Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-11-23
PUBLIC MEETING m powu.r.N COUNTY


jacob MichsuS as Chairman and DE- II w Royst
as Secretary.--Then. on molten, made by Geo. L
gon, was
Rssolrsd, That the oh airman appoin, Commit
tee, consisting "f seven members, to draft pre-
ambe and reso utions for the consideration OF III
meeting.
whereupon, the Chairman appointed tho follow
ing gentlemen, to wit; William Old. Gen. WIN
Lyon, John w Nash, Dr. wm. Crump Dr.
Cfump, Miller w Miehaux, and DR. Michael
Murry.
whereupon, the Committee retired, and in a sho,
time returned and reported the following Resolu
tons:
l. R,s9irsd, That, in the opinion of this Meeting
Congress has no power, derived either from the e.
ter or spirit OF the Constitution, to incorporate
Bank Of the United States, under any form, or b,
any name Whatsoever; and that the establishment
of such an institution would not only be a violation
but tend greatly to increase a redundant and IRE
deemable paper currency, and be a mischevous at
tempt to bolster up and sustain by legislature ar
unSound credit system.
2. Rssolred, That President Tyler in refusing
his assent to the bills which passed the two House
OF Congress at IT'S late session, Incorporating Bank
ofthe u. s., exercised high constitutional and con.
sentative power, preserved the Construction from
violation, and entitled himself 10 the thanks of the
whole Republican party.
;. RI Soipe[, That as Congress was convened ai
It's late Extra Session avowedy for the purpose OF
providing the necessary means OF enabling the Gov.
eminent TO meet its eIs.ing engagements until the
regular session OF that body, we consider IL as in
delicate and highly improper in the dom nant party
to have seized upon that occasion press the con.
sheraton and adoption of great aud important
measures calculated to effect material changes in
the general policy OF The Government
4. Resolved, That the act passed at the late ses
sion OF Congress, providing for distribution OF the
procee Is OF the public lands merits unq ualifed
dsapProbation, as being unjust, unwIse and uncon-
s,lutona; and, when taken IN connection with the
alleged deficiency of the revenue and the means
simultaneously adopted TO supply that deficiency,
i grossly absurd. TWAS giving, and thus eating,
necessity for borrowing to supply the deficiency
created ey giving. IL presents n standing and con-
tnuous brbe tn the people Of the States TO permit
themselves TO be taxed by further and continually
recurring increase of the Tariff. IL deprivos the
Government of important source of revenue,
and leaves it in possession OF all the extensive and
mischevous patronage and cOrrupling influence Of
the present land system.
And, whereas, a paper currency can only be con-
sidcred sound and beneficial 10 the community,
syiile il really continues what II purports to be,
the representative OF specie, and is in fact conyer-
bic at the pleasure of the holder and that IL is
imperous duty Of the Legislature creating instiiu
tons for the emission oi such paper to watch over
them and by all proper meens TO preserve this es-
sentIal principle of conveTt6iltT inviolae, not by
enactmen,s only, but by the infection OF such pc
nalties as vii at all times, and under all c,Tcum
stances, enforce and the redemption OF tnc'T
notes, when presented for that purpOSe:-NOw, II
is notorious, tEIt tie notes OF the Virginia BaHks
have long ceased 10 have this necessary quail
ty; the holders Ui them can only get specie by
selling tntin ~ CItlutIdOlG ulSCOuUl ycL Tue
Legislature, tlr hom performing Its duty, by
enforcing, permitting the enforcement OF even
the existing penalties, have constantly passed, with
the utmost pgonIp iude, bills OF indemnify Tor the
past, and granted hcence for future violation oil
their gagemenIs; and will probably continue TO
do so, as long the Stale has any lnIereu IN, OF
continues its connections with these institutions.
Resolved, Therefore, That this connection be-
tween the State and the Banks ought be dissolv-
cd as soon as practicable, with prudent regard
TO the interests OF the Commonwealth.
To this report OF the majority OF the Committee
John w. Nash, Esq offered the following Pream
bic and ReSo uuons AS q substitute:
Mr.. NASH'S SUBSTITUTE.
"whereas, it is both the duty, and the privilege Q
the freemen Of this country, TO assemble IN pubh
meeting for the purpose OF expressing their opinion
upon all questions affecting el.heE the great 10 crest
OF the commonwealth, or such IN their opinion
involves a breach either OF the Fedora. or Stat
Constitution and while this meeting would no
deem II necessary, upon light or ordinary occasion
interpose the expressions OF their sediments, ye
regarding as they DO The present condiuon OF tI
Banking institutions oil our country, IN a stale q
suspension, during period OF profound peace, an
during a season u acknowledged commercial pro-
perty, they have deemed It their duty as Pa.TIo
and honest men, to look into the causes Of this
OF things, ana 1t practicable, without a sacrifice
greater in, eresls, seek lis correction. They az
admonished too, by the near approach OF the meet
ing of the next General Assembly Of this Common
wealth, and the meeting of Congress OF the UnIse
attention TO the remedy which they propose 10
this great evil-ln dong this, they are IN no de
gree unmindfu of the difficulty and embarrassment
which surround this question and while this re
Election may serve 10 suggest caution and pru
dence in the selection OF the best means
accomplish their object, II does not preseh
an insuperablC barrier 10 a wise and mani
effort at redress THIS meeting will not now IN
quire either into the policy OF creating banks {
discount and circulation, the power on the part
the S, ltes ~ create them. They are bound TO re
gard both as settled questions, under the Practice
the several States OF this Union. And So long a
this power is exercised by tweny-sIN separate an
independent States, with almost every variety 0
opinion and interest 10 influences their legislation
the paper currency OF the country, flowing iron
such institutions, must necessarily be Of very une
quail value as well as credit, unless they are sub
iecIed, at all times TO the obligation OF redeemin
their notes in specie. Ii IS IN VaIn, that sing
State may pass laws upon the subject, unless SIM
lar laws are passed 10y other States with WHOM
commercial relations exist. 1t Is true, that grea
deal may be accomplished by wise course OF lie
glslation upon the subject, Dy single State, an
which each State Is bound TO adopt, and siernIy {
enforce; tut is the deliberate opinion OF this meet
ing that nothing short Of Bankrupt law VI Con
gress applicable to Corporations, will afford a ful
and complete remedy; and without this salutat
restraint, acting not upon sections OF Territory q
single States, but peryadng the whole country, "
shall in despite OF best efforts, be doomed 10
vicious paper currency irredeemable in specie upo
any hucluation Of commerce. But, while we hol
this TO be the true remedy, yet we deem u the dut
Of the several State legislatures, and that OF on
own in particular, to put their respective Banks
n condition 10 resume and to maintain specie pay
ments. And, among the means most likely to &C
complish this end without destroying the inst u
tious themselves, we hold that the refusal 10 PERM
them to make any dividends at all, at most, yer
small dividends during a period Of suspension, an
to limit the amount Of their discounts, will be mos
likely TO be efficient.
"ResolUed therefore, as the sense Of this meeting
That a Bankrupt law TO be passed 10y Congres
applicable to Corporations, under suitable safe
guards and limitations, IS the only efficient mode q
enforcing and continuing specie payments by tn
Banks OF the several States, and tina. u Is the dut
of this ancient Commonwealth 20 move az once ii
this matter by the adoption, on the part Of the Leg
stature, Of Resolution insructIng our Senators
and requesting our Representatives IN Congress
forthwith 10 introduce and vote for such law.
"RssoiUtd, That the Delegate from the county
hereby instructed TO introduce into the House
Delegates, and 10 vote for such proposition az =
carly period Of the next Session Of the General As
sembly.
'Rssolpsd also, That Il is the duty OF the Legi.
lature TO place the Banks Of this Commonwealth
condition 70 make It their interest TO resume, an
that they ought not to be permitted to make fu
dividends while they continue 10 suspend specie pay
ments.
"And whereas, this meeting has seen, with live
satisfaction, the application Of hls Veto by the Pr
fdent OF the United States, TO the two bills pass
10y the late extraordinary Session Of Congress, I
the incorporation Of "ths Fiscal Bank Of the Unit