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


IN It the notes oil this bank, would be every
where better Than Treasury Notes but il
was on the presumption that the Bank
would redeem its issues with specie and
he repeated, that if the bank be compelled
To pay specie in short time, as H.. was
sure 1t would, then its notes would be
greatly preferable 10 treasury notes, whe-
ther at Boston or New Orleans.
Mr.. WARD, of Mass hoped the am nd
mcnt would prevail. He acknowledged
that in the progressive state Of this country,
1t was not very important whether the
capital WAS 81 or 20 millions the latter
amount could BE- used with nearly as much
effect for any mischevious purpose. as the
forIner--,hat sum would he quite sufficient
to influence the dcstinies of this nition.--
But he preferred the smaller sum, be-
cause he believed that amount large e.
nough for every commercial purpose. Du-
ring the existence oft old bank of the u.
States, PERIOD of very great commercial
activity, that Institution answered all the
demands OF tn. country and he was
confident that 90 millions now, in addition
to tie local capital was enough. Mr.. w.
defended the ston banks from the charge
OF deception, in promising to pay specie
without dong Sc. They had not, he said,
broken th"ir faith to the public, and any
man could there obtain specie, whenever
he presented one of their notes for pay
ment. Ii this bank is to pay specie, said
MIR. w. l admit that it will be very use
tul but if it does not. its notes will be much
below the value Of TT. Notes. and will not
answer any good purpose. He quoted the
price of Treasury Notes ct different places,
and deta led the reason of their unequal
value; and such, he said, would be the
condition OF the notes of the national bank,
unless bottomed and condu ted on specie
capital. To expect paper of an unequal
value to answer the purposes of general
medium, would be as bad, he said, as to
expect pieces OF cloth Of different lengths
to cover an equal space of ground in every
part CT the country. Mr.. w. believed,
that nothing but mismanageU had caus-
ed the inequality in the value of 'Treasu-
ry Notes. These notes were common
paper, cmanatlng from the trus ees OF the
people, to whom ali the people were more
or less indebted; and this paper could only
have been deprecated by misconduct
which opinion, he entered into some details
to prove.
This bank, it was 9 serted, would reme-
dy the great evil now existing in our de-
preciHtvd currency. He d d MT believe il.
1t the gentleman foam MaI-yflan nd (AIr-
Smith, were to lay down before him
machine, and tell him it would fly, the
gentleman would pardon him for saying
he could no. credit 1t, until he Showed some
means which would enable it to do so. So
i Was, he said, with the bank now under
consideration. He deprecated the present
state OF things as much rs any enc, and
hoped an adequate remedy would b. pro-
vided. The u. States, he sai!, lost at
present, by the deprecated currency, more
per annum than the whole amount derived
from the direct tax, in the large state OF
Maryland. Such an evil called loudly for
a remedy, and he hop d one would be ape
piled but bank on the plan now pro-
posed, would dlsappoint its advocates, and
fail to cure the evil. That this cure would
be complete, he did not, however, expect
rom any pan-somc inconvenience would
ttend any rensedy it was to be expected !;
Ike the amputation of limb to preserve
life. In reply to an assertion made in the
course the bate, Mr.. w. denied that
the banks had loaned the government from
any other motives than those of gain.-
Their turn had been served, he said, and
in dcvisng plan of the national bank, he
should not be influenced by any strong re-
gard for their interest. But the present
que stion was on reducing the amount of
capital and he concluded BY saying, that
as the larger sum would increase the means
ofdGing mischief, and the smaller would be
sufficient for every useful purpose, he
should vote to reduce it to twenty mil-
lions.
Mr.. WRIGHT male few remarks a.
gaiust the smcndment. L. former tic es, a
capt"l If ten millions was found neccssa-
~ and the increased demands of the
country would certainly rcqui'e new the
amou prop; sed by the bill. He declined
giving at pres ut, he said, any opinion OIL
the measure its IF /; bus # bank was to be
created, it ought not to be less than thirty
FIVE millions.
Mr.. TUCKER said, before the question
was taken, he would beg leave to offer a
few remarks on the propriety of the pres
ent capital. He WI uld not enter into the
general ques ion for if he understood
what had been said, all agreed that a bank
was necessary, and one of considerable
capital, to effect the purposes ieId in view
by the committee of Finance. if, sid he,
there be any objection to the bank, there is
rs much to 20 millions IS TO IS. He asked
if gentlemen were serious in saying they
were IN favor of a bank, and yet hostile e
this. because of it's cxorbitant pdai IN
the first place, it WIS proper to enquire
could bank Of s. millions, do bu>In IS
proiltably When the OLD bank Of tn u
States was est ifhed, the,c was II the
country only bank capital of $4,000
since then, the capital has increased to zoo
milioAs--ths Showed the disposition to in
I