The enquirer. [volume] (Richmond, Va.) 1804-1815, 1814-11-24

Mr.. u rigtt said he did not consider the
recession ct yesterday rs AZ all Interfering with
this moticn. IF it did, he felt himself 10 be
committed contrary to his intention. Tht,
discussion on Yesterday hEd not IL ned on this
point ; and, he contended, cvenh4d the house
inadvertently decided the prnciple yesterday,
the decision 70 retain this section would con-
troll the provision il the sud second section.
inash'uch as, IN law. posteror control prior
prov's. ens HE government ought, he CON
tended, to have q share in the stock and in
the direction Of the Bank. The old Bank of
the United States would vet have been in o.
pcrAt'on, he said, If a portion of the direction
had been under the control of the govern
ineht' 10 nave prevented it from being per-
iect lnquIsiticn. He instance6 the advantages
wich several of the states derive from hol-
| ding a share in the stock and direction
NJ BANKS within their respective limits.
---oevcn cighths of the capital OF the ole,
Bank had, lie said, been held by foreigners ::
and every man whohad any hand in tie
| 'urecuon OF ITS concerns was adverse to the
I'oEtics or this administration. Some of them
were refugees from the country, who ought to
nave been hung during the revolution. II
cousd rot therefore be expected that Con
gress would revive that institution or create
any other, the whole weight Of which would
| rave heen thrown in the opposite scale TO
that OF the q. States. Mr.. w. was desirons
not only that the United States but that che
agricultural interest of the country should
hole due proportion in the stock OF this bank
TO Keep 1t out of the exclusive control Of the
commercial class, which he minated was ce-
neraily IN the British interest and not few
actually connected in business with British
houses. he landed g manufacturing interest
ne argued, ought to be at least equally interest
ed in tie Bank with the commercial 1t was
necessary the government should hold both
stock and direction in the Bank, to guard the
-: States against the operation of any foreign
influence, &c.
Mr. CaLfcUn, finding, as he said, from the
course CT debate, that the eyes Of the com
Glittee had been so entirely directed TO the
mann object OF the amendment adopted YES
tertlay, that they had overlooked the part of
1t to which this section had reference, rose TO
explain the reasons Of his present notion
Whether the provis on now under considera-
ton should be struck ont or retained. he con-
tended, depended on the situation OF the ma
tI'n- re was clearly Of opinion, that, in the
present situation Of the nation, it ougbt to h..
struck out. One great object Of this bank
was to afford the means OF relieving the ma
ton from difficulties Under Which il now labor
ed. by striking out this section tbs. govern
ment would not, nc said, lose the advantages
IT would derive from retaining it, inasmuch as
thetwenty millions, instead OF being vested
~ the Y. St7tes IN stock woug3 assume tie
. shape at Treasury Notes, and IN realty 1rc-
duce the effect, by their absorption in the
bank, of an immediate loan 70 the govern
ment Which. he asked, does the u. States
now most want 4 capital. or the use of a ca
p'tAl! he said he should be glad, in
deed, abstractediy, that the u. States shonld
possess share in the capital OF the bank ::
he should be glad the y. States should possess
capital IN the bank on which they could
draw one, two or three per cent. more inter
est than they had 10 pay for it. But we want
still more the>1lSe of the capital. If any GEN.
tleman could conceive the situation of the
country u be such that we could lock up IN
stead OK using these twenty millions Cf capital,
ne wouic Vote against this amendment The
capitol, he said, would not he lost to the Z.
D. but would assume for them the most active
and most efficient form, by means OF the
fcasury Notes, which, being put into circu-
iiIioD ana absorbed by the Bank, would
effect an immediate loan 70 the government.
But, II had been said, unless thc T. s. held
| some share III the bank, il would fall into the
| hands OF or enemies. MIR. G.. said he did not
thInk so harshly the gentleman from Ma
ryland OF the commercial interest in the.
large, he believed that great interest to be A
merican, notwithstanding some exceptions
might be ind to that character. But even
| II such a disposition as was feared bv the eep-
-
ed By retaining the present provisions of the
| bill because the twenty directors could al
ways vote down the 1--WE proposed to he APP
| pomtedby the Executive, if there should arise
a contest between the government and the
! oank. But there was another mean Of pro
| tectng the government &gainst the bank, more
| potent and certain than any such provisions
let the u States retain the power over is
! deposits and over the receipt of the Bank
| notes in payment of dGtics and debts TO the
government, and it would possess suhicien,
| cont rol over the Bank
| MIR. Forsyt5 admitted an immediate loan
| would be ~ advantage TO the government =
| out was such "A loan wanted t. the proposed
amount, in addition to the taxes 10 be raised
| ny the bills now before the house He con-
tended that IL proba - would rot But, if il
would, he argued that part of the proiec,
| mpracticable, because If the Difficulty 0,
| throwing into market forty-four millions oi
! dollars OF Treasury Votes whereas. i;
| twenty millions Of dat amour; were subscril-
| ed ~ stock in hehalf Of the United States.
! the Balance OF twcniy-four millions would be-
all disposed o., and would probably be suff-
cent ior al the purposes aF the government
| Even tor the benefit Of the genucmans plan.
| therefore, this feature ought 70 be retq;oed.
MIR. CGiioun said, that if fifteen millions OIL
| the for.y-four rilhons of Treasury Note.
| were applied, as he had suggested. 70 the par
| chase OF stoCE, and five millions 20 the re-