Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-03-24

SlG0jJD. All the scrutrv wardrobe, &c, Was acsoy
ed They were worth $4,000.
The Arcade building cost Sl20,0G0, and was owned
| by the Gas Bank Il is doubtless insured. Star.
LEGIsLATURE OF VIRGINIA.
HOUSE OF DELEGATES.
Nareh II, 1872
| REMARKS or Mr.. WALLACE, or PETEwnrRG,
On he motion 10 strike out January Jrom The Bank Bill
MIR Speaker-l shall conine myself to n brief state
men of The by which shall be aciua'ed IN the
vote intend to give. Even If were fond OF hearing
mysespeak the session has already been too much pro-
racted unnecessarily TO consume the time tthe House
should have been pleased, Sir, TO have expanded my
remarks instead Of presenting, as shall do, the short
detail of my objections to prolonged suspension.
The simple question before the House for its decision
s--ShCl January be stricken out OF the bal: In ad
vancinr my opinions upon this proposition, Mr. Speak
err do not conceive it necessary to dwell upon The
effects produced upon the world By he ponderous De-
mccracy of ancen. Rome or upon tie consequences
of the harnesses extended to the Prr,oran Guards by
The Caesars so feelngy adverted to by the gentleman
from Rappahannock ! will not follow my eloquent
friend from Campbell, (Mr. Toer,) in his just repre-
hension Of mobs, his warm remuneration OF Judge
Lynch ard in his castgation OF the gentleman from
| Isle of Wight, whose argument think he msunder-
stood-That gentleman only commended that good some
times sprung oat Of evil and it would be doing him in
Justice to suppose him engaged in the advocacy Of evil
tina, rood aht Of IT, shall likewise neglect the
illusions of the gentleman of the City Of Richmond to
Saw and Ricardo and his aninadveTsions upon the SUB
Treasury bill and the IT, S Bank of nsyeania-con-
ceiyiar the remarks OF each gentleman these several
tones however interesting, as not intimately connect
ed with the subject before shall pass on without
comment 10 The proposition under conslderation-l am
opposed to the selection of the LIST Of January next in
the first place. because think it is obvious that ii is de
stoned to defeat resumption for some tne perhaps for
wears TO come; if not designed 10 have that effect, il
will be so regarded by the public, because its direct
suit will be permanently to deprecate The bank paper
L O. aI
i, temporarily bore short time since at Baltimore,
while the indirect effect abroad will be seriously to i'm
pair the credit and standing Of the State tselibecause
we will not be responding to the wholesome action Of
the Legislatures OF other States similarly sltuaed-and
again. by fixing day beyond the meeting of the next
Legislature, VIC shifting responsibility detolved
upon as by the people, which it our duty not to shun,
| but TO meet and act upon.
| In the second place. If the Banks cannot resume
upon the realization of the proceeds Of the ming
crop they cannot resume at all-They will have ample
time, by prior the meeting of the next Legis
laure 10 curtaIl the outstanding debt due 10 Them 10
reduce their own liabilities and TO obtain funds at suit
able points which may fortify them Tor permanent
sumption. If had any doubt in my own mind in the
expression Of this opnon-a diffdence would be dis
spated by the Of the intelligent bank off,
GERS and experienced merchants.
In the third place, fan earlier day be fixed, it will have
salutary effect upon the conduct of The mercantile
muntv If the resumption of specie payments at some
fixed day be nevtable-fal hope ofan appeal to Legs-
la,ve leniency be taken away-our small mportatons
will be decreased-our purchases from the North this
spring will be less-and sales of produce this fall
will restore the balance Of trade, if it be, is alleged
by The Bank officers, against US. The amount TO
be paid to u.s. feel assured, can be made to preponde
rate over Indebtedness and the Banks thus enabled
TO place themselves in an impregnable position Ifthere
be any uncertainty as TO the day OF resumpon-it 1t
be referred to the action of another Legslaurc-our
merchants, copying from the Banks, Will disregard the
| ,dp of laW IL
tics and again become petitioners to another Leglsla
ture for relief The Banks if the LIST day Of January
be fixed, will curta only while you are in session.
Immediately upon your adjournment they will consult
alike the wishes OF their debtors and their interest,
by runous expansion 10 be again and rapidly reduced,
when upon the assemblage of your SUCCESSORS il may
be necessary 10 act upon the people, in order to react
upon the Legislature, and it to reflect the wishes
Of the Banks by extension of relief to the meet
nr of yet another Legislature This evil will cease, if
we impose upon the Banks IN obligation 10 pay specie,
from which they cannot be relieved but by the call oil
an extra session Of the Legislature.
| In the fourth place: suspension until January, by
DESTROYING confidence abroad, would affect the
changes causing bank paper to be deprecated much
beyond lis true value, at spece-poying points The
uncertainty Of resumption, attendant upon the action
of another Legislature, would enter into calculation
of its value-This would operate GENEROUSLY upon the
merchant and the farmer but perhaps upon Tn
latter, upon whom the burden Of loss almost always
ultimately falls The New York merchant now re-
uuires his Virginia customer to make his payments IN
New York-The merchant here has TO meet them by the
purchase of Northern funds already at premium 50
excessive as seriously to enter into the price of the
commodity itself This premium, by The uncertainty
of resumption would be increased and finally taxed
after an allowance made in his favor by the mer-
chant for the luctuaton in exchanges, upon the far
mer; for in times of suspension, exchanges are always
! VARYING producing inconvenience and risk, which the
merchant seeks to compensate by additional profit
In times of specie payment, this would not be, as the
cost Of transportation of specie and insurance would
regulate the exchange.
would predicate my fifth reason, upon the remark OF
the me mber from Rappahannock. That gentleman, al
though advocating the Of the Banks says that they
can resume fso is not tolerable in the Legislature
partner their concerns 10 sanction delay or denial, IN
the paymen: Of their deblsto drive profit by connivng
at and egazing fraud upon The rights of the innocent
noteholder We have made loud demonstrations OF the
sanct,y of our faith TO The world abroad-his would
not be 10 preserve its semblance TO the helpless
subjects Of our legislation at home. agree with the
gentleman that the Banks can permanently resume
long before the lst day of January next
sixth for more prompt action IS found IN Inc
general evils Of suspension. | differ widely with my
friend from Campbell when he asserts that deprecated
answers the purpose of speceand that but Tor
aeators in the halls of the Legislature and
there would be dissatisfaction among The people.
continued suspension produces an imitation OF prices
even beyond the scale of depreciation OF bank paper
II induces Indebtedness when the currency is deonsea
which must ultimately be liqudated at runous sacrh-
money With its parable concomisent