The enquirer. [volume] (Richmond, Va.) 1804-1815, 1814-12-29

friends predicted, it would prove beneficial
and valuable institution if fraught with the
mscnIefs which he saw in it, its passage
would bring with it Certain destruction to the
nation He took it for granted, from the
course OF proceedings which had taken place
III the house when this subject was before
under consideration, that all hope of obtaining
oank at all resembling what banks have
heretofore been, must now cease; md that
the institution embraced by this BILL fit pass
eu, would be mere paper bank and nothing
else, from which no benefit could result to
the government or the community.
he examined the character of this bill, &
particularly objected to the extent of the Ca
Pital the limited proportion of specie to be
employed In 1t and the power to suspend
specie payments. Upon full view of all its
features, he denied that it would restore pub
lie credit, or establish an adequate circula.
ting medium, the purposes which its friends
hoped 1t would accomplish. 1t would on the
Contrary. from the moment Fits establish
ment, give birth to monstrous scene of stock
Joobing and speculation, always detrimental
to the public credit BY a system of rigid
economy, aud carrying into effect the taxes
agreed to by the house, he said he had
some nope that the government would wea-
Their the storm with which it was assailed
without national ankruptCy but, If Congress
passed bill of this kind, he cohscientiouslv
believed It would not be possible 10 avoid the
evil and that, if they passed this, they might
as Wen at the same time pass bill OF ma
tional bankruptcy.
Mr.. M'Kim of Md. said, without saving
now he should vote on the final question, he
should vote against the motion to strike out
the hrst section of the bill in the present stage
OF 1t, from motives of respect to the co-orcii-
nate branch OF the Legislature from which
the Dill came, and 70 those who advocated
the bill in this House.
The motion to strike-out the first section of
the bill was then decided in the negative by
Il he following vote
For striking it out so
Mr.. FISK then briefly explained the char
acter OF this bill, and in what respect the a
mendments proposed By the committee would
change the features of it. The bill. as it
came from the Senate, and as it snow stands.
proposes that the forty millions to be subscri-
bed by individuals shall be at the rate of TWEEN
ty-seven millions of dollars in war stock, five
millions in specie, and eight millions in Trea-
sury Notes; and that subscriptions shall be
opened in Boston, Baltimore, New York, Phi
1adelpilia, Richmond. Charleston and Pitts
burg. i he committee had recommended to
reduce the proportion subscribable by indfvi-
duals to thfrty-hye millions, of which, twenty
to be in public stock, five IN specie, and ten
n -stry IroSSS. lie details - = i5.,l ',c-
ing nearly the same as those Of the bill origi-
naiiy reported in this House, were not propo-
sed 30 be changed, except that the commit
tee had recommended that books of SUBJ
scription ahouid be opened ~ one place in G.
very state, in conformity with what appear
ed &c be the sentiment of the house when the
ball was before under consideration
he amendments proposed by the commit
tee ctWays and Means to the. bill, were sep
arateiy considered, and agreed TO by con
slderable majority.
The committee proceeded in further cepsi-
Iteration of the bill-7rose, latter O'Clock re-
ported progress and obtained leave to sit a.
gain.
And the House adjourned.
We learn that the nomination of Mr.. Fus
tbs to the Embassy to the Hague, is confirm
ed by the Senate and that of Captain
Crowninshield to tie Secretary of the Navy,
was to be taken 80 on Monday. Captain
Crowniashield has been four years in the Sc
| nate of Mass chNsetts, and several years in
the Assembly Of that state; a practical sea
man, and an active and Intelligent merchant.
y. Y. Col.
ALPROMOTIONS