The enquirer. [volume] (Richmond, Va.) 1804-1815, 1814-11-22

The reason assigned by Mr.. EaN was, that
the bank would draw double interest on the
stock part OF the capital, viz. per cent on
the stock, and per centage from the OPERA
tons the bank os uponthat stock
Mr.. FISK opposed this motion, and expres-
sed much surprise at it. Ee thoughtt.c mo-
raj sense OF the government must revolt at its
injustice: besides, that it would destroy ali
possibility OF organizing bank on the prnnci-
pies proposed by the bill
The motion of Mr.. Hal was neg ,tived,
very few voices only appearing in favor OF
it.
Mr.. Oakley of.N. Y. moved SO to amend
the bill as 70 make it optional to subscribers
to pay in the whole of their shares (excepri
the specie part) in s per cent. s,oct, instead
OF compelling them to pay in part OF the sub
scription in Treasury Notes.
ihis motion was opposed by Mr. Fisk of
II. \. and neSativesi, Ayes oniv 43.
Mr.. BradbuTy of Ms made a motion, the
object Of which was, in the provision respect
Ing the subscription of a certain proportion of
ele capital in stock OF the loans created since.
tne'wa to substitute III lieu thereof the stock
" in loans hereafter TO be contracted, by au-
thGrity of any act of Congress, passed or to Be
passed during the present session.
Mr.. b. said that the bill as it now stood,
would afford no real advantage to- the gov
erlment, unless it were IN the privilege of
borrowing thirty millions of do!lars from the
bank. The intention of the charter PROPOSED
to be granted by the bill, was to authorize
the individuals associating, to issue paper mo-
ley, notes which would promise to ) ay no
thing but paper ; for, he contended, whether
The provision authorizing the President, on
Certain occasions, to suspend payment of spe-
cie, were adopted or not the institution would
be nothing but bank of paper money; and
he could see no advantage the government
Could derive from borrowing thirty millions of
paper money. If, however, this bank should
be advantageous or profitable to the stockhol-
ders, he could see no reason why those who
had iHnt the government money since the
declaration of war, should have any advan-
wage over any present or future stockholders
They had obtained, he conceived, sufficient
discount beyond the 6 per cent. interest, for
the loans they had made--and yet, it APP
peared to him, from an examination of this
oi that its whole object was TO benefit this
description or persons. If this bank should
go into operation, which he doubted, even
should the bill pass, what, ne asked, would
be the consequence Ignorant and unwary
men would purchase the public stock at var,
from those who contracted for it, and now
mold 1t, and presently the bubble would burst,
and these purchasers becane the losers by
the scheme. fthe individuals who took the
last loans had been permitted 90 devise a
bill for their particular advantage, thew
eoEld not haze drawn one 20 ss.it tia-a. be-
ter, ecc. &c.
Mr. U17lght IF Nd. proposed to submit
IN lieu OF Mr.. Bradbury's notion, an amend
ment which hehad prepared. If the house
meant to do perfect justice to themselves. TO
their country, and to the United States, he
sad they would be indisposed TO put tie pub
hc stock, redcemabe at the will and plea
sure OF government, on the same footing as
specie and, ii that stock were permitted to
be subscribed, at the contract 5ir1ce, it would
be a Sufficient bonus to the stockholders
that their stock was converted into bank ca
pital, which would immediately rise to so or
90 per cent. above par. In such a provision
as ne proposed. there would be nothing coer-
GIVE; the stockholder might or might not
subscribe his stock if he did. he would he
placed on the same footing as the rest of the
community. Mr.. w. wished, therefore, to adj
nut any stock to be subscribedof the past or
future loans at the contract price.
MI 6radbHry declined asserting TO this
substitute to his motion, which, however, he
ulodiiies by adding to the end of it the words
T" a. its par value. thus proposing to allow
prescriptions to the bank in the stock of any
= lure loan, at its par value.
Mr. Fisk opposed Mr. B's motion with con
siderable warmth. If they could not aid the
public credit, he said, he hoped Congress
would refrain from doing any thing which
should injure it. The public creditor had pc
Derally gone to the extent of his means IN
purchasing the public stock now lying on his
hands But 1t never could have entered into
his calculation that the government would a
doptany measure calculated directly to bear
on him, as tho creation Of new stock on
different footing certainly would, by giving il
the advantage iii the market overhim. Such
course pursued by a government, of excr-
c'sing us power to serve its own purposes III
stead Of pursuing course Of n1agnaniinous po-
hey, must, Mr.. +. aid, be repugant to every
sentiment of morality as well as Justice, which
ought TO be observed by nations. If would be
an inIqutous deluson practiced on the COM
munlty, Inasmueh as the depreciation Of pub
nc stock does not now arise so much from
distrlst # the government as from inability
OF the people TO lend, which ability could not
be increased by giving this sort of privilege to
the stock IN any subsequent loans, &c. Such
discrimination asis proposed would so weak
en- the confidence m the public faith, that he
hid not believe, after adopting it, the govern
ment would be able to obtain further loans ON
any terms.
Mr.. HazDkiaS Of Ky. in a very decided
manner reprobatcd the adoption Of this a
mendmsnt. Il was pretty wen understood,
he said, that the government had exhausted
almos. to the last cent the ability of The ma
ton Co obtain loans under the cxistine- state Of