Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-03-09

cy IN supporting il, from constitutional ,o-,,ole,.
ne thonght II better 10 "a the bank where there
could be no objections ON that score, ard where
also ITS operations would be fac,itated-Wash.
ngton IS the seat Of government of the nation :,
here. he SAID, it would be under IN. 40. of ,h.
( wernn'ent, where there would be less danger
rom so great monied arstocracy. and the ma
'ionai interest would be better guarded than NJ
any other ce Mr. w said IL was moi b;e MIR
pose To anticipate ob,ec rus to his motion bu,
me principal one he knew to be, that snffic;en,
number OF persons could not be found at wash.
inSton, qualified tor directors; the force of this
|ooJecnon he denied IN the extent to WHICH it was
urged IN the city and neighbourne- co,n.rv he
was convinced there would be fnl,d abund,n,
Talents ior managing the concerns of the b nix.
ne people OF this district. moreover. deserved
hignly OF the government; they had. in time of
need, done as much, or more in pronort;on 20
numbers, to aid the country, than any other sec.
ton OF the Union. Mr. w. adver, ed to the sonrc .
whence tle OIL or.gina ed, and ms .nrated that
much OF the ground for recommending ph;,.dal.
pima must be attributed to the partially of tbose
VINO had named that city m the bill and conc,u-
ued oy saying, that the motive for fixing the old
DahS OF Inc United 5 ates at Philadelph;a woe
.ne same tha' oughtnow to place The presen bank
here, 10 wit, that 1t IS the seat of government.
Mr. no erfson SAID he coinc d ed with the GEN.
$3.50 ~ 'V"e vi his views. He could see no
sfong reason tor p:eferring Ph,ladelnb;. he
Cause If the objec was to select = 70 ,,r
Oh It's commerce, Philadeiphis was aot tho r,ost
cpmine cisl place and If chat reason c,,r;ad a.
DANA nom uie seat or government .the ss,na reo.
80" "ourd reveot ITS beng locst ed at pb, I,deI.
Pna- but Mr. X sad he had mother reason far
uisaPProVhy the place mentioned m The bill
nc was ui~ hnS TO impose upon Philatie oh q an
institution SO oonox.aus 10 [ e RepreSent, !, 80
hls'ie 10 NE Bank Ho eve, he SAID. he ouid
"ot 'o'e Tor Tie mo .on; because. as = nlsro -
suea CT commerce, he preferred Pn ladeiohta In
Washing '' w
AZ ,he suggestion of Mr. cahaun. who ,bouoh
inc mo loiha'l better be offrred m s,,bs1o,en.
" ne OH, Mr.. Wright withdrew his a.
inendnent for,the present.
On mo.on of vi We6sler. The hill We. o,,
cd by inserting claus mak ne foreier, c',,s re-
Tor suoscrIptl rs IL the,r rel ,scart.in
GU 'ai''e' and aot according TO the rate fixed nv
.'I ioriher act OF Congress, which was Admired
10 De incorrect particularly IN the value nI.ced
on Spanish gold CONS
MT on''tt OF Md adyerting 10 the ins;nuat;on
~, N,, ', oeen tnrown out, that the Bank was
-, o DC, and could not be, Sbecte bank
ana repeating that he r one had in view q hant
OF no other kind-to ensure to II thar cbara.,.a
therefore and emove the doubts now ent erta; n.d
oy others-he moved to strike out the word f,r
lthe amount OF the hrst pyment, required spe
cle) with the intention OF moving TO sunsr;,u,s
larger sum. He thought 1t better 10 BILE the
na'A 10 90, as soon as practicable. aliberal bust
1ees' ane q, ,,ie 'me time lessen the chance of
craving out, by any run it, the specie At f;r.t
paid in, &c. 49, az ~ %
MIR. Calhoun had not much objection to the
mo- ION; though he thought, the Bank could Ger
fanny 90 safely business TO the amount :, he
nrs S, ecie payment; and If greater business
was offered to them, they would have II in the'r
power 10 increase Their species at pleasure. H.
oniy objection to charging the first cash install
.pe"t WAS, 'hat II might have The effect TO draw
me specie out of theexisting Bnks.
MIR Smiths motion to strike OUT The w.,
.fpe, was carried, and
He u,eu moved to hill the blank with the
noes a. ayes 90
Mr. hoofsai the section under consideration
was the essential part of the contemplated inst;.
'io'' As contained its constituent or vital
paris; and proceeded to enrmerate the yor;n,,i
stocks rece vable IN subscriptions. the rates fv
ed Tor them by the bill the prce pa d for them
oy ehe lenders to he government and the prof :
now ABOUT to be ven TO tho 8 lenders bv rails
ing me stock, to pr bus granting bounty Z
uhose men. The same reasons d rot ex;o. h
SS'; 'of such measure at present, as existed AT
nc last session. Then, the credit of the gov r.
.t S'N NOW IL was Str0ng. He " lnld
not deny that the lenders to 'he government m ,I,
nave been &c ua'ed by patriotic motives bn,
'iiSt was no reason for granting 10 them any hing
more than was barga ned fag-ayd he n ,ocea 81
T. shew that by allowing the comm ss,oners ~.
ne SINKING fund to buy up this stock, instead of
permitting it 20 be subscribed IN the Bank q the
rates prescribed by the bill, the envcrn,oe,t
Woulo save about two m lliOHs IN ,ts redemptior,
&c. For these and other reasons aoducad he
moved toamend the bill by fixing The ra = Al
winch the six perc cent stock shall be received m
SUBSCRIPTION to the Bank az ni7eh per cent. IN
s,ead pfbar.
Mr.. CALHOUN objected to the motion. I,s oh
vous effect if not its object, he sad wa, 10 IN
crease me bonus. 1T the stocks are deprecated
SAD llr IT is not lle fau'; of the holCle, of II
put OF me government Itself, and 1t would he IN
proper ~ the government to take advantage nf
tn dep eHiatI1n Themeasure would also h we
a Jh'.ous influence on the sub scriptIons tn tb,
D NIX, without answering any good purpose. and
u > therefore hoped the motion would not pre
va w. PiS
VI Root said in reply, that those who boosted
50 much d having loaned Their money 10 the ero.
vern.He 7, only gave their deprecated notes. and
recels ed m return ths-note of the government. bv
winch they made great profit, and that was ali
TIER merit, &c
Mr.. Gotsbor0nYh nladea few remarks ON the
mot o" lie ioaght = questionable whether a
government ought to fix on its own stock ma
il'e'' uePreciauon, and IN this instance il would
De AZ aet OF very great injustice, and a violation
OF PUBIC f.ith because, m the mex clause u
was provided, tia, tie stock should be redeem
ed and liquidaied at the rates at which il was
pad n TO the bank, &c
nr. hoss thought the circumstance denreos.
ted by the gen leman last I'm ex;s,ed alreali,,.