Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1861-07-19

bearing SIX per cent. interest, at the option n
the holder. All and singular the enactmen,c
Of the ordinance above mentioned, exceD, q.
the same are hereby modified, shall be acce,,,
ed as 4 part Of this ordinance, as if the sam.
we're herein repeated.
The Banks, or any Of them, entitled to bs,.
their notes countersigned by the Treasurer
have them countcrsigned in like manner
to the extent of their loans under this orfi''
nance, by depositlng the treasury notes and
bonds of the Confederate States, or either If
them, subject to all the provisions o! Section
iorty-nine Of chapter ftty.eight Of The Code,
edition Of 1860.
lnasmuch as the preparation Of the note,
hereby authorized is an addition to the genera
duties of the Treasurer and Auditor, and b..
cause it will involve I large amount OF la,o,
not contemplated as a part OF their oficia! Iu
ties, the said Treasurer and Auditor shall cacs,
be allowed 1T the rate OF three dollars fer e.ci,
thousand notes so prepared and signed by
them.
Mr. M~AcFARLASp.-t submit as a substitute
for the second clause the following. which !
will read, promising i, with the remark Tia,
the nearing OF the section is not change;
Thiie its purpose is more distinctly d~ecja:la
>. For the purpose OF raising moacy Ter Tie
defence Of the State, and the pay ment Of ,e
interest on the public debt and Of the OK
penseS Of the Convention, the GOrtr7o, /.
hereby authorized to direct the auditor O. I'm.
lie accounts TO issue treasury notes. "a a..
amount not exceeding in the aggrcga:. Ir,
millions Of dollars, IN addition to the sum ~
thorized to be borrowed under the ordinate.
passed the thirteenth day Of April, c;.h.es,
hundred and sixty one, entitled ''aa orl,,.a.r.
to authorize the issue OF treasury notes" The
notes hereby authorized To be issued. 10 IL.
amount IF two millions Of dollars, shsil bear
no interest, be payable on demand 20 bearer
and in sums not less than fiye dollars. The
residue thereof shall bear interest at the ra,,.
Of six per ccntum per anTum, and be payable
TO bearer, one Year after The date thereof. in
sums not less than twenty dollars. ii! d!
these notes shall be receivable in pavmrn, Of
all taxes and 0trer dues 70 the Commonwealth
and NAV be reiSSucd until otherwise pIoyIi,;
hr law. They may also, when presented Is.
the treasury in SUMS Of i've huadrc,! dollars,
or any multiple OF one hundred above hat sum,
be converted into registered bonds Of The STATE,
bearing SIX per ccntum Interest Per anEurE
Al the provisions 0! the ordnance passy:
the thirt;e,h day Of April eighteen hunirc!
and sixty.one shall be held 10 apply u lie
notes authorized to he issued by This ORR.
nance, except So far As they may !e i~ncon.s:
ent herewith.
The question being thea taken, the snasi
tu:G was adopted.
Mr.. MAcFANLAHD.- BY instruction o. liz
committee, | move TO amend the third scc;irn,
by inserting after the word "depositiDg." in
the fourth llnc, the words with the Treas
urer."
Tho amendment Was agreed To.
Mr. MAcrAgLAHD.-l move TO further aAry!
the same section by striking out of u" South
limo the words the treasury notes a1i."
The amendment was agreed to.
Mr.. M~AcrARLAND.-I move still! iI:;a.r Is
amend the third section by i~nSer;l;. ate: III"
word " the in the fifth line the words "so7
eminent Of the urd to strike OIL o; .aa safav
line the words scr either Of them - !ta! s.,
amended the entire section Will rcid-
:, The Banks, CT any d! lkc:a, ]ca;!,lrt t"
have their notes countersisnr,i o. the Treas
urcr, NAV have them countcraign:h in liz
manner, u the extent rf their ioars ua"'i
this ordinance, by dcpOsiting viii! III" Trra>.
urer the bonds Of the government t.! The Con.
States, subject TO I'LL thu pr)v::!)"s Of
forty.ninc Of chapter fifty eight .! II:
Code, edition Of 1860.
The amendment was agreed IL.
Mr.. MAcrARLAND.-Und"r The iaw, the
banks are restricted in their loans and dscauns,
and the object Of suspeniing this provision; Is
to enable The bank. 10 DO their duty 10 the
State. n the Confederate Government, and I,
Individuals. Tie circulation Of the banks viii
be increased by the Ecccssity Of large ~!oans.--
Those loans can lie made valuable ana TIC
banks are relieved Of the restriction no%
imposed by the general law.
| would remark, however, that the restriction
is removed only 10 the extent Of the Loans
made to the Government.
Mr.. GARRETT -l.cNpCct to vote fr tIiS o.
dlnancc, not because | Ike il, but because it
is the best thing that can be done under he
circumstances. ! believe that in rha
first section, the lean ce thirty per ccn;. u;cn
their capital will amount to between four ana
five millions Of dollars, the banking capital he.
ing about thirteen or fourteen millions rf d..
lars. presume therefore that the ci,c4!a;i",.
of the banks will be increased 10 that tx'cr.
Then again. | suppose that so far as tie Ger
80 "S'S nv sp '|ssN% AAiS't 80 '''%"
receive tic ~treasury notes in payment .;
the lran. These treasury notes vii! again
circulate, which will be nearly t1n millions
more, making about seven and 4 half millions
Of dollars.
Mr.. MAcfARLANn.- i would remark that The
money is supposed TO DO raised upon hcr,!:
The Confederate Government has already III,
! loan Of fifteen millions o! dollars,
which ! believe is exclusively in 5%ot.iS; but
80 far as treasHry notes can BE- used in the
liquidation Of claims it will be done.
Mr. GARSErr.-Will the Banks lrHd 10 ;hg
States upon h0GI' or tralsu::
notes
Mr.. MACrAELASn.--Gpo pom Tie bonds. r!e
are rs sensible Is any ecnticTsn
,an be Of the large addition uhic.; vii! be
made to the circulation of the State, Ln; ;hs!
is a matter Of absolute and inevitable
The Confederate Government; vii
find itself under the necessity Of meeting lie
upon the treasury, in Treasure notes
Such also will be the condition If cur OWE
State. The var expenses will have - Ca ;'rj.
vidcd, in the beginning st least, to- lag ~.
:cnt BE- treasury notes. It is therefore ! 'a:.
or Of necessity ~ give them crrTenccr li=
IMPRESSION Of the Committee was that :" i"n2
IS thc expenditure Of the General Government
great. 4 corresponding Increase in the az
Of tic State would soon b.. ruHy"i,'!
BY The depreciation OF paper cnrrcnc;. f:rr"
no remedy for il, however, rs l"ng Sc H. *
of the hour are to be met.
ar. GAEgEIT.--1 appreciate the j ~li:rn!''
under which We labor, ara, as | said hr:,!c !
lid not rise for the purpose Of mYki:y .a"op
to the ordinance. What | desire Io
is, whether we can arrive at an rs;imf!s
the increase Of paper circulation M Ter ~:
If understand properly, the baI'fS dc
not propose to reissue the treasury no'rs.
That will, Ct course, diminish the est;n1ic !
| cannot but think, however, thar lie
increase of paper money, in CONSEQUENCE .!
the circulation Of STATE aud Confederate r.o;ss.
be nearly doubled.
Mr.. M~AcFARLAHb.--l might say to The ga
that only n few years ago tie sire.
Lion was about eighty per cent. larg"r &@H
now, and that it has been stationary for a tC%