Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-03-09

incorrect, PAL tlCu.driy III tie value pact
on Spanish gold CONS.
Mr.. Smith of Ma. adverting to the IN
situation wh'ch had been thrown out, that
the Bank was not iatended to be, and could
not be, Shecie bank and repeating that
he for one had III view bank OF no other
kind--bo ensure TO 1t that character there
fore, and remove the doubtsuow eutcttaln-
ed by others--hc moved 10 strike out the
word fVc (tie amount of the first paymeit
required in specie,) with the intention of
moving TO substitute IA larger sum. He
thought it b ter To enable the bank To d",
as soon as p, icticable, lib, raj business,
and II the Same tine | sscu the chance u
drawing out, by any run On it, the specie
at first paid In. &c.
Mr.. Calhoun had not much objection to
tive motion though he thought, tue
Bank Could certainly do fely BUSINESS
to the amount OF the Erst specie payment
and if a greater business was offered to
them, they would have il III their power to
increase their specie At pleasure. HIS
only objection to eulargiug the first cash
instalment was, that it might have the Ell
feet I'd d.aw the specie cut OF the existing
Banks.
MIR. Smiths motion to strike out the
word foe, was carried. and
H. then moved to fill the blank with the
word fifteen which WAS also agreed to-
ayes SO, noes ~.
Mr.. Root said the section under con-
sidcration was the essential part of the
contemplated inst tuition, as it contained
its constituent or vital paris and pro-
eeded to cEumerate the various stocks
receivable in subscriptions. the rats S fixed
for them by tie bill the price paid for
TIL III by toe / nders to the government,
L l.,
those lenders, by raising the stocks to par
thus granting bounty to these men,
The same l. asonS did not exist, he said,
for such measure at present, as existed
at the last session. Then, the credit Of the
government WAS weak /; now 1t was strong.
| lie would not deny that the Lenders to the
! government might h I'VE been actua.ed by
! patriotic motives but that was no reas' II
| for graft Y to- them any thing more
than was bargaiued for--and he proceeded
to shew tat by allowing the commits
| s:oners OF t. c sinking fund to buy up this
| stock, instead OF permitting it to DC sub
scibed in the Bank at the rates prescr
bed by the bill, the government Won Il
save about two millions IN its redemption,
| &c. For TIA, Sc and ether reasons addu
! ce /, he moved t. amend the bill by
fixing the rate 1T VIII ch the six per cent.
l
| the Bank at ninety per Cent, instead Of
far
Mr.. Calhoun objected to the notion
Its obvious effect, if not its object, lie said,
was to increase the bonus. Ii the stocks
atr appreciated, said Mr.. G. it is not the
fault OF the holders f it, but of the govern
ment itself, and it would be Improper
in the govcrnmeht to take advantage of
this depreciation. The measure won d
a'so have an i,jurirns influence on the
Scorpions to the bank, without an
s~ering any good purpose, and he, there
fore. hoped the motion would not pre-
vail.
Mr.. Root s1id in reply, that those who
boosted so much Of having loaned their
money TO inc government, only gave their
cpreciatednotes, and received in return
the note of the government, by which they
made great profit, and that was all heir
merit, SC.
Mr.. Goldsborough made few re-
marks on the motion. He thought it
questionable whether Il government ought
10 fix on its own stock a manifest de
probation, and in this instance it would
be an act of very great injustice, and a
violation of pubic faith; because, in the
n vt clause, 1t was provided, that the
stock should be redeemed and liquidated at
the rates at which it was paid in to the
bank, 81.
Mr.. Ross thought the circumstance de.
Precated by the gentleman last up, exist
ed alrea y ; which OPP mon he SIP .orted
by few arguments. The whole >y stem Of
t''la bill, he said, was an encouragement to
stock jobDers, and WAS Of the same char
| actsr as the measure which once benefited
the SPECTATORS at the eXpcnce of the revo-
Luz onary soldier, by funding their certif-
Gates. &c.
The question was then taken on the
motion OF Mr.. Root, and negAtlved-on!y
seven or eight gentlemen rising in favor
oft.
| The committee then rose, report
ed progress, and obtained leave to sit a.
| gain.
Saturday. Afarch Q.
The Speaker laid befDre the House, a
letter from the Secretary of the Treasury.
| transmitting a report of additions which
| nave been made since September last, to
| the funded and hyatifg debts of the u.
| Stat S.
On motion of Mr.. Hall,
ResOfUed, That the committee on the
NatioHa, Currency be instructed To- en-
| qure into the eXpcdiepcy of compelling
the Banks ia the d fyrsnt Sites, aft, + the
frst 1t November next, to resume specie
paymcnts,by increasing the duty on stamps
or III any other manner which may be
best calculated to produce the desired eff
feet.
The II us, then proceeded to the report