Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1849-03-23
RICH MOND, VA.
Thursday Morning, March %. ls49.

PROTEST.
The undersigned deem ii their duty (as ii is
their rightly TO enter their protest against The res
olulion OF The Senate, BY which The bill entitled
san act TO authorize the Banks TO issue small
notes" was indefinitely postponed, for The follow.
ing, among ober reasons:
Because the circulation within onr borders 10
an enormous amount, oil practically irredeema.
BILE paper currency, in the form OF the notes Of
foreign banks and brokers, OF less denomination
than five dollars is great public grievance and
evil, Tor which it is the duly OF the Legislature,
in some form or other, TO provide remedy.
Because The attempt, BY penal legislation, 10
expel this currency from among us has sIgnalY
failed, and so far from suppIessing has agsrava-
ted the evil, by drawing from circulation me
small notes OF our own banks which were read
lily convertible into specie, and entirely unoer our
control, while their place has been supplied ny
the notes of foreign banks, corporations anu oIo-
kers, practically incOnyel!ible, and over which
We have no control.
Because, in other respects, the law IS dead
letter-a mere mockeTy OF legislation which
no one regards, and OF inc provisions OF ~nicn
the whole community (including The tuncliona-
ries OF government hemselves) are in the daily
and hourly violation. Impoent for good, ii is
potent only for evil.
Because, in view of these things, the PEG
pie, through their immediate representatives in
the popular branch of the Legislature, have
again and again, year after year, and session
after session, BY large majorilies, sent TO this
body bills TO author &c the banks of this State,
under proper restrictions and limitations, to
issue small notes, which bills, including that
hereinabove mentioned, have been uniformly
rejected by the Senate, (on one occasion by
tie, on another by majority of one, and al
ways by close vote,) in disregard (as we be-
lieye) alike of what The pubic interest requires,
and the public voice demands
Because it was proposed 10 substitute for the
bill, as it came from the House, the bill which
is hereto annexed as part thereof, by the pro-
visions Of which the banks we're merely au-
thorized to substitute their own small notes for
an equal amount of foreign notes by them
taken in, and withdrawn from circulation with
10 the State; but this proposition was not only
not accepted, but it was not even permitted 10
be brought before the Senate, or vote 10 be
taken upon it.
Because we consider the rejection OF this pro-
position, by the indefinite posponement oil the Dill,
as lanta mount 10 declaring that paper curren-
cy, issued by foreign banks, corporations and
brokers', about which our people do and can
know little or nothing, over which We can exer.
else no control, and which practically never is
or can be converted inl1 specie by those among
whom II circuaes, is preferable 10 the notes OF
our own banks, OF known solvency, which we can
regulate al pleasure, and which, being payable
al The mother bank or branches whenever pre-
sented, may be converted al any moment into
specie, at the will Of the holder.
Because in the event Of any commercial re-
vulsion while our channels OF trade are filled, IS
they now are, with the small note circulation o.
foreign banks and brokers, the effect must be
most disastrous, and must press most heavily on
that class which is least able TO bear il; whereas,
il the notes OF our own banks were alone in cir
culation among u.s. The Legs AZURE might inter
pose, as il has heretofore done, and 10 consider
able extent, al least mitigate Tie evil.
Because we can see no good reason why the
profits of this small note circulation (whatever
itimay beg should not be enjoyed BY our own
institutions, 10 which the State is so largely in
terested, rather than by foreign banks, corpora
tons and money changers.
Because the vote on the indefinite postpone
ment was forced on in absence Of Senators who
were!known TO be opposed to it. and when there
were but ttoenty-sir Senators present
Wherefore, and regarding the action OF Inc
Senate in refusing TO lesislate on the subject
aforesaid, either 10 the form proposed oy the
bill as it came from the House oil Delegates or
in any other form, as in effect perpeiuation
of existing grievances and abuses, we do here
by protest against the action aforesaid, and de-
sire that this, our protest, De entered on Inc
Journal of the Senate.
ROBERT C. STANARD,
v. MITCHER.
An amendment proposed to be offered by Mr.. Stan
ard Strike out iron, the uDOrd that" M the LIST
section, LIST inc, and In l,es: thereof insert
l. The Banks oil This commonwealth Shall De
and they are hereby authorized 10 receive on de-
post, and in payment ot debs due them, notes oil
the Banks OF other States, under the denomina.
lion OF five dollars: Provided, that The notes so
received shall moi be again put in circulation
within This commonwealth, bnt shall be returned
10 the Banks from which they were issued for
payment in specie: and provided, lurher that
nothing herein contained shall be 50 construed as
To legaliZe The circulation OF The notes oil The
Banks OF other STATES further Than The payment
OF such NOES, in the manDer aforesaid into the
Banks of this Stale.
2. Be it further enacted, That in lieu OF The
foreign notes which shall be so taken IN anG
Withdrawn from circulation by the several Banks
of this commonwealth, who may avail them
selves OF the provision Of this aci, The SAID Banks,
amount Of notes Of The denomination OF one, Two,
three and iuur dollars; which notes shall be pay
able ia specie on demand, and may be signed oy
the President and Cashier. or any other ohcer
or officers OF said Banks, designated Tor that pur-
pose by the Board OF Directors: Provided, how
{ .er, that nothing herein contained shall be so
construed as TO authorize The said Banks 10 issue
said notes 10 an amount exceeding len per cent.
on their respective capitals.
3 Be il further enacted, That il any Bank
avail Itself OF the privileges OF this aci, the notes
o! such Bank, whether issued al The mother BANK
or al branch thereof, shall be paid al the NOM
er Bank, or any branch thereof, at which Inc
same may be presented; and II any bank snai
tail 10 pay in specie any mole or notes issued oy
il in virtue Of this aci, when duly presented Tor
payment, 1t shall be lawful for the holder OF any
such mole or notes to recover the amount thereof
with twenty-five per cent damages thereon BY
warrant before a Justice oil The Peace.
4. Be il further enacted, That nothing in this
ACT contained shall be SO construed as 10 prevent
this or any subsequent Legislature from Altering
modifying or repeating The same.
S. This act shall be in force from It's passage.
We find he above remarkable paper in yes
terday's Times, accompanied By "a few remarks
of the Editor, who assails the "exIraordinary de.
cision" of MIR. Speaker Scot, that the protest
could no, be entered on The journal ofthe Senate,
under the 3Oth Rule, and who denounces 'Ihis
course OF the Senate, in rejecting, session alter
session, a measure approved by decisive major
lilies in The popular branch, as palpabe and un-
UNSUITABLE denial Of the undoubted wishes OF iha
people"
As TO the refusal 10 allow The protest 10 be en-
tered under the rule, il is sufficient 10 say that
The rule cannot, by any iair principle be SO con-
strued as TO allow any paper, however objection
able its character, to be spread upon the Journal
OF The Senate. That the protest was OF an
offensive nature, rejecting personally upon The
majority OF the Senate, will be manifest from a
perusa of the extraordinary document.
To saw nothing of other charges, we need on.