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

II
m'ttee OF the whole, Mr.. Nelson &C Va. in the
ch:ir Oh the bill to incorporate the subscri-
bers tn the Bank of the United States of A.
merica.
The mntion of Mr. Guston to make the
capital ofthc Hank ,zv~,fv instead of GGu
millions ct dollars, being still under considera-
ton.
Mr.. Fisk Of n. Y. spoke in reply to Mr..
S.aston's speech, and in explanation of the
views OF the committee. He declined reply
ing tn Mr.. Gaston's objections to various de-
tails of the bill. until those details should
come Immediately under the consideration of
Tue housc b;t applied his;o5servat;ons par
tcuiarly to Mr.. G's ohicctionstto the amornt
and Character ct the proposed capital of the
bank. The objects of the committee ofways
and means IN proposing snch an institntion,
ought ever to be kept in view in this discus
son. they were, genesaly, the revival and
support OF the public cresiit. These objects
could be best accomplished I. BY raising
tne'vaiue OF the public stocks and, g by
the establishment of n Competent circulating
medium. Mr. r. then entered into an s-c71
ment TO shew that the plan NOW before. the
house was that which would best accomplish
these objects. Fe referred TO the history os
t'e former bank of the United States, cstab-
iisned with similar objects and under ike cir
comstauces, and from its efficiency argued
what might De expected iron, this bank. The
committee, in cnlniring as TO s,;e amount OF
circulating medium which could he ;,ow adj
vant9georstY employed, hid fixed on fifty
millions. which amount had also received the
sanction CT the opinion OF the Secretary or the
ire.lsury. The present banking capital Of
the nation being estimated at an hundred mil
hons, It Was believed bv the committee that
the edition of fifty millions would Nc; be
dangerous either 70 tltnse institutions or to the
community. Having thus determined on an
increase of the circulating medium ef the
country, the next object was the appreciation
OF the value of the public stock. That stock
had deprecated in value, not from any doubt
OF the ability or disposition of the government
TO comply with its engagements 70 the public
creditors, but from the quantity of stock
which ithad been necessary to throw into
market exceeding the means for purchasing
IT. a relief ofthc steel, from its present de-
prccia'ion was promised by the withdrawal
a part Of It from the market and with
TINS view, it had been contemplated that "a
millions Of the capital stock oi the Bank
shcnld he subscribed in government securi-
ucs.-ihis, by taking SO much stock ont
OF the market, would r.,is- the price Of
Inc stock. and MAKE rnona 5,r mere SThi-f it
n'lsht he necessary to create. It had been
thoueht proper too, that the United States
''N.ii'' a ibdiI VI the STOCK OF lnc D;illk
to what amount there had been some differ
ence of opinion, and II the house thought too
great proportion was by this bill allowed TO
tnr United states, thcv would so decide
var f. was willing foc himself, that the bank
saoutd be connected with the government and
the government with the bank. md that tliey
y 9uld mutually support each ether, &c, &c.
" 10 the share of the government IN the ap-
continent OF directors, whilst it could be no
inlurY TO the institution, it was necessary as
well 70 guard the interest of the United States
as to take care of their interest in the securi-
tY OF the revenue IN the various branches of
the baEk. Mr.. + took a comparative view
Of the situation of tje nation now and IN 1871,
when the b7nk of the United States was es-
tabished. dwelling onthe diminution Of the
pubic debt and incres e Of the means Of pay
ment since that tav, the increase OF circ,ha-
ting medium, wealth, population, &c. from
which he concluded there was as ample
employment for a bank o. lifty millions now,
as tor bank OF ten millions then. OF the ten
million Capital Of that bank, three -fourths Of
1t was composed Of public stock, as much de-
preciated at that dav, as public stock now is
The operation Of that bank, besaid, had been
rot only beneficial but wonderful, giving 4
spring 70 public credit, and raising the price
OF all public stock, rs he believed this bank
would. when once established. hsto the sl,e-
Gle captal, il was difficult. he remarked, To
say hoy much specie would give confidence
20 the operations Of the bank. The old bank Of
the Y. Shed commenced its operations on a
specie capital Of 100000 dollars. He had 70
doubt. therefore. but this bank might safely
commence its operations on a specie deposit of
Sl,2G0.90o, which ne believed there would
be no tiiihru'iY in procuring. As tn tie con-
fnement o. the s',bscript;cn TO the stock crea-
ted since the gar, the committee had deem
ed IL proper tn cSpGne thsir object of r;,sing
ehe price Of the public stock 70 such rs was
deprecated, viz. 70 that which had been crea-
ted since the declaration of war, and which
had Deprecated, perhaps, because not so
well supported BY Specific pledges of rcve-
nue rs the old percent. stock. These va
rious features were, however, in the hands of
the commi'fe. Of the whole, and entirely at
their disposal, &c. Mr.. F. spoke nearly an
hour.
Mr.. Castor, in speech Of some length,
advocated the superiority OF The plan he had
yesterday Indicated. sovcr that embraces in
this bill, and replied TO the remarks Of Mr.
Fisk. He expressed his regret that Nj Fisk
had declined replying to the objections he
had urged 20 the bill, and had not given a
general statcsman-like exposition OF tho whole
bill, instead If resting its tef NE on the ma
sic words revival aud support of the public
credit, &c. He repeated ard enforced al
SOME length his objections to ths system,
which he cortendcd would ueither revive tls