The enquirer. [volume] (Richmond, Va.) 1804-1815, 1810-03-30
HOUSE OF REPRESENTATIVES..
THURSDAY, March %.
NATIONAL RANK.

My. Lsue moved TO discharge the committee
OF the whole from tie further consideration of
ts resoluiionreiauve to the establishment Of a
national bank. He observed, that the resolution,
As Offered by himself. contemplated reference
OF 1t TO select committee bnt after it was pre-.
seHted, it was SC modified by different gentlemen
As at last to become scarcely Ineligible, and
was with his assent referred 10 a committee of
the whole. That at that time a speedy investi.
cation OF the subject was expected, and he felt
no objeotion To discuss the general principles of
the meaEure, but 50 much time had elapsed with.
out bsstcr prospect Of that general discussion.
that he was induced TO fear the subject unles 5
soon scied on might not undergo the examination
Its very great Importance merited.
Ear l.. said i! was subject which could be
much better presented, and rendered much more
intelisiole by the details of BILL than the most
taborous arguments, and he conceived it was
one, the relations of which, the interests of the
community, had never been sufficiently explore d.
He presumed, he said, to think that It would be
no difficult matter TO organize bank in such
way as to render to the public great share of the
advantages, which institutions of the kind under
national patronage had never failed and never
could fal to give TO the first purchasers of stock,
and yet leave TO capitalists sufficient inducement,
aud perhaps to real capitalists a greater induce
ment, to become stockholders, than would in the
ordinary mode be gwen them; while the only o..
Their effect ofthe plan he bad conceived rs il re-
spected individuals, would be to prevent tie enor.
Ipous specuiations, which would otherwise take
place, as had been experienced in The establish.
ment ftbe U s. bank
He could prove that by the mode of establish
ment adopted for that bank at least 5 600 600 Of
dollars had gone into the pockets of speoulators,
very many OF whom never bscame stockholders,
Tt'ch ought TO have gone into the pockets OF
t'e Peope--at the same time that real capitalists
and permanent stock holders paid fifty per cent
advance for their shaTes
BE fiattered himself that very important i'm.
Tlovenents might be suggested in the draft of a
Plan FOL national bank, aAd which would Secure
the most important benefits to the public He
bad no doubt that the most eligible plan which
souid be suggested, would be entirely exepnt
from CONSTITUTIONS objections, and would oniv
acc, that sufficient Inducements might be offered
30 the states TO make it their wish, 90 bsco-o..
interested IA tie institution, on PRINCIPLES ,of 80
eFal welfare, and common safety, and LAO Ror,
prospects ofthe most substantial pecun;,ra al
MANAGES. He added aso, that he Thoughts I,
perfectly practicable, to present pI,n, tSt,;ei,
81 us effect on society would have the s,rongss,
tendency to prevent the further oncrease az The
numerous Prlvate associations, which ne fe,rcd
u they continued 10 encrease as they Lad for Go
Verai years past, would produce the tiestruc,;on
o. every thing useful ~ banking Institutions. and
tsayc us TO feel the etfers OF That WHICH was no,
JnJlrious IN iiem, 1t had become the dut, ~.
s'iIJ OF ne Y States lie legislature TO act ON sbs
subject. vi 'iS
Mr. l. hoped the House would d;aoba.so a. !.
committee Of TIE whole and refer ,ba - .t .ns
i'oa 20 select conmittee with leave w 80,
" bill or otht rwise. 'Sto'
h. Loves motion was agreed M. M A. 10