Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1811-01-29

DeSc given TOR II aiIsadv. l. am lJI
laying the Legislative axe to the roo:
Of the evil am for Immediately de-.
Gliding this question, and turning to
some other business; and for this
purpose move that the further consi-
deratiou of the bill be indefinitely
postponed. Tantamount to a rejee-
toni
The motion Of Mr.. Newton super.
cedes that Of Mr.. Gs,land.
Mr. Love said he rose principally
at this, time 10 ask for the yeas ard
nays on this question. lie thought,
with the gentleman last up, thatit @as
highly important tNere should be an
Immediate decision, and he would add,
to the reasons already offered in favor
/ Of it, another. II is now three years
said he since Congress were called
upon in the most imperative terms, to
act upon this subject. In the petition
OF the stockholders three years ago, il
will be recollected that il was stated
thai unless certain assurance was ri.
ven that the charter would berenewcd
they must immediately commence a
curtailmeHt of their discounts, &c.
We have now progressed 70 within a.
bout six weeks of the time when this
institution will cease 10 exist; and yet
we find, by an inspection of their ac-
counts. that they stand very nearly in
the situation in which they were at the
time the subject was first brought be.
lore Congress. Ifthis comppny were
not to have their charter renewed. the
sooner they knowit the better. On
the par: oft he government it is imper-
tant that an early decision should be
bad, that they nay not run the risk Of
losing revenue to an immense amount
Tor who knew who was to administer
on the assets OK this institution In
consequence OF the law now in exis-
tence, requiring deposits 10 be made in
the Bank Of the United States and it's
branches, there would soon be within
their control, in specie and bonds, an
amount OF sixteen millions of dollars
of the public property. Under pre-
sent circumstances, it is highly proper
that Immediate measures should be
taken 10 withdraw these deposits
Every gentleman before this time
must haye had an opportunity to make
up ms mind; and hope the question
viii be decided without farther delay.
As the mind OF no gentlemen in the
House could be changed by discus.
sion ii IS to be hoped that the questi.
on will Immediately be taken.
Mr.. Troup conceived the usotion
now made 10 be perfectly propSs.-
He felt, However, under no obliea.
ton TO accommodate the Bank. The
act granting an act of incorporation
was entirely voluntary act, and the
duration of it limite;! IN the act itself
TO term of twenty years. If the
bank had acted the part Of an ordinary
or discreet merchant, it would have
taken care. before the expiration of
IT'S charter, TO have wound up its busi-
ness and be pre- AIRED to meet the event.
because the Legislature was not bound
TO renew IL, NOT having either by the
original charter, nor by any subse-
qnent act, given any pledge thai itwond
40 so. The Bank not having receive
ed any pledge of renewal, ought to
have been prepared for its dissolution.
II the institution had done what thew
ought 10 have done, the government
40 Tar rs it is concerned, would have
prepared itself against the event, as
he was told it was now about 10 do.
by substituting arrangements with the
state Banks for arrangements with the
Bank of the United States or its bran
chss. Mr. +. could therefore see no
dittisul.y IN asserting 10 this PROPOSE
ton, whether as respected the govern.
ment or as respected the iud,viduals
concerned in the Bank.
Mr. Fisk enquired whether il was
understood THAI deposits 10 the uni
ted States Bank would be transferred
to the state banks without the sanction
of law?
MIR Wright spoke at length on the
principles of the bill and in favor oil
Indefinite postpooement.
Mr. Boyd spoke in favor of the mo-
Mr. M'xee followed in reply and
against the proposed postponement.
Mr.. Barry spoke al length on the
constitutional question and IN favor of
postp1oement.
Mr. Findley spoke against The mo-
ton.
When Mr. II. concluded, motion |