Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1814-11-23

ursher progress sSon'd have Keen made 1, I
he discussion of ,he hii,.
On. motion of Mr. Fisk cf " v ~ house |
hen again resolved ITSELF in,p :. ami .ee
d the whole en- the sad bill. NJ Nelson n
The chair.
Mr. Forsyth of Geo moved aa amend |
ment to the second section q. the biz Gas ii
has been asnended) the object of which was.
20 admit the-f4 millions CT the capital to be
paid in Measure Notes, as il now - auds. or
in public stock created since Use war
This motion vas declared ~ the Chair.
nan 20 be Cat. ns ord n. ipassu,ch as the com-
mit,ee nf the Whole had Yesterday decided
that nc. part Of the p4ymenss Of the subscrip
lions to the Bank should be made in the
manner proposed by the amendment.
Mr. Forsyth Vas, ca this decision, tfispo.,
sed Tor the present to wave his motion
Sdt 80, X (, =. - ,Se4 s, q i ~ 4
An appes, was. takenlby Mr. Fisk Of N
from the decisions Of the chair on this
point; which decision was asRened by the
'commitsee of the whoie..75 TO SO.
The honsethen prncceded to The cousid>
Grafton of the 81 section OF the bi,i. which
Icpntempiates the subscription by the Uni
ted te$of 20 millions in s per cent stock
to thecapital cf the Bank.
This section Mr. Calhoun moved to strike
our Of the Bib
This motion produced debate. ~
Mr. Forsyth OF Geo. said he hoped the.
section would not be- struck out He con. .
adhered Is Important chat the United States
should hold a certain proportion of the srock'
OF the Bank, because he belisved the pri-
vilege OF so:dcing would be valuable sothe
government. III the stock of the old Bank
OF the Unssd States the government had
held considerable portion Of the stock, <
the benefit derived from it had not been
denied. It had been matter of boast or,
the oshef side Of the house. and the repub
liean administration had enjoyed the adsan-'
tases arising to the government from it,,
he could not conceive any solid objection to
this Course 1isaight be said the bank would
-be itjuriously affected by the shares of the
United Statesrwould hold in it, because shey.
would subscribe nothing but stock. But
Mr. F.. said. Il the basis of the Bauk was 70
be public stock, its value would not be des-
troyed by part of its being owned by the :
United States as well as by individuals. he
hoped the morton would not prevail
Mr. Calhoun said the principle OF his mo.
ton had been decided by the amedment.
which had been made to the second section.
Consistency required that the house after
deciding as they did yesterday. should now
strike out tl,is section. 3 = y y S
Mr. Wright said he did not consider The
decision .of.yes.erday as at all interfering
with this mo'ion. lit did. he felt hinseIf
to be comusitted contrary TO his intention,.-
The discus i,n on yesterday had not turned
on this point; and he commended, even ha a
the house inadvertently decided the princi-
pie yesterday, the decision to retain this
section would control the provision in the
said second secton, iuasmnch az. IN law.
postericr control prior provisions. The 90 /.
vernment ought he contended, to have a
share IN the stock and in the direction Of
the Bank The old Bank of the United
states would yet have been 10 operation. he |
said. if portion Of the direction had been
under the control Of the government, tohave
prevented it from being perfect inouisiiion.
He instancedthe advantages. which several
OF the states derive from holding share
~ the stock aud direction Of Banks within |
their respective limits, Seven eiyhths of
the CAPITAL OF the old Bank had. he said.
been held by foreigners; and every man
Who had any hand In the direction Of its |
concerns was adverse TO The politics Of this
Some of them were refu
gees from the country, who ought 10 have
been hung during the revolution. 1t could |
not therefore be expected that Congress |
would revive that institution or create any |
other. the whole weight OF which would !
have been thrown in the opposite scale to i
THAI ct the Onited States Mr. w. was de
srous not only that the United .Sfatea but !
that the agricultural interest OF the country
should hold due proportion in the stock 4
of this Bank. TO keep il out of the exclusive |
control OF the commercial class, which he 4
Estimated was generally in the British in= 4
terest. and not few actually connected in |
business vita British houses. The landed
and manufac turing interest, he argued, ought 1
TO be at least c7laily interested in the Bank
with the commercial. 1t was necessary the |
government should hold botk stock and di
rectien is the Bank, TO guard the United
States against the operation of any foreign
influence. -
Mr Calhoun, finding. as he said, from the !
course of the DEBATE, that the eyes Of the
committees had been 50 en- rely directed to
the main object Of the amendment adopted
yesterday. that they had overlooked the
part OF II to which this section had. refer.
ence. rose to explain the reasons of his pre-
sent motion Whether the provisions now
under consideration should be struck ont or
retained, he conteuded, on the situation of
the nation. He was clearly ofopinion, that.
in the present situation ofthe nation. il ought
to be struck ort. One great object Of this
bank was to afford the means OF relieving
The nation from difficulties under which L
now laboared. BY striking out this section,
the government would not, he said, lose the |
advantages it would derive from retaining
it, IN as much as the twenty millions, instead
OF being vested by the United States in stock !