Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-03-06


be reFsr-ed to the fact tha,she present wretched
state of,he circulating medium had acarcey been |
denounced by single paper within the United |
States The arrangement of circulating medi. !
om, he said, vas joint thrown out ofits socket
let remain for short time in that state and the
5inews win be so knit, that IL cannot be repa ed
apply the remedy soon, and 1t is an operation ca
sy though painful. The evil grows, whilst the
resistance TO it becomes weak, and unless check
ed at once, will become iiresis'able Mr.. C. n
cludsd the speech of which the above is mere
outline, which the imagination of The reader must
ELL up, by observing, that he could have said
knew how difficult it was 20 gain the attention
of the house 10 long addresses,
Mr.. Randolph in explaining slluson which
Mr.. Calhoun had made to a remark of his on
former occasion, took occasion to say, that he had
listened to the honorable gentleman, with plea
sure He was glad to see cause so important in
hands 50 able. He promised the honorable gen.
medying the evil, he would go with him in the
application of any adequate remedy to an evil
which he regarded as most enormous, &c.
MIR. lizard, Of Mass. made some remarks not
very distinctly heard by the reporter He &C.
knowledged the correctness of the representation
of the existing evil, for which he appeared 10
think the remedy was near at hand and more sim.
pie It's appNCattOn ttlAn the ESTABLISHMENT OF 2
National hank, viz, by refusing to receive notes
ofthose Banks, which do not pay specie, IN dues
to the government. But for an alliance, which
he considered disgracefui 20 the country and an
gust TO individuals, between the Secretary ofths
Treasury and the Banks which refused TO pay
specie, the evil never would have exis.ed
Congress adopted the measure which he tNir w J
proposed, those banks must go down and public
credit rise. Why not resort at first 10 the obvi
Gus expeaient, and then proceed TO the consitle
ration OF the iess urgent question of establishing
National Bank The Banks, who il was now
agreed had engaged IN business for which the,
eere not calculated, having received sufficient
bonus for che loans they made to government
and made handsome profits by it, had no claim
government to protect them in their refusal tc
pay specie, &c. MIR w. rose not to propose an,
amendment to the bill, but to express mis- entire
confidence in the sentieman's opinion that grea,
evil exists, which Congress had the power 20 re-
nedy; and, if the remedy were not immed steiy
applied, on them would be the responsibility and
the blame.
Mr.. Sergeant, moved 10 amend the first sec
zion of the bill by striking out the words " thirty
&ce and inserting tTrenty, as nc amount of the
capital of tho Bark. He did not intend, he sad
TO 60 into general consideration of the prnc
pie OF the bill, or of the motion now submits ed
by him. He made the motion OH the ground OF
the facts and arg ments Just delivered by the
gentleman from South Carolina (Air. Calhoun.
From the quantity OF paper STAYED to be in circu
lation, he thought the calculation fair that the
amount proposed TO be added TO the existing bank
capital was larger than necessary, and entered
into some calculations, not distinctly heard, to
support the propriety of h,s TAotiou.
MIR. Calhole1 hoped the mott, would not pre-.
vail, and replied briefly 10 the calculations of Mr.
Sergeant. The necessity Of large capital con.
sis ed, he SAID, in the important functions TO be
Performed by the National Bank. The desi able
psint was 20 fix the capital large IS 30 prevent
undue profit, and SO as Q prevent r loss 10 the
stockholders Perhaps Bank OF twenty mlIIonS
might afiord a fair profit; but lle great business
it Tohid have TO perform made larger capital
Necessary, &c.
AF tsig supported ,hs, motion Il. 49, -, =
chp SAi. tic thought the banking capital OF the
country already too & eat, and offered few Cal
eulstioas TO prove the pos,tion.--In 1905, 6, and
z, said ne, when The Commerce of the country
waS-vsry great, our banking capital did not ex.
coed 50 or 90 millions and vet in those times
no complaint was heard of the deficiency Of cap-
tai. lfnst more than that amount was wanted
then, IS tpHssible that $50 or 140 millions can
be necessary at this time Mr.. p. declared him
self in favor of National Bank il il could be es-
tRblshed On good principles, such as would res
tore the Cd state Of things, when bank notes
were paid with specie Ifhowever, the bill pas.
aed with its present capital. it would, in his OPT
mon increase the evil instead of proving rene.
dy- Such capital was not necessary, either, for
the purposes wanted. As to loans, no bank could
make long losns without stopping the payment of
specie and desuoyIng the Circulating medium I;
and 10 support he assertion, he quoted the fate
OfvariouS banks in Europe. 4 large capital for
that purpose therefore, was unneeessary Loans,
he said, must be made by indivlduais--it cannot
be done by banks without ruin and large ca.
Pital was no. necessary therefore to enable the
government to obtain from the bank all the aid II
could, or ought properly 10 receive Nor would
large capital, he said, restore the old state of
thngs-tlst must be done by the cooperation
Of The large banks IN the cities the specie has
get into those banks and there It will enarn un-
I'll they resume the payment OF it. MIR. p. SAID,
bEewlse, he was unwilling to place fifty millions
OF money IN the hands OF any set of men in thi,
country. They would use IL oppress,vely; the
old bank Of the United States had done so. &
80 would this. Such pow 81 would enable them
20 weld the destInies Of this nation For IN s
strong reason. Mr.. p. said, as well as the Others
ne hsds,ated, he was IN favor Of reducing the ca
pitsii and to allow more time 10 reject on this
important fea ure Of The bill, he moved that the
eOmmittee rise.
After sew remarks by Mr. Calhoun on VIVA,
bad fallen froW Mr.. Pitkln--
The commute &c rose, reported progress, and
aetsined leave 10 SIT again, and
The House adjourned.
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