Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-03-04
HOUSE OF DELEGATES.

The Senate announced that they had passed tho bll
entitled nn act concerning the jurisdiction of the CIR.
cut Superior Courts of Law and Chancerv., Nth -,
amendment.
On motion OF Mr.. WmKISsox ordered fla, lo,
be gives: TO bring III bii to appoint Commissioner rs Il,
and mark the line between the counties NJ W,,b
and Grayson; and that Messrs. Wilkinson Gooisor
Mclaughlin, Hannah, and Carpenter, prepare and
bring in the same
On motion of Mr.. BRYAs, bill AUTHORIZING Bar.
thocmew Fleming 10 establish Ferry across the Ohio
River, read first time.
report from the Select Committee on Public Ed.
fees, the subject of the nuisance contiguous 10 the
Government House, was read, and said report recon-
mendng the construction Of plank fence connected
and continuous with the brick wall IN Of the CO.
vernors kitchen, until reaches the brow o. the hill
near the Museum building, and thence easlwardy 10
the present brics wall which separates The Square from
the Governors ot.-As-ecd 10.
The order of the day upon the resolution relative 10
the call of Convention 10 amend the Constitution Of
the State, being read motion of Mr.. STEPHENSON, OF
Tyler, the same postponed until Monday
The further order Of the day upon the bill pre-
citizens of New York from carrying slaves out Of this
Commonweu III, and TO prevent the escape Of persons
charged with the commission Of any crime, was post
ponrd until tomorrow.
The bill imposing taxes f,r the support Of Govern.
men,, taken up, motion # Mr.. FrLro., read a
third tune and passcd-ayes %, noes -.
Mr. BRoAprs carried up the bill 10 the Senate and
requested their concurrence.
BANK RILI.
A bill concerning the Banks Of this Common wealth,
with the amendments thereto, proposed bv the Commit.
tee on Banks, was taken up, motion of Mr CErrcm-
FIELD and the sad amendments being agreed to-tle
same was further amended, motion Of Mr. Bgowx of
Preston, who further proposed to amend the first
ton OF the bull, which provides "that If any Bank in
corPoraed BY law IN this STATE shall haze forfeited ts
charter by failing 10 pay lis notes debts in specie
such forfeiture shall be, and the IS hereby, remit.
ted and the charters Of all such Banks It'll the rights
and powers thereby conferred shall be- and the same
are hereby, declared 10 be III full force and eect-by
adding thereto, "Provlded, however that the Lersla
ture reserves the power Of hereafter altering or
ing the charters of such Banks all respects whatever
and Tie quest on being put thereupon was determined
III the negative-ayes ~, 81
\ motion made bv Mr. Blows of Preston 10
amend the SAID bull By striking the third section
THAT 50 much Of any act subjects the Banks OF tins
State 10 forfeiture Of charter for failing or refusing
hereafter 10 pay specie demand. shall be and the
is hereby repealed but the Legislature reserves
fnll power 10 modify repeal pleasure the charter Of
any Bank which shall hereafter fail or refuse 10 pa It's
debts III specie demand"
This motion was rejected Ayes =, noes H.
\ motion then made BY ir. SMITH of Isle Of
Wight, 10 amend the said bill By inserting after the
sixth section the following:
ind he turter eHactfd, That the holder or bearer
Of any note Of a Bank of this Commonwealth which
has suspended, or may hereafter suspend specie pay
,nen,s may present the inr payment the Bank
where IL issued and PAYMENT thereof be refused
the Cashier, Teller, other officer Of SAID Bank shall
endorse therein the fact and date Of such presentations
and such note shall thereafter bear an interest of SIX
per cent per until PAID and il the Cashier, Tel
Ter, other officer q. any Bank. having suspended spe
payments aforesaid, shall refuse or fail 10 make
the endorsement aforesaid, the holder bearer OF
note so presented Tor payment, may obtain Judgment
for the same with II per cent interest from the time
Of such presentation, 10 be recovered in the
prescribed III the fourth section IL the entitled IAN
act establishing general regulations for the lncorpora-
ton oil Banks, passed March -, l-37 Provided,
That 10 note endorsed as aforesaid shall carry interest
longer than thirty days after the Bank shall have bona
ide resumed the payment Of is notes specie de-
mard.
Mr. ROBERTSON said, if there was airy subject he
approached with something akin 10 heart-sckness,
II was these never-endlng experiments the cur
rency. We had recently tins whole country
filed with gloom and des"lailon from such causes
not 10 approach them with apprehension. There
was no subject delicate abstruSe. None
that ought a, all seasons, 10 be approached with so
much caution torbearahce: but now, when the
currency much Gcranget-when II issued
from 50 many fountains IL such varied quantities,
and of such various qual.ties-when efforts every
where making 10 place il, possible stable foun-
dation-was 1t 4 TINE to be cmbarkag in expert
mrn,s the fleets al which could with any CONT
dencc inresec: The proposition deserved pre.cmnentl
ale an iartStb,artag cGrrencya thing heretofore I'M
heard ot-unknown III tins Country or in Europc-with-
out the recomme ndaton hc believed he ghi say with
out having been suggested ~ any writer on currcn
cy. or ans distinguished statesman II either country
something cute under the sun Surely Il was m
cumben, on those bringing forward such proposition
10 show 10 demonstrate, indeed, that no evil would
iow from H. II had not been done On the other hand
he MIR r thought the proposition fausht with very
evils. Who could say what the effect OF
dorsenent bank notes, stating that payment in specie
had been refused would be the MINDS of the
ignorant portions OF the community Might i not, IN
place Of increasing confidence, be viewed as mark OF
dscrcdt create panic and thus result to tie poorer and
less informed citizens III serious losses ould not
that lie the probable effect and those 10 whom most
owed protection, part with money al sacrifice, Again
as soon as such dshonorcd notes began TO circulate,
might they not be- to the great arrangement OF tie bu
sfu,ss Of the country poured IN stream upon the
banks: an operation attended with increasing discredit
and great neon venence These, he believed, would
be- the first fruits Of the proposed endorsements
liz Interior effects might be still d,sast.ous-
They miyh; become in time, and, no doubt would
he The subject OF nvestment-would be bought up
and boarded by capitalists, and who could io.esee
the extent of the mischief when The currency OF
the countryside vital fluid, the life blood Of the
business and prosper " Of commun;y -should be
withdrawn from circulation for purposes of invest
mem, Ii this effect should ensue, he deiicd any
man IA measure the irlghtul results If the expert
nen, The confusion and difficulty that would re-
snl, IN private Transactions from the infinite calcu
la.ons necessary 10 be made in buying and selling
with an interest bearing currency, no man could es-
timate Notes oil every amount-ones, anu :ves.
and hundreds-each bearing interest from differ.
IN, dae-arithmelc itself would be a, fault, and the IN
convenience would be ntoleable The Treasury Notes
issued by the Federal Government afforded no just
analogy. Who ever saw one: None but capitalists or
person. engaged in large business Transactions Iney
were no part Of the ordinary circu!alion-were too
large for ordinary transactons-and afforded no rule
10 @uide US in egislaiing the common medium Of
exchange He would observe, also, that interest on the
issues Of the Bank was secured b. the Bill TO whomso-
ever should choose require lt-6Per cent vas always
recoverable on any demand made through Tie courts
and after the st nuary next II per cent or double
interest was dcmandable BY any one who pleased 70
proceed against Bank sing specie as Tor debt
But ought surely be sufficient 10 induce US t" pause
!one-lnd-ed LII experience elsewhere, or mature re-
fec:lon should satisfy the measure would produce
good 10 refuse sanction this proposition to make Tie
people of Virginia the first subIects-he victims, II
mipht be- OF ne W and untred eSpernent-an expert
nent, he would repeat, the currency-at war "!'h
If all absolutely IN