Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-12-29

Mr. w was opposed 0 the resolution of Mr.. Dor
man, chiefly because proposed such roundabout
mode Of accomplishing he desired oSjes1s .a lie con-
nation TO enable him To sell the Wheeling notes upon
advantageous terms II mil ht be asked why he Mr..
w. desired suclHmmed;cte action on the question; and
the reply he had TO give was THIS the Richmond banks
prepared to charge premium on the specie they
may advance in order pay the interest on The public
debt and it would be desirable to take advantage
of the of things referred to by the gentleman from
| Wood, and get the specie by selling the wheeling
notes. The House had the assurance OF the gentleman
that such state of things favorable TO the operation
proposed BY Mr.. w. did exist md he was anxious TO
take advantage Of it as speedily as possible
Mr.. HoLLEMAN and SAID he desired to have the
question on the proposition of The gentleman from
Rockbrdge divided He wished TO have the latter par,
of the proposition stricken OUT because he considered
it the advantageous for tht banks and that which
they would most assuredy takci they had their choice
If the Banks asked, Mr. II. thought they would
hesitate to take these notes With the bonds oil he
| State which they now held.
| Mr.. H. then referred TO the signs of war exhibited
between the East and West, and said he imagined but
few would respond to the bugle which had been sound
ed by the gentleman from Wood. lie knew the noun
tain boys ready 10 come nj the call OF their
leader, and to fight when necessary but they did not
care to rise en- nasss when there need for it,
He Mr.. H., merely anxious - convert these notes
into available funds and, though he regretted they
were at discount it was circumstance for which he
with the quarrels between the Banks Of Richmond and
Wheeling, and only hoped tht the result of the snarl
they had got into would be determination to do their
duty to the State.
1t was proposed BY the resolution offered by the gen.
tleman from Rockbrdge TO discharge debt not due,
and one which the Communicable was neither wiling
nor able 10 pay-u empty the Treasury at time when
we expected to borrow If we redeem $50 or 100000
of the State Debt, how does the Chairman of the FL
nance Committee propose to supply ITS place? BY of
ering other stock the hope Of selling it at par' Mr..
II. would be willing to lay wager, that if 100000
put up in the market, it would not bring 9O-cer
ainy not 80 in Virginia notes. Though the stock
might be nomnally par yet, IL large quantity were
thrown in market to be paid for in so or go days it
would depreciate III value.
| Mr. H. then proceeded 10 consider the effect of the
resolution on the resumption ofspecc payments which
he regarded as detrimental. In relation TO the small
note BILL passed BY the House, Few days since, and
which gentlemen had declared TO he measure of such
great importance and utility, Mr. H. had an illustration
of its wisdom, few days sir<e, at one of the banks
where he with check for 500 Gnd asked for $50
of the money small notes. The officer refused him.
and sustained by the President, who gave, as rea
son. that these small notes rcdeemahe in SPECIE
and would be presented at the counter. This, Mr. H.
said, was the way in which the banks executed this
great measure for the convenience of the public.
Though considered rabd on the subject OF banks
Mr.. IL. would call upon gentlemen to reject on the
subject and consider the consequences OF Proiohsme
the indu gence granted 10 them. lie made lhs appear
not more to the opponents of the banks than TO their
friends.
Mr.. H. concluded by expressing hope that the
House world strike out the latter clause Of the resou
tom that portion relating 10 the sale Of the Wheel
ing notes for State stock.
Mr.. DoRMAN said he surprised to see such q
debate as the present mere resolution OF inquiry
after certain facts. II simple request to one OF
the Executive c.iccrs to open correspondence with
the Northwestern banks in order 10 whether their
notes could be made available. II took but two and
half DAYS for the mail TO reach Wheeling, and long
before the Senate back and We were ready 10 act
upon the subject should have received sufficient m
formation to enable to act undestandlngy tie, Mr.
D. had supposed there would have been no difficulty
on the subject but instead of that there had been
fight between the banks of Petersburg and Plrkersburg
The gentleman from Petersburg had made violent as
sault upon the North western banks. From his know
ledge of that gentleman and his amiabty OF charac
ter Mr. d. could not suppose that he had made the al
tack with due deheraton. ii was no light thing tor
man of his personal character 10 rise on the floor oil
this House and assa the public Institutions of one Sec
ton of the State; and therefore Mr. d. did not won
der that the ire OF the gentleman from Wood was
aroused The member from Petersburg had said the
notes of the North banks would go still lower
down the hill Of insolvency, until they could no,
be gotten off at 10 per cent II he had looked III
the records the EXHIBITS Of Ire condition oil those
banks made daring the last 1--we years, his candor
would have compelled him 10 say that no institutions
were sound. lie would have regarded them rs
superior other institutions Was It not, then,
these banks before he had asccraned whether the de-
probation Of their notes owing 10 their internal
condition to eHtTaneous circumstances above whose
influence banks placed hy their sItualion'
/ The gentleman from Isle oil Wight had warned the
House not 10 send the Wheeling Banks The offer
tanned in the second clause Of the resolution. lie
thought ought 10 be too cute lor that. The bank
officers would be sure 10 accept the proposition; and
it were not made 10 thcm they would have 10 take the
irst-yes they would have to kobe the first because,
| hep n their int of
of erception men who never read the newspapers,
they would not know that any such proposition as The
second had been offered to the House.
Mr. D. said the idea of this correspondence was not
original with him, and be took credit for II, since |,
was the result Of conference with the First and Sc
cond Auditors and Treasurer Those officers thought
best conduct the correspondence IN the order then
named first, TO ascertain whether the notes on hano
could not be made available to the State at par; and
them in case the first proposition failed TO enquire
whether the notes could BE- disposed Of for State
stock This said Mr. D., would BE- The natural course
| of diplomacy.
The gentleman 'front.' of W, moved to strike out the
2nd proposition because, If $50 10000 Of the public
debt were now redeemed, there would be nothing 10
supply its place. Mr.. ID. would answer the gentem
by saving that he would sell the stock again, or
cancel it and Issue scrip we owed the money,
and what matter was it if The character OF the debt
were to be changed. Like Paddy blanket, II was as
broad as it was long. The gentleman asked how we
would sell it, and gave his psc di1it that 1t would
not bring 30 Now, against the geoernans pse Dirt
Mr. D. would put the united opinions OF the three OIL
GERS he had referred to- Stock having ~ years 10 run
sold better than that having only months Such was
the fact, though ii seemed strange lie, Mr. D., had
no doubt that State stock, witty 81 years to run, could
even now be disposed of in the market for 80.
| Mr.. D. concluded by hoping that the resolution
would be adopted, as being one of mere InquIry-two
questions which the banks were required to answer IN
the order in which they We're presented-a proposition
which would hang nobody nnls commit nobody an
he, Mr. D., asked, INFORMATION. After they MAD
obtained that, gentlemen might bang away ~ ta.,
other az much as they pleasedhe would promise them
not to interfere.
Mr. WALLACE rose, as he said to correct the mIsre'
presentations of the gentleman from Rockblrdge;-
Whilst he felt himself indebted to That gentleman Tor
the compliment paid his amlability Of character he
was unwilling to be considered as having made grave
charges against the banks-lberal towards them and
= dlnnu of the House. lie