Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1841-12-20
EnI7ORS' CORRESPONDENCE.

Legislature this week the motion Of Mr. Scott Of Eau
qulef on Monday proposing to postpono much OF the
4th section o the act passed March Is l6Al subjects
the banks Of this commonwealth to the payment u IL
per cent interest per snaum in of the
Of their notes in specie after the st Of January, until the
LIST OF April next, and which yesterday rejected BY
vote Of 60 To IS Mr. Scot, made able argument in
support Of the MISUNDERSTANDING the deep interest
which the Common exth holds, a stakeholder IN
these Institutions TO nearly half the amount Of their en-
tire capiial-and the effect which must result To the
State treasury from depreciation in tho value stock
and from cutting of tina, large portion Of the revenue
drawn from its dvidcnd-llc also advertcd 10 the fact
that the Commonwealth is now Indebted to three Of the
Banks the amount Of $3.50 600 and con,ended that if
the relief asked denied she could not. with any
of popriety justice. refuse to pay that debt
Yet how is she to pay it Notwithstanding tho in.
creased last year, the will fall short of the
engagements aud necessities o,hc State according the
Report Of tho First Auditor. some 100000, This de
felt mus, be supplied by additional bur,hcns upon the
people. Du, those bur,hens will be unirl, compared
with that which will weigh down and crush the gr-a,
debtor class. The debt due from the people ofthc
State to the Banks is not less than twenty millions of
dollars Where will they find the means to pay. in the
''p ;" ''"'">''5 ''N"''' ''''>' "'"''"~ ~
necessary Consequence Of the prompt and vigorous
ailmen which will be thus forced upon the Banking in
situations The blow. professcly aimed al the Banks,
will strike the people themselves with incredibly aug
men,cd force, In the of his romArks. Mr. Scott
remarked that he had been informed that the Directors
had come the resolution fthc relief asked
granted. to resume specie payments on the LIST Of January.
and to continue TO pay until the last dollar ct their con,
exhausted and then TO close their doors. aud ,rind up
their affairs. This, indeed they will be compelled to do;
for ruinous such policy must be to the people and 10
the State treasury it will be better than to submit to the
exausting process, and To the certain though may be
lingering DEATH which will result from their liability To
to this extraordinary rate not Of interest but of nsuy
discountcnanced. and made criminal by
statute, when enacted by individual of another but
which the law encourages every harry in the land TO
force from the Banks! Yes--thcy treat the Banks
aliens and enemies en'enched in midst, which it is
highest interest and duty cripple and destroy and
yet these much vilfcd institutions the props upon
which the State leaned in war, and to which, in
these piping times ofpcacc she fails when
her treasury is bankrupt Mr.. IIolleman Uhe chair
man Of the Bank committee replied to Mr. Scott, in
long but, according to my Judgment very sophiscal and
nconclusivc argument lie said that he did not believe
uat DanhS Wolu on thc Isl oil January,
whatever might be their present determination; but
they should he did not fear the consequences described
by the gentleman from Fauuicr He insisted that they
would not be drained Of their SPECIE because very few
holders of their notes would put themselves to the rou
bic of suing them for the l2 per interest con
elusive reply to this position given by Mr. Scott
to wit. il so fer ,cM ara Themselves Of The provisions Of
the n,c, ,rhy not repeal III l, is that some will
and they the very last persons who ought be bcncte,
by our leglsation-he brokers' and sharpcrs of other
States, who will purchase up the notes. and run every
where upon our banks forcing from them their specie not
to he circulated among u.s. but be carried beyond our
borders. or, if they fail to get that enchng themselves
by the nsrous rates of interest sanctioned by this law
Mr.. lloeman, admitted tina, the Commonwealth m,gh, to
pay her debt TO the l}anks-and must paw But his pl,p
is to sell her Bank stock for the purpose even if it have
to be forced upon the market depreciation of one half
of value lie commended. also, that as the Banks
were getting some II per cent interest," q should like
him to point To the evidence of the ASSERTION they
could very well afford to pay l2-an argument which
Mr. Scott though he said he had often heard il urged
by 'conrtg politicians, had never expected to hear
used in grave dclberatiye body Mr. Hoeman. too
made some grave charges against the Banks--He said
that instead of strengthening themselves 40 as to be pre-
pared TO resume they had been in the habit Of selling
specie (mcaning drafts New York. SCI But he for
got to remember that for every draft thus Sold their own
circulation was reduced pari pasuand consequently,
that they haveby pursuing this less specie in their
vaults So on the other hand they have fewer notes out,
upon which demands for specie b. made He said too
on the authority Of Rnnor that the Bank beenbuypg
up their own notes at deprecation-which is so i'm
probable in itself, that shall require some evidence its
truth before can give il credcnce. Whether the Banks
are now in worse condition for resumption than they
were last Spring, remains to be Their reports will
soon exhibit their condition. which will enable us to make
the comparison, and see whether in this remark the
gentleman is sustained.
On Monday the resolution was laid upon the table, and
was again taken up Tuesday when, as YOU will oh
serve by the papers, it was rejected-neary all the
Loco Focos voting against and the Wing with equal
unanimy in its favor
If there be backing out therefore on the mar, of
those who have taken this bold ground consider the
vote as equivalent to designation of the LIST of January
next as the day Of resumption. But am very sure that
many who voted against it did alone under the force
of party discipline, and with many misgivnps and
apprclensions. Indeed Mr. IIolleman stated in the
course Of the second days debate that if the mischief
predicted should result, the Legislature being in session
on the LIST or January could in few hours arrest them
But he forgot that the 'money changers" are not quite