Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1841-12-23
EDITORS CORRESPONDENCE

RICHMOND. December Is, lS4l
think predicted in of my letters that the Loco
Foco members of the House would rerace their steps,
and reverse the course given Thursday last, in
terence TO the Suspension OF that provision Of the
the law of February, 1871 which subjects them to the
payment of twelve per cent damages fer the rcdemp
ton of their liabilities nspcce after the LIST Of January
next know | did in private note to you. The
prediction has been fulfilled; and, although Of them
seem to continue ''of the opinion still yet am
not alone in the belief that had the decision othe Gucs
ton depended upon their own vote majority of them
would have shrunk from the weighty responsibility Of
deciding, effect, that the Banks of this Commonwealth,
pre- pared unprcpared shall resume specie payments
the LIST of next month
Yesterday, after the transaction Of morning business,
MIR. Loitwch, of Wythe, moved reconsideration of
the Tuesdays vote. An excited debate immediately
sprung up. Mr. lloenan protested yohementy against
such course OF legislation, and expressed his asoulsh
meni that gentlemen, who had Tuesday, after full de
debate, decided against suspension of the II per cent
penalty, should now be in favor of that suspensions and
Mr. Brown, of Preston strongly insinuated that it
owl ing to the "Bank influence, but how cxcrtcd that
gentleman did not explain Had he been called upon,
indeed to interpret his meaning | presume he would
have been much puzzled to do so, certain dena
gogues, who eernay patng about 'bank slaves
and ''bank bought politicians when perhaps they are
themselves head heels in debt the banks, while
those to whom they apply these opthets up
on the books ofany one Of those institutions, and have
personally iavors to ask Of them. Mr. Daniel the
city delegate, replied to these gentlemen very happily
lie ttrbuted the change opinion avowed by MIR. Left
wch to loier and purermotives-noi to Bmk influence.
hut, ,i,,N, ~ I'll,
convinced that gentleman and others that the interests Of
the State and the welfare OF the people AT stake
and that both would be endangered by refusal sus-
pend the II per cent. penalty. VI Lcitwch himself
in animated manner, occasionally rising co1ucnce,
defended his courselc declared that the people Of his
county much embarrassed they are now;
and that any further curtament Of the circulating med
UNI mus, bear upon them mostopwcssvely and runous-
y he could not, therefore, by any ohs contribute
to that result. On this subject he dsclamcd all party
feeling and spurned all party discipline, The dearest
interests of the people were involved ard he would do
nothing by which those interests would be sacrificed In
reference to complaint OF Mr.. lIo,man, that it was
sought to drive this through the House by steam
Mr. H. replied that event this preferable running the
country by steam. Mr. Wallace, of Petersburg, also
vowed a'change of position lie had voted on Tuesday
he said. without consultation with his constituents
he had afterwards returned 10 that town. and mingled
freely with them. and heard their views and seen
already the disastrous effects of the Legislative dcc
sion, which he now believed. would result in utter
rum to his constituents if it were not reversed
He could not, therefore, hesitate as to his course
and he should vote for the suspension of the penalty
The vote was TAKEN and permission granted to bring
in bill for that purpose, by vote of 81 to 66-las
Tuesday it refused you remember by vote of 60
&c. To-day the bill passed both branches Of tie lie
gislalure-n the House IS GO. End in mo Sen,t. -
solo-By this az, alone the Wings, aided by the few
Locos, who preterrng their country their party uni
ted with them, have amount of distress from
the people which never be computed because sa
gacity conjecture what would have been the banefu
effects of the contrary policy The Banks would have
ceased all business except that of collecting their debts
in the most summary way-the circulating medium
would have been reduced in amount with unprecedented
rapdity-property and produce would have fallen one
half or thirds in vaue-the debtor classes of the
community would have been ground dust and ashes
and the only song of triumph would have been heard
from the shavers and Insurers. whose keen sickle
would have found constant employment, in moving
down the numberlcss victims of impru,ent legislation
Mr. Wallace, of Petersburg, the buildings of this
Usurers harvest in forty eight hours after the action of
the Legsature-and heard the cries of distress which
already began to swell upon the gale and which were
but the prelude the loud thunder which would have
dcafcncd our ears had not wiser counscs ultimately pre-
vailed.
The bill authorizing the Banks to issue notes Of less
denomination than s., after the LIST of January next,
when the provisions of the existing law EXPIRE also
passed by decisive majority in both Houses The
not advocated boon to the Banks, for it
is well understood that they had rather not issue these
notes. being compelled although in state Of suspension
to their other liabilities redeem them in SPECIE and
small amount being actually day by day drawn from
their vaults, the actual wants of the
munity, but by that numerous and heartess class who
always eagerly embrace every opportunity to speculate
upon the necessities of others. 1t is strange indeed that
this measure should have been opposed, violently as
was by the Locos who claim to be "peoples men" and
'hard money men, par ercclcncc since The people would
have been subjected inconvenience byits failure
and it would have deprived them of the only
in their power of extorng hard money from those odlous
monsters, the banks!
bill was passed to-day, by the House, but has not
been yet acted upon by the Senate authorizing loan of
not than 600, from the Banks supply the
pressing wants Of the treasury This necessity arises
from the fact that the State paid, the 18th inst the
of $3.50 600 heretofore borrowed from those institu
r. sI.llu