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

banks to issue notes of aloss denomination
than i've dollars; but I dcu''t understand that
the mere authority ~to.issue these notes removes
the penalties attaching, under the act Of Assem-.
bly,, to the receiving or paying out of notes OF
O less denomination than five dollars.
hfr. SaEffEY.-I move to amend the amend
ment by inserting after the word suspended
the words ''as to notes issued by the banks
Of Virginia under this ordinance" 80 that the
amendment would read
.'That all laws now in forco prohibiting the
receiving or passing of bank notes under the de,
nomination of FIVE dollars, are hereby repealed
as to notes issued by tho banks Of Virginia,
during the time this ordinance shall remain in
force."
Mr.. SHgrrEY.-If this is not adopted. We
will be flooded with small notes from North
Carolina and other rcighboring States.
. Mr.. KMBY.-G accept that amendment.
Mr. SuruERLIN.-I hope it will not he tie
pleasure Of tie Convention to adopt tina: amend.
ment. How can wc on the bTdcTS Ct North
Carolina get along il thar amend nert Is adopt
ed? As ! understand, every licensed iner.
chant now in Virginia is sworn not to receive
these notes, and it seems to me tIat this re-
~striction should be removed from US who are
located on the borders of North CaroiirM.
Mr.. SHrFrEY.-You will have plenty cf Viz
ginia bank notes.
Mr.. SuTAERL.y.--We womld il they were IN
North Carolina. Oar trade is with that Stale
chiefly, AMI | DO not think wc ought ~ be
kept subject tn thar restriction. mnvr e
strike on, the amendment just c:t:red ana sc.
copied by the gentleman from Nanselaond.
Mr.. HoLLApAr, Of Norfolk Gountr.--!: IN
derstsnd the original ordinance. IL ,.rnp"s'S !"
authorize banks 10 iasn: sinai! ;:n.-S ~ tic "x-
tent Of five ger cent. n2uh .he!r caHi.si lock.
IL s.eD.s to me, if tine amendment Ct tre gentle.
.nan from Nanse1acn1 tMr. kiLRYi IL adopted,
it will eifectnaiiy rulli'y the restriction Is ~
lie proportion 10 be issued.
Nj. KlLsr.-T5 will hay" 10 s1"i, effect.
A;r iIoLLApAT.--Tie Convention will re
merher that n fey minutes ago Il difference Isl
construction Srns". whirl made This a,atEd.
inc1t necessary. Some gentleman hrli thu
the power to issue gava 2 right 10 receive. t:
tina; TO true, will no. tie tmn:ars,: al The Pa
position produce precisely tina s:r'.: ci;9": .
PERHAPS I an wrong, sir. II so, | ShoGii Ike
TO be corrected. ! wss gnin% 10 say, ii tho
power TO rcceiTc WAS given. fke C"rr1.1;lvc
power tn issue would 20 with i.
Mr. GoGGiS.-1 would say INA. Inasrnnc -
a difference nf n~uiri.r exists uT3a This Giles
lion, AMI in nrlrr iirai sc might vote u,r.er- !
standiaslv uron it, 1 would ask tina: The whole
subject ne recomuiitteh to The committee, "i'h
Instructions 10 consider tbs matter II al tha
aspects in which il is here presented, and re
pnrt again 10 the House AZ early as possible. |
understand that 4 motion to re:pmT;it - a!TayS
III order.
The motion ~I: u.s..
Mr. WIcEH!M.--i 1rusi !: :iii ;ol ia the
pleasure OF the Convention tI strii;: ~: ;hc
amendment Of The gentleman iIn;" Smy:h,
(Mr. SnEFfhY,) which vas accepted ~ tie
gentleman irnm Naosemond, mfr. kILRY.l IT.
me ordinance is adopted without the %rcstr'c-
ton which that imposes. il will do q 7asr deal
oi injury, because it will bring into this sec.
! ton oi the State foreign small notes, Of .h'c'1 /:
eur people will know nothing. have Hiway5
been opposed 10 small notes. Now, h~.TeTcr.
they are a necessity, and | have, therefore. RI
! objection to their beiDg issued; ont ! desire thai
the currency Of this class must be snch - car
! citizens will know something Of. and NAV rely
upon. think the two banks in the count: q
Pittsyivania ran issue I sufficient amount ui
these notes 10 satisfy the requirements NJ thaI
county,
NJ. CAMPBELL, Of Washington comfy
Ny county lies upon lhe borders Of Tentie'.
sec, ana II Ciat Ui'ltl'iIurnt prev air, "t ~"
! ton will be flooded with srinli notes from that
State, issued by utterly irresponsible parties.
Mr.. SrrRERLlY.-If the gentleman will NJ
low me, | will make another suggestion which,
| if accepted, will render the amendment Hat!s-
factory to NE, and cease me to withdraw my
motion to strike ont. iii perfectly satisfied
that, with 4 permission ia tie banks oHi7 10
issne FIVE per cent. Of their capital IN
49, ', - 49,, -; ,so,, I'LL 49,. ir-.-r .-,r
q, all. They will not he able to go 10 Inc rS-
pebs- OF getting uD plates and procuring ina
| additional clerical l0-ac which woal'l b" ;;rcas- !
sary. !
| move to almond the ord,uanc: iy iccg"ns
| ing the proportion eli small notes to nc issued
to ten per cent Of the capita. stcci. 5i lie
banks.
Sir. CAAPsEiL.--T have No objection {" that
amendment. | hope the gentleman will With
draw his motion to STRIKE out The amendment
! If The gentleman from Smyih. (Mr. SHEfrEr
I know that very heavy losses have occn sus.
| tanned by the people Of my sactlnn from the
circulation Of these worthless Tennessee notes.
I have no objection to the amendment pro-
| posing to raise the per cenlage o! a,i:4li !ip;eS
| TO be issued from five 10 ten per cen!.
Mr.. SrrHEKLS.--I want the Convention to
understand one thing in reference to these il.
SUES.
assure the House that the small banks cen.
| not issue these notes 1t all. and the d;fiorca:
communities If. which these banks are si;,Ia.
| ted will thus u: drPriSed OF the benefit 81
! them. itcan he no benefit to :hc baaksgtnll. We
have hundreds Of thousands Of 1,illTs q! these
notes now living IN our Vaulis. anu Ne coulI
issue them ior.ar;:i.. The bank Of whiGh /
am pTasiden. could issue Sln9, UjA Of these
NOES to dag snL, that being the cage. Why %
to the expeps: NJ getting neN plates" II yoii
! increase the proportion 10 zen per cent, we
! might be Justified n Soma lsgrro i, going 10
the expense cf getting rcw plates.
Mr. MoRTos.-I gas ore nf t., COMMITTEES
tina; reported this ordinance. An issIe Of fct
per. cent ulcr he banking capital a the State
| would amount To- $500. coo. Ten ;cr cert
would amount TO 81, 900. 900. Ny opinion
WAS, that probably five per cen:a:e lppn the
banking capital, which wouii give Ia: abogt
$500, 0G0, allowing i"r the small banks that
! nay not ISSUE, would have given us Z srl.i-
Cheney to meet the public wants. II these
small banks DO not choose 10 80 10 the expense
Of issuing these no.es. siii tho large banks
Hill probably furnish rs with Il circulation o;
half a million.
The question W!s ):., 40 Tic m0tlGu ct Mr..
SuTEEkLIs, 10 strike OF! the "!v!r:~ ';.S 10
notes issued by the banks 81 Virginia un,;rr
this ordinance ;" ard it wss G:riard in t&c a:
hrmative.
The question ti.=ii .a:nrrrd opcn The snmni
rnent offered iy liz. kmlr, and il WIS agreed
TO.
SIR. HlrHFHL..--l nG~ moFa II am:al lie
/ ordinance b. allowing tie banks &c issuc .aE
pe: c:"; ipnn Their capital.
Mr.. MAcsagLASp.-l ieel tounl 10 say that
| it was ihe opinion OF the courfnitiee thar five
per cent wouiti G;:at the NECESSITIES Of n:
Stare; 5rt awe ro objection 10 This aIarnd-
mGit.
The question aa. iak"r ~ ;iie amendment,
and it VAS decided IN the l~mya.iYe.