Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-03-23

external foes have placed much reliance, for The
success OF The r vindictive and sinister plans. an
nose elements and seeds of discord which every
confederation of States more or less contains in
':Seif. Those who planned and eff c, ed the Anne.
ricm ouion, were no strangers To those inhe, ent
Wis; but they trusted for the remedy IN he
good sense, the morals, and the steady HABITS
Oh the nation. Hitherto their confidence has
happily been realized Partial efforts to clog and
paraiyze the operations of the Federal Govern
ment, have been rendered aburtivt, chiefly by the
u,ulgnant feeling of the People at large. If
there be any foundation for the idea; tina, the late
manGuvres previous to the Pres dental nomina-
ton, were intended 10 create division IN The re
Puoi'cai ranks, and the eby weaken their
stren9th, every hope of the kind has now vanish
ed as vision Of the night, or as a trans ent cloud
ma summer day-The anticipation of publiu.
gee ne fedsrGEst, voL. :. page 144) was right
re cg'ce 81 President xiii seldom faN to the lot Of
any man 1'h0 rs nor, an an eminent degree, ssdos-
ca E7'h ne requisite qualifications"
10 the p!r31niC Representatives. in CONGRESS-.
mat a National Bank is necessary is readilv
ao'hlted, but a material and indispensable feature
T 81 "o'see,h3 eficAen'Iy to engage the attention
OF the friends of the system. i mean the ressrr
ing TO Congress the right of electing at least n
Poruoh OF the Directors. Without this reserva.
eoh' uhe british Government will, through her
aSentS, monopoiize the whole power of that ex.
.ehsNe machine-in Uar they will not only de.
=. sol y USE put Convert its influence against
our own oovernm snt--n Peace, they will epress
ohe native Merchant, the Mechanic and the NJ
nufacturer they will make our National R.nt,
s"userVtehl 10 their own policy, which ever will
pe IN opposition to the improvement & D osperitv
Tme intel states. Although IS millions Of
dollars sounds largely amongsr rs, vet il ;s leo.
than . millions sterling, an amount VIII oh Is "a
uea 10 the annual loan and issue of Excheouer
plils III England would scarcely be noticed tbera
asuh winch we all know they will not hesitate
70 lay OUT ~ an Institution which at once would
Ptouuee h'8h interest," and give them an exten.
slVe power on this continent.
The Legislature of Virginia deemad = ,,.,.
Oh Poncy TO retain q portion of the power of eIec-
uhS Directors in their small state banks now
mu|h more all important IS it that Congress- re.
tam a portion of This power in the great mach.
thal must so materially affect our National Ener-
8 : anu halional improvements. The re,anIng
,his power IN Congress will not preyen, tie at cG
beng taken-the experiment his been tr'ai =
fhBihla ana the stock was taken with ayidi,v M
Director should be eligible for more TIM ,v,o
years out OF any five, and 1t is all lmpor,an. ,bat
the directors OF the mother bank shall not have
III power OF ciectng any portion of The Directors
OF the branch banks-,hey should be elected b,,
the stockholders III each sta e and hv ConrraaS
ffoweveria large IS millions of Dollars NAV an.
pear at inns day, the time may shortly come when
our "erChsn's, our ngrIculturlsts and manufac,
turers may want a much larger sum. The rapid
5uo"ui a"o Improvement OF This country beegars
all ejaculation. Let Congress then reserve the
I'VE OF Increasing the CAPITAL sfoc, vbena,a-
II Shal nave arisen TO a great per cent. above mar
say 2O 10 40 per cent. and to sell such additional
SHOCK and lay out the profits in shares for the II.
ni'eu states. The stock should S. and ~ owned
~ che ulierent States, on the same princ,pla the
United States Debt Stands, and CONGRESS sbonId
1 appoint an Aren't IN vnfa ot d. ~
me same vote in proportion to the Stock held NV
ny The United Sta'es as thc Treasurer bss in ,he
Eieclons ofthe bank of Virginia.
the Bank be established at Philadelphia
aHu 'he % directors of that CT have the mower
~ e"so9sl,ing ,nks and Apo nting directors
when and where they choose, then even sert,ng
brillsl influence out of the question. II wnrli
give 10 tnat cry he same influence that Iond n
no" mas over all England-they could eIate or de-
press any place or Town in the Union AT Their
pleasure, and although Philadelpha does not DOS.
Sess ue local advantages OF Boston, New. York.
baltimore, Washington, Charleston. New.OrS
ieahs or Richmond, YET give them this influence.
Ilis power, and they wli coerce the trade of the
Ohloh TO that city. Tha, the Secre arv of the
iseAsury and some others, should have sbevn
alVely interest i'll cen erlnG this rover and in.
Huehce at Philadelphia, was 20 be expected bur
Ihgy would scarcely have ventured To have as
keo SO much but, that the ch rter of The old
Bank OF The United Sta es had the same now.
er and influence granted them, which is now
asked; But 1T should be recollected, that he
seat Oh government, since the granting of that
charter, has been changed and permanently fixed.
me barking system IS now more d,fused and bet.
ct uhueFS'ood-iha this capital ls immensely
larger and above all, the situation of the CoDt;.
nent and of Europe is greatly and impor antIy
changed. any
Inc Cityot Wash ngton IS more central-it has
no large meacantile Establishments no inauen.
TAI capitaiists-it will never att empt to rival the
resent Exporting Towns-it will not be viewed
y instant merchants with jealousy-these and
many other reasons point it out az The proner a.
tuatlon OF the Mother Bank, where the proceed
ings OF tbswhole establishment ,sili be register
ed, and mesbeyiewed by committees of Congress
whenever tfestate of affairs may render il ne
cessary or whenever the wisdom of thai Body nav
deem 1t essen ial.
VIRGINIA.: