Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1811-07-04
CONGREss.
S ENATE.
United States Bank.
Mn. RRENT.s SPEECH
CcoNrfNuEp.)

4'An. '-Ns-S-N > u i>t-~Il
(coNrINUED.)
When the numerous late fixtures and bank
ruptcies are spoken of, what is the reply
That they do not proceed from a want of
bank accommodation but from the protesting
Of bills abroad; that orr merchants have
much property abroad, but the difficulty Of
obtaining returns for it has been such as to
embarrass cur strongest houses Is this
reason why we should accumulate difficult
ties on our merchants . Fifteen or twenty
millions are said to be tied up in foreign
Countries, more especially in England, and
such Is the situation of England that we can
not get remittances from there. This is an
admirable reason, sir, indeed, for selecting
this particular moment for calling on the
merchants to make an immediate payment
70 the amount of fourteen millions, which,
they owe this institution, and which if put
down, il is reasonable to believe will require
| immediate payment.
This is regulating trade with witness
blythe annihilation of the Bank of the United
States, a considerable portion of our circu-
lating medium is destroyed. At the same
/ period our merchants are called on to pay
their debt to the United States bank to the
amount Of fourteen millions, and their reven-
ne bonds amount to about twelve millions.
40 wv g q lJSllNt liiS AullhS VI Oul
merchants to a great extent are in England,
and cannot DE withdrawn.
| To ne it appears that the situation of the
country, as respects commerce, and every
| thing else, makes it important, At this crisis,
above all others, that this Institution should
be preserved.
But gentlemen and very intelligent gentle
men tell us, this is mere momentary pres
sure that the money in The bank of the Uni
ted States, and the revenue as collected, will
be deposited in other banks, who viii issue
paper or specie in proportion to the addition
al capital in their banks that there will be
mere temporary vacuum, which will soon
] be flied. III am to be placed in an apart
ment from which ali sosi5is'S.se ar is sshail7-
! ted. and for a very short time, to remain
there, but till all vitality is extinguished, it
| will truly be delightful consolation DreJi-
ously to advise me that this vacuum is ten
| porary, and after am destroyed, the equi-
liOrium will be restored and fresh air admit
ted. Precisely of this nature is the consola-
| ton, afforded to your ruined merchants and
others. What avails it if the cause be no.
mentary, but the effect as to them be perma-
nent! This awful moment viii bring per-
manent destruction to thousands. And for
what purpose do we produce this destruc-
ton, To get rid of the foreign influence pro-
duced By the stock held by foreigners. Yet,
sir, this foreign capital is one of the most ben
eiical consequences attending the bank In
stitution.
| In new country constantly developing
new resources of every description, an IN
i creasing population, increasing commerce,
agriculture, manufactures and multiplied OBJ
jeCts on which capital can be employed 10
i great advantage to develope the wonderful
\ lV and rpcOu N
our young country, we can afford to pay
foreigners good interest for the use Of
their capital. This is one of the great rea-
sons with me in favor of the bank. We are
!, admonished that this foreign capital gives tC
, foreigners dreadful political influence. Ad
nit the assertion which however is not true
Who invited it hereI The government it.
Il self. We ourselves sold this stock to foreign
ers. Our Secretary Of the Treasury, with
the knowledge and consent of the govern
me1t, bargained and transferred great par
. Of it. is this good faith, is it honorable an(
, just After VIC have received bonus fo1
the transfer Of the stock to individuals, undo
, the idea that the charter was inviolable ant
secure, TO destroy the institution to get rid o
this foreign capital which we ourselves haj
invited here2 fthese monied banking iDsi
+ tutions are these horrid engines of politica
influence end corruption some have conteB
: dcd for, the only way to obtain any good thel
afford, and yet avoid their deleterions effects
! is to get foreigners to send thcir money here
/ and investit in our funds. We get the beae
lit oftheir money, whilst we are farremo
J we'd from them that they can have no opera
ton on us. Fer, sir, it is notorious to t1os
, who are informed on the subject that We fec
1 less inconvenience or political influence fror
foreigners who hold stock than from native
who possess il. This Inference must be oh
G vious when ! state, that foreigners who hol
! stock have no yote in the choice OF direC
p tors.
= Again, sir, is not The critical situation
{ which we stand in respect 90 cur foreign 70
+ lations a particular reason why we shoul
q rot at tais time make experiments whic
q may ipjure the public revchles 1--we e.
= force oUr ncn-mtcrcoursc law, aEd.Epgar
j. attempts toresist Il and force her imports 81
y r. our country by Florida and cur Sonthc
= Frontiers on ono side and Canada and NO
+ Scotia on The ether. it Is az least questiona5
whether our revenue will not be gvcatiy
T ininisned. IN our prcrcnt unsettled s.tuai