Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1861-12-20

alTauCa icr banks CT distance, Whlca I!Ei
decline to advance upon thI. security.
Now, sir, in all other particulars in which
the amendment departs from the ordinance,
1ould submit that the advantage s decidedly
in favor of the report OF the comI':t.ee. In
deed, it does not occur to me now tea! It neeo:
any alterations III respect 70 AM single pom
suggested in the amendment. ti1 not Sec
that, In the substitute, any additional sscnrity
for the State is suggested or irtlriia;e;;. sEa
not aware that the committee, IN reporting t.;
ordinance %:,ic., [ am now' advocating, has
omitted, in any single paricular,tO take all the
precautions, ni the Iaeans necessary 10 guard
against loss uither by negligence OF IRON IN
propr!ety Of purpose Oh the part OF the puniic
officers. an contiden! Of this thing, that il
i. 90 the purpose Of this Convention to GET
the treasury notes into general circulatiorr
there is no mode better cs!2Gst"A 10 accom-
plish that result than the ordinance which mas
been reported by the committee. Their pur-
pose was to give confidence in this circulation,
to attrsct the public attention to Il; end thc
best mode Of accoIn plishing thst end IL. not to
3. display any particular solicitude With refer.
flce 10 ;s.:;, insised. there rs 10 vl<solviI l.
'S.., iis ,He ;sar-t- eant tsz plated by Ii
nancs Of tho committee, payment for than Is
AZ oncu called for.
| know, sir, that the committee which re-
portc:i this ordinance gave 1t their particular
attention, and Can add iurtEer that the coIn-
mit;ee had before them the Auditor Of Pub
! lie Accounts, with view 10 obtain frog. hin!
ahate7cr Information they might deem nccca-
ss77; and Hilil5t they did np. submit implicit.
| " 70 The judgment ci toe Auditor, they s1
J llu vii, 10, n.
particulars which beGr III the slightest degree
: cpoE tie public Quesilona involved.
! [ rec5miaend huniciy, ard without aT% c:r-
; fdorlc IL lit oTn opinion, &c lac adoption o!
the convention ,hs ordinance reported b the
| committee.
! !Ir, RLAsET.---I 1snrat for Ills lie cl ma See
; l;cw it is that the su::tiiii.o wll IN aaJ degree
!nGrc.se the Liabilities OF the Treasurer, So e.
% reniicr it just 10 him % release bis SecIr!-
, .,c;. According 10 the report of The commit
ICE, the Treasury notes sre 10 be Issued TO pee
pis y 90 lsni ,h= money 10 tho ConDcn Taaitii:
and caEno! see No" Tie plan propo6ed BY the
suDat;tEye vii! Increase lhs liaGiii:ies Of .ha
Treasurer more than DOCS :Ge ocdiauCc as 20.
ported.
Tic i!!::ttEarcGcc !..i.eaI II: report and tho
Substitute oI=E35 by ms il this: thu! the
Treasury uots lii tho casa Of the report is 10
be issneu 10 the party n ilo iend: The Common
wealth money and brings that rDuch moro
money under the ccntrr Z: Ihe Treasurer to
i,e ACCOUNTED !or According to ti.e substitute,
the Treasury note shall be issued t. the party
who lends 10 the Commonwealth Or TO l. credit
tor Of !he Commonwealth. Il it IS issued 10
the creditor ui the Commonwealth, there iE just
that siilount Of uloncy less handled il thr
transactions, uud, ~ consequence, the iiab!i-
itv of Luc uniccr is diminished il that degree.
In fact, it dimnjshcs both lab9f AID response
hiity, and simpliiog the transactions in the
Treasury department..
There IS L greater difference still between
the two schemes according to !lls schclre Of
| The Committee, these notes cannot ho issued
uatil somebody will lend the uioney IL the
Commonwealth. Vow, sir, az l stated this
morning, creditor OF the Conmonw cath who
hes used his means in supplying the Corulnn;.-
wenth with these things which were indis-
! reussSiy necessary ior ner in carrying GU this
| ~sr, cones here To be paid, and he lnds &c
! money in tia Treasury how is he to 90: it: IL
| there anybody that will lend the ulo!:cy !:
Thers may De, o. there may mt te. Tna !Ea
OF that has occurrs! before, III t;tass Of peace
| II L. known TO eSrry meIta: ii tuis UuaTeG-
t:a.e ,-a tt ::c4G,so:, G ,bo Co.:.ae--::ld,ss ~
{ aos :e5. iha money thst T2s tue I, rhtc,
because the State cou;3 nCt SCI! heE aoiiss; aid
a member OF the Convention s:etec ;ipol tbs
floor few days since that the ,!acti@e ot rail.
road contractors and other Contractors rad
been. to 90 to broker and borrow, ssy II, poo
at c very derp shave, and then Tiia tIat to
nuy s!a.e bonds, which no would 60 and sril
at hsary sacrifice to get m3ney to bug more
bonds with, and hnsly he manages 10 pct ~"
money in the Treasury WITH which 10 Pay Ein-
-! sol! II tlixt has bcca dona il; times Of peace,
9:! not the same thing oc doDe in times CT
Far.
and Why this roundabout process r tha
creditor is willing to receive treasury notes III
! osyucnt Q: ;is debt, Why snail ne not oe per-
nil:ed to receive them without first eorToH.
| ing the morey srG haTiug i deposited Il Dans
| in rcder 10 get hold o.! these treasury lotss !?
"hy nav he E1oi as vel! receive them, and go
| home at onco perfectly satisfied with lis irca-
| suvy notes, n: bs subjected - this sdperhuous
ordeal?
TIE Chairman Of the Finance Committee
! (Mr. MAusAsLAHD) this morning admitted that
Treasury note wouid be better currency than
bank Eotc. Now, viii you deprive the credi
tors OF Tie C0mmcnT eal:h Of This better cur
Fancy crd Pu. it in the hands Of moaay.le0ders,
trat theJ 'Eay 5e pad w:tt an inferior curren.
! CO. |! s:t:ns to me 1t would be unworthy ci
the character Of Virginia. AS To- thu guards
thrt ere thrown around thssc Treasury notes,
I do Ect Gcs that there Gye any tGoTc guards
| thrown around them when advanced 20 the
! money y.lender tnan when they are distributed
| to the creditors Of the Commonwealth. Il
seems to ne t:lst there arc rs uany guards
| around them in one cass Es in the other; /;
aud tue only difference between the Two
schemes ia, that tae s:hsme, according 10
the reports. v::s the credit of The Cou-
monwcalth under The contro! Of uouey-
| lenders, aad must frequently plsce the creditor
in condition it, vhich he cannot ge! lis
money without submitting to heavy sacr-.
fec. wnilc the substitute provides ioT the pay
! lnent Of the creditor at once, and TithUu! sub.
jecting him to this process
There is another provision ia the substitute
which colnmends Itself tn nT Ini1i, and that
is, that when an 0i.,ce: ii the = nmonTealth
shall receive these Treasury E'r..s in pa Enent
of dues, he shall endorse On it ti. late when he
receives It: and from that time the payment
| of interest shall cease; and j: makes it the
duty OF the Treasurer, when it is brought in
IL the payment OF dues to tha Commonwealth
to administer b. cath to that officer to the effect
that tho dais has been corra2t'y entered
There ;s another provision that recommends
it, The report d Tie committees limits the is.
sues to S2g notes. Now, this Convention has
said that il is for the coed O; :i:e country that
banks shsli issue one end :Tu dollar notes.
cannot see that the country will 90 damaged
By tho issue Of S. Treasury notes and $40
Treasury notes in behalf nj The Commonwealth.
If this scheme has been Issorted 10 FOR the
purpose Of throwing these Treasury notes into
circulation as money, to pass from hard 10
hand as hank notes, cannot zee any reason
why Treasury notes shall no; 60 cll of The de-
nomination OF s5; none Whatever.
With these views, sir, submit tho decision
Of the question 10 the Convention,
; ao# call the previous question,