Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-02-13
GENERAL ASSEMBLY OF VIRGINIA.
DEFERRED DEBATE.
VIRGINIA BANK.

After Judge MAY concluded, the previous question
was demanded; but, MIR. Robertson expressing wish
iourned. The next day
MIR. ROBERTSON and said-Mr. Speaker, l
am very sensible of the courtesy Of the Houseweary
and impatient it had become Of protracted dis
cussion-to which am indebted for the opportunity of
addressing il this morning. know that the indul-
gence was extended mainly on account OF the great,
and may add, increasing interest Of the question be-
fore il; but will not affect 10 disguise what feel alss
be true, that part ii to be ascrbed TO consde
rations personal to myself. l thank them for their
Kindness and will endeavor to manifest my sense OIL
il by combining myself to the important topics,
and as brief discussion Of these is consistent
with ineligible exposition of my views.
The gentleman who closed the debate yes
terday Judge May) has thrown into the discussion,
n question, far transcendng in Importance that
which more Immediately occupied the attention of the
House. He has thought it necessary to his purposes
to introduce here the condition of the Virginia Bank
He has depicted it in the gloomes colours He has re-
presented it the 'lttle MONSTER only little worse
off ihan the ssgreat monster ITSELF whose stock did not
command 60 cts in the dollar lie represented its
general condition as most deplorabe its resources
crippled to be unavailable that with little
than half million of Immediately available MEANS
it had more than three times that amount of imme-
date liabilities Indeed, left the impression the
minds of oil who heard him, that it was not only
unable 10 meet ts engagements, if wound up, but
was also, utterly unable to resume specie payments
with any prospect of maintaining them. regret that
the gentleman has deemed himself called on to take
such Even if he succeeded in his great OBJ
iect of removing the President of the Bank-by de-
sroyng confidence in the institution-by producing it
might be, panic in regard toit-would it not be fatal
triumph The interests of the State, itself large
stpckhoder-the interests of all who held stock in "
the interests indeed, of every in the State, or
all had deep interest in institution whose paper
formed large part of the curency)-all must suffer-
and view of such consequences, he submitted TO the
gentleman himself, even If the condition of the Bank
he represented it. whether prudence would not
suggest that time might be allowed it to retrieve
its affairs prepare for winding up or, at least that
such an announcement should not he thus suddenly
sprung upon the country But, Sir, am encouraged
TO hope that such consequences he has alluded 10
are likely to ensue. Legislative thundcrs against the
Banks have ceased to appal. Year by year, for now
four long mortal years had they been denounced on
this floor, rotten, bankrupt Institutions But the
good and better knowledge that existed on
this subject out of the House, seconded it had wisely
been, in the main, by majortes here, has maintained
Them in public confidence, and enabled them, in turn,
end aid 10 the country in the difficulties il has
Gently passed through. There is, however, yet
stronger ground of encouragement 1t is TO be found
in the actual condition of the Bank itself REFER OF
course to the Branch at Richmond, against which the
attack has been leveed. | have felt it my duty, on
of the great interest Of the question to every
citizen Of the Commonwealth, to examine closely into
that subject am happy to feel warranted to say, to
the House and to the country, that so far from being
unable TO meet its engagements, the Bank at Richmond
is not only able to pay all its debts whether to bill
holders depostors, but notwithstanding its late hea
Wy loss Of half million of dollars, TO repay to the
stockholders within few cents in the dollar, the whole
amount Of its capital and further strong in re-
maintain specie payments whenever that shall
be decided on by the Banks generally. | proceed to
establish these Propositions
Its liabilities are
(,n;,,l 81 40, mn