Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1814-12-28

s1(sS ~ III =
questiop of snch Importance as this vas a
5out tn be taken without. detate ard alm,,,
without deliberatioa. IF the biz wou.d pro-
duce that effect which its friend. predicte.,
it wouid prove a beneficial and valuable in 4.
~stitution If fraueht with the mischiefs which
ne saw in s.s passage would bring with
il certain destruction to the nation. He
took it for granted. from the course of pro
ceed'ngs winch had taken place in the house
when this subject was before under %consi,ie.
r.,eion. hat all hope of ob.a;ning a bank at
al resembling what banks have heretofore
been, must now cease {; and that the ~institu.
tion embraced by this bill. if ie passed. would
os a mere paper bank. and nothing else,
from which no benefit could result to the
government or the community fIe KAN
med the character of this bill, and particu.
iariy objected to the extent of the capital;
the limited proportion of specie to BIZ ems
ploved in il ; and the power to su. pend
sDecie payments. Upon a full view of
all its features, he denied tina. il would
restore public credit. or establish an adj
'equate circulating medium, the purpo.
ses which its friends hoped it would ac
eomplish.--ft would, on the contrary.
fr ON the moment Of its establishment, give
hireh to a monstrous scene of stock iohhing
and speculation. always detrimental t, the
public credit By a system Of rigid sccno
my. and carrying into effect the taxes agreed
to bv the house he said he had some hone thai
tho government would weather rho storm
with which it was assaii ID without national
bankruptcy but, it Congress- passed a bill
fthis kind. he csn,cientiousiy bel,e ved II
I world not be possible 70 avo d the evil and
that If they passed this, they miyht IS well
ut the same time pass a bill of national bank.
ruptcy.
Mr.. M'Kim Of Nd. said, without saving
how he should vote ON the final question. he
should vote against the motion to strike ont
the first section Of the bill in the present
stage of it, from motives of respect to the
CO ordinate branch of the Legislature from
which the bill came, AMI to those who adj
voca.ed the bill in this House.
The nosion to strike out the FIRST section
of the bill was then decided in the negative
by the following vote
For striking il Que so
Againstit ~
Mr. Fisk then briefly explained the c ar.
acter of this blk and in what, respect the a.
mendments proposed by the committee
would change the features of it. The bill.
as tcanie from the Senate, and MS it now
sands, proposes that the forty ~oailiions to be
subscribed by individuals shall be at the
rate OF twenty seven millions of dollars in
var stock. hve millions in specie, and eight
millions in Treasury Notes: and that sub
scriotiors siaitbe opened in Boston, Balti .
more. New>York, Philadelphia. Rich nond,
Charleston. and Pittsbuvg The commit
tee had recommended to reduce the proEor
ton sebscriba5le by individuals to tli y Eve
millions. of which twenty 10 be ia public
stock, five in specie and ten in IRE .sury
notes. The details of the bill. beirg NEARLY
the same as those Of the bill originally re
ported in this house, were not proposed to
he changed, except that the com nittee had
recommended that books of subscription
should beopcned at one place in every state,
N conformity with what appeared n be The
sentiment of the hsuse when tbs bill was
before under Considerations.
The amendments proposed by the com.
nittee of Ways and Means to the bill were
separately considered, and agreed to by a
considerable majority
The committee proceeded in further con.
sideration of the ~bill--rose after 4 O'Clock.
reported progress, ard obtained leave to
sit again.
And the House adjourned.