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

Mr.. Ccthons then, ia very ingenious & Ella
boratc speesh, common justice 20 which re-
CURES it to be published at length. laidbstore !
the house his views on .his subject * the rea-
sons why ne should propose total change in
the features Of the bill. The motion he no~
made was one of limited character, but such
= one as he proposed TO fellow up by other a
mendments, or by distinct legislative provi- |
sions, which should together embrace plan
of which the following is brief outline: The
Capital OF the Bank remaining unchanged, at
fifty millions, the payments of subscriptions to
this capital stock TO be made in the proper
ton OF onc-tenth in specie (which he after
wards varied to si,.-fftieths1 and The remain
der III specie, or in Treasury Notes 10 be
hereafter issued; subscriptions to be opened
monthly in the three last days oftach month,
beginning with January next for Certain pro-
portions OF the stock until the whole is sub
scribed--payment to be made at the time of
subscribing the shares to consist of one hun
dred instead of five hundred dollars each -
the y. States to hold 10 stock in the Bank,
nor any agency in it's disposal, nor control o.
yer its operations, nor right to suspend spc-
Gle payments. The amount of Treasury
Notes to be subscribed, viz. forty-hvc mill
lions, to be provided for by future acts of Con-
gress, and to be disposed of in something like
the following way, Wig. Fifteen millions of the
amount to be placed in the hands of the agents,
appointed for the purpose, or in the hands of
the present Commissioners of the Sinking
Fund, to go into the stock market, to convert
the Treasury Notes into stock another sum,
say FIVE millions, to be applied to the redenp-
ton OF the Treasury Eotes becoming due at
the commencement of the ensuing year; the
remaining twenty millions he proposed to
throw into circulation as widely as possible
They might be issued in such proportions
monthly as to be absorbed in the subscriptions
TO the Bank at the end Of each month, &c
desperation, be presumed, would raise the
value OF Treasury Notes perhaps 20 or so per
cent above par, being the value Of the privi-
ledge of taking the Bank Stock, and thus at
fordat the same time bonus and an indirect
loan to the government making unnecessary
any loan by the Bank until its extended circu-
culation of paper shall enable it to make a
lean which shall be advantageous to the u.
states. The Treasury Notes so to be issued
TO be redeemabe in stock at 6 per cent. dis
possible by the bank at its pleasure, and with
out the sanction of government to whom
neither is the bank to be compelled to loan
any money. This it is believed, is, in a few
words, fair statement of the Aroiect Of Mr.
calhoun, which he supported by a variety Of
explanations Gifts operations &c. the notes Of
the Bank, when in operation, to be received
exclusively In the payment of all taxes, duties,
and debts TO the United States The opera
ton OF this combined plan, Mr. c. conceived,
would be to afford, L. Relief from the imme-
diate pressure on the Treasury 3. A per-
manent elevation cf the public credit ; and G.
a permanent and safe circulating medium of
general credit. The Bank should 90 into ope-
ration. he proposed, in April nezt. He con-
Guided his exposition by motion, the effect
of which is to deprive the u s. of any share
] the stock of the Bank, & to change the
Proportions of specie and paper in which it
snail be payable to one-tenth in shecie, and
nile-tegthS in Treasury Notes.
This motion opened wide and interesting
scene of debate.
Mr.. Fisk Attacked Mr.. Cahorn's PROPOSE
ton with nsiderable zeal, principally on
two points; Its failure to provide for the pre-
sent absorption of United States stock, and
the didculty which would occur in the Cir
sllls %on and disposal of so immense mass of
Treasury Notes. He drewa comparison be-
tween Mr. Calhouns hrojet and that of the
committee ofWays & Means, highly favora-
bic to the latter.
Mr.. Forsyth of Geo. with his usual ability
and elo9uence, opposed the adoption Of this
proposition, and examined the features of the
amendment proposed by MIR. Calhoun, and
the arguments advanced in favor of it, He
was opposed to it in nearly all its features, &c
greatly preferred the plan reported by the
committee of ways and means. His arguments
were principally In reply to those of Mr.. Cal
hour. which he generally pronounced to be
erroneous and delusye.
MIR. Lo7v1des Of S. c. replied, at consid-
cradle length, to Mr.. FORSYTH, and indicated
the proposition Of Mr.. Calhoun, in an able ar
gument on the principal points of objection
urged by Mr.. Forsyth, Il IN illustration of the
principles of the bin, lie Showed what ne
believed decided superiority of the amend
ment over the original project Of the Commit
tee of ways and means.
When Mr.. Losvndes ended his speech, the
tebate on the main question terminated, and
tbs days sitting ended with the following
skirnishing debate, during the whole of which
J the Chairman and the members of the house
we're endcavoring to limit the debate to the
question before the house
Mr.. Oatiey of ". Y. after remarkine on
the very high importance of this subject, and
the magnitude Of the change which this a.
mendrnent proposed to introduce into the
principles of the bill, and the obvious necessity
Of further time for consideration of so impor-
tant an amendment, moved, that the commit
tee rise, report progress and ask leave to st
again.
4 Mr.. Inghdm Of Pa. with much warmth OBJ
posed. this motion. lie feared, if the house
we're 20 adjourn without deciding on this mo
sion, coming from the imposing quarter
whenoe it did, and supported with so much
ability from the gentleman from South Caro-
Ina n wOuId arrest the loan Of +i,-ee ya,;l;or,