Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-04-27


munity.
Mr.. Robertson followed, in oppos ton to
the amendment, against which he argued |
at some length. He objected to it. chiefly |
Oh the ground, that it would form an IN
fortunate and hazardous connection DE |
twet n the government and the state banks |
extending the indirect Influence OF the |
banks. winch had been often complained |
o., to a direct Influence and instead of |
compelling the banks to sci, their public |
stock and meet their engagements. would
increase their means cf resisting the mea-
sures to coerce them into the payment OF
specie, SC.
Mr. Barbour replied to Mir. Robertson,
and deteRced the amendments on the
ground Of the great assistance it would at
ford to the community in meeting the
state of TIL, SIS which must take place I'M
der the pressure inevitably created by the
banks Ia returning to specie payments -
MS desire To resort to mild means rs
ascustonting the people to give credit to
paper issued under the authority OF gov
eminent ; its embracing aid assisting
those banks possessing no public stock,
&c.
Mr.. Cady spoke against the amendment.
1t would be re-loanng the pubic funds at
per cent, while the government was Dor
rowing a Z would he collecting the reve-
! nucs of the government in its own paper
only. ani defeating the object of laying
taxes that 1t would tend to depress our
! stocks in Europe that it would be better
! 70 give credit to those indebted to the gov
| ernment at six per cent year that no
| bank would borrow these notes which
meant to pay for them as it would be
| giving FIVE per cent for notes to lend out TO
| hot 81
teen mllions--if they could be kept in
circuiation-would drive specie out of
the country instead of drawing it thither,
| &c.
Mr.. Tucker moved to Sill the b 'ank with
| ten millions.
Mr. Calhoun replied to the arguments
| against the amendment He hail no idea
the banks would resume specie payments
! willingly ; they would go into it OILY be
cause they would see inevitable ~ II in re-
tus ms but IS they would be compel d t.
embrace the measure, ne wished to give
them ample means.
Mr. Cuthhert made some rcnarks in IA
vor of the larger sum. Fifteen millions
might be used for other purp ses than in
loaning to the bauks--it might be applied
to the purchase of stocks, to loan to indivi-
! duals, &c.
The motion to fill the blank with httee 7
was lost.
Ayes S.. Noes So
Mr.. Tu kgr ,hen, tor the present with
drew his motion ard
The q zion on agreeing to the first
section as an amendment, still in blank
was carried
Ayes 50, Noes ST.
Mr. Tucker renewed his motion to fiji
the blank with TEN millions.
Mr. Webster stated some objections to
the provision in its present shape. He
should have 10 unwiliugness to authorize
an issue of Treasury Notes in another
way ; to make them payable to the public
! creditors, lac thought, would be preferable
- t4e amer . G'nt6 oTIa tGs Sn OF n
Mr.. GrosveEor then rose and state d his
objections to the proposed issue OF T reasu-
~ Notes, which he viewed as the first at
tempt yer maze to create paper currency
| tor the country. In this light, Mr.. G.. dis
| cussed the subject at some length-ar-
! gurg against en- experiment SO dangerous
III principle, and which universal expert
e.ce proved would always end in depre-
| ciated currency, however feasible it might
be in time of peace and tranquility. When
he conclu ed,
The question on filing the blank with
| thirteen WIS uegatived--
Ayes IS, Noes g.
And the question REQUIRED OF the sum Of
/ ten millions.
Mr.. Cuthbert then replied to Mr.. Gros-
venos and 10 the arguments grounded ON
! the preslmpti0n that this measure WAS to
be permanent one and contcnding that
as the government had by long usage,
gwen credit to the present paper, making
it in fact the currency Of the country, il
would be wrong suddenly to discredit this
paper and destroy It's value in the commu-
nifty, withou; supplying the country with
something as a substitute. He viewed the
proposition under discussion a, one which
woNld produce the happiest consequences.
Inc question was then taken on filing
the blank with ten and carried--ayes &c.
Mr.. Webster moved 10 strike ont of the
5th section, the words to the Bank of the
United States which, after some discus
sion, was agreed to.
Mr.. Smith, Of MI. moved to FIX the a
mount of interest to be required of the
banks at three per cent. per anlum and
supported as motion AT some length, enter
ins somewhat into the general question o.
the eXpedency Of the measure. +
Mr.. Coihoun moved to fiji the bl INK with
Eve per cent. and replied at still greater
length than before, to Mcssrs. Grosyen.r
Robertson and others, who had spoken in
opposition.
Mr.. Robertson moved Sir per cent &
added some remarks in support Of the OPT
niors ne had advanced.
After some further discussion, the mo-
ticn 70 hi the blank with sic per cent