Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1861-12-13

! ted from us OoIiSal'oH'
as. That this ordinance shall DO in iorce
until the first day of March next, and may be
altered, amended or repealed by tbs CohFen-
ton. or tho General Assembly Of Virginia"
Mr.. BRANcI.-I rise for the purpose OF CAL
ing attention 10 the ordinance on lne suolect
OF small notes passed by the City Couhcll o.
Petersburg.
uThat there shall be issued, in tho name Of
tina civ of Petersburg, $4,000 in notes OF 81.
6o cents and % cents, for the redemption OF
which the Common Council pledges the faith
Of the city, and which shall be redeemable by
the Chamberlain thereof in Virginia bank
notes, when presented to him in sums OF live
dollars, or the multiple Of that SUN, and whic':
shall be receivable for licenses and other taxes,
rents Of houses, water rents, or any indebted
ness whatever due or payable to the city Of
Petersburg"
By that it will be seen that the city Of Pc
tersburg does not propose to issue money 10
pay debts at all but it proposes to issue five,
len or twenty OF the small notes Of %, 81, CT
IS cents to any gentleman who will bring So
a $40 or a $50 note. 1t is simply designed Tor
the convenience of the trade OF the city OF
Petersburg and the payment Of laborers by
the day. It is impossible to get silver to DO
it unless you 20 and pay ten or fifteen per
cent. to the brokers. If dollar is turned
over six DAYS in the week, the broker charges
60 cents upon it II you do not permit these
notes to be issued, what is to be tue consc-
qucDce?
will say that notes for $500, coo are drawn
on the Farmers Bank ftnis city, and. setting
down the fractional part of a dollar to DC nifty
49, -. L,-l-nA thn,.pu,S uril Hra tr6iN
that bank $50, 900, and if tho Farmers BanH
has ONLY $40, 600, she can only issue $500, 600,
and $50, 600 upon the fractional part o!
100000 The consequence will be that
$50, 900 Ct parer money will be drawn from
circulation. The question then arises. whether
YOU can afford to withdraw that amount from
Circulation. | d. mt r~scollect the statement OF
the Farmers Bank. nor in fac: ofany Of them ;
but I question whether that bank has one
hundred thousand Of specie in her vaults
now.
Mr.. MAcFAKLAHD.-Yes, a great deal mere,
In proportion as you draw specie from the
bank, lust so far you reduce the circulation OF
paper. Is the country at this time prepared
10 lose its circulation Of paper money
Mr.. EnBY.-An objection has been suggest
ed to me, that this ordinance applies to notes
other than bank notes. | drew Il in that form,
so that it n;ay only apply to bank notes
have said nothing about any class OF notes,
for the simple reason that | did not desire 70
have any thing in tie ordinance lcgal!zing any
other issues than those already legallzed. Bat
If. CORPORATIONS seem willing 10 issue sinai!
notes, it is proper We should relieve merchants
from committing pcrjary every hour OF the
day.
Mr.. NORRIS, of Carclinc.-1 would susclst
to tho gentleman to change the time when lnls
ordinance is to expire, su Ga to mske 1t conform
to the period liked for The expiration o. the
ordinance authorizing the issue of small notes.
MI. klLBY.-l strike out the words until
the first day Of March next and substitute
the words ''f.r thirty days after tho meeting
Of the General Assembly" SO as to make It
read, This ordinance shall be in force for
thirty DAYS after the meeting Of the General
Assembly, &c" |, will thus correspond with
the ordinance authorizing the issue OF small
notes.
Nj. WIcsuAM.-I desire to amend the or
diuance of the gentleman from Nansemond,
(Mr. klLsY,) by adding to the first branch Of
it the following:
$50 far as the issue Of small notes by the
banks Of this Commonwealth, and by the
Councils of incorporated towns and cities CT
this State are concerned.
This, as will bc Seen, is intended to make
the suspension Of the anti small note luw ap-
plicable to the banks which arc already autho.
rized to issue these small notes, and 10 the in
corporated towns and cities Of The State.
Twas one of those who advocated the isSu-
ing Of notes by the banks Under the denonlina'
ton of five dollars, and GndcaYorcd Al the same
time to have the ordinance SO amended sS 20
coufne the issue to these Institutions. The
effect Of that ordinance without this amend
men. will be to food this State, At once, with
the issues Of every broker in the Common
wealth.
We shall have issues put in circulation itn
medistely upon the passage OF this ordinance
Of every denomination, down to twelve and Z
half cents.
1t seems to me that the banks Of the Com
monwealth will Afford a sufficient amount o!
small notes for all purposes.
If this ordinance is adopted MS it is present
ed we will have thousands of these SHIN pias-
tiers, Of all denominations, issued BY every IT
responsible broker in the State.
Mr.. HALL, Of Marion.-l move to amend
the amendment by striking ont the words,
" and by the Councils Of incorporated towns
and cities Of this State"
Mr.. HAYMoSD.-lt is but 4 short time since
he Convention passed al ordinance autaori-
zing the banks to issue small notes to the
extent of five per cent. upon their capital
Gentlemen will find that if the banks avail
themselves Of that ordinance we will have sG-
ded to our circulation $500, o0U.
It is now proposed, in addition 10 autno
rizing the banks to ISSUE these notes, to extend
toe same privilege to corporate towns, for the
purpose o! carrying on Il war against the Aoo
litionists. IF wo have no other means Of car
ryiug on . war than that, We had better seek
a peace at once. Whenever i! becomes neces
sary for the State to resort 10 shinplastcr cur.
rency OF 3 different character from that already
authorized, its condition, indeed, must be de-
plo!ablc. 1t is bad enough to have to autho-
rize the issue Of these notes by any institution,
however stable and solvent; nut to permit az
enlargement Of these issues by corporations
and Irresponsible individuals, Just at the bee
of the passage OF the ordinance Of secession,
and before the people have ratified our action,
70 open the flood. gates for every rotten currency
that it is possible fer man to conceive, is q policy
which seems to me to be extremely unwisc-
nay, suicidal to the best interests OF the State
Are wo prepared to do this thing? Ought We
not wait until re see whether it will be neccs
Sary 10 resort To II!
:. l object to this ordinance upon principle, ani
not because l am disposed to be captious. The
neAure is pregnant with mischief, and ough
to be passed.
:, l therefore move to lag the ordinance ant
: amendment on the table.
The motion was agreed to.
Mr.. B~oIssEAU, Of Dinwiddie.-I move to tax,
up the ordinance concerning The stay ~ofeSecu
!. tions. | make that motion FOX 4 reason per-
. Sonal to myself.
, The PREsrDENT.-I will state that there is CT
, amendment now pending to that ordinance
which is in the hands Of the printer.
.. Mr.. BoIssEAu.--I desire to state that ,her
: is u sale advertised for Monday, in which | an
r interested, and l ain obliged to leave herc to