Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1814-11-23

ands OF oar enemies. Mr. c. said he did
10. think so harshly as the gentleman from
Var. land OF the commercial interest in
ae large, ne believed ,hss great interest TO
e American, notwi,hstandias some cxcep.
ions might be found 70 that character. But
ven it such = disposition as was feared BIZ
he gentleman should exist, it wou,,. not be
by rctaining the present provi-
;ions ofthe bill because tn twersy direc-
tors could always vote downthe five propo
sedto be appointed by the Executive, If
iherS should srise contes. between the go-
ycrnypert and tae bark Eut there was an
other means OF protecting the government
sainst tho bank. more potent and certain.
han any such provisions let the United;
States rcsaip he power over its deposits, and
over the receipt Of the Bank mites in nay
naent of duties and debts TO the government,
and !, would possess sufficient control o.
vcr the Bank. n
Mr.. Forsyth admitted an immediate
loan be an advantage to the government !,
but was such a loan wanted, to the propo-
sed amount, in addition 10 the taxes 70 be
raisd by the bills now before the housel He
con ended that il would not. But, il it would.
he argued that part OF the project was i'm.
practible. because Of the difficulty Of throw
ing into market fortysfour miliisns of dol.
lars 1T Treasury Notes whereas, if tn enty
millions efthst amount were subscribed in
behalf Of the United States, the balance Of
twenty four millions would be all disposed
OF, and would probably be Sufficient for all
the purposes of the government. Even for
The benefit of the genvlemap,s plan, there.
fore, this feature Ought to be Retained.
Mr. Calhoun said, that If hfteen mij,ions
~ the forty four millions of Treasury Notes
were applied. as he had suggested. 70 the
purchase of stocks. and five millions to the
redemption OF Treasury Notes falling due At
the commencement of the next year, there
would be no difficulty in disposing of the re-
mainder of them He said. to vest 20 mil,
lions 10 the capital stock of the Bank would
be acting like a man, without q dollar in his
pocket, offering TO lend out money at Nm in
terest lower thsn.he has to pay for it for his
use. If the demands Of the Treasury tlu-
ring the next year did not requae the whole
OF these notes, Mr.. G. said a part could be
retained until the year after, and thus provi
sion be made for two years. If the subserip.
tons were received monthly in Twelve install
ments. there would never be out at one time
more these two millions, much less than the
amount OF Treasury Notes, now in 'circaIati-
on. There would be no doub,, he lthouel,t.
OF their being sought FOL, with a,idity.
Mr.. Ingham Of Pa, said that, If the whole
amonnt of Treasury Notes now proposed to
be issued should not be wanted in the course
of the next year, it would unqucstionabfy be
more to the Interest of the government m
invest 20 millions of the amount In stock in
the Bank, provided il would be an adyan-
tage to them to possess the. stock. ALLOW :
ing the stock OF the Bank to advance as il
might be expected TO do, it would afford
profit to the UUited States in ~ moaths cf
hix millions of dollars, and the United States
would besides dispose of the capital stock at
its full vane whenever they choose.
Mr. Forsyth still questioned the ability TO
Circulate so large an amount of Treasury
Notes; because they were not IKE the bank
paper which coutd at any time command
specie nor would they circulate as well as
the present Treasury N otes. because not
payable at the end OF the year, but to be
under inc per centssteck. The fact tn a
money is not 20 be paid for the proposed is.
sue of Treasury Notes, would be as well
known to tin epeople OF the United States as
this house. The circulation of Treasury
Notes at present was principally among
those who have m aney on hand for which
they havenot immediat use, which they i'm
west in Treasury Notes. in preference to
this pubic stock because. at the same time
that they produce an interest. they are pay.
able at a certain day. The Treasury Notes
to be issued will not suit such persons, and
will therefore probably have a very limited
Mr. hilboarn said he had voted for the !.
yesterday, without any idea that
the ether amendments indicated by its mo-