Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-03-16

lprDdHce combinations against the |
bank, which we're so anxiously guar
Ided against. Every man acquaint
led with the subject knows, that no
bank can at all times possess the
means Of lneeting general run up.
on il ; and he submitted it to the III.
whether such a provision as was now
proposed, would not be dangerous 10
the institutions, by inviting run on
Pit. and thereby producing snspeh-
sion Of payment. He admitted that
lit was all important to the beueG an
lticipated from the bank, that, il
should pay its notes, at all times, in
lspecie /; and he thought that end al
ready secured by other sanctions suf
Efeiently guarded. This bank, said
Mr. G. is no more than a part Of the
commercial community in which i'll
lis established, and any emDarrass-
ment Of the bank must press also on
1.-THE whole commercial community !
THAT community would be the iirst to
Egiye way in such ease, and this
Ewould produce a run on the hank !,
aAd compel the stoppage Of payment
If the amendment woaid produce q
lgreater certainty ofspeeie payments,
lit might be proper; but believing
THAT it might defeat its own object,
aud produce that which it was in
tended TO guard against, he thought
liz dangerous, &c.
| Mr. Ward Of Mass was in favor
[ef The amendment. He thought Mr..
calhoun aduver-rated the mischiefs
which might possibly ensue from its
adoption. Ne. W believed that no
FpersOn would resort TO the penalty.
unless where the bank might ex-
coed a temporary refusal TO pay lis
notes. 1.-THE bank declined payment
for short time only, there was no
person who would peremptorily go
to law for the penalty, and there
was no danger of the combination
predicted 1t WIS his opinion, that
1.-THE provision would be beneficial to
the bank, by TIE character it would
give it as specie bank. the superior
confidence Which it would of course
posses throughout the country, and
the great business it would eonse-
|quentiy be enabled TO do, &c.
t Mr.. Randolph said the argument
ofthe gentleman from South Carroll.
Ina (Mr. Calhoun) was very power
EfuE objection to the principle Of the
lbill, but none against the amend
ment-it was an argument which he
bad been keeping 10 reserve by him
self for another stage Of the bill.
He had ne objection 10 take RiteeR
lper cent as tire penalty, bat he pre-
lferred twenty for another reason.
IThe flagitious conduct of the banks
For so,ae time back, had proven thar
they could make 10 per cent more
than their fair profits; and his OBJ
ject WAS to make The damages sur
pass any profits the bank could make
Thy refusing to pay specie. Wei
fought, he said, to remember certain
|snrplssseswhich the banks on parti-
fcular occasions distributed 10 add
THOR 10 the declared dividends, and
fit was proper in this ease to guard
!sgainst speculation of this kind All
thanking institutions were alike 10
their desire to swell their profits to
the greatest extent. howsoeyer cor
rect and ,irtuous the directors might
|be in their private characters /; and
Ehe would guard against every pub
|Iic robber Of every grade, whether
The be governor general Of India or
a Bagshot highwayma6. He would
put il out Of the power of this bank
Ito commit frauds on the community
without ruin to itself Let the pen
atty be ample, said Mr.. X make
the bark a good one, and there is no
danger Of their being unable always
to pay specie.
The question on making the penal
|ty 90 Instead of 10 per cent was then
taken and negatived-ayes 50, noes
10.
The hahse then proceeded with