Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1861-11-12


iisss!;e Of aa4ss per tsaE Of shelr capital ID sEs!l
aotss, Hhen tno!r regular issue Is not s9us! %
70 Der cent Of the amount pledged, #ill not
infringe Ell all upon their privileges.
Mr.. AIsLrR-The point | made is not net.
1t is this: By this amendment you remove
the check against an improper issue, which is
placed by the charters upon these banks. You
have REQUIRED these banks to hare their notes
countsrsigned by the Treasurer. Now, sir,
so far as these one and two dollar notes are
concerned, you destroy their check utterly ;
and while your amendment restricts the issue
to five per cent, what is to restrain the banks
from going over that five per cent? Where IS
your check What provision do you make to
make them accountable in case they go beyond
the proper limitations! These banks are upon
n peculiar footing, and you are destroying the
provision in their charters by which the coun-
try Is saved from an abuse of their powers.
Mr.. W,cxuAY.--I will modify my amend
ment, and present it in this form
"Rut no such bank shall DC hereby autho-
rized to issue an amount OF circulation larger
than is now allowed by Law.
Mr.. PisHEg.-I move to amend that amend
ment by ~adding-'but any Of the banks avail
ing themselves Of the provision Of this ordi.
nance, shall be required to redeem such small
notes in specie ut their Counters
| would offer that AZ an amendment To The
ordinance, if the amendment of the gentleman
from Uenrico, (Mr. WIcKuAa,) should be re-
iccted. Bus | aud sure the previous question
will be called the very moment the amendment
of the gentleman is disposed CT by being
adopted or rejected. I am, therefore, compelled
to offer Il "A an amendment, feeling that |
you'd have but = po1r chancc Of getting the
floor after the vote is taken np0u the amend.
,ncnt. Other gentlemen ~no are interested
in the duf:ai Of my amendment, and VINO are
much more active than | ain, would, in all
probability, anticipate nj" in getting the floor.
and I therefore deemed This the better course.
| have bean suffering from rheumatism for so!us
,iu,", amd being consequently too St;f in M
limbs, ! cannot rise irU:n MY seat a. readily aS
other gentlemen.
The amendment whiGil i cl!tr explains itself.
nm anxious that. shoui! thesc small notes he
issued, a!l the Specie 0i tho Commonwealth
snail rot pc Surk and hidden from circula'Wil.
the banks cnglt 10 Is. required to redeem
these small notes in specie at t'Iclr co!in!Srs.--
IF you pass this ordinance without requiring
these small notes TO b. redeemed in specie,
you will moi keep your 5000 0U in specie one
day AFTER the adoption of tina. ordinance. The
brokers and sGne merchants who arc brokers
in that ~rcaicci, will take thei: specie, mad scnc
il 10 tilai .narket where it wall bring most.
Nos, Sir, tbs banks would not desire To IS
suc these small notes Of nne and twc iollars
4 they wufe not to make IL profit ny The op..
..E,. AL hr,,tl,- VuI,,;t ,rkoth.r fin
great interests q tho people CT the CoulrnH-
wealth are moi to lie IS much looked 10 IS the
interests Of the corporations known Is the
banks OF the Communicable. | know, sir,
that ono motive operating with Some gentle
! men in favor CT the ordinanca il that some
irresponsible corporations and individuals vii!
be issuing notes Of the description referred TO
j.. this ordinance in case il "hGuld not pass
But. sir, is not such c declaration on the part
of this Convention Ell a,iTtiSsion that 1t - not
in tie power OF the Commonwealth OF flTe'.
nia--tilaE it is moi in the power of the Judici'
arr OF the Stale &c enforce the ~jra;eI:t law
against the issue Of small notes. Is any Bcn.
tlsnan in this body prepared 10 admit tina. we
have rot the power to enforce :hls !a". IN.
agine no gentlemen would make such an adj
mission directly but they must afimit that
they ere doing 81 in effect when they present
as an argument in favor Of this ordinance the
fact that it will check the issue Of small notes
by irresponsible corporations and individuals.
1t NAV he true that these notes may De 81
so;na value to some indiviGua!s-it may he
Ei.at ,hey may arGnr'i facilities to sotae persons
in busiuess-but ! know, az to my o~n PEG
ule, the issue Of these notes will be q positive
injury. even If my amendment should be
adopted.
said, the other lay, %o never experiences!
any Inconvenience in my section oil The Ho'n-
monwealth for the want Of asuticleHt amount
Of spccie, for We have always refused TO re-
ceiys notes of the denomination herein refer.
red to.
hope it will be the pleasure oil tie Con-
vsntion 70 adopt this amendment, because. in
nv opinion, it i; alI important to the safety Of
the community.
Mr.. M~.csARLASD.--I dasi'g especially 10
disabuse tnc minds Of members Of the idea
that seems to exist in the mini Of tho gentle
man from Northampton mfr. FIsHEa), that the
proposition TO issue one aid two dollar notes
originated With the banks. 1t does not, and |
am sure, il will be seen ut once, that upon the
privilege Of issuing one end two dollar notes
to The extent Of five per cent ri their capital,
their profits will scarcely pay the EXPENSES ol
buying the plates and the additional luoor re-
ouired, The bank with which am connect
cd would he entitled to issue $3.50, 900 in these
notes, ant! if there is any pcoi.in these issues,
experience shows that it is only III the de-
s%truction which attends them.
The banks will have to employ additional
clerks 10 discharge the extra labor which these
issues will OCCASION, so that actually nc profit
will srise to the bank from this source other
than muy result from the destruction Of the
notes.
As To the proprie;y CT making these notes
ledca!nablc at once in coin, tho gentleman
will see that thot will inevitably defeat the
leading policy upon which the bill is founded.
There is great complaint in this clty--snd it
exists everywhere in the Commonwealth, now,
OF the great difficulty CT obtaining small! change.
The brokers are lle'lling in it, and it IS rapidly
disappearing. It is concealed ard boarded
from apprehcnsions and rs rSped:ent to relieve
the necessities OF the times. We md tnat
upon all hands, propositions are made in
defiance Of law to issue small notrs " come
cases, by irresponsible parties; and now, the
whole case to DO determined is, whether the
public shall be secured against the loss and
uncertainty Of q circulation Of this description
supplied by individuals who have no authority
to do it, or whether the public shall have the
security of the banks of the Commonwealth
7 think that there is not room Eor y ocp;nions
upon the subject. If gentlemen will regard
this az a proposition proceeding from tbs puo:
lie and not from the banks, as it really is, ]
apprehend it will recommend itseltto tho favor
and the adoption Of one and all. cont think
it will tend to expel coin mere rapidly from
the State than it goes noE. Any idea to the
contrary il e mere speculation: unut some
established, be assured we shall suffer from the
evil Of a lack of change, and in g great degree
unless this remedy b. supplied.
II mag be pardonsd for a|lnding Tor e MIR
ute to one observation or two, Of the gentleman
from Northampton, (Mr. FisnEK,j ] will say
that he seemed to aInuse himself Il lit:lc YES