Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-03-20


with variety OF remasks, on the impro-
prieey of tying up the hands of the gov
erninent tor twenty years, and prohibiting
IT by charter from legislating according 10
the growth of our popuation. the wants of
the country, &c. lie concluded by requir-
ing the yeas and nays, which were refused
AID then
His proposition to amend the bill was
rejected, only niue or ten rising in favor
oft.
Some other motions not requiring parti-
GUAR mention, being disposed of;
Mr.. M'Lean of Ny. rose to renew mo-
ton which he had made without success
in mmittee of the whole, and Which he
should not rgain offer if he did not conceive
that his former attempt had been decided
kinder an incorrect view of the subject
MIR. MI.ean then moved claC.e to the
bill TO prohibit the establishment OF 4
branch OF the bank in any state. unless
such branch should be accepted bv a law
CT the state. Mr.. MLean supported this
proposition as sone length showing. by
facts, the injury which nigh, result TO some
states extensively interested ia their own
banks, by forcing 4 branch of the national
bank upon them. This was the case in
Kentucky, where the state owned a great
portlcn or the stock of the state bank,
which was very prosperous, and its stocks
very profitable and Mr.. NIL. said, I've
was unwilling to put it in the power of any
Twenty-Five nien, TO impose upon that
state, without its consent an institution
which might be extremely prejudoial to
its interests, &c.
Mr.. Calhoun replied briefly, that this mo-
ton appeared to involve an inquiry into
the constitutional power of Congress to es.
tabsish banks in the states. This was a
question which he had wished to avoid ON
the present occasion, ana he should de
cline saying any thing on it. When the
necessity arose for discussing the question
he should be prepared to meet it.
Mar. MI4ean's motion was negatiyed
without = division.
MIR. Pitkn then proposed to amend the
bill by striking cut entirely the provision
which gives the President and Senate the
power OF appointing five of the Directors,
and thereby leaving the whole direction to
be chosen by the corporation.
Mr.. 4. went into a general investigation
of this question, the arguments on which
were so fully given when before the com
pittee. In support of this motion, he said,
that with all the interests Of the govern
ment in the old bank Of the II
nited States. it appointed none of the
Directors, yet there was no complaint ever
.
managed in that bank. If there was no
necessity for exercising the power in that
bank, he argued there was none for it in
the present one. Neither the safe keeping
OF ITS deposits nor the care Of its interest in
the bank, required the government to pos
:ess the power, because there would ne
ocssarily always be close connection be-
tween the bank and the government, pro-
duced by the strongest of motives-interest.
II the power then was not necessary for
any useful purpose, he would not willingly
risk any danger from the possibility of the
power being converted into an engine Of
oppression in the hands of the government.
tie Grgaed that it was probable but few
Directors would be appointed in Philadel-
phia by the Stockholders; that seven being
sufficient TO do business, and the govern
ment Directors being always on the spot,
they might frequently constitute majority
OF the Board, and be able to WELD the bank
as they pleased. No man, he was conf
dent, would embark his money in bank
ing concern when one of the partners had
the absolute appointment of one-ffth CT the
Directors. MIR. p. concluded by declaring
that if the provision he objected to was not
stricken out, he should be compelled to
vote against the bill.
Mr.. Calhoun rose, not to argue this mos
hOli, OCCa-GSS IL HdQ DStll iutiy discussed lii
committee ; but only to express his regret
at the determine ton declared by Mr. Pit
kin. He was aware that great difference
OF opinion existed on this subject, and that
great difficulties must be encountered in
maturing its details but he had began to
hope, from the concessions which had been
made, that gentlemen would reconcile their
various views, and that the bill would sur
vive the conflicting opinions under which it
started. 1t was therefore he regretted 70
hear Mr.. Pltkin declare the Direction a
sire qua non with him.
After few words by Mr.. Pitkin, stating
that lac had invariably declared in conver-
sation that this feature was with him sine
qua non,
The question was decided in the mega
tive, as follows Yeas SIS, Nays 81.
Mr.. Pitkin then made a motion to reduce
the capitol of the bank from IS to 20 milli-
o1s Of dollars.
This motion was decided, without de-
bate, in the negative.
Mr. GoldsborOugh, after a few remarks
moved an amendment. to provide that, if
the government should at any time sell or
relinquish its stock in the bank, it should
then cease to have the appointment of any
part OF the Directors-which motion was
also negatived.
After rejecting various other propositi-
ons to amend the bill, amongst Which was
a motion o. Mr.. Webster to encrease the
value Of the shares to 400 dollars, and di-
mlnish the number to 81 500
Tie question was taken on ordering the