Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1815-01-11

AIAthk nuluLET .aOl GASAlH W lit'- ~ aA'O~
dion OF Mr.. Miller for the Yeas and Nays.
Aud lhe House then adjourned, II beng
some time after night Fall.
Friday. Jan. 6.
Mr.. bradbury. Mr.. Kent of Md. and Mr.
Archer presented petitions from their re
specive districts, demonstrating against the
transportation and opening OF the mail ON
the Sabbath which were referred,
Mr. Jackson Of Va. pres n,ed the petition
of Peter Grow which was referred to the
committee OF Claims.
MIR. Creighton presented the petition Of
Humphrey Beckett, which was referred co
the committee on Public Lands.
NATIONAL BANK.
Mr.. Nike, from the select committee TO
whom was recommitted the bill from the
Senate 20 incorporate the subscribers to the
hank OF the United Ststesot America, re :
PORTED sundry amendments thereto which
were read.
a motion was then made by Mr Robert
son TO lay the report on the table for one
day, that it might be printed for the more
particular information OF the members
which motion was negatiyed-- Ayes Sc.
Mr. M'Kee explained, briefly, the nature
and amount OF the amendments now pros
posed to the bill. The first principle intro.
duced into the bill, he SAID, was redrc-
ton of the capital stock from my to rdir.y
millions such capital to be composed of
five millions in specie, fifteen millions IN
Treasury Notes, ten millions in stock OF the
United States created since the declaration
Of the war. The capital to 5e subs Crioable
m shares Of one hundred instead otFUe huna
drcd each. The payments OF the subscrip,
lion 20 be SO apportioned mat TWO htths OF
the amount Of the capital should be pad IN
~ the time of subscribing. This would bring
ut once into the Bank 100000 dollars IN
specie, and the residue in Treasury Notes
and stock, amounting 20 twelve millions in
the whole. There was every reason 20 he
lieve that this payment could be made, al
the time OF subscription, TO the foil amount
proposed. If SO, the Bank could forthwith
20 into operalicai, aud its capital would not
remain inactive, as a part oft must do if
less amount we're payable At the time of sub.
scription. The principle requiring the bank
to make a loan of thirty millions TO the gov
ernment to be stricken out, and the rrovisi-
on respecting the suspension Of pay ments IN
specie, which appeared to be mseparably
connected WIKI the COMPULSORY loaa, TO BE-
also stricken out. The immediate aid which
the plan would afford TO the government, in
addition to the establishment of a circulat.
ing medium Of undoubJed credit. would BE
in the Issue and free circulation of fifteen
millions Of treasury notes and the relief 10
the stock market by the abstraction from
Il or ten millions to b. subscribed into the
stock 81 the bank. The bank thus 10 be csc
ta5lisneL was predicated on the idea OF p
specie bank. on which principle alone must
forever resi- a sound circulating medium
There was TO danger, as had been frequent.
81 observed, but, without a requisition 10
that effect in IFS charter. the bank would,
for its own interest, afford 10 the govern.
neht every assistance and accommodation
in It's power. A right was aslo reaeryed to
the government 10 Subscribe, or its own be-
half and for its benefit, whenever Congress
shall authorize It By law, FIVE millions 70 the
stock OF the bank, payable in certificates
OF stock bearing an interest OF four per cen.
Sam. This stock 1t might sell AZ great adj
vantage even during the present year, III
the bank went successfully into n2e ration.
The amendments 70 the first section havs
INK been stated and the question being pro-
posed 10 The house on that amendment 7ghich
reduces the fFohoscd cahitag fran my 10
thirty millions u 7oHars--
Mr. Teiiair Of Geo being dcsircus Of fx
ing che capital OF the bank at }orty mil ions,
IS proper medium, said he should vote A.
Raiust ibis amendment, and briefly assigned
ms reasons for so doing.
Mr. Hawkins Of KY stated the reasons
why be- should vote against his amendment,
though willing to make what he deemed
reasonable Concessions to those who differed
from hIm
Mr.. Ehca Of Ten MADE a few obserya.
tions, principally expressive Of a hope that
this question would be- decided with as little
debafe as possible.
Mr.. Taylor explained as some length the
reasons. which had induced him, as last
effort 20 relieve the finances Of the country
by the es.abGshmept Of bank, "a consent
80 this rcpor,, embracing a compromise Of
his cwn opinions, lie spoke 81 some length
IN explanation uf the provisions Of this Dill.
and vi che advantage which Il held forth to
the public interest, &c.
Mr.. Forsy b briefly stated toe grounds on
which be was opposed 20 the report Of the
committee, and preferred the bill 10 IT'S pre-
sent sh7pe. it The amendments prevailed,
be commended that The will a the majority
gould faCite defeated, and bill passed
on a plan, OF which the majority had al.
ready expressed 'heir decided disspproba-
zion.
Tir. m'kce spoke 40 some length IN de-
istce of the report and 90 shcw is supeii-
ority 20 the present features of the bill
MIR. in6crioli explained briefly Why. al.
though enter .alrng q decided rreferepre