Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1811-03-01


the law of 1891, he hegitated 10 the
last hour Of the ten DAYS allowed bin
and probably his Judgment was
swayed by the talents and impressive
solicitations of the gentleman at The
head OF the treasury, and the repre-
sensations of his party. IF the cpini-
on Of general Hamilton was ertiiled
to weight, surely that of the late pre-
sldent Of the United States, was equal.
ly respectable for, in point OF dis
eliminating miod and sound Judgment.
Mr.. Jefferson was not Inferior TO AIR.
Hamilton; he had protested against
the estahlishmentof the Unised Stsics
Bank and so had the attorney gece.
raj, Cat that Period) man Of extern
sive legal knowledge. There is opini.
on against opinion, and we have re.
turned to the original ground ; we
must decide for ourselves.
General S. then stated variety
OF facts concerning banking, COM
merce, transmission of money, &c.
to prove that the United States Bang
was utterly superhuous quise useless.
Its branches would not receive either
the notes of the mother bank or of a.
ny particular branch, except at plea
sure out of mere courtesy. And
therefore the mutual accommodation
OF the several STATE banks answered
the purpose much better; as they had
accounts opened with each other, they
drew drafts On each other to accom-
modate merchants Of one state, who
might need money in another. I'm
point OF security and convenience the
sta.e osnks were 40 Sood the United
States banks; and he showed how we.
could have as much coptronI over
them. To the argument that the
U. States banks were necessary in or.
der TO check the state banks. he re-
+erred to the management of the banS
OF Virginis, TO convince gentlemen,
that IN Richmond, where the United
State bank had no branch, there was the
most correct usage. But, it WAS diff
isreut with some ofthe United States
banks they needed others 10 watch
them and he believed the bank e
Virginia had a check or the u. States
bank OF half million OF dollars.
I" 1t was said, that If the bank we're
discontinued, million or more wo1El
be RENTED abroad TO England, in hard
money: No such tsing--peopic var :
1 ly carried their animosity to such a
Length as TO iajure themselves, Phe
owners OF thece shares would either
order thar agents 10 invest 1t in oshtr
bqrks IN the Jnired States or,iu iua5ss
Of the pa,iic deht; or, if they eanted
Tn IL money, it would be rem ttsd in
Aitia OF, exc hs'if;55e---;s- : . csrt ...o..l.I
quit the Country. fer, 4t 81,
chats had more money in EngisJ
tran the whole of this foreign stoc's,
| hey would be glad 60 draw bills for IL i,
receiving an equivalent here. There
was no other way of drawing this mo-
ney from Ensland--and, a, To- ship.
ping the specie to England, at an cs-
ipense Of 8 to $ per cent. when bilE;
| conld be bought at 10 per cent. below
par, it was entirely improbable. The
dissolution would be benefit
"The gentleman frou Kentncky
had called Oh Congress to look at the
fine agricultural state Of P-nnsylvania,
how It had impr we'd unler the auspi-
| ces of bank capital while atcs that t. IL
none, were half barbarous and waste.
IF that gentlemen would 10 K at Con-
necticut, he would see much greater
perfection in husbaniry, & c. and Com
nectlcut bad no brarch cf he Y. States
bank. Maryland had perhaEs more
ProPortionable back csp'tal than e-
ther but was behind both in agricdl-
ture-so that, other GAUGES, ia the ha.
bits of the people, or ordsr OF thiny,,
must have an agency TO produce tne
! difference.
. He commented on the letter from
the secretary of the treasury to the
committee which had reported the
bill; showing that the secretary wss
in favor of national bank, and not
this one.-- He however read IN ex-
trac from an essay Of William F,adIey
in US. ;, condennato-s Of the practice
Of Tossing secretary's opinions on
congress--facts and documents were
only wanted congress might then
form their own opinions yet, general
S. declared, that he neith,r censured
the committee, nsr the secret,ry--fste