Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1861-07-04

: move they WeSe III hu'>h .hoJ -.
obtain an advantage over tho S!ate. Ineir poll
cv is to abso' b oil they can, aad to hoid on &c
all they get While ! shall vote FIR the amend
nent, therefore, | say ssain that am opposed
to the ordinance. aad hope 1t vii! not be auopI'
ed. :.
Mr. N.cFaRLAyp.-I am aware that there is
4 general disposition in advance to ols!rus'
banks, and especially so when they are IN
yolved in any legislation looking 10 the puollc
hene6t But allow me to observe that they are
much .tnore sinned against than shining" II
IL q matter of public policy that this ordinance
should be adopted, and | am surprised That, IN
the present attitude Of ad4irs, it has encoun'
tered oppo;ition q. the hands Of any member
Of this Co17ention.
Nj, SLArGn7ER-I have only q word TO say
upo3 this subject Without G proper specie
basis, il is impossible to mainsln the strength
and su!ldity Of The Government and il weuFs
in such q condition as has been indicated, that
there is not spsrls enough Oh hand to author
iza en- additional loan 10 the State, why le5lS'
late 20 luke away what li:tle Sc have II we
have no, now cncrgh 10 Justify The loans re-
oIired, why adopt au amendment OF this ma
lure, which will produce a drain upon the pub
tic treasury?
NJ. BFucE.-These gentlemen seem TO be
very anxious to protect the banks, and sup
pose il is their duty to do so; but, sir, submit
10 this Convention that the feur millions OF
specie now in the vaults Of the hanks is not
worth one cent to tho Commonwealth Of Viz
cinia. You have given them the enormous
privilege Of withholding it from circulation
You have thus largely increased their divi-
Irl,iu, ard affyrdcd them unbounded facilities
for advancing their own interests; yet when
tie question comes to the payment OF q small
amount Of interest upon the State debt in The
city Of London, = hue and cry il raised against
as Just 4 cla:W SIS was ever presented 10 the
consideration Of any legislative body in the
world. SIR, We have already surrendered too
much IT, !hr banks, and for one | will never
consent that the State Of Virginis shall pay
twenty per cent. for Excharg. upon London
whel We have the specie to meet the interest
Of our debt locked up in our vaults.
3Ir. BxAScH i have never had much 70 do
with banks except to borrow money, (lsugh-
ter and | have no doubt that there are a great
many gentlemen here Tho IN this respect have
! found them cutie rs convenient as myself |.
10 my opinion, however, that this amendment
suggested by NY friend from II !iIiay, bears loo
severely upon lhcsr useful Institutions. ain
exactly his antiPnics. lie 3r-s TO Justice IF
paying the ordinary currency; | see no JUS.
ticr in paying spec.e- TIE true principle Of
conducting bADkiug operations il 10 enable
them to afford accommodation 10 the public.
One Of the lneaus Of d,iug this is to msintain
Il proper specie bssls upon which their curTen
cy uiuy go forth and toe accepted By tho world.
When tia, basis is disturbed the Welfare Of the
| ,,,,ro,,, p.o.ssarju u,,tF 70 ,r,I ~ unn,,ll
therefore, DO our OH e! to keep il Is remote
from H. lucnccs Of THIS character as possible.
At present this i; especially rtis case since the
political state Of the country uakes 'h" banks
the right srm IF the gOSeruEcnt.
Ny friend has said that the specie in the
banks is Of no value to The Safe. Sir, | diilar
from I'm. That specie basis enables us tn
keep in circulation three dollars for one; il.
gives confidence in the s~o!vency Of the banks;
it protects the husines, Interests Of the cDin-
nunily, s.d strengthens and solid .tss the
commercial fabric OF society.
Thrr- is 4 class Of politicians in this ccrn-
try, who regard all bai,ks with = jealous eye;
bn: there il no earthly reason Why lu,a should
no so. NJ widows and orphans arc distress
ed-no one Is poorcr-no one suffers from any
irjlstic";; bu;, On tho contrary, let the banks
stop, ard yr would STE an amount Of incnn.
y~eniencr IL the community Of which We hare
no conception.
l.! us, therefore, Stand BIZ the banks. Let
uI MAXI NO odious laT which will bear heavily
upon lncun, AID remember, in our legislation,
that when wa drs1 ninety f;e thousand dol
lars q yeaT, in specie, cut Of their vaults, TO
pay the Interest On the Safe debt, We draw
five hundred thousand lrGm circulation
These arc simple iacts, and they are the Tea.
sons why | cannot vol. for this 4 nendment
NJ. M~uNraarc.--l desire to ark a single
question, wiiicn probably :c'ne Of the bank
directors IN THIS bpl' Inay -. .o!e 10 answer.
| wish - hnrw whether. iilrlug ih.a period Of
SusErr''.h -! .pr,'r payment. y@ur bi'ihS arc
not ia the nab: at s";it,g ,rrcia &, brokers
an rtse" p"nlle.
Mr. Observation-Disclosures | will say that
banks are occasionally forced ~ part with
| their s2cc:c, but Fever 10 sell. fney are more
frequently buyers thar sellers. [ had supposed
that the banks of The Commonwealth were
! ab3vo the suspicion which suelrS 10 DO cutter.
.ained BY the honorable gentleman.
Tine question being then taken on the smeId-
mcnt Of the member from Ilalfa. (Mr. BEvcE)
it WAS decided in tha negative.
The question then REQUIRED on the adoption
Of thu ordinance, aud it vas agreed TO.
The Caair announced that the next ordl.
naI,cc to be trken up, you'd Go tie following,
entitled:
Az ORDINANCE
Changing tie name, gf eer:aia Counter, and
for otter pvracS:s.
Whereas, Winfield Scott, Lieutenant General
cf the army Of the Cuitcd States, has, in the
momentous contest between the North aud the
South, taken sides with the enemies Of coasti
t~u,ioual ~liberty-and whereas. the said Win.
! 6sld Scott has proved himself an unworthy
son OF this Commonwealth therefore,
Be il ordained, That all the acts Of the
| Virginia Legislature heretofore passed in com.
! incubation or homer Of the said Winfield Scott,
be and the same are hereby repealed aud for.
ever snnullr1.
And be i. further ordained, That the name OF
Scott, heretofore given to O county OF this Com.
pvn wealth, be arn! tbs ss!ns is hereby changed
to the name OF DAVIS. Aad. whereas, james
Buchanan, late President uf the Cnitcd States,
has contributed means from his private fortune
10 enable the military dcspoI ut Washington to
suhiug.te tho coed people Of this State there
fore,
Be il further ordained, That the name Of
Buchanan, heretofore given To a County Of this
Commonwealth, DC and tic sarre is hereby
changed to the name Ct S'ephe9s.
Mr.. FIsurR-l move to amend that ordI.
nance by striking on: the word "Sherens," ia
the fourth line Of the preamble and insert the
word ..theru:orc," 10 that it will read
and, therefore, the said WInh:ld Scott has
proved himself al unworthy son o! this Com
mnnwealln," etc.
Mr. GARxErr.-1 have alsays been opposed
to naming counties after living meI.
Mr.. SrERp.- i move to postpone tn ,,ons;d'
eraticn of both ordinance and amendment
SMr. GARRETT. Il hope that motion will not
prevail. W!iie there are certain portions OF
Inc ordinance which | would like to see alier.
ed. sen 10 reason for icftTrins & subject
which can hr ." easily settled now, until M
other time. When ;he name of Scott vas CIV
on IN Ihn county in Question, probably there