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

"u'Sh Lout &C lidtt tSSCTIDtG the NOn-
veDtion as prescribing for every evil, viz. is
si,ing more Gssisnats. KS to the necessary
spocie capital, and the facility OF obtaining
&c IN the course of banking operations, Mr.
o. SAID bank must nave specie before it has
credit when it has credit. IL may obtain
specie, but rot till then, Ssc Upon the whole,
ne had no confidence in the system Int:mes
OF public difficulty, in times ike this people
were apt 10 look for relief from some splendid
PROJECT. It was at a period Ike this, iii the
finances OF France. that Mr>Iaw came for
ward with his Mississippi bank project. The
oldtashioned notion of rcdeelaing credit bv G.
economy, punctuality in fulfilling engagements,
&c. was at that time abandoned; andthc re-
suit was that thousands of individuals were
ruined, and the finances OF the Frereh nation
rcfaocd TO lower stare of degradation than
when the attempt was made to rcsussitate
them. He Cautioned gentlemen against fall
ling into the same error, ard to examine well
the .practicability OF the system proposed for
their consideration, &c.
Mr.. RISK made some Remarks by wav of
resisting the stack which he said the gentle
man had to-day made from the same bate
ry as he Yesterday opened Oh the bill. He
denIed the applicability of some oil bis re-
marks, particularly Of that in relation to
Law scheme, which arose from that Banks
having issued q vast amount of paper on it's
capital, founded on the fictitious value Of Ger
tam land certihcat S, Sc. an excess of folly
INTO which no properly regulated bank was
In any danger of falling, BIC.
The question on Mr.. Gaston's motion to
strike out .fj7y and insert t.vexty millions,
was then decided rs follows.
For the motion II
Agains. it - 70
80 the motion was neeativcd
On motion of Mr.. Parker Of MISS among
the places at which subscription books should
be opened, Hallowell, in Maine, was inserted,
and three persons named as commissioners.
Mr.. Condies of II. ]. said he thought it
would be good policy to permit as large a
portion OF the agricultural community to
contribute to the stock as possible. With
this view he moved to increase the number
OF SHARES from one to fve hundred thousand,
and reduce the amount of each share to. one
insead of fire hundred dollars.
MIR RISK OF NY. opposed this motion The
shares he conceived were made Sufficiently
small TO enable every one so disposed to par
tcipate in the Bank whilst still further
subdivision OF the stock would produce great
embarrassment, and totF, deranEeIr0ut of
the details Of the bill, and much difficulty in
apportionins the proportions of stock, trca-
say notes and specie to be paid On each
share
The motion was rejected, ayes Sc.
Mr Ul1ght of Md. proposed TO substitute,
sar the Provision 4esilecSi,ig tsls Tl,1,l Eer of
talEiuS subscriptions for this stock, provision
Tor dividing its capital stock, among the seve-
Iral states, in proportion to theii Representa-
ton ; so that all the Members of the Union
might equally participate in the benefits of.
such subscription. lie had no doubt the sub
scriptions would be advantageous TO the in
dIvidnals, inasmuch as he believed the stock
w~ould De greatly above par. rs soon as the
sank went into operation. Not having, how
ever, had time toprepare an amendment TO
meet his wishes, he should wave his motion
for the present, uptill the bill was gone
through.
Alter making further verbal amendments
to the 1St sect.on-
The dissection of the bill was read in the
following words:
Sec.2. IND be il further enacted, That it
shall be lawful for any person, co-partncrshp
or body polite, to subscribe for so many shares
ct the said capital stock of the said bank as
he, she, or they shall tlrink fit, not exceeding
o. thousand shares except as is hereinafter
provided for the subscription on behalf of the
u States, and the sums respectively subscri-
bed, except on behalf of the y. States, as ia
hereinafter provided. shallbe payable in the
manner following, that is to say one fifth
part thereof in gold or silver corr Of the n,
States three-hftii parts thereof in gold or Sill
yer coin OF the y. States, or in the public debt
OF the Y. States, contracted By virtue Of the
act OF Congress, entitled an act authorizing
81 loan fora sum no+ exceeding eleven millions
Of doll Us," passed the fourteenth day of
March, one thousand eight hundred & twelve,
or contraotelby virtue of any subsequent act
and acts Of Congress, authorsing loan or
loans and one-fifth part thereof in gold or
silver coin, or in treasury notes. issued under
the act Of Congress, entitled " An act to au-
thorlzc the issuing CT treasury notes" passed
the thlitieth day of juno, orc tbonssnd eight
hundred and twelve, or issued under the an
thority OF any subsequent act or acts Of Con-
gress, authorislng treasury notes to be issued.
And the SAID payment shall be made and com
plcted III the suns, and at the times herein
after declared, that is to say at the time Of
subscribing, there shall be paid twenty dol
lars on each share, in gold or silf coin, &
t"'o hundred dollars more, in gold or silver
CON. or III the pubic deot and treasury notes
aforesaid, in tho proportions aforesaid. At
The expiration of four calendar months after
the time of subscribing, there shall be paid
the further sum Of forty dollars OH each share,
IN gold or silver coin, and one hundred dol
lars IN gold and silver coin, orin tie public
debt and treasuTy notes aforesaid, in tine pro
portions Aforesaid. At the expiration of six
calendar months, from the time of subscribing,
there shall be paid the further sue of forty
dollars, in gold sr silver coin, * one hundred