Monongalia mirror. [volume] (Morgantown, Va. [W. Va.]) 1849-1855, 1852-03-13
Virginia Legislature,
HeusA Of De;HgaIES.
MoNpAy, FgnnrAnr IL, lni2.

up VIC VIZ NHAlul'sIhS 'He b"'"H 4" - "
Iloics Of u less denomination t!iun 1--we III!
lars. The resolution was agreed to ayes
CO, noes s..
hir. CRAIo moved to .Irike oat Tho !O,'
lone section Of the BIZ:
I'll airy Bank Of circniotion shall avail
itself Of the privileges Of iIlis ac', the notes
u such bank, whether is.'ed OF the mn'tHr
bank or btanch thereof; pursuant ,hrft.
TO. shall be paid q, the mother Gahk, or
any branch thereof q! which the same may
be r;c.en'ea.'
MI 'ch4ib was opposed to all small
notes: bu! be was for poisoning the patient
that good may come from it. He was in
favor Of allowing our Banks TO issue small
notes, in order to drive out the worthless
cu.fe!!cy. that we arc troubled With. lie
atsnea at length in favor Of his amend
ment 10 strike out.
Mr.. Wallace thought thu, this was the
wrong time Or Virginia 10 give up her
position, when the great sinIe Of pennsyl'
Yania Was coming 10 thu .tescue, the press
Of Maryland and tile Secretary Of The
Treasury were also opposing this system.
Was there deficiency Of gold in this
country? the Secretary Of the treasury had
answered that there never was more in
Che country. we can now get gold for
Bank notes as well as vic could at any
rrcviops tine. But %lie: tse Want is sill.
yer. The merchants filid that ii il more
beneficial for them 10 ship silver than gdla.
This is not only true in regard 10 dollars,
hut il is equally trne III regard TO halves.
quarters dimes, and half dimes: and il the
gentleman from Roanoke desired 10 re.
lieve the people, he should authorize the
Banks 10 issue notes Of these smaller de-
nominations.
It is law Of trade tia, The worse will
drive out the better cuttenty. Cur own
small notes will be boarded up, and these
trifling, ragged, foreign notes will contin.
ue in circulaiion-!or II man has rag.
grd note md d geud note, he will pay a.
Way the worst and keep the better. We
will then have not only this miserable
currency bu, We will also have DIR own
small note currency.
As long Ms the greh, demand for silver
continues, as long as silver is worth two
per cent. more than gold, we vii! find that
our Banks will pay ont gold for their one
md two dollar notes, and the people will
not lie relieved.
II the amendment Of the eenllea.an
succeeds, what will you have? fon will
then authorize these free Banks, with
which you are shingling the State, 10 issue
small notes, when there is no security for
their redemption. He had been always
averse 10 any system which would drive
out Of circulation the gold and silver, and
eubjer! us 10 all these sudden revulsions
Of commerce which we have so often e..
perienced.
He appealed to his friend to ponaes
we'll before he gave up his old and cher.
.i.hed opinions. We would now paralyze
,he arms Of Pennsy lvania and Maryland:
which were coming 10 our assistance.
There was no Inns more propilious than
this for the establishment Of specie cir.
culation. He feared for the future papct
circulation Of this State, when we shall
have Banks in every lille village, which
would cause sudden initiation and expan-
sion, and subsequent contraction. Z
Tie came from city which had felt the
eei! Of these small notes, and they all.
both Wing and Dehiocrai, were opposed
10 the issue Of small notes By our Banks.
Why did you no, authorize this issue five
Yeas ago, whom the want Of them, was
Eel, much more than now7 lie hoped that
the amendment, would be rejected-,hat
we would not act in hot haste, and have
10 repent al OUT leisure.
Mr.. Early was like both the gentlefieh
who lad spoken, opposed 10 small notes,
bat he thought il there was any profit
to be made from these small notes tia, the
fanss in Which the State are stockhoId.
ers should receive the profit. Ii is vety
well 10 talk Of the abstract Question Of the
evil Of these small notes, but we know
that they DO exist, and the question is
whether we ough,no, 10 have those which
are good. We had mover been able to ges
our grand juries 10 present any persons
RECEIVING or passing foreign small notes.
lie had heard Of Judge charging a jury
10 find bills against those persons who had
passed these small notes, and they instead
Of finding bills agains, them, presented
The lur against their circulation as nui.
sance.
Mr.. Hubbard vas unlike any Of The gen.
itemen who had spoken: he was in fayot
OF Small note currency over d metallic
currency. He-had heard that premium
had been paid In the city Of Richmond
for these small notes Of the District Of
Columbia. He thought that there ought
10 be some remedy for this evil. He
thought the gentleman from Petersburg
but / forced construction upon The Chat
iefs Of the independent Banks. For they
are no, authorized to issue note unless
coun,ersienei ty. lie Treasurer, and an
equal amount OF Slate stock is deposited
with him as secnrity.-lle indicated an
amendment which he would offer in case
the amendment was adopted, 10 the e!'
fec. that lse banks should not pay out
more thar Eve dollars 10 any one person
in one day.
Mr.. Lewis said us the LIST section o(the
bill was also defective, he would move TO
recemmit the bill and amendments.
Mr.. Craig suggested that il would be
better to lay the bill on The table for q
hay or two.
Mr.. Levin Withdrew his mntion to re-
commit, and moved TO lay the bill on the
liable which was carI!ed-ayes So, noes