Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1811-03-12

holding the opinion ras a majority ID:
the committee dol that the CONSTITUTIONS
did NOT authorize Congress originality
to grant the charter, it follows, as a,
necessary consequence of that cpinit
that an extension of it, even under tie
restrictions contemplated by the stock,
holders, is equally repugnant 49,
constitution, But, if i, were posslXe
to surmount this Fundamental Objects
on, and il that rule which forbids dur
ing the same session of the Senate,
the re.agitation of a proposition once
decided, were disregarded, your COM
mittee would still be at a loss 20 fad
any sufficient reasons for prolopging
the political existence of the corpora.
ton, for the purpose of winding up it's
affairs. For,
AS it respects the body itself, it is
believed that the existing laws, through
the fundamentally of trust proper
iy constituted, afford as ample means
as qualified continuance of. the char.
ter would, for the liquidation of its
accounts, and the collection and final
distribution of its funds. But should
any Inconvenience be experienced on
this subject, the committee are per-
suaded it will be very partial, and
such as the state authorities, upon
proper application, would not fail to
provide competent remedy for.
In rslation to the community, if the
|corporaion, stript ef its banking pow
ers, were fulfil bonashde the duty
or closing rs affairs, your committee
lcannotse see that any n aterial advantage
would Che derived. &WhiIst, on the
contrary, i il should not so act, but
should avail itself of he temporary
lprolongation, in order to effect more
durable extension of IT'S charter, it
might in its operations become seri-:
ons scouree.
Your committee are happy to say,
that they learH, from a satisfactory
source, that the apprchensious which
were indoiged, as to the distress re.
sultng from a non-renewal of the
charter, are far from being realised in
Philadc lphia, 10 which their intor ma.
ton has been confined. 1t was long
since obvious, that the vacuum, in the
Circulation Of the country, which was
to be produced by the withdrawal Of
the paper of the Bank Of the u. S.
would be filed by paper issuing from
other banks. This opel a'ion is now ac-
tusilygoiug On; The paper of the
Bank of the L is rapidly returning. &c
that OF other banks is laking It's place.
Inc ability to enlarge their accom-.
modations is proper ionately enha1.
ced, and when it shall be further in
creased by removal into their vaults
Of those deposits which are in the
possession of the Bank Of the United
States, the injurious effects OF disso.
luton OF the corpora ion will be found
TO consistin an accelerated disclosure
OF the actual condition of those who
nave been supported by the credit of
others, but whose insolvent or totter-
ing situation, known to the bank. has
been concealed from the public at
large.
Your committeebep leave to pre-
sent the following resolution
"CoViVeU, lnat tnt prayer OF the
memorlalis's ought not to be granted"
COMMERCE. AEl INTERCoURsE.
The bill concerning CONNIE tcial in.
terconrse between the United States
and Great Britain and France and
their dependencies, and for other pur.
poses, was read third time.
Mr.. Bradley moved that it be re.
ferred to a select committee, for the
purpose of inserting the following sec
lion.
And be it further enacted, That
in the event of its appearing to the
President ofthe United States thar the
DEGREES of France have not been so re-
voked or modified as TO cease to vic,
late the neutral commerce of the u.
States rom and after the I'd day of
Feb. 1911, the President or the Uni
ted States shall declare the fact bv
Proelan alton, and the said proclsma-
ton shall be conclusive evidence of
the fact, and thereupon the operation
OF this act, and also of such parts
OF the act to which this act is ann.