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The Alexandria Herald
Alexandria, Virginia
What is this article about?
In the Virginia House of Delegates in Richmond on November 28, 1816, lawmakers debated a bill to further suspend banks' specie payments until July 10, 1817, with conditions. Amendments were proposed and discussed, but one amendment was ultimately lost, and the committee adjourned to reconvene.
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Richmond Nov. 29.
Yesterday the house of delegates were engaged on the bill for suspending still further specie payments. The house resolved itself into a committee of the whole--Mr. Baker in the chair.
The bill as proposed by the select committee, it will be recollected, is in the following words:
A bill, to suspend for a further time, the Act entitled an "An act to provide more effectually for the payment of specie by the several banks of this commonwealth"
Be it enacted by the General Assembly That the act, entitled An act, to provide more effectually for the payment of specie by the several banks of this commonwealth," shall be further suspended until the 10th day of July next. and no longer.
Provided, That no bank within this commonwealth shall avail itself of the benefit of this act which shall not, on or before the 10th day of January next, have resumed the payment in specie of all notes under five dollars.
Mr. Hay offered the following amendment by way of substitute:
Be it enacted by the General Assembly of Virginia, That the operation of the act passed on the 23d day of February last, entitled "An act to provide more effectually for the payment of specie by the several banks of this commonwealth," and suspended by an act of the present session until the 15th day of December next, be, and the same is hereby suspended, so long as the said banks shall refrain from declaring and making a dividend of the profits of the said banks, already accrued and undivided, or hereafter accruing" and no longer,
This act shall commence, and be in force from and after the 14th day of December next.
Mr. Chamberlayne proposed to amend this substitute, by striking out all after the second word ("suspended") in the first paragraph--and inserting in lieu of it, the following:
"Until the 20th of February, 1817. if congress shall adhere to its resolve on the subject of dues to the United States--out if it shall extend the time on that subject then to the period so extended"
Messrs. Smith, Anthony, and Robertson spoke in favor of the original bill--M. [?] in favor of the substitute--and Mr Scott against it
Mr. Robertson spoke against Mr. Chamberlayne's amendment to the substitute--Mr. Mercer [of L.] spoke in favor of the principle of it--though he preferred a modification of it, in point of form.
Finally the amendment to the substitute was lost--and the committee rose, and had leave to sit again.
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Domestic News Details
Primary Location
Richmond
Event Date
Yesterday
Key Persons
Outcome
the amendment to the substitute was lost--and the committee rose, and had leave to sit again.
Event Details
The house of delegates engaged on the bill for suspending still further specie payments. The house resolved itself into a committee of the whole--Mr. Baker in the chair. The bill as proposed by the select committee is to suspend the act until the 10th day of July next, with a provision that no bank shall avail itself without resuming payment in specie of notes under five dollars by January 10 next. Mr. Hay offered a substitute amendment suspending the act so long as banks refrain from declaring dividends, commencing December 14 next. Mr. Chamberlayne proposed an amendment to the substitute to suspend until February 20, 1817, or extended if Congress does. Messrs. Smith, Anthony, and Robertson spoke in favor of the original bill--M. [?] in favor of the substitute--and Mr Scott against it. Mr. Robertson spoke against Mr. Chamberlayne's amendment--Mr. Mercer [of L.] spoke in favor of the principle though preferring modification.