraint acting not upon sections Otter
r,ory or single States, but pervading the whole coun
try, we shall in despite of best efforts, BIZ doomed tic
vicious paper currency, iredeenabe in specie upon
any fuctuation Of commerce. But, while We hold TINS
to be the true remedy yet deem it the duty of the
several State legislatures, and that of our in par
cular, 10 put their respective Banks in condition &c
resume and to maintain specie payments And, among
the means most likely to accomplish this end, without
destroying the institutions themselves, We hold that the
refusal 10 permit them TO make any dividends at ALL
at most, very small dividends during period Of sus
pension and 10 limit the amount of their discounts, IL
be most likely to b. efficient
"Resoired, therefore, as the sense of this meeting
That Bankrupt law 10 be passed by Congress app
cable Corporations under suitable safrEuaids and
limitations, is the only efficient mode OF errcng ane
continuing spece payments by the Banks Of the sere
raj States and that It is the duty Of this ancient Com
monwenth 10 move at once in this matter by the adop
lion on the part of the Legislature, of Resolution in
structng Senators, and requesting our represents
such law.