Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1814-11-26

}. Or the suggestion Of Mr. Lown1es, M
=. Oai,iey modified his motion so as TO stiii;
II out that part only of the rule which
. quoted ;" and after some remarks ~ op
e position from Mr. Fisk. the motion was !.
e !grecc to- Ayes 80.
Mr.. Lowndcs then moved to amend ,ht
Remainder Of this rule, by adding after ia,
; words % Treasury Notes, the words :. WHICH
liz NAV receive upon deposit Of the govern
mem. "-Agreetl To.
The 18th rule having been read, il the
ifolloyipg words: ~,
~. The of.icer mt the head of the treasurp
department Of the United States shall. ue
Furnished from time to time. as ot:en rs he
may require, not exceeding once a week,
wifh statements of the amount OF the capital
stock of the said corporation, and the deh;s
due TO the same of the monies Deposited
therein; of the notes in circulation, and of
the cash in hand !, and shall have right to
inspect such general accounts in the books
| ofthe bank as shall relate to the said s,ase-
ment: Provided. That this shall not be
/ construed to imply right of inspecting tue
account ofany private individual or indivi-
iduals with the bank.
Mr., Forsyth moved to strike out this rule
1.-THE government had no interest in or
control over the institution. he saw no rea.
son or propriety in the United States having
/ a right TO inspect the proceedings or state
| Of the Bank
To this Mr.. Calhoun replied. that there
was an obvious propriety in the U. States
Having the right to inspect the affairs of the
Bank. to ascertain whether its deposits, &c.
would be safe in IT'S hands.
The motion to strike out the rule was me-
gatived.
/ The 10th section, making the notes of the
Bank receivable in all payments to the u.
4 States, having been read
Il Mr. Calhoun of S. c. moved to strike it
from the bill assigning. as reason for this
motion, that as the United States were now,
by the amendments which had taken place,
Invested of all control over the operations Of
!, the Bank, it would be proper, in self de-
fence, for the government to retain in its
hands the power to make the notes of the
bank receivable or not, to protect it against
! misconduct or attempt at control by the
:! 5aak. ~.
The motion was agreed to without divi,
: On m6ion of N;r. Calhoun. the section am
thorising the suspension, on proclamation O
the president, OF specie payment in certain
, cases and for certain periods, was stricken
!, out without debate or division.
: rhe 18TH section Of the bill, which pledge,
} the faith of Congress not TO establish any o,
, ther bank during the continuance of the
charter--beiny read, ~
Mr. Lewis OF Va. moved An amendment
he object of which was to expect, from thi
'prohibition, the Banking Associations exist
; ling within the District of Columbia. pot a
. present Incorporated.
: Agreed to.
: The bill having been gone through
1 The committee recUrred, ON suggestion
I of Mr.. Lowndes, to the FIRST section of th
!. hill
n Mr. Lowndes made a motion, which h
S supported, by train of reasoning predicat
4 ed onthe inpractibility and unweidiness {
go large monied institution as this Banl
II was proposed to be, to reduce the capital
). the Bank from fifty to thirty FIVE millions {
dollars. as
!, Mr. Calhoun opposed the motion wit
! much zeal. defending the proposed amour
/ of capital on the ground of the proposed ap
: preparation of fifteen millions of ahe T'reasu
: ry Notes for the purchase of existing stock
It MIR Cuthbert and Mr. FORSYTH supporte
Mr. Lownd SIS motion. and Mr. Calhoun re
: Piled 10 them.
The motion was, in the end, negatived a
follows:
q For the motion Sc
Against it Is
On motion OF Mr. Calhoun, an amend
: ment was adopted to the first section of til
q bill, changing the times of subscription I
conform it to the insimatioas he had bcfor
given.
: On motion ofthe Delegate from Nilsson
ri, the town of Sc Louis was inserted as CT
: of those at which subscriptions should b
:, received, and b. c Lucas, Alex. S.uar
! ars: Bernard Pratt, named as commission
:. ,ers; and, on motion of Mr. Fisk OF Vermont
Windsor in that state was also inserted, am
/, Elias Egmsn, Wm. lowering and Eleaze
May named as com missioners
Various other amendments were prooo-
> sed to the biz, some Of which were adopte,
: and some rejected.
III Atlength the committee rose s reportc
the bill as amended,
: The bill having been so interviewed ant
: interlined with amendments by the commit
: tee Of the whole, that the Clerk himse
7" could scarcely arrange them or the Speake
! state Them to the house.
IL was ordered to lie on the table. and bs
printed as amended
And the House adjourned.
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