Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-03-13
DEBATE on TIE B-4NK BILL.
HOUSE OF REPRESENTATIVES.
IVed.reJ1U Esb 90


views of it, from the attack which had
been male on them. He said, no man in
the House would reprobate more than him
tbs establishment OF bank which was
not specie bank. a bank not to pay
specie, he said, would be an instrument of
deception; it would have no feature, or
character OF bank-.he should regard il
with disgust ana abhDrrence. This bank,
he asserted, III reply ~ contrary assertions,
II es, ablshed, would be specie bank. lie
prot -ssed himself ready to remedy any de-
fects which should he point I'd out: but he
hoped the committee would not be influ-
cnced TO destroy its essential features by
su II vague arguments as had been uygcd
against them. This was To be specie
bIns, or he would have nothing t. do with
1t. lie Called upon gentlemen not to give
way 70 objections TO the details of the bill.
made by those who were altogether iuinric-
Il 30 the establishment OF any bank-their
arguments, he intimated, ought to be re-
ceived with suspicion. because their views
OF the subject might be supposed t. be
warped by their hostility to the project al
together Mr. {. then spoke at lengtl. IL
explanation and reply TO those gentlemen
VINO had preceded HIM in debate. In re-
gard to the estimation of paper in circula-
ZION, &C. he took occasion to say, that he &
GeR. Smith had not widely differed in o2in-
ion ON hat he'd, when they came to un-
derstand terms. MIR. G. said lie had not
specified tie particular items in his esti-
mate OF the amount of bank is sues and
transactlons--h- object had been merely
70 shew, without descending to particulars,
that the banks had over-,raded. He refer
red for illustration to The bank Of Wash
ing on reputed a pru lent bank, which, Oh
capital of $4,000 dollars, what with
stock and discounts TO ind. viduals, drew in
terest ON 10000 dollars. HIS object, me
said, when up before, was TO prove that
the banks generally had done a business
which would authorize them to divide at
the enormous rate of fourteen AMI an
nan per cent, on their capital paid Ia. &
The question was then taken on redu-
eng tn capital o.the bank, as already STA
ted, and nog ttived.
Thursday, Fe6. 90.
lin Committee of the WAole on the
same sn'Ject--the first section under dis
cuSs on
Mr.. CADY having moved to amend the
bill by Striking out SO mu1h thereof as au-
tnorizcd SUI scorpion by the government
OF seven millions to the capital stock of
the bank, supported his motion by num-
Der OF observations. He cont ,nded, tn t
no advantage would accrue to the u. S.
from the possession of this interest in the
bank. he money to pay for this stock.
he slid, would cost the u. 5. more than a,
ny profit they could derive from it, THAT
Is, by the expence attending is collection,
al the funds of the government accruing
sooner or later, from taxation on the peo-
pe)-ond woul besides, render necessarv
the imposition OF additional taxes to meet
It, IL would be ike an individuals taking
up money at Is per cent. (Which he es,i-
mated at the cost Of collection, &c } to nut
into this bank. The seven millions Of
money, he added, would contribute more
to the wealth and improve ment of the
country, would produce in the end a bet
ter interest to tue United States, by suf r
ing 1t to remain in the hands Of the peo-
pie, than It could possibly Go, by being
invested in the stock Of this bank. But. it
had been minated that a stock might be
created, bearing five or SIX per cent. int
rst, tor the purpose Of paying the proper
ton OF the u. States subscription to the
bank, the bank interest on which would
| redeemi ID time. Though this idea was
| plausible, Mr.. G. argued, it was not solid
tie y. . ates must tinately pay the sock
| and as to the income OF profit 10 the go-
vernment from the bank il woull be much
| more simple to compel it to pay such a sum
annuslly t. the Treasury, without the cir
cuItous process Of taking stock in it, &c
lie suggested other modes by which the
b nix could be made to contribute to the
| general wealth, without the governments
becoming stockhoder, &c.
Mr.. CALHOUN opposed the molten
| so decidedly, that he SAID he should cousi
der the success Of It as tantamount to a de-
| cisoD to strike ont the first section Of the
bill. He showed by his statement Of the
| operation of vesting this stock IN hs bank.
| (which, by the bill IS to be done in certain
annual proportions that there would be a
| clear gain t. the government Of at least
two per cent. per ann. being the d ference
! between tn interest ths government pays
on the sto k, and the intercs. il would re-
| ceive on its bank shares.
Mr.. RANDOLPH supported the motion.
and availcd himself Of the occasion Of his
| rising, to enter large ly into the subject. in
| a speech OF considerable length. his GEN
| eral views follow. lie said he should vote
for TINS motion, because one OF his chief
objections, Tone Of them, he repeated was
the concern which it was proposed TO give
! the y States in the bank. lie referred %
| the sale, by the 5 c starry Of the Treasu~y
some years sgo, Of the shares belonging to
the bank of the u. Sand stated lie rea
sons ofnis approving that step--but, he ad-
| ded, thatit was strong argument against
the feature Of the bank bill, now 0uCer
dis usson, tn t whenever there shoul4 Il
l in this country a n-~c ee;to,,e o..4 49, 80.