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


distribution, so rs to require the Bank,
whenever the government may direct it, to
establish an Office OF Discount and Deposit
a. the city of Washington, with capital
tnot less than millions of dollars.) After
striking ont the latter cause within parenthe-
ecs, the motion was negatived.
When the committee rose for to-day, an
aIueLl ulcnt Was under discussion affecting
TIE manner IN which the Bank shall pay spe-
Gle for its notes whether at all its offices, or
al the Mother Bank only. Immediately ON
the committees rising
The House adjourned.
SATURDAY,, Nov. 10.
The House again i'll committee of the
whole, Mr. Nelson in the chair, ON the bill to
incorporate the subscribers 10 the bank of the
United States of America.
he question depending on Yesterdays adj
Joarninsnt was, motion OF Mr. Oakley
VI n. z. to strike out the eighteenth funda-
mental rule for the governrlens of the Bank,
which is in the following words:
16. During tie continuance Of the firessns
-9ar 6etzveen tie y. States and e. B,I,ci7, oil
me notes cfAhe sad CORPORATION, 7rhether hay-
otle az tie seat ofthe bank in Phiiudelhhi7, or
elsewhere, snail be f,aye6ie in other notes Of
fhe said corporation, ia treasury mates or IL,
god and si!ver- coin, az The tank in the city of
f,hRadqhhia. at he oflsion Of TIE ahfiica,,t.
.dt all the oDloes Of discount, detsosit and dis
frioEtion, and Of deposit and distribution
only, established as aforesaid, and at al
Tie banks employed III lien Of such off,
.fces asajoreS0id, the notes Of the said cor
1iorahon, during the continuance offhe soid
Soar, shat DC hGydbie liz other notes of the
SAID cor1,o'ation, or IN treasury notes only.
md the said corporation shall, at all times,
distribute among the Offices ard banks afore-
said, sufficient sum III the various denom-
nations ct the notes OF the said corporation,
and in treasury notes to answer the demand
therefor, and to establish sufficient circulate
Ing medium throughout the u. S. and the
territories thereof.
On the suggestion of Mr.. Lowndes. Mr.
Oakley modified his motion so as to strike
out that part only of the rule which is in la
EcS; and after some remarks in opposition
from Mr.. Fisk, the motion was agreed TO,
Ayes 80.
Mr.. Lo7vndes then moved to amend the re-
mainder of this rule, by adding after the
words Treasury Notes" the words Sc zvhich
II may receive uion deiioSit Of The govern
znent.'-Agrsed to.
The 18th rule having been read in the fol-
lowing words:
~. The officer at the head of the treasury
department of the u. S. shall be furnished
from time to time, as often as he may require,
not exceeding once week, with statements
OF the amount of the capital stock of the said
corporation, and of the debts due to the same
---ot the monies deposited theren-of the
nctes IN circulation, and of the cash in hand
and shall have right to inspect such general
accounts in the books of the bank as shall re-
late to the said statement: Provided, That
tins shall not be construed to imply right of
inspecting the account of any private indvi-
dual OF individuals with the bank
Mr.. Forsyth moved to strike out this rule
II the government had no interest in or con-
arol over tile institution, he saw no reason or
Proprlety in the y. S having a right to in
spect the proceedings or state of tie bank
1 o this Mr.. Calhoun replied, that there
was an obvious Propriety in the U. States ha-
wing the right to inspect the affairs of the
bank, to ascertain whether its deposits &C.
would be safe in its hands.
he motion TO strike cut the rule was ne
gatived.
The 10th section, making the notes Of the
Sahk receivable in all payments to the u s.
tiaVlng been read
Mr.. CcAhouu ot'S. c. moved to strike it
from the bill assigning, as reason for this
motioh, that as the u. S. were now, by the
amendments which had taken place, Invested
OF all control over the operations Of the Bank,
II would be proper, in seli-defcnce, for The
government to retain in its hands the power
e. make the notes of the bank receivable or
not, 20 protect it against misconduct or at
tempt at control by the bank.
The motion was agreed to without a di-
vision.
On motion of Mr.. Calhoun, the section au-
thorising the suspension, on proclamation of
the president, of specie payment in certain
cases aud for certain periods, was stricken out
without debate or division.
Tic 18th section Of the bill, which pledges
the faith OF Congress, not to establish any o.
therbank during tie continuance of the char
ter--bcmg read,
Mr.. Lewis Of Va. moved an amendment
the object of which was to except, from this
prohibition, the banking associations existing
within the District of Columbia, not at pre-
sent incorporated.
Agreed to.
The bill having been gone through
The committee REQUIRED on suggestion
Of MIR. Lowndes, to the first section of the
bll.
Mr. Lo7yHdes made motion, which he
supported by train of reasoning predicated
ON the i.nprlcticability and u1wicldiness of so
lIrge uionied institution as this bank was
proposed 80 be, to reduce the capital of the
Bank from .JJiy to Hirty.jfye millions of dol
Lars.
Mr.. Calhoun opposed tie motion with
much zeal, defending the proposed amount
Of capital on the ground of the propos-
ed appropriation Of fifteen millions of the
Treasur, Notes for the purchase of existing
stock &c.
MrsGuthb~ft and Mr. Forsyth supported