Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-03-06

3 ork Z, would, it WIS true. be great
II goyernmeut could issue a
paper OF this soi, which would serve as .
circulating medium but il could not
whatever paper was put out OF that sort,
would beoJms an article OF merchandise to
be bought aid sold. The community was
now accustomed 70 bank notes and partial
TO them ; and their place could not be Sup>
plied By government paper.
rs 80 the motion now under considera-
ton, 10 reduce the capital. Mr.. S. said he
h d noe expected it from Il gentleman from
Pnnnsyivanla, and particularly not from,
the gen lenau who made it. Reverting
TO the Period OF the establishment of the
Bank o. the United States, he said tea
millions bore larger proportion to the Us
rs ana demands of that day, than thirty
five Millions did TO those Of TINS The price
OF every thing was then very low, com-
merce in its infancy, the shipping OF the u.
States extremely and almost incredibly liz
mised, &c. 1t was impossible that any
man could suppose that a b NIX of the sane
amount could now perform the functions
which the Bank Of the United States then
performed, p .rtlculariy since the govern
meat had spread taxes over the whole
surface OF the country, and made the aid
OF this institution more extensively niece ssa-
~. VITA reduced capital. Mr.. S. sad,
the operations of the Bank would be so
crcnmscribcd, that it voa!d afford but lit
lie aid to merchants. He not, in.ieed,
very tena ious. he said about four Or rive
millions Of cc.2:;@l more or less, but he Gid
"ot think thirty five millions AZ all too
much
Nir. S. SAID he was not entirely salts
fed with thu plan Of the bank proposed by
the committee ; but, might not the plan
be 80 modified 60 meet the views of a
large majority OF the House ? He could
find but few gentlemen, he said who il
conversation did not appear favorable to
the establishment OF a bank. Sonie pre-
ferred plan less complex than the pre-
sent soUc were hostile to the control If
the government III it, in which, perha ps,
they were right. Others were hostile to
treasury not s forming any part oS the ca
pital; in which, Mr.. S. said, he concurred.
Where WAS the difficulty i'll yielding those
miner poiEts, for the sake of obtaining a
general Concurrence in favor of the bill
Other fe@tares were objected to tie
power to authorize suspension of payments
in specie, Slc. /; thsse he would also give
up, rather than they shout defeat the bill
a,cRethcr. As to the question when the
mence. MIR. >. said according to the pro-
posed mode OF payment, 1t would not be
very sooa, &c. To remedy this objection,
he proposed, that for tic seven millions Of
treasury notes to be paid in on account of
the u. States, there should be substituted
! stock TO be created for the purpose,
bearing an interest Of pr cent. per ar
mum, which would leave u gain to the u
ntc1 States, (the bank dividing S per cent
| OF } per Cent. per annum on thav amount /;
! which would, by its accumulation ard pro
per apple ,tion, in the Course of twenty
| years. absorb the whole of that stock, and
| operate as bonus to the U. S. to that a
mount. He also Showed, by calculat ton,
| that the u. States in this mode, by merely
| advancing their credit, might absorb twelve
| millions OF the war debt which he believ-
| ed would be no unpalatable thing to the
| people, nor unwise IN the government
| Further, Mr.. S. said, lie wished TO see the
bank SO Immediately into operation. that
! while he lived, he might derive some adj
| vantage from IT. He would, therefore, WISH
10 see the whole OF the specie part Of TIE
| stock paid in within a given number Of
! months with seven millions cE dollars ia
! its vaults, the bank would have neither
| fear nor trembling in Commencing specie
| operations they would have time TO send
| their stock to Europe for sale, or make
| such other arrangements as, in their opn-
| ion, might be proper. The specie thus to
! be paid in, would not drain the state banks,
| but would be Imported for the purpose,
| from Europe and elsewhere, &c. In the
niean time, he sad, until ali the specie pay
| meats we're made to the bank, he did not
! think it would do any harm if the bank
were to commence its operations without
| specie, but with an assurance in lis Char
! tel, of payment Of specie ut 4 parti, ular
! day. SUCH an assurance would make the
bank notes equally good, in his eyes at
| least, as gold and silver. With these views
of the subject, Mr.. s. concluded his prac
| tea, speech.
| IDEB.lI,E no he CON'TENUED1
Wednesday, FEB. IS.
| Mr., Tucker submitted d resolution TO
amend the rules Of the House, by plovi>
| ding for the apPointmhnt Of separate com
! mittees OF three members each, to exam
! inc into the state of the accounts Of the
! State, Treasury, War, Navy, Post-OGice,
| and all other departments OF the govern
| Incnt which resolution, OF course, lies on
! the table one day.
! On motion OF Mr.. Paris,
! Resolved, That the President of the u.
| States be requested to cause to be IaiG be-
! fere this House statement OF the numbcr
| Of impressed American seamen centred
! "a Dartmoor prison, the number suiren-
dcred, given up, or taken from on boar
| British vessels captured during the late war
! together with their places Of residence re-