Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1810-03-30

much more inteIii.ble by the details or a
bill, than the most laboriGus arguments, x
he conceived it was one, the relations Of
which, to the interests of the community,
had never been sufficiently explored. He
presumed, he said, to think, that it would
be no difficult matter to organize a bank in
such way as 10 render to the public great
share of the advantages, which institutions
Of the kind under national patronage had
never failed and never could fail, to give TO
the first purchasers of stock, and yet leave
to capitalists sufficient inducement, and
perhaps to real capitalists greater induce
ment, to Become stockholders, than would
in the ordinary mode be given them while
the only other.effect of the plan he had con-
ceived as it respected individuals, would
be to prevent the enormous speculations,
which would otherwise take place, as had
been experienced in the establishment of
the u. 5. bank.
He could prove that by the mode of es-
Establishment adopted for that bank, at least
5000 600 ofdollars had gone into the peck :.
cts OF spectators, very many of whom me-
yer became stockholders, which ought to
have gone into the pockets of the people
at the same time that real capitalists, and
permanent stock holders paid fifty per cent
advance for their shares.
He fiattered himself that very important
improvements might be suggested IN the
draft OF plan for national bank, and
which would secure the most impor tant be-.
ne fits TO the public. He had no doubt that
the most eligible plan which could be sug.
gested. would be entirely exempt from
constitutional objections, and would only
add, that Sufficient inducements might be
offered to the stares to make it their wish,
to become interested in the institution, ON
principles of general welfare. and common
safety, and also from prospects of the most
substantial pecuniary advantages He add
ed also, that he thought it perfectly pracii.
cable, 10 present plan, which in its effect
on society would have the strongest ten-
dency to pres ent the further encrease of the
numerous private associations, which he
feared Ii they continued 10 increase as they
had Tor several years past, would produce
the destruction Of every thing useful in
banking Institutions, and leave us TO feel
the effects OF that which was most Injurious
III them. II had become the duty The said)
OF the U. States Legislature 10 act on
the subject.
Mr. l.. hoped the House would discharge
the committee OF the whole and refer the
proposition 10 select Committee with leave
to report by bill or otherwise.
Mr. Loves motion was agreed to, 4? to
%.
REDUCTION OF THE ARMY AND
NAVY.
Mr. Randolph said he wished to submit
motion to the House, Which was of "A IA
,ure that would require perhaps, al least
justify, some general observations Dur.
ing his unavoidable absence from his duty
in the House the present session, MIR r.
oaid il had been some consolation 10 him
to re feet that if he had been unable to par.
ticipate in any Of the me assures which the
wisdom Of the government might nave de-.
vised 20 meet the necessity OF the state, at
least those measures were not in any wise
retarded OF impeded by any opposition of
his. True IT is isaId he) that at the dis
lance AT which was placed IRON the seat
OF government, aud through the medium
through wh Gin viewed its measures, it
was Impossible for me to discern any thing
like system pursuing or about to be pur-
sUed by the government OF this nation.
Blu, this, sir, attributed TO my own want
of ihioI nation, not to the want of de-
c sion or wisdom IN the goveI nment.
fiaitered myself that when / should nave
reached The seat OF government, when
should be on the spot that should then at
melting like a regular system OF policy
pervadIng the great Councils of the nation.
but, sir, using all the means accessible 20
me, during the time that have been IN
Washington, ] have been unable to detect
any thing Ike design, any thing like concert
any thing IKE plan ABOUT 20 be pursued
by this House in relation to our national
concerns-l ought perhaps TO say until this
moment. But understand, sir, at length
the budget mas been opened-=tnat a sys-
teen he's been brought forward tor raising
supplies BY looms and by additional .4xes.
tiCn winch / am about 10 make will stand.
had indeed supposed, sir, that when the
government of the United States should
get into operation at this session, the FIRST
act would bt q indeed we could not build
up) 10 pull down that which every one
seemed ts ackuowiodge was inefficient,
rid CO Gus and burIiUi---I aliUde to tue Gele-
bfaled non-iHtt gCOurSe law -~sand certain
ly should nave tci1 II Gy duiY 10 submit d
motion on that subject as soon as 4 took
MY sea II had not been Ia ornel inst
bill was n transtu between the .wO Hru-
ses 70 effect that object. Why indeed tue
nayion should have tolerated inns acknowI-
ed evil, / have never been enabled to
discover. / had supposed that the FIRST
step would have been TO do away the Con.
iesseo evil, by way OF preparation tor
some suOs .aa.iai good. Ia ms, however.
4 t..,.,.. D.. -. . r..t.r.L..