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

Us w. institutions. lie oar. ~ Mas md renllv
s The sympathy and sohc.u. ..a of the gentleman
10, 'te -, - IN the aid and assistance Oh ,"s
caicu,a'eo - FIR the Northwestern pahas' =
from feefso.S rose 10 cxpain. lie was mol aware Oh
conversation as that rele'teu ~ ~ h.ne hoon
"a som Wood, and was sure 'n" ~ coo, ,a.r Tho
.one other gentleman VINO 'hu' ,sent and asked the
meuoet' LIZ zoos the rate ofexchange on lhe North,
sentsna. W." VII, was : or per cent on inst 'nior-
,t;on and on the UNDERSTANDING his course an Tho
{, WOOD he had alone relied ~ auop no een,iam,n coo
I "ooo NC hs was pleased 10 hear the gentleman say
subJec'; 10, nc Banks were we'll prepared to re-
Sthat the Wheeling 800
Y snna specie payments 10 La :,a.,s,ooa
SUN cysoS said he was sorry ne naa
M -. ~ tho gentleman sympathy towards the IN
s.n,ions OF his section Of country AS LOT VIVA. ,'s
PI.a he would refer to the records of the House
h.np rs 1925, when an application forthe charter
80 - on factory presented and carried against
,lo,, opposition by the votes of the Western mem
w., ,so when a railroad was to be constructed 10
".s,sbur she had to acknowledge her obligations to
West. Revolving these facts IN his mind, MIR. j.
i, !, was natural for HIM 10 suppose that the gentle
:, from Petersburg sympathised with his section of
ouni,y. ,L, a. .,,. ,,,o.od
~. ofthc banks of Wheeling He did not claim
ine ore than the acknowledged organ of the people
cWd and the exponent of their wishes and opinions.
Ms, no said beyond that, was asserted on his own
I "adn,I responsibility. AS Western man, devoted
interests and views OF that portion OF the State,
,Is call the attention of his Western brethren TO
n ,,sts continually made the West, and hoped
u only be necessary to remind them OF the facts
! o9sr that they might see what was IN The breeze.
IN o'I. said MIR. j., the Banks of Richmond sus.
-. s,,cie payments, closed their vaults, and re-
pen'sa ~. az. \ dollar This was called suspension
luS" - ,.,cbont fails to meet his engagements, or
-r''' " " . Med a iailure-and this was true IN ali
r;as and it was substantially true OF the Banks.
I sou"" .,rf,rmity TO this wholesome mercantile law
4 D..
'ha' w. ~. ,a,d specie amid the general crash, and
s'' -, continued to maintain this position, had
w.lIu hss, indirectly invited by the Legislature to
w. And what evidence In the face OF the TACT OF
,Isr paving specie, can gentlemen aaauce lal ,hess
-. ore on The verge OF insolvency IL was not un
ol"' - ,s,t me North. Western Banks suspended,
- -. -, h.canse thew deemed 1t exPedent, but be-
- ;,y;,sJ 20 the step by the action OF the Lessia-
..,,s, session Mr. J. said he had based the state
"an, ,n.de DO him on these transactions ana iacls.-
B,Ils on the East had sold IN d. pei CEN
,",hs, fac, was, that the State, which was now max
.,a !, the Western part OF Virginia, PAID the
so,n-s in bonds These bonds were sold by the
,o,,r,c,o-s 20 the Wheeling banks At ~, per cent
49,, mar and the same price which ~ouia ps ooo'hea
- ,,, + sold IN the Richmond market Tor Richmond
~ ~ ,rbersr,re Il bought in Wheeling, they would
I 49,, ~ ,nore Than II purchased in Richmond The
a, o,,,rr. of Richmond money being thus required
- purchase 100 dollars Of State STOCK IN richmond Us
oc Wheeling money purchase same stocA VI
|
60, canal for he said according to his mathematics,
le< ,caal 10 The sae thing tquat 10 each other
a.he- IA. mar De- mentioned, SAID Mr. j., IN connec-
non with The Bank Of Virginia, the iapor'e pet i"a'
institution suspended in 81 1t resumed ano suspend
ed again. not having the ability 10 maintain eou.Se u
snec1a raymen,s Now considering the tact that the
Northwestern banks pad out specie during lie whore
~ ,bs-pe, d. willis. the Bank Of Virginia was sus-
pending and rcsum,nr he, Mr.. J., thought lie haa
rish, 10 say that tn Northwestern Bank occupied
position superior 10 the Bank OF Virginia. nat bnnh
was burtencd with heavy, unavailable subscription 10
the James River and hanlwha Ccmpans; large loss
from the dedication which occurred year or two since;
and an enormous amount Of suspended debt. When
merchant dealer fails IN business his credits are scat
ed and set down ii their true value The debt due to the
Bank OF Va large, accumulated from years. ana daily
~ creasing and growing worse. Let be subjected 10
Ia process Of e1amnaiion-each account seParatey-
la ,erlaned and scaled at its true vaue-who owe and
lmhat each payle this be done, and Mr. thodght
i, would be much the Bank of Virginia could do
10 pay of her circulation. Mr.. J. sad he was not SIN
GUAR n the opinion. He had frequently heard other
eni intelligent express the same view of the
eaz Sir, said Mr.. j., about the time OF the great sus
z pelspn-when total ruin about 10 overwehm the
fcAmond Binks-wceu they were on the eve of 60
ar ~ the bourd-lhe State came to their with
th surplus revenne, which had heen received from the
DATED States Government. Notwithstanding that,
J t.ey unable TO meet their engagements. The
tC1mmonweata gave the Richmond Banks more than
worth preuum if not equal TO specie With this, MIR
thought they surely ought TO have met their engage
ment Not 50, however. They were forced TO suspend
s,snd thereby confess their delinquency. Mr. J. admit
fied that the Northwestern Banks had received PAR,
OF the surplus subscription from the State; but
their share consisted in part Of drafts and the balance
an State stock The chnond Banks got hold of the
whole they entitled to by law out of the
three nsalmen,s Of the surplus revenue-they com.
peely helped themselves to III aud it not until
hat, mi IN do turtl
Exchange Bans and the North western Banks by CIV
ing the stock of the State to pay the residue due them
Nh said he had desire 10 assail the banks OF the
Sale. lie merely acted on the defensive, order TO re-
pei the unreasonable attacks and false statements made
IN relation 10 the banks Of his section OF country He
considered it unfortunate that the State had become
tie Parncr in these banks since now holding the in
,e!es II did, it was bound 10 aid them lie regretted
Tie necessity which had induced him to speak as he
had done OF some OF the banks and his only object
10 bring about such action as would protect the inter
ests Of all.
The gentleman from Petersburg said Mr.. j., had de-
clared that the North Western banks might probably
be on the verge ofinsoycncy and that he Mr j. was
y IN The remarks he had made concerning their en-
solvency and sound condition
.e had to inform that gentleman that he did not speak
hastily or unadvisedly, but from knowledge Of facts
which he had collected, and he submitted the House
hey did not warrant the conclusion which he had
70. Referring 10 the unprecedented attacks which Mr.
sd ma oeea n1da on the credit II the North West.
eTn Banks, he could say what would be their con.
d''oh after the full force Of these attacks had been
spent upon them. The credit Of bank was like a
Adys virtue. II must be free from all faint or suspi-
cion II you press b2nk-if you make a rush upnn
my institution. no matter how solvent, it must fall
nolgh-o' is impossible for any bank pay all It's
liabilities at once. If you direct the suspicious of the
Paonc against IT. you Al p1ralyze its energies. If
lcn state Of things bad 10 take place, though Mr.. j.
Foa!d cePrccae such course, he was yet ready 10
.9'e 'or simultaneous resumption with the Richmond
ms N!r J then went into argument TO shew
= al the difference in value between the Richmond
~ North Western Banks was occasioned by the Rich.
"h4 Banks refusing receive and pay ont the North
s1,e'n paper as formery-that those holding North
1.se paper and having payments to make in Rich
1ad' had 10 make exchanges, and the brokers always
iir'a profit, &c, which deprecated the North
, ,S'n paper IN the Richmond market.
"! concluded by appealing to the gentleman from
.'''''7g % meet him in his efforts TO obtain =
PNe;' aud s.ew who the real hard money man;
- . member Of the Wing party which was SO