Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-02-03
GENERAL ASSEMBLY OF VIRGINIA.
HOUSE OF DELEGATES.

On motion OF MIR Ike, communication from the
Governor, enclosing a statement of the condition Of
the North Western Bank OF Virginia, was referred
TO the Committee on Banks.
The SPEAxER submitted sundry dispositions to
be used 40 evidence in the contested election from
the county ofLousa, which laid upon the table.
Of which Mr.. Williams spoke on Saturday,
On motion Of Mr. Goopr,
Resolved That the Committee on Agriculture
and Manufactures be instructed to enquire into the
ing the sale Of loose parcels OF tobacco; that hey
have leave TO report by bill or otherwise.
PETITIONS
MIR. HARRELL-Lctier from John Clark remon-
s,rating against the petition Of the trustees of Ycates'
Mr.. ToLER--Peti,iou Of citizens OF the town Of
Lynchburg for the incorporation Of the Odd Eel
lows Male and Female Institute in said town.
MIR. Decentralization of the Rockbridge Agri-
cultural Society, recommending the propriety OF
appointing competent persons to prepare detailed
system of Common Schools for the State.
Mr.. McCossELL-Petition Of citizens OF the
county Of Ohio the subject Of establishing &c.
neral system OF Primary Schools.
MI JoHssros-Petition Of Guy ID. French and
WIN. Chapman, asking that a sum of money erro-
neously paid into the Treasury may be refunded to
them.
On motion Of Mr.. GoopE, the committee ofSchoos
and Colleges was discharged from the consideration
OF The petition Of citizens OF the county OF Camp
bell, relative to Academy in said county; and oil
the petition Of ctzens OF the county Of Clarke for
an appropriation TO the use oil the Wickllhs Aca-
deny.
Mr.. DoRMAN, from the committee Of Finance,
presented bill imposing taxes for the support Of
the Government, which, on his motion, was read a
first and ordered to be read a second time.
A Bill concerning the Baltimore and Ohio Rail
Road company, with the amendments thereto pro-
posed by the committee Of Roads and Internal Ma.
vigaton, was taken up, and amendments agreed TO.
Loaisa Election.
On motion of MIR. TArLoE, OF King George, the
report OF the committee of Privileges and Elections
upon the memorial OF Elisha Melton, contestns the
election of Joseph Lipscomb was, with the docu-
ments submitted by the Speaker this morning. re-
committed to the committee Of Privileges end Flee
tons.
On motion Of MIR RoBERrsos, ordered, that leave
be given to bring in bill to empower the Com
mon Hall to appoint Port wardens for the port OF
Richmond
On motion ofMr RADCLIFFE,
RsSoIred, That the Committee for Courts OF us
tice he instructed to enquire into the expedency OF
so amending the law relation to Oversees OF
the Poor, as TO require an annual election OF the
same.
Mr. M'CossELL presented petition of citizens Of
the county of Ohio, asking that Imprisonment Tor
debt may be abolished.
Mr. Cox from the Committee on the Peniteniiary
Institution, prssented report upon the resolution
relative TO the illegal confinement Of prisoners IN
said Institution.
Many hills were read second time-some Or
dered 10 be engrosSed, others laid upon the table.
The Small Note Bill.
This bill, which had been referred back TO the
Committee on Banks, came up, with the amend
ments.
MIR SMITH of Isle Of Wight, moved TO amend the
clause declaring shat the power issue small notes
should after the first day of August cease and de-
termne," by striking out the first day of August,
and inserting in lieu thereofthe first day of June
MIR CowAS moved the indefinite postponement OF
the subject.
Mr. GREGORY hoped the House would not agree
10 the indefinite postponement of the bill. He went
as far as any gentleman upon that floor in the de-
sire 10 regulate Banks, and TO give power 10 the
Legislature 10 throw around them every wholesome
restraint; but whilst he did all this he was anxious
that the Banks of the Commonwealt should be
permitted TO render the greatest possible amount Of
good to the citizens of the State. He found in look
ing over the banking institutions OF the country,
that the Banks which had enjoyed the privilege Of
issuing these small notes, were those which were
m the best position. There were no Banks proba
ply, IN better condition than those OF North Caro-
lana, and the Banks IN that State as also in New
4 ork, enjoyed this privilege OF issuing small notes
IL had been found, too, by actual experience that
these notes were a very great convenience TO the
pubic; thatthey were an admirable substitute for
silver; and 1t dad appear him to be nonsense TO
Contend that Bank should issue IS notes but
should not te allowed TO issue one dollar notes.
IL they could redeem the i've dollar notes. they
ne STA
OF Bank depsRded upon its credit and NOT unon
the amount Of silver in its vaults-for had moi the
Banks OF Virginia, since 1897 been conducted rv,b
out specie, and had not their notes been receyeo
throughout the State just as readily as if their yauI,s
had been full Of silver? He looked upon ali The tall
ABOUT specie payments as pretty much of humbus
Alter many other remarks, Mr. Gregory concluded
oy hoping that the House would not consent in
definitely TO postpone this bill.
Mr.. EERBE said, that in addition to the reasons
nj aa1
legged leave 10 state further in justification Of the
vote he should give upon the motion To inde6
nteiy postpone this bill, that he wss influenced nv
desire TO enable the Banks Of this Commonwealth
TO redeem Their notes in silver its equivalent, Ia
would not be denied, he presumed, that the resume
ton of specie payments ut this time was n sor
extent, an experiment, at least by the Banks in
Of the States North OF this and The nova
Of the Banks Of this State TO maintain their r.srn
ton depended IN great degree, upon those Banks.
the balance Of trade being in their favor and an,
Banks constantly falling in their debt Se,ious
doubts were entertained as TO the ability Of the Penn
syIVanta banksto maintain specie payments for an
length OF time, and in the event that thew Aid M,
hoiu on, the Maryland Banks, in all probabilt.,
would suspend. The issue OF small notes for sny,
time would strengthen their Banks very much 80
assist them IN their efforts 10 redeem their no,cs L
providing convenient circulation for the nu,rosc
oi change iot those who would be content to rsceiy
the same IN lieu OF the silver, and yould tbs,oL,
whist atth same ume those who prefer The ,iI,.
could, al any Time convert these small issues INTO J,
hho, again, the issue Of notes Of a less Jsno,,;,
ION than i've dollars, until the period sboglJ :,
iNey when the ability Of those Banks 10 lie no.,t
81 mem 70 continue specie payments would lie fi,
" tested, would force out Of circulation tie n,li
notes OF distant banks in the surrounding s,a,.s
and, OF course, strengthen their own 10 he 80,
o. the amount OF these small notes which n -
aho were sui ~ circulation amongst them n
begged leave TO repeat that the bill was n t.rr,
measure only, and, in his Judgment
assist the Banks Of this State 10 maintan ,bo ~
sumption Of specie payments WV
MT hoBERrsoH urged the passage Of the bill
ne described II as designed 10 aid the gaoks ., !
maintaining specie payments. IL soggb, N 60,
me ooJect by auihorsing the issue of small ~ =,
'mieo amount Tor limited time. Tbe $780,,
% per cent on the eapitals) was so small =. '
70 ceuse OBJECTION on that score II the biIl w..
oslelMlse pala'eoe' The time 70 which the s,,,ta
rty was limited list August1 vas st we autho-
as would answer any valuable pp,no. ~ ~ snort
sues are attended with some eInep., =, a. rs is' /
~ the Time should be 90 short as moi to r,,,,, ,
mat expense, INC notes would not be iseucJ :, ~
announcer reason was u be fouud in tbe eoaaii lI''
ton that some Of the Banks now bayiny ra,a1
olheIs not period too limited would oosr,,. ny
analy-6enehung those only that now raj i .,.o'
Inc 5ill does not affect the provisions Of tbsP 80
. hNlng UNIT on the circulation Of the BonLs
serve the ratio fixed by law a psner ~ so;. Pc
elect was merely 10 alter the denomins,;or. .s
enlarge the amount Of Bank issues Uos, LII III
that possibly influence the ability Of the B,,L 20
uoee lu laoihtiesI In respect 10 an ipdividn,i- ~
~ Oyhuielon worse u he owe a thousand doiI,,. IL
oohos OF zen dollars or Of a thousand doII,,,5 ~
nc ay ie.' e1le 70 pay IN the one case thar II ,b