Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-04-03
d O NJ E s TIC.
CONGRESS-.
IN SENATE. March IS.

Mr.. .1Lason Of N. II. moved to strike out Sue.
the proportion of specie to be paid in at the tim.
OF subscription, and nj lieu thereof TO insert tr,,
the effect of which motion would be to make the
whole amount OF specie paid in at the time of sub.
scription 2,8O0,000 dollars, instead of 400 COO.
me two great objects proposed by the friends of
TINS bill, he said, were, 1st. to release the conn
try from the mass of spurious paper which was
rand to be the circulating medium; 2dly. TO aid
the government in its finances To eifsct t,e
first object, the Bank must commence ta onero.
IONS m specie. To enable il to do th,s m. nsi,.
ceedel TO shew, that in his view larger propor-
ton ofspecie was necessary to the frst nsyr,en,
The U. 5. S ock subscrfbable and navsble 81 ,hs
same time, to the amount of seven millions would
De no more aid to the Bank in discountiner with
view TO redeemng its notes with specie. than
would so many bills. The amount of ! 40 ooo
dollars IN specie, divided among the d,Hcren,
branches which he presumed would be immedi-
a'ely established, would, he argued, be INSULT.
Gent tor any operation whatever. LET the hanL
issue paper sufficient to produce anv efTec, .nd
the specie IN its vaults would be INSTANTLY viii
drawn from them; twenty-five DAYS would he suf
hc,ent Tor that purpose La Baltimore. ph;IadeI-
PIMA and the ID strict of Columbia. he said tb.
notes OF the Bank would be seized on bv every
iiloiViduai who has any occasion for specie. &c
1he Oa'iA' men, 10 be safe, would be able to is
sue no more paper than to the amount of ;ts sne
ciePaid IN. Would such an issue. ne asked s.rve
10 reform the currency, or give the government
any aid IN its finances : Ii might be said the
oank would commence operations SLOWLY and
WIN caution but Mr. NJ said any man acouan.
ted with the institution of banks knows that the
sum iirst PAD IN is nearly all that the stockhol
GERS ever pay. The bank would continue in o.
Peratlon for ever, he SAID, without taxing from
\ the stockholders any considerable sum more than
the hrst instalment for, as far as the bank dis
| counted, the second Instalment would be maid n
\ 10 te bank with the specie of the first install
1 inent &c. inns was a position so fully support
4 Gu Dy all experience, that he presumedit would
not DC deiieo' For its specie capital, then, the
.s mus. uePehd Principally on the amount first
| paid in the bank might sell some stock. &c tn
Obtain specie, but the direct bringing in of spe.
| cie would not be mnch after the first instaIment
Inc sum OF 100000 dollars was not a large in,
staiment to be first paid in on a capital of th,rty
hve millions ana, according TO the statements of
gentlemen, there would be no difficulty in Obtain
ing tne necessary amount of specie 10 make the
hrst payment. He concluded by SAYING that his
Inoston, ifadoPted, would sssrs, llc, al .b hoI
\ IN commencing its operations, and increase its ef
| rec IN reforming the circulation of the country
as far as this bill can have that effect. -
| Mr.. kas, OF New-York, supported this mn.
ton. Before he proceededtO make any remarks
on uie NOTION ne touched upon question pre-
uminary IN lts character, and which he re,arded
as OF great Importance, inasmuch as it Superseded
all detail, and if decided affiimatIveIy rendered
1t utterly useless to discuss the details of Tie hill
| hoVertlnS TO The discussion winch had taken
place IN this house on late occasions in regard 10
public opinion, well defined and understood. the
weli'consdered judgment of the majority of the
ha'lon' no one douotel, was entitled to profound
respect from this house. Public opinion. ne said
was not So embodied, not cast mo such a shape
that much confidence could be placed i'm that
argument on the subject of the establishment of
| National Bank. Yet he said, public OPINION
does exist and, where it is relative to constit,I
uonal questions, to questions of great munic pal
law. IT may be relied on as authority. The lie.
SlSiatlve power OF the nation was placed in two
separate branches public opinion IN favor of
tins distribution of it was so general and strong
| that no educated man in the nation could doubt
IL IL was, therefore, not only provision of the
| constitution, but unquestionably the decision OF
public opinion, that, upon any measure fit to be
made law, the discussion on all its prov slons
ous Int to be subjected 10 separate examination in
the separate branches of the Legislature, and that
| the decision of one branch should not operate to
preclude re-examination by the other tina
each branch OF the Legislature should deliberate
on any measure which has passed the other
| branch, with the SINE freedom as If The bill had
originated in that house. The subject now un
der consideration, MIR. King went on to say, was a
most important measure, and had passed the o.
ther branch OF the Legislature Those very
considerations, rather than forbidding, demanded
a peculiar and crcumspect examination of the
bill in thus branch Of the Legislature 1t may,
Tor example, have fortuitOusiy passed the other
| house Care ought 10 be taken that il do not IN
Ike manner fortuitously pass the Senate The
smallness OF the minority in the other house, the
possibility ofits varying, &c. instead of beng
reasons tor hurryIng over this bill. we're reasons
| whyit should be examined more freely. If this
| reasoning were not true, the constitution and
pubic opinion were equally wrong--tbe Legisa.
tUre should consist OF but one branch. lie was
not, therefore, permitted to doubt, ne said. that
the Senate, dIsregardDg the suggestion, that
possibly the bill m ght fail on being again brought
before the other house by amendments from this
house, would decide according % the obligations
OF their stations here, and with an unbiased re-
| gard 10 their Stness, on such amendments as
should be proposed leaving the responsibility
Tor the consequences OF a performance Of Their
duty, where by the constitution, it ought to rest
These suggestions flowed from an apprehension.
on the part Of Mr.. King, that, although the q,es.
ton was surrounded with difficulties, the Senate
would be urged TO pass the bill without amend
men, lest, on It's return to the House. if the Sc
nate did its duty by amending it, the bill would
/ fail Mr.. X. then turned hs attention To the bill
which, he said, was imperfect in its provisions in
| the view which any gentleman might take of it,
/ As could be easily shewn. The particular pro.
position now before the Senate, though impor-
tant, he said, was not as much so as other points
III the bill. But the gen lenian from New flamp
shire had conclusyeiy sbewn that one and half
millions was the greatest extent to which, as n
now stood, the bank could safely issue on a spe-
Gle system. Illustrating his view of the subject
BY detailed statement OF the process, he said,