Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1842-12-19

/ - 49, '~~.s
The Banks had comply with the acquisitions of the Lc
gsatare and resume specie payments cnrtacd too much
they had made themselves strong and left the people
too weak. lie would force still farther contraction
OF the currency when there universal complaint Of
the scarcity Of money.
Mr. EpMrxpS followed in long speech against the bill
in which he touched all the lights in relation the
currency He discaimed thing like party this qucs
tion-cfeung past Legislation, when the Banking CAPT.
tai was increased by Wings and Democrats in '36-3s
and various important cxpcdicnts for reforming the
cy introduced into the general Banking law. IL
then determined that s. should he the smallest, issued
and they only for The beneficial effects OF these
contemplated defeated by the Suspension
Sa-and the subsequent authority to issue small notes.
lie knew his opposition renewal OF this authority would
be booucss.-But believing large notes essential to
healthy reform Of the currency he looked with horror upon
n now issue OF small and however unavaing, he
protest agant them. lie denied. that by rejecting
this BILL there would be upon the Banks-The notes
would still be in circulation, and they would only
in pursuance of the laws OF trade Ii there
out than needed for commerce, there would be
run upon the Banks The Banking capital
arge- afforded more circulation than required by the
wants of trade. The currency now niatcd-as was
proven by the brokers running upon the banks. The
products of the earth had been greatly curtalCd within
the last few ycarsand rendered curtanent by the banks
absolutely necessary They curtal still keep
the currency in sound lie dwelt large upon that
dogma OF political economy-wheh every days experience
rciGcs-ha specie and paper circulate together
lie regarded this bill another blow at the sovcncy of the
banks the safety of the currency, and the welfare OF the
whole credit system. This eternal tampcring with the
rcncy had wrought all the mischief. The complaint about
scarcity OF mOnoy-no facilities, Sc. &C. entitled
respect and from persons who hnd nothing and would
work 10 make any thing. This position he illustrated
by detailing what passed between constituent OF his and
three spectators i'm Lynchburg These last
tered his constituent at the bank door-with heavy
points that the banks would afford fscilcs, and
money could DC had His constituent asked them if they
had lands, or negroes property kind with which
raise moncy;-No-they had nothing at alBut still the
cry was heard-no iacities-no money. The banks, he
commended fully able maintain specie payments with
out assistance from the Legislature Let them alone,
and let the people their aid they would do,
would keep your hands oil them.
Mr. BRowN, of L. The gentleman last up had demon
s,Taed that the bans had greatly increased the specie in
their vaults No doubt of thatbut had been done BY
curtaling their issues For every specie dollar they had
they had drawn in at least OF paper. He would
cuse the large increase OF banking capital in '37wh that
he had nothing 10 do. The evil upon us-and his OBJ
ect to mitigate its effects far he could. Ii
no time now To be talking about abstract principles, when
the country was bleeding every pore He would
IN still farther expressing the debtor class of the community
which would be the result OF rejecting this bill.
Mr. DANIEL, OF p c., surprised to hear Mr. Hopkins
say that he IN minority this question lie had
supposed there would be difference OF opinon-and all
would concur in rejecting bill of this kndaganst which
they had 80 often raised their voices.
Mr. CoorES represented the Democratic county
in the State But his people sensible rational peo-
pie, and they would sustain him in giving rational
lie was no friend To the banks-but he should for the
BILL because these small very convenient and
be deprived OF them would increase the pressure.
Mr. LEAKE, OF Abemare, would against Indefinite
postponemen but if the motion failed, he should offer an
amendment to the effect that all the be redeemed
the mother banks Of tho branches
Mr. Anderson replied atArge the remarks of Mr. Ed
munds and Mr.. Hopkins lie might oiset the ar-tnennn
dd homiRen OF Mr. Hopkins about tho little bank at Farm
vile, by replying that Mr. HIS opposition the bill was
owing 10 the fact that there bank in Powhasn But
he took exception the personality of the argument
ne only denied that 1t good and sufficient
the rejection Of this bill. Ii the object of bill is good
and s effects beneficial to the people, the ci.cum.
stance of little bank being in Farmvlle ought
this House u throw the bill Mr.. Hopkins had
ed the inquiry Is the resumption permanent The ques-
lion was answered by Mr. Edmunds, who amply demons
tod hiatt h.a
and Mr. H. could except such authority. For his part
the interests of the banks the least of his thoughts in
this matter He had regard only the welfare of the peo
pie. lizard times upon and shall only make them
worse by warning upon the banks. Buthe gentleman from
Halifax had discovered that there great circula
ton of bank notes. Too great whom Not the banks
Tor they had specie TO meet no the people, for the CRY
from all quartcrs that money never before so
scarce; and proof that the just he nsanced the
the low price OF every species of property. Nj. Ander.
son said he had never known universal and severe
pressure among the people. The wheat crop had
failed for yearshe tobacco crop last year-the banks
had beenioEced 10 curai In the meantme and he wished
70 know gentlemen desired the banks another screw
upon their costuensoppressed already the extreme
Of endurance lie forebore enter upon discussion of
the doctrines OF the Political Economists and contented
himself with looking things they were, and dcvsng
best practicable means of pmedying the evils that exist
When Mr.. A concluded, Mr. BYRD, of F.. called the
previous question, which sustained.
The motion TO postpone indefinitely lost by ayes 81
Sc io1ows
AYEs-Messrs. Holleman, tSpeaker1 Byrd of b.. vii
son, Stnnton, Meredith Bick, Stockton Edmunds of H.
Sova, Basel, Davis, of King Queen, Halves, Jack.
son, Marshall, Banks, Martin, NcolsOn Tanzey Adair
Rice, Bird, of Pendcon Hopkins Daniel, of r. George
BTawner, Deneale, Kane, Gaiewood Williams, Spark,
Warren, Henry-3l.
NoEs-Messrs. Gusts, Randolph I.eake of A.. Mann
Cooke, Powell, of ~, Brooke, Frazier, Wngfed Mitchell
Newhirk Snodgrass Tavenner, Hubbard, Bocock Moore
of Cabell x Wayne Nowiin, Samuel Broadus Irving
Goodwin; Garnet, Smith, Of F. Rust Payne, Deskns,
Muse, Taaieuo, Wood Byrd OF Frederick French Ieakc
Of Goochland Cawell Blue, Ward White of Hanover
Miles, Smith, ofHauisou, M'Rae, King Bowden Gallahcr
Wortingon, Parks, Wallace, Edmonds, of Lancaster &
Richmond Gibson Stongs Carter, Gray Miller of Lou
dom Miller, of Mason IL Jackson lights Norhington
Wade, Dyche, Smith, of Nansemond Cabcll, TAYLOR Yer
by, Edgingon, Crz, Boiling, Keen, Taman, Brown of
Preston Anderson, Dey Stum, STROLLER, Burwel Moore
OF ROckbridge, White, of Rockbrdge, Cootes Cowan !
Tate. Cruchied, lIedgman, Walker. Spots West Good
son, Lewis, Neal, Leitwich, DIVERSE.
Mr.. LEAKE then brought forward his amcndment-of which
he had given understanding all the notes when issued
be redeemed by the mother Banks and Branches. This
provision was In the law OF 'iJl-and Mr.. Leake wish.
ed restored
Mr. CRurcHrmLD had hoped after the elaborate discus
sion Just had and the decisive given no further
efforts would be made to emblrass the bill. He showed
mat TINS conditOn was coupled with the authority
tho e notes.-the act would be dead letter IL had been
found so III practice and that account the pOvso had
been left out in the last
Mr.. STOyALL called the previous question.
MI hLEN asked the ayes and nOca-which ordered
The amendment was rejected; "a ayes to IS noes.
Mr.. LEAKE, Of A., moved an adounmcnt-lost
The bill was then engrOsscd-und its passage the
ayes and noes were called aud were ayes a. 10.
Mr.. bEAKE, OF A. moved TO amend the title by making il
reud in substance; An prevent the Banks from
maintaining specie payments.
Mr.. IEyfNG called the ayes and nocs-,yhon Mr. Leake
Withdrew his amendment.
The bill AZ half past was son 10 tho Sennte and the
House waited till for the action Of that body in order that
II might take the resolution of the Senate asking for
recess until the 9th Of January.