Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-03-02

in what manner, he asked, were the pub
lie contracts iulfi led? In geld and silver.
in which the government had stipulated 70
pay No 4; IN paper issued 10y these iH-
stitutions IN paper greatly deprecated
in paper Ill precated f,om 10 90 per
cent. below the currency in which the go-
verument had contracted 10 pay, &c. He
added another argument-the inequality OF
taxation in consequence of the state of the
circulating medium, which, notwith tand
ing the taxes, were laid with strict l.. ghrd
to the constitutional provision of their
quality, made the people in one section of
the Uuion pay perhaps one-hf,h more of
the same tax than those in another. The
constitution having given Congress the
power to remedy these evils, they were,
he commended, deeply responsible for their
continuance.
The evil he desired 10 remedy, Mr.. {.
said, was deep one (; almost incurable,
because connected with pnblic opinion, o.
yer which banks had great control
they have, III great ms assure. n control
over the press; for proof of which he re-
fired TO the fist thar the pre>e6t wretch
ell state ct the cncui ting medium had
scarcely been denounced bv :; single paper
within the United States. The derange
nent of 4 circulating medium, he SAID,
was Joint thrown out OF IT'S socket let Il
remain for short time in that state. and
the sinews will BE- 50 knit, that it cinnotbe
rerlaced-applv the remedy soon, and 1t Is
an operation, e SO, though paintnl. 1he
evil grows, whilst the resistance 70 it be-
comes weak ant, unics, checked at once,
vii, become irre sistiAie. Mr. {. concluded
the speech of which the shove is a mere
outline, which the Imagination OF toe rea-
der must ilup, by observing, that he
could have said much more on this imp0r-
tant subject, but he knew how difficult y
was to gain the attention of the house to
long addresses.
Mr.. RANDOLPH in eXp,tining IN illu
sion which Mir. Calhoun htd made to a
remark OF hts on a t.r.ner occasion, took
occasion to say, that he sa'l listened to the
honorable gentleman with pleasure he
was glad to see cause important, IN
hands so able. He promised the hunora-
bic gentleman, though he might not agr"e
in HIS mode Of reme lying the evil, he
would SO with him in the application of a
ny adequate re nedy TO al evil which he
regarded as most enormous, SIc.
Mr.. WARD. OF Mass. made soma re-
marks nct very dis inctiy heard by the re-
porter. He acknowledged the correctness of
the representation OF Ilc existing evil, for
which he appeared to think the remedy
was near at Maud, and more simple in its
application, thaa the establishments OF Il
National Bank, viz by refusing to re
Ccive the noies of th,s- Banks which Ito
not pay specie, in dues to the government.
But for N alliance which he considered
disgracetul 20 the CCun.iy, and uajust to in
d,ylduais, between the Secretary OF the
Treasury and the Banks which refused 10
pay specie, tic evil yer would nave eX-
listed. If Congress adopted the measure
which he, (Mr. w propose |, those banks
must go dowl, and the public CT dit rise.
Why not resort at first to the obvious ex.
p dent, and then proceed to the consider
alton of the less agent question OF estab
fishing Nauonat b .nk? The Banks, who
i was now agreed n al engage l. ii a bust
ness for win h they were not calculated,
having re, we'd sufficient bonus for The
loans they made % government, All made
handsome profits by it, had M claim
on government 10 protect them III their re-
tusal to pay specie, *. Mr.. w. rise not
10 propose any amendment "a the bill, bat
to express his entire coincidence in the
gentlcnan's opinion that a great evil ex-
lists, whica Congress had the power TO re-
medy and, II lnc remedy were not m
med ately applied, on them would be the
responsibility and the blame.
MIR. SERGEANT, moved to amend the
FIRST section OF tie bib striking cut tn,
words thirty ./fUs" and inserting t.ocniy,
as the amount OF he capital of the Bank.
lie did not intend, he sad, to 20 irt, = &c
neral cons Iteration of the prmciple ct the
bill, or ct the motion now submitted BY
han. He m ale the motion on tie ground
OF the fact' and arguments just delivered
by the gentleman from South Carolina,
(Nr. Caihoun.) From the quantity of pa
per stated to b. in circulation, he Thought
the calculation fair, that tie amount pro-
posed to be aided to the existing bank ca
pital. was larger than necessary, and en-
tered INTO some calcula ions, not distinctly
heard, 10 support the propriety Of his mo-
ton.
Mr. CALHOUN hoped the motion
would no, prevail, and replied b iefly tc
tha calcuoti ms of Mr.. Sergeant. Ihe nc
cessity Of a larger capital consisted. lie
sand, in the important functions TO he per-
formed by the National Bank The tlesi-
rabe point was to- fix the capital so large
a. to prevent undue profit, and so as to
prevent loss 10 che Stockholders. u T.
hapsa blnk Ct twenty millions m'ght aiIoi d
fair pref. 4; bat the great busin' IS il
would have to perform, made larger ca.
pital nee @ssary, &c.
Mr.. PilKlN supported the motion tc
reduce tie cap'tl. He thought the banking
capital Ct the country already too great
and olfAed a few calculations to prove the
position. -~'In 1905, s, and Z, said he
when the commerce of the country was
very great, orr banking capital did not
exceed SO or 60 millions aud yet in those