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

paper, the people generally had much rather.
purchase. pubic socks. for G,v, obvious re;.-
son that they bore larger interest Mr.. l.
then took view OF the eject OK this measure
on the public stock, which lie conceived would
be greatly deprecated by throwing into the
market so great IN amount oi sew stock. in
the shape OF ireasurj Notes. lie also con
tended that such a plan would &c ung,nernus
and UNJUST to the present creditors OF Il.
:. inasmUch rs it would, BIZ the eject of ear
own measures, deIness tue value III the mar
ket OF the stock they hold. He compared it
to the conduct of swindlng traders WHO de-
press the credit OF their own notes, and then
send into the market to bay them up IT re-
duced value. These and other pcilts AIR
]. enforced with zeal and ability. Re also
made an aritiimetic;l calculation Of the rei;.-
tive advantage promised to the er,crnrent
by each OF the tao plans now DC lore Tie
house, by which he made OFT . great prern:-
derance IN favor of the plan of The conn.jt;>e
OF Ways and Means. lie deprecated tue
proposed amendment rs ;.Isoth,r OF those cS-
pstients, under the effect Of which the nation
has already so severely stuff; red, &c, MIR J.
spoke On this occasion for considerably more
than an hour.
He WAS followed by Mr.. FrCersoN Of Pa. in
speech of much interest and force J his
gentleman commenced his speech by remar-
king on the difficulties which the subject ct
National Bank had 70 Ell counter from Chose,
whe, being opposed TO the war, wurc oIuo-
SEQ 10 any measure which wculd have the
effect to enable the government 10 carry it
on from those who were of,pused ~ the es-
Enlistment Of Bank on constitutiDua al
grounds and from the most of 81 tie banks
III every section Of the Country, whose mite
rests were opposed to the institution of bank
OF national character which would keep them
IN Il, -,Nr 81. 4.
the difference of opinion amcng those who ia
vored the establishment of hank, which
produced such variety OF projects, that you
could scarcely take w = daily paper, but &C.
&C fiomo {! here was another plan submitted
to the public. This variety, he said, WAS
I nou6h 10 produce a conviction as to the sine
q1Id non, that members ought not to be tau
tenacious OF their ideas ON this subject. Nj
/. then proceeded to lay before the house his
views Of Mr.. Calhoun's proposition. He con-
sidered il as one of the most pernicious he
could imagine calculated TO destroy, to damn
public credit forever. But, if the question
was TO take that project or none, as some PRO
Ject was necessary, he should certainly vote
for the bill though the amendment should
take place. In addition to the general objec-
ton TO the novelty Of a system flying in the
face ofall experience, Mr.. l. particularly de-
precated the aspect which this house would
exhibit to the public creditor after adopting
this aInendment.-It would throw linn Of. s.
would utterly destroy the prospect of the
loans now necessary, for the sake Of a
scheme, doubtful scheme.
Late experience might have ts,crt ger,t,r-
men OF what delicate texture public credit
was an imprr7ient expression dropt on this
floor depreciat"5 instantly the price 81 stock :;
and he should be much surprisedif the etE ct
OF THIS amendment, II adopted, was not in
stantly to lower the price of stock. He
Sontended, IN the most decided terms, that
the eject of the adoption of this arnencl-., 70.
would be the immediate prostraeion OF ~,
public stocks, now on The rise, in conscqncere
OF fSle prospect CT the 7sca &c of tne i!l s,e-
fore the House. After dwelling sorle ONE
% this preliminary ohieCtioIs Mr. I. proceed
Cd TO state his objections 90 the details OF the
proposed amendment There was no ocea-
sion, he coDtsnded, for q bank merely as a
machine for circulating Treasury Notes, &c.
The power to prohibit the issue &c specie. he
considered indispensable 70 the successful ope-
ratlons OF the banks, &c. and he made vari-
Gus otner objections to the details Cf the pro-
posed amendments. His main objection 70
the plan OF MI Calhoun, however. was, that
its effect If adopted, would be, to destroy all
remaining confidence OF the public creditor,
III the faith of the government: without whom
he said, we never could and canpot now get
along. Mr.. Insersoll spoke about half an
hour.
Mr.. Oakley OF N Y in powerful and i'm
pressive speech of an hour and an half, re-
piled to the speeches ofMessrs Ingham and
Ingersol, and advocated the motion of Mr..
Calhoun. He began by deprecating nasty
decision on this subject, one of the most irpor-
tant that could ever come before a Legislative
Body, being no less than the establishment of
charter for moned institution of fifty mill
lions, the features of which could not, when
once settled by a solemn act of CONGRESS. be
changed, but must be az irrevocable, during
the term Of the charter, as the constitution it.
sell, &c. The National Bank, if nccessarr.
was required by the public good alone. lie
therefore threw ont Of view rs wholly iryela
tive OF the argument m relation to the effect
OF the proposed amendment on the holders Of
public stock, who had no right to demand
any advantages from such an institution. and
TO WHOM no injustice would be Core t,v pre-
Guiding them from any other share i Il. Than
other citizens OF the u. S. He stated some
things III relation to this bill, to shcve that tho
tact OF its having been reported By the cora
fnittee of.Ways ard Means, was not an ,,nan
acknowledgements against amendment For
he stated, that the principal feature proposed
tn be changed by this amendment. scarcely
obtained 4 majority in the committee Of WAYS
and Means, &c. He then proceeded to e.,
anime, first, the details OF the bill before the
House, and next, Of the amendment proposed
to be made to IL and concluded an ciabor