Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1812-04-13

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ted to on that occasion TO influence, UNI
duly, the then members of the Legisla- |
ture. |
With respect to the bill for the incorpora-
tionof another bank in the city ofNew-York,
by the name of the bank of America, now
before the Senate, many, and forcible OBJ
jections exist against it and cherished the
hope that the considerations which had the
honor to suggest TO the Legislature at the
commencement of the present session, would
have had their due influence. In corrobo-
ration OF these considerations, avail my
self OF this occasion to remark, that the bill
now before the Senate establishes, in the CT
t OF New York, a bank with capital of
six millions of dollars: that FIVE millions
thereof may be subscribed by the stockhol-
ders. the late bank of the United States,
without any provision which gives prefer
ence to the citizens of the United States {;
and thus foreign stockholders may be ad-
mitted, i'll the discretion of the director to
monopolizc the stock, and consequent con-
trout, of the intended bank, and thereby
acquire dangerous influence in the monied
operations and other important concerns of
the state.
The banking capital in the city of New
York now exceeds nine millions of dollars.
This capital in the most f1ourishing state of
Oar commerce, has been found adequate to
commercial purposes. The United States,
we have much reason to apprehend, are on
the verge of Il war with Great Britain, in de-
Scnce of our rights, our national honor, and
Cor independence and commerce is consc-
quen.iy nearly suspended. Can it be wise,
theii, 10 increase our banking capital in an
unprecedented manner, at time when we
= Il
merce left? Can it be prudent OF safe at
such a time, to employ British capital, and
subject or selves TO its deleterious influence.
inthwartng the operations of our own go
rerDment, III a just and necessary war with
G. Britain? Itappears to me that it would
be unwise and npoltic.
When ! contemplate the creation of a new
bank III the city of New York with so enor
nous capital; when | perceive the resus-
Citation within this state of half the whole
capital of the late United States Bank; and
%Acn view the power which that bank is
to concentrate i'll the hands OF a few indivi
ouals, cannot but feel the most lively ap-
prehensioUs for the safety of all other bank
hs institutions, and Of our most incstimable
polltscal institutions.
But these considerations become less i'm
poEt2nt when compared with others, to which
It rs my painful duty here to advert.
1t appears by the journals OF the Assem-
by, that attempts have been made to COR
rnPt, oy bribe:, tour members of that bod,
10 vote tor the passage OF the bill to incor-
porate the aforesaid bank; and it also an
pears by the Journals of the Senate, that an
improper attempt has been made to inAu-
2lse one OF the Senators to vote for the bill.
%ArD DE it from me 70 insinuate that improper
considerations have induced any member of
che Legislature to vote for the said bill
yet, should its NAL passage now take place,
before lie persons implicated in holding out
the aforementioned inducements shall have
been IudiciouSly tried, & without consulting
the feelings and opinion of the community at
large upon the subject, public sentiment will,
4tears howeverunjustly, attribute itspassage,
In some degree, TO the influence of such IN
drcemengs.
Under such persuasion, entertain the
most fearful aPprehensions, that the conf
dence OF che people, in the purity and indie
pendauce OF Legislation, will be fatally i'm
pared oar representative system, which has
been devised for b. our sages, and wisest
ju1'ists as a safe guard for our security, our
property and cur liberty, ultimately destroy
ed; and tnls great and populous state lose
heT JGst Importance and influence in the des-
1t gives me sincere anxiety and pain to
reject, that many individual inconveiiences
Will result Iiom propagation OF the Legis-
lature at this time yet these Inconvenience
donot compare with the public considera-
tiCns which INDUCE this measure.
Sciemnly Impressed with the importance
Of e, preceding considerations, and fee ing
chat the morals, the honor, and the dignity
0. the state require ij--and In order cnat
time nay be afforded Tor reflection, and for
the complete ascertainment Of public senti-
ment upon measure fraught with such i'm
portalt consequences, have deemed it pro-
Per . prorogue, and l do h4reby prorogue
tie a assembly, ana Senate until the tw enty-
first Day of May next, then to meet in tie
Capitol in the city OF Albany.
Given under my hand and the privy
seal of the state OF New York, at the
II. 81 city of Albany, this twenty-seventh
day of March, in the year of our
Lord, one thousand eight hundred
and twelve.
DANIEL D. TOMPKINS.
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