Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1815-02-04

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cent. stock, with the collateral eIecr of pro
noting an additional demand for Treasury
Notes, beyond what might Otherwise be ne,
gotiab,e.
Public credit might indeed be expected
tn derive advantage from the establishment
of a natio"al bank, without regard to the
formation of it's capital, If the full aid and
corporation Of the institution were secured
10 the government during the war, and dur
iny the period Of its fiscal endorsements.
But the bank proposed viii be frea from all
legal obligation to cooperate with the pub
lie measures; and wIilsever might be the
PATRIOTIC disposition of its directors to con .
tribune to the removal IF those embarraSs-
ments. and TO invigorase the prosecution of
the war, fidelity 20 the pecuniary and gene
raj interest OF the institution, according to
their estimate of it might oblige them to de-
cline connection Of their operations with
those of the national treasury, during the
continuance oe the war s, the ii.iicu..ie, in
cident io It. Temporal 8 critic. mtere t.
though over,alaDced bv the future am per-
manent profits Of the charter, not being re.
durable Of right in behalf of the public.
might rot be gratu'tously made; anil the
bank would reap the full benefit of the grant
whist the pablo would lose The eauva,en,
expected from it For it ms; b, kept in
view that the sole induce nent to such a
grant, on the part of the public. would be
the prospect of substantial aids to It's pecu
mary means IT the present crisis, and during
the sequel of the var Il is evident that
the stock OF the bank will, on ne return %
peace, If not sooner rise in the market 70
a value which. If the bank were established
IN period of peace, would authorize and
fNtNN AN.N .. II.
amount In lieu of such a bonus the gov
eminent is fairly entitled TO, and oneht not
to relinquish or risk, the needful services Of
the BANK, under the pressing circumstances
Of war.
.. The bank. as proposed to be consti-
tuted. Cannot be relied on during the war,
to provide circulating medium, nor to fur
n'sh loans, or auticipations of the public re,
venue
Withou. Eaedium. the taxes cannot be
collec ed; and in he absence of specie, the
medium understood to be the best substitute.
IS that OF notes issued by national bank
The prop sed bank will commence and
conduc lis opera;ions. under an obligation
TO psy its notes in specie, or be subject t,
me loss OF its charter Without such AN
ohhgation, the notes of the bank, though
nct aXchangeab'e for specie, yet resting on
good pledges, and performing the uses of
specie IN Che payment of taxes, and in other
public transactions would, as experience
has ascertaincd, qualify the bank to supply
at once circulating medium, and uecunie
ry aids to the government. Usder the fet
ters imposed by the bill, it is manifest, that
curing the actual state of things, and pro a
ply during the war, the period particularly
requiring such medium and such n re
source for loans and advances to he gov.
ernment, notes for which the bank would
ne compellable to give specie in exchange
could no; be kent in circulation. The most
the bank Md effect, and the most il Could
be expected TO aim at, would be 10 keen
the institution alive by Ii intel and local
transactions, which. with the Interest on the
publ stock IN the bank, might yisld divi
dHnd suac'ent for the purpose, until
change from war to peace should enable it,
by How OF specie into its vaults, and re
nova! OIL external demand for it, to de-
rive its contemplated emalumeats from
safe and full extension Of its Operations,
On the whole, when it was considered
that the proposed establishment will enjoy
monopoly of The profits Off national bank.
for period of twenty years that the mo.
nopolzcd profits will be continually grow
ing with the progress of the national pnpu
lation and wealth that the nation will, du.
ring The same period, be dependent on the
notes of the bank for that species o, circu.
iating medium whenever the precious nney
tails may be wanted, and at ali times for 50
much thereof as may be an eligible substi-
tute for specie medium and that the ex
tensive employment of the notes in the Col.
lection of the augmented taxes, will, more
over, enable the bank greatly to extend
its profitable issues of them, without the ex-
pense of specie capital to support their
circulation IL is as reasonable as It is re-
quisite, that government, in return for these
extraordin lry concessions to the bank
should have ? greater security for attain
ing he public objects of the institution, than
8 presented in the bill, and particularly
tor every practicable accommodation both
in the temporary adj ances necessary to an
ticipate the taxes, and In those more dura.
bic loans which are equally necessary to di-
,minish the resort to taxes.
In dischaTging this painful duty of stating
objections 20 measure which has under.
gone the deliberations and received the
sanction OF the two houses Of the National
Legislature, l console myself with the re-.
lection, that If they have MT the weight
whch attach to them, they can De consti.
70 local y nVerruled; & with d confidence
tnat IN Contrary event; the wisdom of
Congress will hasten to substitute more
commensurate and certain provision for the
puOnc exigences.
JAMES MADISON