Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-03-20
HOHSE OF

l.
The Senate then adjourned.
HOUSE or REPRESENTATIVE
TUESDAY, Masch IL.
&.aTIOyN:dL B.RN.K.
The House proceeded to the order of the aav
-eeing the report of the committee ofthe whole
mouse, on the National Bank bil--the motion to
strike out that part of an amendment reported
cy me committee, which makes the charter for
ieitaoie tor non-payment its notes in specie.
oeing still under cons deration---
MI. Calhoun supported the motion to amend
tile amendment. Ii was with much reluctance
MT. Y. said, that he opposed any provision which
the House had deemed necessary to perfect tb .
Dill but in the present instance he WAS com.
PEELED To make an objection. The fundamental
character Ell this bank was, that it should pay its
notes IN gold or silver coin and a sufficient ne
naity was provided to effect that end. n "a n
good rule in law, said Mr.. C. that where vou M
lach a separate penalty TO a particular violation
OF law, you weaken the general penalty ana &c
ne thought the general penalty would attach in
lhe case without this special provision, which
WOULD, tnerefore weaken the general sanctions of
'he Dial, he hoped 1t would be stric ken out.
The motion to amend the amendment we. a.
greed to without DIVISION.
Mr. IeG'do!ph then moved to amend the amend.
ment OF the committee, by making the interes,
demandabie on the notes of the bank. in case n,
reluSai 70 pay specie, tseny per cent, Instead OF
ten
Mr.. Calhoun repeated the reluctance with
"htch ne objected to any motion which, in the
oP.nion oithe gen eman who made IL, would inn.
prove the bill but he had thought that even tbe
proPriety OF ten per cent contemplated by the
oui, was very questionable, as he doubted whe
ther that provision might produces con,bipati
ens against the bank, which were SO anxlousl
guarded against. Every man acquainted with
Sne subject knows, that no bank can at all time.
possess VIE means OF meeting general run upon
1t and he submitted 1T to the House. whethe,
such provision as was now proposed, would no,
be dangerous to the institution, by inviting a r,l,
on II, and merely producing SUSPENSION of paw
ment, lie admitted that il was a important 10
the benefit anticipated from the bank, that :,
shou { pay its notes, at all times, m specie ana
ne thought that end already secured by o,he.
sanctions suihclently guarded. This bank, SAD
lr. " IS no more than part of the commercial
community III which it is established and an,
embarrassment Of the bank must press alsn on The
"hoie commercial community that communit,
would be the first to give way N snch case
aho thls would produce run on the bank and
compel the stopPage of payment. Iftbe amend
ment would produce greater CERTAINTY &c soe.e
payments, might be proper; but believing
.hs. II Mlslt defeat It's own object, and produce
arr IN.
thought it dangerous, &c.
MT Wtrd OF Mass, was IN favor of the .m.nd I.
ment lie thought Mr.. Calhoun had over rsted
.he mlsch!efs Which might poss bly ensne froro
It's adoption Mr.. w. belIyed that NO ra.sa,'
%ouio resort to the penalty unless where the
oanK might exceed temporary refusal IN ,,s,,
l lts notes Ii me bank declined paymens for =.
'i'ie 1niy' there was no person who WOULD
lPeFenplOrlly go to law for the peuaItv and ,be.a
wa. no danger of the combination pred, c,ed =,
was MS opinion, that the provision would he he
hehclal TO the bank, by the character :, val,
give II as specie bank the superior con6denc..
which IL would OF course possess throushout The
country and the great business it would conse
quently be enabled TO do, &c
Mr. Randolph said the argument of the gen,le
rhen from South Carolina Mr. Calhoun was
Wy Pe"eriu. objection 10 The principle Of the
Dill, but none against the amendment - ,,.o ~
argument which he had bsen keepng m $500. -,
oy himself TOR another stage of the bill he ha,,
DO opJecuon TO take Tiff cen per cent as the penl.
", out ne preferred twenty fir anothe. reason :
ne n'gitlous conduct Of the banks for sor,.
time OSeKJ mad proven that they could nike ~
per cent more than their far profits and his oh.
Ject was u make he damages surpsss anv Oro6,s
. .,, oallx could make by refusing TO pay specie
ses which the banks on particular occasorl d
trlouted, IN addition to the declared d,vidend.
sIlu ~ was proper IN this case to guard apainsl
speculation OF this kind. All Banking nsP,tn,,.
ons were alike in their desire TO swell Their nc
hts TO the greatest extent, howsoeyer corrse, an
YLr'uous the Directors might be in their prv..te
ou1rAc.ers ana ne would guard against every
public robber of every grade, wbefber he he
Governor General Of Indaor a Bat1shot b;eb,gso'
man. lie would put it out of the power If ~
bank 70 commit frauds on the Community wtho,,
run 70 Itself Let the penalty be amp E, said Mr.
r. make the bank good one, and ,Serc l. ~
danger OF their being unable always 20 nav snS,
Gle - y" pay sPe-
Inc question on makiag the penalty 20 instead
OF ~ per cent was then taken and neratvcdN
ayes SO, noes 10. eS'"Su-
me mousse then proceeded with the rem.;n;-,,
amendments ofthe committee Of the whole ,hE
completed ""'"'s Deeh
Mr. Calhoun moved to amend the bill hv G,
ul9 inc amountofthe second cash payment a; efo
instead OF 5, as il stood in the bill This No.
disposed Of "o''ons s
Mr ne6ster moved to a-1end the a
declares that the bank may sue an,