Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1811-11-28

anu uuYuesuohaDc mercantile information, has
supposed there is not in the United States more
than Ten million of dollars in specie. If by The
dissolution Of the bank seven of these 10 MILL
ons are TO be exported from our country. will! il
not be attended with serious consequences, NOR.
especially since il has already been discovered
That the quantity OF the precious metals in the
United States has for some years past been di-
minlsbng TO such an extent that ii has been
thought by many expedient that Congress should
take some steps TO guard against the contin,i-
ancc OF this evil? Another reason Which might
induce the holders of this stock, when the a
mount is paid Off: to transport the specie instead!
OF purchasing bills. is the great and INCREASING
difference between the actual value of the same
nominal amount of paper and specie in England.
In the remarks which heretofore had the Lo-
nor TO submit to the Senate, suggested that it
was more than probable that the dissolution of
the bank OF the United States might seriously
affect our revenue. In addition 10 the reasons
then insisted on as leading to this conclusion,
pernsit me. MIR. President, 10 remark. that If at
the same moment you diminish the circulating
medium of the nation (Which te certain extent
IS eiiected by destroying the bank of the United
States and call upon your merchants iinmedi-
ateiy TO pay Iii millions ofdoilars, the amount Of
the debt they owe the hanks, and at the same
tune to pay twelve millions to the government,
which IS the amount OF the bonded revenue, at
a period when our commerce has been struggling
Tor many years with The accumulated difficulties
produced by spolatioEs, by embargo and non-in-
tereourse laws-l say, Mr.. President, under
sueh circumstances. is il unreasonable to enter
tam some apprehension that eur merchants find
ing themselves unable to surmount all the diff
cutes with which they are surrounded, viii in
their choice Of difficulties pursue the common
dictates Of prudence and chuse the least? Is il
not probable that they will in the first instance
take every step to secure their bank cndorsers by
settling their debts with the bank and leave the
government TO bring suit on their revenue bonds
Such an event is the more 10 be deprecated, as
thsis orall others, period when we should he
cautious about adopting any measure which
would diminish the receipts Of our treasury, al
| ready much eurtaied by our late embargo, and
which will be considerably affected by our nom
Importation law.
The remark made some days past in relation
to supposed ineOmpetcncy Of the Bank Of Vir-
GINA TO the wants of the country, was, that il had
been suggested TO me that it had produced in
Ricimond great deal of usury, or, as ii is com
monty called, ney-slaying. In making this
| observation, MIR. President, il was not my inten-
ton 10 reflect in the most distant manner on the
president or any of the directors of that bank.
know not the name Of any ore gentleman in the
direction. For all that knew or have heard
ably conducted as those ofany bank in the Unit
| ed States or elsewhere. The fact which stat
eel was one which suppose TO be an unavoidable
result when You SO into the banking system and
90 not create banking capital adequate TO Tie
wants oil society. III You establish a bank with
an Inadequate capital iav0rites go into the bank.
set the money out of il and apply it TO usurious
purposes; il is no reflection on bank 10 say that
| il has ITS fay0rites. When more applications
arc made, OF more good paper offered than can
be accommodated, q selection must be made and
| some applicants remain unaceommodated who
will be compelled to give usurious interest Ia
! those who have been accommodated for the very
money which this accommodation has supplied
tllem with. My honorable colleague is ofopini.
on that the bank OF Richmond has capital Of
sufficient extent and that all who deserve accom-
modatiOns there can obtain them. can onl,
say that have repeatedly heard a very differ.
emf statement in Richmond and elsewhere A.
Mother fact, too, i beg leave 90 mention. am
well acquainted with very intelligent officer oil
tho branch bank at Petersburg who has inform.
cd me that almost always more good paper is of
iercd to the board OF directors than could he nc.
/ cOmmOdated from the limited extent Of their
banking capital; and Il " ouId seem an cxilaor
binary phcnOmcnOn, That when Richmond aul
Petersburg are only % miles distant there should
be redundancy Of banking capital at the loyue,
and such deficiency at tic latter.
| now, MIR. President, approach tIie discussion
| OF question which excites with me more sens
biiity than Is produced by any consideration:
connected with tho subject now delibcrated on
II IS principally with view to investigate Chi.
delicate and interesting question that I have
/ been induced at the present hour TO solicit the
attention or this honorable BODY. We gre told
that this question concerning tie Tc-chartering