The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1856-02-20

pied II had worked well there He contenda
sna' the people ought not to be saddIed with th
expense OF deprecated currency--the banks ha
valuable privileges and ought to bear il, all. n
spoks al some greater length In elucidation Of hi
Mr. DRoMGooLE followed ON the same side
.omaethnng . tne current fund system and the sys
.em OF swapping notes. He disavowed all preju
d'ce against brokers, who were commonly dc
nounced;-they were useful and valuable agent
N returning to lis proper sources redundant pa
Mr. Seldom very succnctly stated his reason
,or particular opposition to the amendment of MI
EDhuNDs. He objected to the per cent. dis
count on branch notes as bonus to the bauI
mnen should be Obliged to redeem its notes at par
ana proposing to fix rate of depreciation /
nxed that rate at per cent regardless of position
mus Frederitksburg, which was reached by two
| passenger trains each day, would have to pay tha
sane discount that the most distant branche,
tneir own DISCOUNTS Mr.. s. objected earnestly te
ths stamping of the entire branch circulation Will
the per cent depreciation.
| MI EDMUNDS stated that Mr. GARNETT had ar
to per cent His amendment proposed that thew
should be redeemed In this city at a rate not ex
ceeding per cent.
But 1t was not compulsory on the holder t., de-
mand payment OF the mother bank he could de
mand specie at the Bank that issued the note he
held and this was the case under both his amend
| aent and that of Mr.. Seldom But how yyould
the TWO amendments compare in another respect.
Under his (Mr. E.sl the holder of branch notes
could demand their redemption at the mother
bank; under Mr. SEbDoN's he could not For he
| denied that the bank could be made to take the
branch notes when compelled to pay out its own,
Ihe OH reported by the Senate committee had no
such provision and it was not deemed inst to
amend and re-enaet the code 40 AS to compel the
banks to take their branch notes at the same time
| that they were prohibited from paving them ont
SO that when the branch notes aoated to the com
inereial centre as they certainly would, there
would be no redemption for them under Mr. S. q
amendment, while under his (Mr. E. 50 they would
be converted into gold for premium not exceed.
Ing onefourth per cent. Mr.. E. went on to enlarge
upon the Inconvenience that would follow the
natural refusal of the bank to take on deposite
and In payment 10 it what it was prohibited from
paying out-the trouble that it would give holders
of notes redeemable at a distance to get them col
iected or discounted before they could pay or de-
posite them in Bank. He rdiculed the idea Of
local currency The currency could not be local
and olive In circle without ching on other
circles and floating Off to some commereia centre
where his amendment provided for its redemption
Virginia. continued Mr. Z could not have an il
dependent system. She had three large Banks,
with affiliated branches-which of them should at
tempt to control the others. South Caro- Ia had
been referred to- Charleston had a capital of
$4,000 OOO-these balances could be settled daily
among the Banks-and there was only $1,000 600
of capital out of that city. Louisiana presented
a similar condition of currency. The entire bank
ing capital nearly being Ii Gated in New Orleans
Under such circumstances, an independent sy stem
was practicable. But when we look at New York,
to the boasted system of Free Banks, we find that
her law contained the very clause from W which he
had copied his amendment. If per cent for the
redemption of notes was not considered too high in
great commercial State like New York, he did
not think it too high for an agricultural and gra.
zing State like Virginia.
Mr. STANARD remarked, that the subject under
consideration more interesting to his constitu
ents than those of other gentlemen yet he was ad-
monished that protraction of the debate was tan
tamount to refusal to act on the subject of re-
chartering the Banks at all at this session He had
just heard of a vote in the Senate, in which only
tea men could be found to vote for prolonging the
session. Therefore he would forego his desire to
speak on the subject and demand the previous
question So a
Mr. GARNEvT protested against the motion
The House refused to order the main question.
Mr. Seldom modified his amendment by strik.
ing out the words "bs. check Or other paper,
as to confine the prohibition to the paying out
bank notes alone
MIR GARNET enquired Of Mr. EDMUNDs what
protection was given by his amendment to the vi
cious system of an exchange of notesi What, foI
instance, to swapping Richmond notes for Wheel
ing notes, and having in Richmond a Wheeling cir
cuation. in Wheeling afRichmond circulation? Oh
what value would be his per cent. redemption
against such an evil as thatl He hoped his friend
as that.
Mr. EDMUNDs replied that no State in the Union
had one point of redemption Even New York had
established three Albany, Troy and New York
city. He fMr. Ed had selected three: Richmond
Winchester and Wheeling.
The question was taken on Mr.. SEDDoN'S amend
ment requiring the banks to pay out their own
notes, and rejected-ayes "a, noes 100.
The question being on the amendment of Mr..
EDMUNDs, Mr.. RUTHERFORD moved to strike out
the words 'at a rate of discount not exceeding
per ct"
Mr.. RUTHKRFooRD stated that his object was to
require the banks of Virginia. and not the people OF
Virginia pay for the depreciation of their issues
Mr. EDMUNDs replied that the par redemption by
the mother banks of the branch notes could only
be effected by concentrating all the specie in the
vaults of the mother banks by making the branch
es mere offices of discount and not of redemption
But specie was wanted by the country as well as
the city. The amendment proposed by MIR. H., he
contended would make the branch note better than
the mother note. 1t was for instance, to make the
Abingdon bank note redeemable in Abingdon and
Richmond. while the mother note would only be
redeemable in Richmond. This was to turn back
the current of trade and give to the note that was
farthest from the commercial centre the greatest
value.
MIR. RUTHERFooRD's amendment was rejected
without division.
| The question recurring upon Mr.. EDMUNDs
amendment requiring that the branch banks notes
| should be redeemed by the mother bank at not ex
ceeding per cent. discount, it was adopted with
out dviSen sr
| Mr. RUTHERFORD offered the following amend
meDt which was adopted:
Every quarterly statement of this bank shall il
| addition TO the information which the code re
quires, also exhibit the aggregate debt due by
| such bank the outstanding debt due to such bank
its discounts of inlands and foreign bills of ex
change its loans to directors its Specie circulation
and deposites the first day of each month in the
quarter it embraces. fs4sf
Mr. RuTHERFooRD moved further to amend as
| follows gS.e-7s9 F.s5s- - 51g H
| 1t shall be the duty of the Cashier Of the bana
at Its Office at Richmond. to cause an abstract Il
be made on the Monday forenoon of every week
which shall exhibit the aggregate amount of losni
and discounts circulation, specie and deposites o
the bank at the said Office. on the preceding Sat
turday; the said abstract shall be promptly writer
| in book to be kept for the purpose, which booi
shall be kept upon the counter. open to general in
speetion and may be copied from by any indiyid
/ nal @s
| Pending this amendment the hour of three arriv
| ed and the House took its recess.
| IMPORTANT DECISIONS OF THE u. s. SUPRENl
| CoURT.--The Washington correspondent ef tn
| Phiiade phia American writes:
The U. S. Supreme Court will hold, by cons
tierable majority that the act of Congress- of 1855