Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-04-06

have liked to have heard the amendment argued
on its own merits, because the force of the argu-
ment against would perhaps be weakened by
connecting it with other considerations which
had been brought into debate. If he approved
of the amendment, he would vote for it, though
ne would say, that for small or uncomfortable
alteration. he would not jeopardize great prin.
cipie or great measure, such as he conceived
this bill With respect to the proposed amend
ment, considering the state of the currency ofthe
country, and the known fact that specie abounds
in some parts of the country, whilst in others it
8 net to be obtained at ALTO carry the gentle
mans amendment more directly TO what would
be its absolute result, he ought first TO have pro-
vided for combining the opening of the books OF
subscription to that part of the country where
specie is IN q state of circulation. Without de-
signing it. for he would not certainly impute such
design TO the gentleman, the adoption # this
amendment would be giving complete moropo-
ty to the Eastern county. Believing itdesir be
that the benefits of this institution should be ex-
tended to every part of the country, he there.
fnr< opnoses1 to the amendment. The restora-
ton of specie payments, Mr. T said was not the
work ofa moment. The power to sell two MIL
lions of its STOCK in the first year, of which the
bank would no doubt avail itself. and the depo-
sits of the government, together with the specie
paid in on the subscription, would he said, enable
the Bank to operate to as great AN extent rs was
advisable. This amendment, besides being I'M
necessary, would. he believed, produce an undue
monopoly to one section of the country, and 70
the hoarders where the specie was not current.
II is calculated to reward those whose. conduct
has had tendency to bring about the,very evil
now proposed TO beremed ed. The amendment
would also throw advantages into the hands of
the capitalists ofCharleston &c. VIII ut would
deny to those of the middle country; for 1t so
happened in the course of trade that specie was
reduced in value to about from l 2to per ct
above the current paper of that state, not more
than in ordinary times used to be gwen for sPe-
Gle in quantities. For these general reasons
Mr. Taylor was opposed TO he amendment, &c
Mr. .Hason ofN II. remarked thatsPecie was
not confined to the eastern or southern states the
banks in the middle states still retain as much
specie as they ever had If the bank might selk
stock for specie, why might not individuals do
the same, in the first instance and pay 1t INTO the
bank United States sock would at certain
price command specie any where, &c.
Mr.. Sanford spoke in support of the proposed
amendment. denying the correctness of the doc
trine on which opposition was made to any az
mendment of this bill. 1t was a subject, he sa:dS
which particularly required caut on and clrcum-
sPection in deciding upon it. He considered he
amendment before the Senate as presenting ths
question : With what sum shall the bank COM
mence its operations This being intended to be
specie bank, Mr.. S. said. every proposition ten
ding more certainly to make it more so, was wor7
thy OF favorable consideration. The bill as ir
stood contemplated 400 600 dollars in specie
as sufficient basis for the bBnk to begin upon
MIR. ;. said he could not but tn nix with Nr Ma
Son, that this sum was too small There was
nothlng m the bill TO prevent the bank from is
SUNG 80 millions Of dollars on this amount OK
specie paid in if they thought proper to do SO.
Those who were called on TO paw the second n-
striment in specie would, he said, go 10 the bank
with ITS bills, and drain it at once ofeve1y dcllr.
Inc bill was, Mr. S. though, in other aspects,
dehc'ent IN detail, as he Showed by reference to
ITS provisions. The bank would get M specie
bur wha' it received in The FIRST pa,ment. TN esq
the course ofexchange should become NOR fsvo-
r'ole, OFT state of things generally should es-s
sentiaiIv vary. The rational and prnden, course.
ne thought, would he, TO require q, much specie,
as poss BILE in the first ms ance. Without am nd
mems to regulate the paper ISSUES Of the hank.
&c &c this would be mere paper bank, he said,
Ike those which already exist. The amend nent
appeared to him extremely proper, and therefore
he should vote for IL
Mr.. Taylor re ,lied to Mr. Sanford. and Quoted
the provisions of the tank to shew, that the b.nL-
dare not issue one dollar more papr han Il had
reasonable prospect of being able to honor with
goldor silver The bank had the lower TO do
otherwise, 1t was true nd 81 have we power IN
cu'Our own throats-but the bank no more lie
than we are to commit flo de Sc As TO the.
second mstalment being pad with the specie Of
the flrst, Mr.. I. said, If was impossible to oay
100000, {'he amount ofihe second nstalmentS
with l.4JOO0O (the amount of the first) and AZ
The worst, therefore, only one half of the sec nd
instaiment could be drawn from the vaults of the,
bank, &C. " 'i'e
The Senate snen adjourned, leaving the pend.
| ing question undecided
Tine next day Mr. Mason withdrew his motion
for the present, and subs ,uted annher for til
TUESDAY, March 90.
Mr. LdeoeE yesterday submitted the following
| on -
hesotUeh, That the committee on Military AZ
FAIRS be instructed to enquire into the proDrisE,
OF granting bounty lands TO such of the dishnnI.
ed othcers ofour late army as have been disabled
Oy wounds while IN the public service.
Inc bill respecting the post Office establish.
Ineht; me bill TO authorize the Secretary of
state to issue letters patent to Andrew Kurt
and the bill to place certain persons on the Ist NJ
navy pensioners, were seYeraly read a third t;r,a
passed and returned to tue House of Repres,n.
tatives. e1''-
The Senate then resumed the Considerable, oe
the BANK BILL; and the remainder Of tbis do,
was spent IN the discussion of amendments nro.
posed 70 ITS details, not nvolvingat all the prn-
Inc Dill Is not yet gone through.
HOUSE OF REPRESENTATIVES.
TH0RsDAT, March 2S.
After the presentation and reference NJ ..yo..,.