Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1849-03-06
Tlir SNnI NOTE pIJJ

in the S nate, on Weda. sday 26h Feb, lS49,
IN the INTO 10 pOstpo". Indefinitely, me
bill 10 authorize the Banks 10 issue Small
Notes.
Mr.. SPEAKER: Ii is at all times unpleasant
10 me L. trouble the Senate with any remarks 81
my own, noI Go | intend, on TINS occasion, 10 lax
The palience Of Inc Senate OF occupy Us line but
| Tor a very lev moments. The friends VI this
bill, relying upon the iact that nules oi a less de-
nomination han five cellars, issued by others
than The Banks Of this Commonwealth, afe in
circulation here, and mat such a circulation is
an evil, assume that he only way 10 correct and
remove the evil is TO permit and authorize a like
issue by our Banks, and thus abandon VIVA; has
ever been The settled policy Of tins State 10 have
a sutficiency OF specie As the basis OF our circu-
ialion: and, therefore, while We have allowed ihr
issue Of notes 0t a larger demo nation than five
dollars, We have prohibited the circulation OF
notes oil a less denomination. | do not understand
the advocates ot This bill as preierring small
notes 10 specie. Ii is not commended that the peo-
pie prefer a note promising 10 pay a dollar,
10 The dollar it>-li; on the contrary, the
friends Of mis- measure concede that il j,
because Of the circulation OF The small notes
Of oiher States amongst, US lha, they desire
our Banks should emit notes Of a like denomina-
don. Why DO We object 10 these small notes is.
/ Sueu DY foreign bdHhAf I IL - DUI utCduSc llcy
are issued by Banks other Than our own Ii il
were 50, the objection would apply 10 notes OF a
larger denomination than five dollars with as
much force as 10 notes OF a less denomination;
and il has never heen contendei that il would be
either wise or cxpetient 10 prohibit the circnla-
ton OF notes issued by the Banks ot other States,
Of whatever denomination. provided they were
not Tor a less sum than five dollars; and, 50 long
as we have business intercourse with other States,
50 long will their currency find lis way here
Why is IT., hen, thar this distinction is made, and
he circulation OF small notes prOhibited2 The
| Jason Is, as | before remarked, not because they
! :. !, foreign notes, but because that circulation
tLey supply should be a specie circulation; be.
cause il has ever been considered. in Virginia,
unwise IL Danish IRON circulation The precious
metals, and conine our people 10 an exclusive
paper currency. Il would BE- mol only nnwise 10
do 50 for The reason tha. specie, and not note,
should be used Tor the smaller business lrarsac-
ti0ns, but in times Of monetary embarrassment
here would be no specie 10 TALL back upon, and
Bank promises 10 pay would moi answer Tor me-
ney when money was in actual demand. 81
long as the Banks have the confidence Of the
community their notes may do, but when a Gil.
sis comes, and confidence j. destroyed, these
notes vii nct procure for ,he man oil business a
dischaTge from his liabilities, nor will they pro-
cure inr him VINO, by The sweat Il his brow
earns his bread, The necessaries 81 life.
Whence Comes this application Tor this smal
note i,sue2 And why The necessity for such ar
issue2 The Banks have not openly declared a
SUSPENSION 81 specie payments; there IS no rui
upon lhem .or silver and gold; no one nretend'
that lheTc i not An abundance ~ specie "a sup
ply a circulation tor all minor transactions. Tnei
why are We called upon 10 grant a privilege Il
L ID ,.l L.. 10, -. n..t,tAT. Inep 4ar t.I thn,n
and saddle upon our constituents that worst 0
all curIencies, an exclusive paper curcncy3 ST.
| believe that this application originated with The
Banks, and those directly interested in HEN, a
vel a those under their Immediate %intlucncr
and what gentlemen call the necessity Tor I'm
small note issue, has been brought ABOUT hy III
conduct oi ihese very institutions, who are 10 b,
pr fitted by the issue, and who arujse 10 the PEG.
pie the specie necessary Tor change; Tor II !
we'll known that they are prof ed 10 a muc'
GREATER extent by the issue ot Smal no es ihaf
by larger issues, because the amount being small
they are handled by III" hCldcrs with less care
and many oil them never find their nav back Z
The Banks, being iosi, Or eventually destroyed
Ii is nov a struggle between The Banks and hi
people; and they seem determined, by ever,
means in their power, 10 dive the representa-
ives ii the people into The adoption ot n bill
granting 10 them his ADDITIONAL privilege OF issu
ing small notes. They know that money is power
and by an abuse ~ power they determine 10 ct
feet their ohjsc'. | say abuse OF power, Tor /
never was supposed ina. they would deprive III
people OF The sgecic necessary 10 supply a cir
cu,al.ion under five dollafs; bu' by adopting III
practice II paving on. notes Of distant branches
and refusing - give the specie for any but note
payable al he counter OF the Bank paving oui
(Which latter notes are seldom seen III I'M
neishbofhood Of The Bank where payable, the,
nave virtually denied 10 the community aspecV
circulation, and have placed !; on, OF the powe
Of he holder uf a nate 10 demand he specie 10
il, unless he travels hundreds Of miles iron
where h. received the note, Ia The Ranl
where II is payable. The mother Bank, al Rich
mond, viii pay rut Inc notes Of the Charleston
DaDyiilc. or some other branch, and he brancI
vi paw out The notes II The mother Bank 0
some ciher branch; and in this way The game J
played, am, in consequence ni con.nct like this
We are 10 grant these Banks al .iional priyil-
ees. Not satisfied with privileges already =
great by lar; privileges that no Individual optsid
OF these ~souiless corporations Is psrmited 10 eT
Joy; issuing amounts three, four and i've time
greater than their capital; making al lie least |
per cent. upon that capital. and always Iakit
In" interest IN advance, iney sill cry give, 2l''
lnsi.a al OF being dispoSei 10 accommodate In
, penpe, iuf whose benefit iSey we're cieateo, ne
; acI . il ne peope were created Tor 'hem. The
: deny 10 the people a specie circulation Tor all u
! purposes Of cnanse, and oy every means IN the
power arc enceavorlng TO force you into 4
!, aba ndonmcui ii the settled policy Of lie Stat
, and bring yen 10 40 exclusive paper circulation
j., j. no, pretended thai We have not gold and 81
| yer in abundance 10 furnish US with 2 mike
i currency then, | ask. is it Tot right and prop,
!. thai he Stale should exercise her rover, and al
point majority Of The Directors Tor these ins,
l%utioDs. and compel them 10 redeem in scecie II
= notes they pay out, or prohibit them from payin
out any mole bu, what, upon its face, oblies
E them 10 redeem where paid out7 II This wei
done, We would hear no more Of The scarcity
i change and The necessity for small notes.
| MIR. Speaker, the people understand how III
thing has been brought about; they know why
S is these Banks desire this small note issue; The