Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-12-21

when perhaps, we shall be compelled sell what stock
and other means we have in our possession 10 pay on
these accumulated debts; Whilst We have means why
not nav at once instead OF borrowing and procrasnat-
ing:
dispose Of these Wheeling notes for the State Stock
now held BY the Wheeling Banks, and thus save our
selves from selling them at depreciation Would we
then. said Mr. f., be any better off than before:
Would we not have TO supply the place OF the State
Stock thus taken in Mr.. H. did not conceive that the
loss on the Wheeling notes would be very great and
preferred selling them 10 letting them remain IN lne
Treasury unavailable. As for Bank Stock, he only
nroposed TO sell SO much would be sufficient to an
swer the purposes of the Trensury-prosded it could
be sold for not more than per cent under the present
market value AL admitted that we had means now IN
hand for paying the debt about to accrue The only
question for the House TO determine was whether they
coulJ be made available not. Mr.. H. thought they
could and said he would greatly prefer using them 70
borrowing Of the Banks
Mr. CRurcnrlELD said he was reminded of the pro-
duce of lie mountain lie had expected something
great and important from the gentleman from Isle OF
Wight but the gentleman had given them nothing but
the old proposition, to sell the Wheeling notes and BANK
Stock He said the Banks were now applicants Tor re-
ef-and giving that relief, we might impose the con-
dition he was for compelling the Banks to receive
the notes of the Wheeling institutions. This ne sad'
was bad time for selling Bank Stock The best Pocy
would be to wait for resumption oil specie payments,
when it would rise in value.
MIR. DoRMAy then made an argument in reply to the
remarks of the gentleman from Isle of Wight. The
gentleman from Isle of Wight, said MIR. d. had nqu'-
red how we should get the Of paying this money
on the first of March if he had looked INTO The con-
dlion of the Treasury, he would have found that there
will be money enough by that tme TO pay the debt now
about 10 be contracted Whether or not the Treasury
would be able TO meet all the demands hereafter 10 &C.
crue, was another question: and MIR. d. was wiling TO
admit that gentlemen would be called upon to provide
for the interest the public debt to accrue heEcaiter
but that fact did not affect the present question
Mr. D. said that Virginia Bank Stock sold day or
two since at sos Now, as the gent'emans ryder pro-
poses to sell the Stock Of the Stale at five per cent be-
low the market value, he would dispose OF at SOU
and lose 40 per cent. Mr. d. ccntended that, by sell
ing the Wheeling Notes. and some Of the State Stock
in the Banks at this time, we should have to incur an
actual loss of S25 O00 The interest on the proposed
lopn would be but $500. Now he put it to the House
to say whether they would pay s5OO interest or con-
sen, to sacrifice of 49, in order 10 Obtain an &C
commoda,ion for two months of $4,000
Mr. seorr of F. thought the Banks IS, should De com,
nelled to take the Wheeling Notes We might impose
such condition in any bill granting them relief. tie
thought moreover, tina, the Wheeling Banks should be