Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-02-03

my ~ WY Wv GOOD notes or indspuable security
amounting one fifth OF its capalh '"e case =. '''
small Banks rather more to be re4u'fsa-.hat os'ee
o ron each Bank should be appointed atrustee OF sac
c,d Tho Ranks are TO issue their own paper, or lt
| 80 , J,;lv settlement by these trustees. No Bank
neuectinq to conform TO the hrst requis''e-maklhs
The deposltc-to be entitled 10 the advantage oil the
arrangement, and in case any Bank should ia 10 com
ply with the rules laid down. It's snare Oh the uho -
be- sold to meet its engagements.
Such are the outlines of the PROJECT SAID TO have been
ai,,cd lis to lie over day for consideration, and
final action will probably be had thus evening u is asc
added that the plan looks to resumption Of specie
Davments on the first Of August Nu'nor has II thal
the Banks not represented received no h''eat'o" -
neutrality-suspicious. Of Monday
latest from philadelphia.
We learn by the Philadelphia papers oil yesterday
that all the Banks of the City and County OF fhia-
dephia Except the Bank OF Pennsyivania, the North
ern Libe res the Aloyamensing, aud the kensingon,
assembled bv delepaies OH Saturday evening, and,
after having been properly organized, agreed upon an
arrangement to the following effect subject TO the de-
cision Of The respective Boards at special meetings 10
be held on Monday morning
| l. The Banks 10 issue their own noes exclusively,
of the denomination of $50 and upwards.
.. The Banks to make daily exchanges with each
| other.
3. Balances 10 be settled weekly, oftener, at the
option of the creditor bank to be paid IN specie, or up
10 the 1st of March, in commercial bulls not having
more IMAM " VIZ $500
not exceeding thirty days run; 10 be approved by the
creditor bank, and guaranteed by the debtor bank.
| A. A safety fund is also to be created, thus: The
banks of largest capital to deposlle S0OO0O EACH
and those oil smaller capital $4,000 each, in the hands
of trustees: each bank 10 choose trustee and the
whole 10 form Board. The above TO be in spe-
ce Treasury notes, equally satisfactory security
On the default Of bank the trustees to have power
to convert the security such extent as to pay the
dealcation and the deaultIng bank 10 be thereafter eI-
cluded from the arrangement
s. To resume specie payments on the lst OF August
1t was supposed that the arrangement embraced III
the above outline, and which was unanimously adopt
ed by the Banks represented, would, il ratified and car
ed into execution, allay the excitement originating IN
recent occurrences, and in measure restore con-
fdence in the stability Of the Banks, which have thus
united together for the purpose of sustaining each ether
OF course we have learnt nothing yet of what trans
PRED in Philadelphia yeslerday-.NM Int
MISSISSIPPI LEGIsLArrRE.-The two Houses were
duly organized the Sd inst. In the House, Mr..
l.eake was called 10 The chair pro tenn. An election
of Speaker vas then held, which resulted in the choice
Of Major Roberts Of Scott sterling Democrat In the
Senate, after several ballotngs and much excitement
| Gen. Jesse Speight was elected President.
| The following the remarks Of Gen. Spcght on
being elected President Of the Senate
Gfnticaen Slnators:-l rise to make a tender of my
ack nowled gmcnts for this distinguished and unex.
pecled mark of respect Although have not the va
nifty presume that possess the qualifications suil-
ciently requisite TO enable TO realize your expecta
TONS shall, nevertheless, avoid putting on any affect
ed modesiy, BY declaring my entire lncapacity TO DIS
charge the duties Of the chair Had not thought tina;
| | possessed them TO some small extent, should net
ha We the tcmerity to accept the Office Respect Tor
myself well for those who sent me here, would
restran from such course. My experience limit
ed as IS has served TO convince that the delibera-
tons Of all assemblies are best conducted when each
| member makes order and decorum rather matter OF
pride than necessy-then and then only will the de.
alterations of the body be conducted as to reflect
honor its members.
That principle advanced BY some writers on polt
cal economy, that in all Governments there is an nhe-
rent power of seli.proecon, may be when applied
10 the monarchies and despotsms o. the old world bu,
it can never apply TO Government like unto ours,
founded OH public opinion, and deriving its powers dl.
reclly from the people-ours possessing powers
but such as are strictly artificial. Our complex sys.
tenn Of government is distinguished by two traits,
! which, II strictly adhered 10, never fall when
referred To as polar star, to direct in the way
of eternal truth. The Federal Government, being
one Of expressly delegated powers, can do nothing
but what is specially set forth in the compact: while
on the other hand, the State government can ex.
ercise all powers not forbidden. We, gentlemen,
are the representatives Of the sovereignty Of the
State are the sentines the wachtower of liberty.
Whenever the central Government shall overlea p
the bounds of the Constitution, and usurp the re-
served rights of the States, then is duty 10 sound
the alarm, that the people may rush to the standard
of the Constitution in preservation of their rights
and liberty. Whether their rights have been in
vaded or not, it becomes not me TO speak in this
pace II is for you to enquire, whether not, in
the system Of finance and the disbursements of its
nues the Federal Government has not transcribed its
powers and that to the manifest injury of the people of
Mississippi. Turning from illusions TO subject fraught
with evil, let us sketch the outlines Of our
duty at home Ours, have said, is Government Of
unlimited powers, except in those cases where the
Constitution has lnterposed its barrier. To is
I fded the regulation of those principles which
cures TO the citizen the enjoyment of life, liberty
and property. Should, therefore, the existing laws
not answer all the ends for which they were en-
acted, it is mperious duty to apply the proper
corrective. If abuses have crept into the Government
is duty to reform them. IL it shall be found
cessary, upon examination, that that system Of
I my which COMFORTS with republican institutions, is
not pTactised il is duty TO institute rigid sys.
TEN Of rclrenchmen and reform. The people expect
all this al our hands.
In conclusion, gentlemen, permit to remark, that
however may differ points of great moment
both Federal and State, there thing sure we
shall unite in and that is, paying a most devout and
profound reverence to the Constitution and the laws
made III pursuance thereof.
TAE BAxxnrrr LAw.-The bill introduced into the
Senate fer the postponenen Of the Bankrupt law will
probably be passed. Some Of the Senators who voted
against the repeal will vote TO postpone the operation
of the law, with 4 view to its modification.
Globe, jan 81.
WAsmycroS, January l.-Nlr. Dixon Funeral will
take place to-day, according to the order of arrange
! ments announced in another part of to-day paper;
and, in consequence Of the attendapce Of Congress
upon lie Funeral it is not probable that any business
will be done in either House Of Congress to-day
T.Nat. Int.
We are glad to learn that news has been received in
Kentucky by Gen. Combs, from the United States Con.
j sui at Chihuahua, that he had had an interview with
his "a prisoner with ninety others) at that place
(six hundred miles on their march from Santa Fe TO-
wards Mexico) and that he in good health; and
that letter had been received by Gen Combs from
the Minister Of the United States ct Mexico, INFORM
ing Gen. Combs that assurances had been given by
, the Mexican Secretary Of War Gen. TorneD to Mr.
Mayer the U. s Secretary Of Legation, that, far
was his power, every indulgence should be extend
! ed 10 his son.-U.
The Texan prisoners taken at Santa Fee have arrived
at the CITY Of Mexi.o. They treated prisoners