Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-12-29
LEGISLATURE OF VIRGINIA.
DEFERRED DEB.iTE.
HOUSE OF DELEGATES.
MOTIFS oP ,rur yop.rp -V,r.Trpy o,vt.

NOTES OF THE NoRTH-WE>TERS BANKS
When the resolution Of Mr.. DoGa&N, directing tn.
ls Auditor 10 open correspondence with the North.
Western Banks, in order TO ascertain whether an ar
rangement might not be made for rendering the notes
of those Banks available 10 the Commonwealth nj par,
submitted 10 the House, Mr.. WALLACE Of Peters.
burg suggested the propety o. considering his esolu
ton for dsposing OF the notes no" IN The Treasury
discount of not more than 10 per cent.
Mr.. DoRMAS hoped that the resolution ofhe gentle
would not be pressed at this time. He thought !,
would be better to let i lay the table until tie r.
solution submitted By himself should have beer acted
on. Gentlemen he said, would perceive that hi
solution simply one of nquiry-a mere enGeaYo!:
get these notce oil without sacrifice the Common.
wealth. II the Banks Of Wheeling gave a negative
response 10 The enquiries proposed 10 them tcn the
proposition Of the gentlemen to sell their notes die
count Of not than ten per cent would properly
up for consideration before the House The re-.
solution just submitted does not contemplate mmed,.
ate action; if however, the banks respond that they
will take these notes, or give US Baltimore other
available funds for them, tie matter will end, and the
resolution OF the gentleman from Petersburg be 1T ia
Mr. D. therefore hoped that II would bc suffered
he the table until the house prepared 10 act
more Understandings on the subject.
Mr.. WALLACE IN reply TO the gentleman from Rock.
bridge sad he would press his resolution tbs
time but for the fact that the Commonwealth had short
ly pay the large nsalment OF interest on The public
debt Ii was however, certain that tins interest was
rapidly accrulnS, and would have be paid IN specie
Now, shall! be forced 10 obtain ths specie from the
banks, who require pay premium on all thcy
advance. Mr. w. SAID he was informed there was now
$4,000 in Wheeling notes in the Treasury. He called
the attention OF the House the statement made ew
days since by prominent member of the Wing pary
man of high standing and Extensive xperence the
fairs OF the West the acknowledged organ OF the North
western banks that the comparative price Of Northern
funds in Wheeling was superior TO that in Richmond
MIR. W. understood that gentleman have informed tie
House-whether hastily and rashy; or with due inor-
nation and consideration, he was unable 10 saiha The
Commonwealth could convert the OF those banAs
now unavailable IN tie Treasury into available specie
funds at discount Of . 0 per cent Mr.. W. SAID
his resolution proposed To extend the maximum III
discount TO 10 per cent Now, ii Il tsae that spe.
Gle funds could be obtained with the Wheeling notes
at premium oil or per cent, Mr.. w Conceived il
would be as advantageous 10 the STATE 10 procure the
specie to pay the interest the public debt h selling
those notes as by selling the notes OF the RchmaaI
/ banks.
Mr.. ". concnded that any bank prepared 10 resume
would either buy up its paper /, II lie bought
al discount OF less than per cent 1t the notes
Of the Wheeling banks should fall to 10 per be-
low par, It would be admitted that the banks were A.
vanc'ng 10 towards insolvency. In such state 81
things II wonld be unfortunate Tor tie Commony wealth
to have 50 large sum in tier notes. Mr. " was
aware oil no other plan submitted by the gentleman for
aisposng OF these notes, except that Of paving them
away for the bonds OF the Commonwealth now held
| by tn. Wheeling Banks. When the question shall
come up before US 10 determine shat currency shall IL
receivable IN payment Of taxes, IL will, indeed be
! question oil grave alu serious Beth
of the Richmond and the Wheeling Banks are below
par-ihe five per cent. less than specie and The
others fifteen. II We direct that the Wheeling notes
be not received, We shall be met by the indignant voice
| OF the whole Western people.
Mr. W considered that the question resolved i,s..
into this-we have money in the Treasury and 4
debt due His proposition convert tie m.
available funds now there into available money. Win
tn fact before us-the fact that would be compelled
to have aid promptly-he was for legslating III such
manner would enable the State 10 pay the deb, with
these funds now OH hand. Mr. w submitted il 10 i!.e
consideration Of the Chairman Of the Committee on
Finance, whether he ought Sigh, tie information
advanced by the gentleman from Wood-whe,her he
ought not TO direct his attention 10 the West in order 10
find the means Of meet;n. the Forthcoming demands
on the Treasury 1t was for that gentleman particular
ly 10 consider the fact stated by the member from
Wood that specie could be bough, al a better rate
| Wheeling than in Richmond.
As another objection against the passage Of the
luton, Mr. w thought II improbable that the
sought from the Wheeling banks could be received
III The session of the Legislature al advanced
stage. Ii there were any ground for the present &C.
probation Of the Wheeling nctes, they would Mr. "
thought, 20 still further down the hill OF insolvency as
time advanced. Why no., then, act promptly; The
hacynn period during which they may be sold at ,r-
| ding discount may PASS away. The Richmond banks
charge the State sos for 800 specie and Mr. "
was no; that the Wheeling banks would charge
higher sum Wherefore, then, he asked, should We
delay: Was there any substantial reason: Could gen.
temen say That the interests Of the Commonwealth
would be sacrificed by this course' II we delay, cor.
tended MIR. W. lose sill! mere by the further Dc.
precaton of those notes which will probably take place.
and we leopard all action and all opportunity Of taking
advantage of the state Of things were told by the
gentleman from Wo1d MIR. w concluded by eH
pressing hope that the House would &c, upon bis re-
/ solution at this time.
Mr.: JACKSON was not surprised, though other gentle
men from his section Of tie country might be- a, tie
course Of remarks indnlged in by gentlemen regard
este En
lected argh,, when the discussion referred 10 occurred
the gentleman from Petersburg and took srat
near him. ard manifested great soi,cude for tie cord
ton Of The Nor,s-weste-u Bznss out Of compressor,