Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1843-01-16
GENERAL ASSEMBLY or VIRGINIA
IloUsE oF prLEcArfs.

ceedings of Convention Which was held nj Lewis
burg va August last, aud which, ia pursuance of n
resolution OF that body. have now the honor To-
lay before you for the information of the General
Assembly. The widely felt anxieIies from WHICH
these proceedings sprag less than the grave con.
sderaiions oi Constitutional requirement hat politi
Cal justice by Which they are supported. will doubt
es> secure i"r hem. without any recommendation
OF mine Your early and careful deliberaiiun. And
whatever that deliberaiIon may result in EIr the
Proseol a. will Load hope TO The sails factory mud
speedy relief OF the Constitution from It's e1perieu.
ced deiecis. and ultimately unite the great geograp-
heal divisions OF the State ga spme mode beiIer
hiled than the existing Que. lor the promotion OF
'heir PRACTICAL g"od. aud more consistent With the
unity Of their political ighls
have the honor to be- with great re.pert.
Your mUst ObedIenI servant.
JAS MCDOWELL.
Me SINH Of II, moved the following resolu
ton
That the proceed .Rg. ofihe Lewisburg C,nven.
hon. praying the passage Of Law TO take the sea.r
o. the people, ulS'n the pTOprieIy OF calling Con-.
yenon To amend or alter The e, nslilutnn OF the
slate together with the various petitions on the
same subject, aud The commun caiInn of the Guyec.
nor be referred 10 a Select Ccmmiitee, ia b. com,
posed OF members taken irUm The four gran vision
OF the State.
The Speaker took time to appoint the Commit.
/ tee.
PETITIONS.
by Mr. Bowden, Of citizens Of Williamsburg and
James City. for repeal of the Inspection Law-5v
Mr. Edgingion, OF John Laughln aud Samuel Old
man Commissioners Of the Revenue for the c ,Iy If
"neeins and OHIO County, foe extra serv ice under
the resolution Of the Legislature of the 10Th Feb
| ruary, 1912.
MIR McRle submitted the following:
| whereas, the exigencies OF the Commonwealth
have induced this Legislature TO propose l., borro,,
OF me BANKS large sum of money (and additional
sums VIII probably be reliired) aud thereby To-
Withdraw considerable pJriio of the fund, of The
Banks from the usual Oh m tel of mixing oner,tion.
ana lh's al time, when from the unplr illelei de-
preston OF public and private enterprise the c,m
muni'y stands III great need Of blnkins aid And
these institutions have evinccd willingness In aid
me commonwealth. On which account as well n,
me regard due 10 the distressed condition of The
People OF this Commonwealth liberal and su,,ain.
ing course Of policy is due from the Legislature 10
the Banks and through them 10 the Peope
Resolved, therefore. That leave be given 10 bring
F" oii Proflding That any loan now existing aud
made. or which my hereafter be made by any of
the Banks of this Sale 10 the Commonwealth shafI
oe considered as specie, far as to auilIurrze tho
Banks 10 predicate heir circulation loans an dis:
Couhis upon such loan loans specie as well ms
the actual specie IN the vaults OF the INKS durn,
Tue continuance OF such loans. And that in ascertain
ing the proportion which a. specie ia the vault. of
me SAID Banks may al any time bear 10 The circul
garded specie.
And further. to provide tsai during the con,inu.
ance OF the loan or ljGns from the Banks To The Com
monwealth, should tire eIIgenciOs of the Bank,
require u IN order 10 maintain specie pawn The
amount OF such oaE loans shall be pa yable ON
demand Of The Bank or Banks TO which il may TO-
due' ia specie, or a suspense N OF specie paymenl
AdhOf<ed oy The GOTsrHO Ul this Common en- Ith
| at his option.
hat 81,
'ion was one OF Importance, aud merited the delhi
eraie con liberation Of tue House and tof Thar rea
son he would explain il few words as possible
before he submitted a motion with which nc Womb
conclude to lay on the iablO and print it.
The resolution proposed To make the loan from
'he Banks 10 the Commonwealth basis of Inan dis
counts and circulation for The that the peope
] oil The Commonwealth required banking aid al The
present moment beyond uny other pc Rod of Time il,
our history IL Is admitted that degree of distress
PfeVaIs OF unprecedented degree; aud vet are hmm
u Withdraw about half million Of The fund. -,
the bank from The aid Of individuals IN order 10
sustain The Commonwealth in her necessitous CON
dition. WI
MI McRle felt as mich DISPOSED as any one 10
relieve The Commonwealth, but he thought there
ought 10 be Sumo regard paid TO individuals, who
IN the aggregate, Constitute the Communi,y Pas.
'he resolution aud the banks would he strengthen
Ell by The addition Of that which would be e1i,v,.
Iehl 10 placing hall a million Of specie in the yo,,ifs
"i the banks as the basis Of circulation of loans and
discounts; aud thereby enabling the banks 10 odd
70 the circulation something like million and 10
The loan and discounts in the same proportion. and
ms win entire safety, the obligtIon of the
Commonwealth TO ref und the loan In specie If re-
CURED by the wants Of the banks would give ihi.
loan oil The solldily Of specie basis.
Mr. McBIe sad thar the in "A IN wealth ,Yos
under obligation 10 do this, she is herse rece ~
ing assistance from the banks, which witb,ut s,me
legislation similar TO this. will depress the cOmmun
" ~ proportion as it relieves the Com nJnwealth
Mr. Mex iurihsr said, as I've did MT desire n dis,
eus' the general principle involved in IN.
proposition upon the present occasion. he NoutJ
iorbear pursuing ihs subject further and moved 10
lay the resolution GA the Table and print
Mr. Randolph objected To the printing until n |
could be ascertoIned whether the Banks would
accept The boon proposed lie believed they would
nol-ahd the only effect Of the resolution would be
70 lhrow dislrust upon the credit Of The Banks-I
lher circulation was now for within The limits
allowed BY the law.-anj they would MOI extend II
~ consideration OF the privileges proposed by bis
resolution.
hir McRae conceived the objection 10 printiny
unprecedented; and he asked IL at The eourtesy and
justice Of The House.
Mr. Brown, Of p. would not object 20 The prinfin1
but he would take the earliest opportunity 10 de.
feat the resolution.
Mr. Talaforo moved the indefinite pos:ponemeniI
Of the resolution. lie cOntenIei that u could do po
g'od-whie - will tend 10 Giure the credit Of ,hs
Tue credit Of the Stale is now ri.
sing be SAID and under the operation Of the araols
provision % meet iis obligations which the Lsgts
aiuro proPofes 10 IKE. Il will continue 10 rise
Bot The adoption Of resolution Of THIS kind will
n frfnfIr fs.r d.