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

engaging the services of an active broker in each of
the three last-naed cities, aud by Offering TO redeem
our notes at rates from 10 per below those at
which they were quoted and purchased by the brokers,
was enabled 10 find only the amount stated below
redeemed in Washington at the Bank of the Metro
polls, at par 81, 1920
In Baltimore at ) per cent discount, % $50
In Phade! phia, AT . per cent. discount 2637
In New York, al Z per cent discount, LOG
S37, l53
take occasion TO say, that the object and result, Of
these operations were not 10 reap profits by the depfcc
alton Of notes but 10 arrest the depreciation abroad
by redeemIng them in the Northern cities at the lowest
rates of discount which could be done without Sc
rious loss on the funds procured for that purpose
believe that the amount Of notes left in either Of the
cities visited was inconsderable, except in Washing
,on where they dused in the general currency Of
the community. IL may be remarked however, that the
is just arriving when the paper OF the Virginia
Banks freely used in the Northern markets by South.
ern and Western merchants. To prevent excessive
accumulation OF our notes at those points il has
been the policy OF this bank to make all practical
Bile arrangements for the supply Of New York ex
change at moderate rates-bclng willing to submit
To sacrifices exchange, in order TO retain
the important advantage as well as TO fulfil the
high duty OF preserving the credit Of her widely ex
tended circulation. The letter of VIM H. hlacfarland
Esq, president OF the Farmers Bonk) states that "he
gina bank paper held in the Northern cities, were
through The Cashier MIR. Blair, whilst visit to the
North on other business of the bank The result was
conviction that the amount was below previous re
presenlations-I may add greay below; but the pre-
sent OF my information, any estimate Of the actual
would be mere conjecture. The larger amounts
are in Washington City and BALTIMORE where the
notes are used 10 some extent as circulation. The
time is at hand, when Virginia Bank paper will
accumulate al tie North, by reason OF remttances from
notes Of this Bank in Baltimore, about O00 the
rate Of ) to >! per cent. premium for Baltimore checks
and IN Philadelphia, about $4,000, at TO p premium
for Philadelphia checks. lie would have redeemed a
larger amount (for il his object 10 Withdraw the
notes but they no: to be obtained readily.
The letters were laid the table, aud ordered to be
printed
coaDoNsvlLLE AND HAERlsoNErRG TURNPIKE.
MIR. CRUTcnFIELD called up the bill ~ authorize
turnpike road from Gordonsvie in Orange TO Harrison
burr in Rockingham. The bill authorizes subscrip-
ton by the Board Of Public Works. Of three films of
any sum not exceeding sos AGO. the remaining
fflhs shall be raised by private subscription, 10
turnpike to be constructed from the terminus Of the
Louisa Railroad at Gordonsve to Harlsnnburg. The
above proportion BY the State subscribed for the
continuation of the Louisa Railroad from Gordonsvlllo
to Charlottesville; but has not been called Tor in aid Of
that work. two.ihs not being taken BY individuals and
the work not being undertaken. The bill therefore pro-
poses instead of constructing the railroad, 10 make
purpose.
MIR McPHERsoS offered amendment, providing
that the Shenandoah Iron Works. in Page county, be
made point on the turnpike.
MIR. CRuTcHrIELp moved the indefinite post pone.
n,ent of the bill and amendment and addressed the
House in support OF the motion.
Mr. HoLLAuA1 opposed the indefinite posponeme nj,
and sustained the claims OF the bill 10 favorable con
sderaon, on the ground that IL would lessen The LA
bes Of the State that II did not provide for any rev
a nd that
vent the application Of the to the construction of
the Louisa Railroad ten miles farther-a distance
" hch would be Of no benefit to the State.
Mr. SMIru, of Kanawha, opposed The bill-a course
which he said he was not IN the habit OF adopting |
the present case however, he must do since the
House had refused 10 pay the interest the James
River and Kanawha Bonds.
Mr. HOLIDAY REPLIED after which, Mr.. HUNTER
called the Previous Question, and the motion for the
indefinite poslponement Of the bill, was carried BY
vote Of l0l to H.
SOUTHWESTERN ROAD.
On motion of Mr. LEFTwiCH the House took up the
bill for the establishment of the Southwestern Road.
Mr. ToLER sald that, the friends of the measure
thought his proposition 10 make the road with the fund
derived from Vrgnas share of the proceeds Of the |
sales of Public Lands, would embarrass its passage, he
would withdraw It.
MIR. BowDry moved the indefinite postponement Of
the bill Messrs. GoopsoN and LEfTwIcu opposed
Tho motion and earnestly pressed the claims of the
sure.
Mr.. DORIAN also opposed the notion and said he de-
sired To offer amendment providing that the bonuses
annually received from the Banks, (and now amounting
each year. 53,O00D instead Of being invested, as at
present in Bank Stock ut $780, which only sold IN
market for 500 should be hereafter applied to the
struc,ion Of this Road and thus be the means Of rem.
dering service to the state.
Mr. LErrwlcn expressed bis willingness TO accept
Of the amendment.
After some further debate Mr. McILHAsEy called
for the Previous Question. The motion opposed
by Messrs IRVING, GoopsoS, and DoRMAS.
Mr. CAPrRTos hoped the call would be withdrawn
He denounced the course extraordinary and lmpro
per- when amendments were pending OF an important
character.
Mr. GoopsoS said this was measure IN which
100 900 persons felt deep interest and which he be-
we'd would be profitable to the State lsfrIends had
not been in the habit Of consuming the tune oil The
House in long speeches, and he conceived they were
Justly entitled to at least week OF The session ior Inc
consideration of this important measure.
Mr. MclIuASEY said that the gentleman from Mon
roe had thought proper declare this call Tor The pre-
vious question TO be extraordinary and remarkable
If that gentleman so rry msn shtHrd IN parlia-
usares and proceedings TO think So lie must
even be permitted to differ with him, (au5hter0 be-
this bill had already been discussed four or i've
duvs at least II had been discussed at length and all
that could be said 10 edy and instruct The House had
already been said Therefore, lie Gd refuse 10 with
draw The call for the previous question
The House refused 10 sustain The Previous Question
AYES 81, Noes 81
The question of the indefinite postponement was then
debated Nh EARLY stated his reasons Tor voting
AGAINST the motion now after having formerly made It.
Mr.. Goopsos called on those members who were OPP
posed TO the State holding Bank stock TO vote against
Tho motion in order that the amendment providing
AGAINST the further subscription of the State to the stock
Of the banks out Of the bonuses and applying that iund
Ia the construction Of this road might be offered
The motion for the indefinite postponement was ee-
IN no nppatve-ayeS l.}, DD.
Mr.. DoRnAs then offered his amendment, and me
question was pending thereon when the House took
recess at half past 2 o'clock.
Erening Session.
The proceedings in the Evening Session, compre
hending long debate, are unavodably postponed
The South. western Road bill has been defeated oy
vote Of 81 10 Co. and the bill repeating the - 30 day
law was read n third time and passed, at clock, ny
majority of Il votes, after much confusion ana de
bate, which shall endeavor 10 report at lehg'n'
room be found.
Correetion-Mr. HoLLENASs speech on Inc eiecuo'
ud,r rouslv made 10 read one SELL