Republican vindicator. [volume] (Staunton, Va.) 1849-1857, 1849-03-12
THE SHALL NOTE BILL.

authorize the Banks 10 issue Small Notes
Mr. SPEAKER It is at all times unpleasant
me TO trouble the Senate with any remarks
my oWn nor do | intend. on this occasion. to I'd
the patience OF the Senate Or occupy its time bi
for very few moments The friends Of thI
BILL relying upon the fact that notes of less ID
nomination than five dollars, Issued by othel
than the Banks OF this Commonwealth, are j
| circulation here, and that such a circulation
an evil, assume that the only way to correct an
remove the evil is to permit and authorize lik.
issue by OUT Banks, and thus atardon W hat hss
ever been the settled policy of this State to hays
a sufficicncy of specie as the basis Of cur circt
lation; and therefore, while we have allowed TIL
issue OF notes of larger denomination than fivs
dollars, we have prohibited the circulation 4
notes of less denomination. do not undeIs
stands the advocates OF this bill Us preitrring small
notes TO specie. 1t is not couended that thu
people prefer a note promising to ray dollar
to the dollar itself; on the contrary, the friend;
Of this measure concede that it is because OF til.
circulation Of The small notes of other States a
monost Us that they desire our Banks should e.
init notes ola like denomil alton. Why do we
object to these small notes issued by foreign
Banks? Ii is not because they arc issued b,
Banks other than on: own. II it were SO, The
objection would apply to notes ct a larger de
nomination than five dollars with as much force
as. to notes of a less denomination and it has
never been contenied that It wc1lld be either
wise or expesient to prohibit the circulation Of
notes issued by the Banks of other States, Of
whatever denomination, provided they were nol
for less sum than FIVE dollars ard. SO long az
we have business Intercourse with other States
so long viii their currency find its way here
Why is it, then, that this distinction is made,
and the circulation Of small notes prohibited
] he reason is, as before remarked, rot because
they are foreinn note S, Int because that cirels
ton they supply should be a specie circulatio,.
because it has ever been considered. i'll Virginia
unWlse to Danish from circulation the precious
metals; and coniine our people TO an exclusive
paper currency. Ii would not only be llllwjss to
do so for the reason that specie and not notes,
should be used for the smaller business transac-
Tons, but IN times OF monetary embarrassment
there would be no specie to fall back uson and
Bank promise to pay would not answer forleo.
ney when money was in actual demand. Sc
long as the Banks have the confidence OF the
community their notes may DC, but " hen a eli
sis comes, and confidence is destroyed, the Sc
notes will not procure for the man of business d
dist barge iron his liabilities, nor will they pro
cure toI him who, by the sweat Of his brow
earns his bread, the neccssarics Of life
Whence comes this application for this small
note issue And why the necessity for ouch an
issue The Banks have hot openly declared q
Suspension OF specie payments there is 10 lut
upon them tor silver and gold no one .pretelds
that there IS not an abundance Of specie to sup
ply circulation for all minor lansactiors. hel
Why are We called upon to grant privilege Is
the Banks, that has heretofore been deEed then
and saddle upon our constituents that worst q
all curencies, an exclusive paper currency? Sir
believe that this application originated with
the Banks, and those directly intere sted III them
as well as those under their immediate infu.
ence; and what gentleman call the necessity fol
this small note issue, has been brought about b,
the conduct of these very Institutions, vho aIe
to be proiited by the issue and Who gudge l.
The people the specie necessary for change tol
it is well known that they are Iroiited 10 a nue4
greater extent by the issue OF small notes lhs1
BY larger issues, because the amount being small
they are handled by the holders with less care
and many of tt m never find their way hack IL
the Banks, being let, CT eventually Destroyed
1t is now a stluegle between the lalla and Tie
people; and they seem determined by every
means in their power, TO diiye the repre- sent4,
tivcs Of the people into the adoption Of a bill
granting 10 them this additional privilege CT is
suing small notes. They know that money j.
power, and BY an abuse Of power they deter
mine to effect their object. say abuse OF Iow-
er, for it never WAS supposed that they wcull
deprive the people OF the specie ncct asary tc
supply q circulation under five dollars hut b,
adopting the practice of rayi@g cut uotos Of dis
tant branches, ard refusing to give tho specie
for any but notes payable at the counter Of tho
Bank paying out, (Which latter notes are seldom
seen IN the neiehbolhood Of the Bank where
payable they have virtually denied 70 the com
mrnlty specie circulation; and have placed il
out Of the power of the holder of note to de
mand the specie for it, unltss he travels hun
lreds of miles from where he received the note
to the Bank where tits payable. he nlothe1
Bank at Richmond, will ray cut the rotes OF ths
Charleston, Danyllle, Or some other blant b; arr
the branch will pay cut the notes of the molhe1
Bank Or some other branch; and in this way TIL
game is played, and, in consequence Of condue
like this, we are to grant these Banks additions
privileges. Not satisfied with privileges alread5
too great by far privileges that 10 indiriduas
outside OF these soulless corporations is permit
ted to enjoy; Issuing amounts three, four art
five times greater than their capital making a
| least IS per cent. upon that capital, ard always
taking the interest in advance, they still cly
| give, give. Instead of beiug disposed to acc ON
modate the people, for " hose benefit they wer.
created, they act as il the people were create,
for them. They denyt to the people a specie cir
culation Tor all the purposes OF change, and b,
every means III their power are endoavorin@ t.
|
policy of the State, and bring you to an exclu
slve paper circulation, Il is not pretended tina
we have not gold and silver in abundance to fur
nish us with a mixed currency then, ask. is
not right and proper that The State should exer
else her power, and appoint a majority of tn
Directors for these institutions and compel then
to redeem in specie the notes they ray. cut, c
prohibit them from paying out any lote, bu
what, upon its face, obligts them to redeem
whore paid out If this were done, we would
hear no more of the scarcity Of change ard tn
necessity for small notes.
Mr. Speaker, the people understand how thi
thing has been brought about; they know why i
is these Banks desire this small note ISSUE the,
have observed the policy pursued by them
which policy they very properly condemn an,
denounce. They require mixed currency-i
is their deliberate purpose to adhere to a wis
and good policy. They demand That they shall
have a specie ejaculation for all sums anaer fiv
dollars, and they will hare it, A siQrnl is gath
ering about These Banks, and waen they arp
for u renewal of their charters, il not before,
will burst upon them. TRUST and believe iii
people will have agents here who will provid
.1cr,tinr, If ra1icv sI,ch