Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-03-23
HOUSE OF REPRESENTATIVES,
WEDNESDAY, March Is, 1916.
NATIONAL. BANK.

ton subsequently, moved to receive the 8 per cen
at 90 instead of65 per cent. which was also ne
gatived, So 10 SIS.
Mr.. Clenoenin moved to reconsider the vote o
yesterday, which fixed the principal bank at the
city of New-York.
This motion produced q debate of some length
and considerable animation -Messrs. Smith o
Maryland. and Wright, spoke in favor of the re
consideration, and incidentally urged the claims
OF Baltimore to the possession of the mother
bank--Messrs. Hopkinson, Sergeant, Calhoun
Pickering, Ross and Ingham, likewise advocated
the reconsideration, and the claims of Philadel
phia.-Those who spoke against the reconsidera
ton. and of course in favor of New-York, were
Messrs. Condict, Southland, Root, Taylor of New
York, Robertson, Grosvenor, Gold and Hubert
The question was finally decided in the affirma
tive, as follows ,
For reconsideration 81
Against it 66
Mr.. Wright made an unsuccessful motion &c
substitute Baltimore. d
E And the house then struck out 4" New York
and replaced Philadelphia
Mr.. Root, after observing that the state of
York possessed a considerable portion of United
States three per cent stock, and wishing, as the
Legislature of that state was now in session, if
so disposed, to subscribe that stock, moved to
insert the words " .States' in the clause permit.
ting companies or corporations to subscribe
which motion was agreed to.
Mr.. Wright moved to restore to Congress the
power of increasing the capital of the bank to
forty-fve millions-G,he clause which granted 10
Congress the power of increasing the capital to
fifty millions, was stricken out, it will be recol-
lected, in committee of the. whole Mr.. w
supported his motion with a variety of remarks
on the Improperly of tying up the hands of the
government for twenty years, and prohibiting it
by charter from legislating according to the
growth Of our population the wants ofthe coun
try, SC. He concluded by requiring the yeas &
nays, which were refused-and then
His proposition 10 amend the bill was rejected
only 9 OF 10 rising in its favor.
Some other motions not requiring particular
mention being disposed of;
Mr. .M'Ledn of Ky. rose to renew a motor
whichhe had made without success in
of the whole, and which he should not again of.
fer if ir did not conceive that his former al.
tempt had been decided under an incorrect view
oil the subject. Mr.. M'Lean then moved a clause
20 the bill to prohibit the establishment of a
branch of the bank in any state unless such
branch should be accepted by a law of the state.
Mr.. M'Lean supported his proposition at some
length showing by fac'a the injury which might
result TO some states extensively interested in
their own banks, BY forcing n branch of the ma
tional bank upon them. This was the case in
Kentucky, where the state owned great portion
of the stock of the state bank, which was yer,
prosperous, and it's stocks very profitable and
MI. said he was unwilling 10 put it the power
II any twenty-five men, TO impose upon that state,
without its consent, an institution which might
he extremely prejudicial to its interests, &c.
Mr.. Calhoun replied briefly, that this motion
appeared to involve IN inquiry into the consti IL
tIonal powerofC Congress 10 establish banks in the
states. This Was a question which he had wish
I'D to avoid on the present occasion, & he should
saying any thing on it. When the neces.
attn ar1ca tnr dtgrrtuaatNar the r,,apf,an -, Iz.Il.
be prepared to meet it.
Mr.. M'Lean's motion was negatiyed, without
, division.
MIR. Pitkin then proposed to amend the bill by
striking out entirely the provision which gives
the President and Senate the power of appoint
ing FIVE of the Dlrectors-and thereby leaving
the whole direction to be chosen by the corpora
ton.
MIR. P went into ageneral investigation of this
question, the arguments on which were 80 fully
given when before the committee. In supper
of his Totlon, he said that with all the interes,
of the government in the old bank of the United
States, t appointed none of the directors, We;
there was no complaint ever heard of the public
concerns being IN smanaged in that bank. II
there was no necessity for exercising the power
in that bank, he argued there was none for il in
the present one. Neither the safe keeping of lts
deposits nor the care of its interest in the bank
required the government to possess the power,
because there would necessarily always be close
connection between the bank and the govermen,
produced by the strongest of observation-disclosures
Al the power then was not necessary for any use
tul purpose, he would not willingly risk any dan
Ger from the possibility ofthe power being con
verted into an engine ofoppression in the hands
of the COVE nnent. He argued that il was pro
bsble but few directors would be appointed 10
Philadelphia by the stockholders that seven be
ing sufficient to do business, and the government
Directors beng always on he spot they nigh
frequently constitute = majority Ofthe board, and
be able to weld the bank rs they pleased No.
man, he was confident, would embark his money
IN a banking concern when one Of the partners
bad the absolute appointment Of one fGh Of the
Directors. Mr.. r. concluded by declaring that
If The provision he objected to was not stricken
out, he should be compelled to vote against the
bill.
Mr.. Calhoun rose, not 60 argue tins motion,
Because 1t had been fully discussed in committee
but only 10 express his regret at the determl.
ma ion declared by Mr.. ri kin. He was aware
that great difference Of opinion existed on this
solJcct, and that great difficulty must be encoun.
tei oil IN maturing its details but be had began
20 hope from the concessions which had been
made, that gentlemen would reconcile their yarl.
Gus views, and that the bill would survive the CON-
hletaE opID. ons under which il started. II was
therefore he regretted TO hear Mr.. Pitkin, declare
the direction 4 sine qua non with him.
After a few words by Mr.. Pitkin, stating that
he had invariably declared in conversation that
fhis feature was with him a shne qua nan.
The question was decided in the negative as
fellows