The enquirer. [volume] (Richmond, Va.) 1804-1815, 1814-11-24
r. Oh. 41.---N0. 62.

| "Vu''i hSNcl DS ont 2t one ! me more THAN
| Two millions, much less than the amount Of
! Treasury Notes now in circulation. There
would be- no doubt, he ;hcrg.., Of their beng
| sought with aviditv.
Mr. Inghani Of ia. said thar if the whole
| amount or / reasury Eutcs now proposed 10
| be issued shcald not be wanted in the course
OF the next year, it would urquestionably 10
| more to the interest OF the government to in
| vest 20m.liions II tie amount in stock in the
| Bank, provided it would be an advantage 10
| them 10 possess that stock. Allowing the stock
| OF the Bank 10 advance as it mi,sht be expect
| ed to do, II would affari profit 10 the United
States IN - months of SIX millions of dollars:
| & the L. States would besides dispcsc If tie
capital stock at its fdii value whenever they
chose.
| Mr.. Forsyth still questioned the ability 20
circulate SO large an amount OF Treasury
| Notes; because they were not likc baH,, ra-
! per which could at any time command sFe-
Gle /; nor would thcy circulate even rs we'll as
| the present Treasury Notes because y t pay.
able at the end Of the wear but t. be tuuded
IN per cent. stock. The fact that money -
! not to be paid for the proposed issue of
Treasury Notes. would be Us weu known to
the people ofthe u. S. as this house. The
circulation of Treasury Notes at present was
principally among these who have money on
hand for which they have not Immediate use,
which they invest Inv Treasury Notes, IN pre-
ference to this public stock because, It the
same time that they pTCducc an interest, they
ARE payable at a day certain. The Treasu-
ry Notes to he issued vii ot suit such per-
sons, and viii therefore probably have very
limited circulation.
Mr.. KR5ou,n said I've had voted for the a
mendment yesterday, without any idea that
the other amendments indicated by its mover
would necessarily follow He hoped tia
section now under consideration would not he
struck cut. For, though he had ever believed
the establishment of = National Bank one of
the most important objects, vet, if this mot
| on prevailed, he should greatly deprtcate IT,
Was it true, he asked that this nation was
so embarrassed in its finances, was IL such a.
critical situation, that to obtain money Cor a
year, it was necessary 70 establish a colossal
monied institution, with a charter which 1t
would be beyoAd the power Of this government
to alter for twenty years--that might in one
year, If amended as PROPOSED, fall eut,reiy an
derthe direction of the enemies of The govern
ment? He trusted not. If, on the ether hand,
this stock was taken by the govorYIaent il
tn Bank, it might be sold ct any moment If
necessary, at twenty per cent. profit or At
least without sacrihce--aDd thus furnish
the U. States with as much money rs it would
sell for
Mr.. Lovyndcs supported the motion to
strike out this section. The reservation of
twenty millions for the Z. S of the capitol of
the bank, would, he sail. unqaestiorabIv be
attended, with some advantages. Itcouid not
he denied that it world, ny the strength g this
capital, or bv selling it at an advance, aft ri
the means ofobtsnng money it,l. the service
Of the government in the year 1916 Eut Tie
course proposed by gentlemen was to lessen
the security 81 the loan FIR 1915, IN or9er
with remarkable foresight. to provide the
| Ways and Me2us for the year 1916 Mir. L.
said he differed from his colleague as to the
application Of IS millions Of Treasury Notes
to the purchase Of public debt & FIVE Inillions
ter the re 'eIn4}tiDn o. reasury Notes TIE OBJ
iect of Mr. l.. was nothing more than this
TO induce the house 20 reduce the capital uf
the bank from its prese proposed amount.
1t almost necessarily FOLLOWED, from the II. il,
points ofh.s colleagues plan, that the capital
sn uld be reduced. 1t was impossible every
| reasuTy Note thrown cut should b. absorbed
| in the bank at ehe times Of subscription and
the amount tc be issued mus therefore, OF
| necessity, exceed the amount to be paid IN az
| a part If the capital stock Of the bank. Il
was important, in giving additional value to
| the Treasure II otes, that tie bank stoc1
! should b. male as valuable as it could. Tie
! success Of the plan for Immediately aiding
! government by the means proposed, Nust de-
| pend On the value Of the Tre.e,--y Notes
which must depend on the value az th.-shares
! III the bank. The less valuable the shares in
| the bank, as they would be bv the retention
! OF 50 large capital stock, the less tc-nDtat;-
| on would there be to purchase the notes Of.
! took which is the basis of the substitution
| Mr. J.. said, ne hoped before this suhiect was
! finally acted on, the committee wonl-i limit IN
! thirty or :hrty-fivc millions, 20 some moderate
! some reasonable amount, the circulation Of
| the bank, and thus guard ganst Danger 70
! tie plan from the amount Of cap;tal, NJ the
! same time that It would increase che value ~
| the Treasury Notes. The plan IF The gentle
man before him (Nr. FORSYTH ne thyl,ei,t II
obvious, PROVIDE for the demands of the. NH
lie scrvice in 1916 y ren jciiug utterly baz-
! ardons, if no; cntraly defeating the provjeio-,
t1r 1873 lie de,ied that the 1re.,sGlv Notes
TO be- lssVed in pursuance Of this plan ,so,ld
ne less valuable than those now in cifr1l.t;o,
Ii was impossible, he said IL tie u .tore e
things, but, IN furnishing additional modes
Fl application Of them, tine committee wr,,I3
increase instead oi diminishing The value of
| Treasury Notes, Scc &c
ht'cr few words from Mr.. Rhea. or T.
ncssec indicative of an Impotence f,r the
question
The committee agreed 20 MIR Calho,,,s
mouw by TIE following vote
For the motion 20
hgai2s: it So
= Tire q section was struck out.
Tile committee then projected IN r,ret o..
TO-.