Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1842-12-19
GENERAL ASSEMBLY OF VIRGINA.
HOUSE OF DELEGATES.
SATURDAY, DscKnukk IL


ing the period when the Gubematoal Of office sha
commence; and they have agreed to the Resolution
ing Senator'S and requesting Con
gres their best efforts procure the passage bill
reundug fine To Gen'l Andrew Jackson"
LOAN FROM THE BANKS
Mr. RANDOLPH called up the following bill its second
! reading:
Be IL enacted by the General ASSEMBLY, That should the
exigencies the Commonwealth lin the opinion the EN.
ccuve) require he shall and is hereby and
required under the advice OF tho Council of State TO direct
the Treasurer of the Commonwea borrow time
u time, the public eNgenccs may require from the
banks of this Commonwealth upon pledge OF portion Of
the stock owned by the Gommonwca th such banks
such sum OF money exceeding altogether three
hundred and fifty thousand dolars-he bonds given for
parts of such to be renewable every sixty
days, and subject 10 curta exceeding per cent
required by the bank making the loanand such bank
banks of this Commonwealth is hereby authorized to make
said loan loans and the sums borrowed shall be
paid by the Treasurer out oi in the treasury
otherwise appropriated by law unless the General
sembly shall provide other fund for the payment
the same.
Mr. BRoAprs offered the following as substitute for the
bill:
Be Enacted By the General Assembly That should the
cxigcnces Of the Commonwealth. in opinion of the
Executive require it, he shall be- and hereby authorized
and required, under the advice Council Of State to
drect the Treasurer of this Commonwealth borrow from
time TO time, the public eSgonccs may require, from the
banks OF this Commonwealth, upon pledge of portion
of the stock owned by the Commonwealth in such
banks SUCH sum OF money, exceeding al,ose-
ther SlJOuOO. And any bank or banks of this Common.
wealth hereby authorized make said loan loans
and the borrowed shall be paid by the ca-
the LIST day of March next out of any money in
the Treasury not otherwise appropriated by law, unless the
General Assembly shall provide other fund for the
payment Of the
Mr.. BRoADUs briefly stated his for prefcring
substitute. tic thought Sl5O,OO0 would the present
wants OF the Treasury-and give the House time consi.
der OF some better cNpeden for preserving the public credit
than by loan of the banks Ii understood him correctly
he suggested that issue OF State stock would be pre-
terable mode At rate INJURY he conceived, could
result from the delay To take final action.
Mr. CRurClrmLp cOncuTrcd in the views OF Mr. Dronus.
Mr.. RANpoLrH and Mr. EpMUNpS and Mr.. TALLiAFERRo
opposed the substitute and conicndcd that there n
tentative but loan, and of making that ad.
vantage ousy the mode proposed by the bill A new
emission of State stock, it said, dream Of
There enough OF that stock already They pro.
passed to borrow this money OF the banks and by increased
provide for its repayment and enhance the value
OF the State stock and revive the credit of the Common
wealth generally
The substitute was rejected without a division.
MIR. CRUTUHFELD offered amendment, to continue in
force the act OF last session authorizing the banks
small notes.
Mr.. WILLIAMS opposed the object of the amend
aoc tler-and he still opposed TO connect
ing il with this bill.
Mr.. BRowN in favour of small notes-bu, did not
wish embsrrass the bill by adding this amendment it,
looked like ogrolng Separate the two, and he would
for both.
Mr.. CARTER, coming from n border county, felt very
great interest IN the amendment. Ii highly porant
his people protect them from the deprecated small
notes of Maryland AS the present law expired the LIST of
January and the Senate about take ill the
9th Of January unless the amendment made pre-
cent BILL there would be opportunity pass in time
Mr. BAssEIL in favor Of the bill and of the amend
but they united he should against BOTH
He deprecated the Legislation by which homogeneous
subjects were united in the bill.
At the request of Mr.. Leftwich, Mr.. Crtchied with.
drew his amendment; and gave notice that the
present bill disposed OIL lie would call up the bill lying
on the table, authorize the issue of small notes.
The Loan bill then engrossed and passed. and sent
TO the Senate. In few minutes message received
from the Senate stating that they had passed the loan bill
Small Notes.
Mr.. CRUTciiTIEID called up the Small Note Bill.
Mr. HoPKISs rose 10 move the indefinite postponement
of the Bill He had thought the time had passed when
this question would be agitated here We were told last
year that the Banks would again this House
To- ask favours. lie had hoped it would be For years
the Banks had been in of suspension, and the people
could get change. This the argument in favour of
small notesand prevailed during the last and the
session before But this argument could longer apply
The Banks have resumed specie paymen-and there was
propriey for authorizing longer departure
from sound banking principles lie wished know if the
resumption was 10 he permanent This bill calculat.
cd 10 excite suspicion in the public mind that the banks
were able maintain their position. lie wonld not
give cjunen'nce the suspicion by showing any
the bill. lie therefore moved its indefinite postponemeni
and called for the ayes and noes.
Mr.. BRowS p regretted that he felt his duty 10 diff
fer with the gentleman from Powhaian. file admitted that
Mr. HIS general principles couec-bui circumstam.
cos JUSTIFIED adep2TuTe from those principles. BY allowing
the banks this privilege they could keep larger circ
aon, and sustain specie payments lie heard many
cries OF distress from the country, desire the
banks reduce their ssues-The circulation was already
limited. These small too would have the effect
OF keeping out of the State the shnpasers of other States
His region OF the country, would suffer greatly from the de-
based currency OF Pennsylvania and Ohio. lie had always
bcenn favour OF specie paynentsby the banks-snu
contributed to enable the banks resume and would aid
them mainiain resumption without expressing the com.
munity He would deal harshy with the banks- they
doing their duy-and he would give them an
of his desire sustain them in that course
Mr. MILLER, of Loudoun,NIr Hopkins had asked is the
resumption permanent not7 That, in his opinion de-
pended entirely upon the action Of this House Ii we call
ed upon the banks 10 loan the Commonwealth 3 or 400
900 dolla and at the time deprive them of the right
issue small note, thereby render them less able To
maintain resumpton and force them their
lation.
Mr. AxDERsoshoped this bill would pass. He believed
community. Ii the bill docs pass the power to issue
small the Let Of January and you invite run
upon the Banks TO the amount Of 100000. lie asked if
this - time TO upon the Banks them call
in their circulation lie discarded every thing like party
in the consideration Of this subject lie had always main
tanned that the Banks should be mingled in the party po
ltcs Of the day. They doing their duiy-dong
justice the country and justice themselves and he would
cheer them lie would have voted for this bill in con-
nexion with the Loan Bill lie would not ask a favour
and accompany with doueeHr the price of compliance
But having asked the favour he would cripple and da
bic those who hands, hc expected IT, lie asked
again with much emphasis, II this suitable time 10 dis
urb the Banks, and parayze their exefOns promote the
public prosperity. they annoyed and haas-ed would
aggravae the distress of the poope-aroady borne down
with burdens heavy they could bear. lie was an old
man-hi- head whe-and he had never known pres.
intense and widespread. Our true policy was to
cherish all nsutionsto destroy nohng-as the best
means Of relieving the suficrngs of the people.
Mr. HOrKINs not surprised at the Of Mess7s
Anderson and Cucbfeld They were Bank representa-.
tycs There bank in Fredericksburg and bank in
Famvillc. And those gentlemen right in represent.
ing the interests Of their constituents But lac
sed his friend from preston-1ho represented strong
Democratic c0unty-and who had always gone along with
i'm Du tg subj L. n NJ A.