Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1860-03-16
Tho Rsnsal Of the Redemption Law.

The Repeal Of the Redemption Law.
Correspondence Of he Aleramdria Gazette.
RICHMOND, March 1.-THE repeal of the
Bank Redemption bill was before the Sc
,s,e to-day. A motion was made to indie
soitely postpone the whole subject, the Ell
feet Of which would have been, had 1t sue
.seded. to have withdrawn the matter from
the Legislature. and have retained what
ooos;der the present unjust and harsh law.
AGAINST this. Messrs. Thomas, Carter and
Armstrong earnestly protested, as an act OF
Injustice to the large majority OF the House
of Delegates in favor OF the repeal, and to
the minority of the Senate, if, indeed, they
are in the minority. The proposition, how
ever. was defeated, by vote OF ayes II,
noes 10. A motion was then made TO lay II
IN the table, and make it the order or the
day for next Wednesday. Whatever may
be the ultimate fate of the bill, the Repre-
sen,atiyes of our section of the State, gene
rally, have been earnest and uatn1ng, IN
their efforts, to have the law repeating the
provisions Of the, former act passed.
CONSPICUOUS amongst those, have been the
three Senator's before named. Mr.. Thomas
10 my knowledge, left his bed of sickness to
which he had been confined for several days,
on Monday last, to participate in the debate
mon this subject He delivered speech
Of near two hours in length. which is con-
coded by all who heard it, to have been one
of much force and ability. He showed the
harsh operation of the law upon the Banks
situated on the borders Of the State; the
injustice Of requiring them to divide their
specie. so as to redeem their circulation at
two different points, and to that extent
diminishing their ability to accommodate
the demands Of the people. The only argu-
ment which had heard from those in favor
Of the continuation of this law, was that II
operated to prevent the circulation OF an
irredeemable currency. Mr.. Thomas de-
MED that we have had an irredeemable cur
rency, except during the period OF sns-
pension of specie payments by the Banks.
The evil was in the amount OF paper money
in circulation, and its inconvertibility from
the fact, that many OF the Banks were sit
uated at inaccessible points; yet by the gen
eral banking law controlling all these insti.
tutons, they are bound, under heavy penal
ties, to redeem their obligations in specie,
when presented ut their counters. He con-
tended, therefore, that there was no ire
deemable currency, and if difficulties were
presented in the conversion OF their notes
into specie, it was not the fault of the Banks,
but of the Legislature itself, in chartering
Banks ia every quarter of the State, and
authorizing them by existing laws to IN
crease the circulation of paper money
This was the fault of our legislation. and We
should not punish the Banks by requiring
them to change the contracts by which they
we're incorporated, BY requiring them to re-
deem their obligations at two different
points. The remedy. he thought, for the
evils complained Of, could be found by 10
eating our Banks at the commercial points
in the State, and increasing their capital 10
an extent sufficient to accommodate the de-
mands of all our interests. He referred to
the message of our late Governor, Mr.. Wise,
in which he spoke of this redemption bill as
rendering large portion of the State sub
seryient to the interests Of Baltimore, and
By our own law, degrading our currency TO
quarter per cent DtiOn par. III TINS Coi-
nexion he paid high compliment to the
administrative ability Of Governor Wise
He spoke of the boldness and success with
which he met the financial crisis of 1851,
and remarked that by his act at that time,
he had rescued the State from the distress
which would have inevitably befallen it.
lie, therefore, thought Gov. Wise's views US
to the impolicy Of the law. entitled TO great
consideration. He spoke of the great en-
barrassment and stringency in the money
market of our section of the State, and IN
this he was confirmed not only by the repre-
sensations of the people CT Alexandra, but
BY the opinions of Loudoun, Jefferson, sc.
regret very much that there are no re-
porters to give you the speeches, and al
though know that Mr. Thomas has been
applied to to write out his speeches, yet he
has invariably declined 10 do 50. His
speech, as well as those of other gentlemen,
abounded in valuable statistical information,
which the people should have the benefit Of
regret that the Delegate from Alexan-
dria, valuable and enlightened as he is upon
all commercial and financial subjects, should
have differed in opinion with the Senator
from the District. in this matter. Mr.. Me-
kenzie is doubtless sincere in his belief that
the law is a valuable one. and not obnoxl-
Gus TO the criticisms made upon it. lie may
be right: but in this do not think he Will
Ind the people of our portion OF the State
will agree with him. Messrs. Carter and