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

necessary, Mr. then argued, tor the present
diseased paper medium, since specie had-fed
the country, or was scattered in the bowels of
the earth, to substitute medium impressed with
n. seal of the nation, &c. IT an institution were
established to issue paper of that description,
we should have, he said, in lieu of medium the
value of which will not live ten, fifteen, or TWEEN
ty miles from the spot where we receive il, pa
per which will embrace the Union in its grasp.
II would also be great fnanc al instrument, me-
cessary to the fulflment of the national duties in
this respect. On this head, the experience ofthe
last war spoke Language which incredibly il.
self could not doubt, &c. In the dark
and gloomy period of the last winter
when this subject was discussed, no doubt
had been entertained that this was he only means
of remedying an evil from which so much was
apprehended That time, he rejoiced, had pass.
ed by , but hoped the lessons of experience
would not be permitted to pass away with the
urgency of the occasion, &c
In regard to the details of this Bit he sal
he did not see the necessity of amending then.
1t had been stated that this would be a paper
bank, and in order to prevent that, an increase
OF the spec payments was suggested, Mr. b.
believed such an amendment was unnecessary -
Being not necessary, what, he asked, would be lis
effect 1t would be to place the banl; wholly in
the hands of few fortunate individuals or banks
who had specie in their possession. The smaller
the first pay msnt IN specie was made, within the
limits ofnecessity 10 the object, in his opinion,
the wiser would be the pian The esta A sh-
ment of bank, or any other system, could not
be expected to afford instant remedy TO the ex-
isting evil, any more than dose of medicine
would restore to instant health and pristine vigor
the man who had been vast ed by long sickness
The effect of this amendment, without acceie-
rating the operations of the bank, would be 10
favor the monopoilst of specie, &C. he who had
had the caution or forecast TO hoard up the dol
lars and cents the bulk OF the specie TO be
paid into this bank, Mr.. ID. had no doubt, ought
and must be drawn from abroad In regard to
the argument, that the sum was too small to ena-
BILE the bank to commence its operations with
safety, &c. Mr.. commended that money was
two sharp sighted, too lynx-eyed in its vigilance
to be (using common s6ying) caught mapping
TIL re was no fear, he said, of the banks being
| ruined, by lending money to men pressed from
4 other quarters; the board of direction of bank
formed barometer IN which the responsb Iity
| of every man passing before it was as correctly
| graduated as the weather is by the instrum emit
| SO called; they would take care, as they always
! did, not to part with their dollars to accommo.
date AN unfortunate debtor, sc. In answer to The
| argument of Mr.. King, wEo, he said had disco
vered that thiswas to be paper and not specie
bank, and was to aggravate the evils il was in.
tended TO cure, Mr. u referred to the regulations
! by which it 10 be governed to shew that this
! apprehension was unfounded. Besides, he said
/ the bank would not sregard its interest which
| required it TO continue specie payments You
need not fence III The interests of this institution
|, said he ION might as well pass a law 10 compel
your Secretary TO receive Ia salary; interest is
| the strongest security which man can give tn
man. As the needle acknowledges the principle
\ OF polarity, so does the human heart alwavs
point to ats interest That objection aga INST
| this bill, therefore, seemed to Mr. b. TO be a
| chimera from which nothing was to be appre-
| hended.
| Ii was no question now, he SAID, whether bank
| ing should exist-that beng beyond the control
| OF Congress but whe her It was proper that a
| portion of It should be placed under the .utbor;.
| ~ OF the general government, instead of its be-
4 ing wholly under The control of the states who
estaDilshed oanks NOT only in their populous
towns, but even IN the dreary wilderness This
being the only question, ne sllemnIy appealed to
| gentlemen whe her there could be Two opinions
| on that point. Ought the great attribute of so.
| Verelgnty to be surrendered by .BIs g,yernment
to the AUTHORITY fine state legislatures This
| question he answered in he neratiye. The
existing evil ne then argued, would be remed,
ed by the establishment of a bank, whose influ
ence was ramified into every part of the limited
States. The State banks had nothing to fear, if
| they would conduct themselves properly. from
such an institution. If any OF III sm on the other
hand should violate their trust, and shew a cen
triugal quality, il would be in the power of this
great orb to restore them to their prper stations.
Ii any OF the State banks do not fulfill their en-
gagementS, MIR. b. sad if they do not meet the
occasion, Their paper will sink into disrepute-
This bank will be the silent and efficient remedy
| 1t will move on almost imperceptby, gradual
| IN Its approach, but certain in its effects Mr.
| Is took this occasion to vindicate the banks IN
| the commonwealth of Virginia from the charge
1t had been fashionable to make against the StaJe
banks, OF mprovdence in their administration
| Those banks resisted to the utmost the attempts
! to procure loans from them that which they
| bad, win great reluctance, from sense Of duty
! refused to the government, their patriotism al
length induced them to grant to the wants oil
thousands OF men surrounding their capital, who
but tor their relief would have greatly suffered
| &c. Where banks had wantonly abused thei,
| privileges, he cared not what was said of them
| but he felt no disposition to put those under tn
ban OF the empire who had acted thus correct iy
] &c.
In regard to objections he had heard to the in.
! fuence of the government over this bank, Mr.
H. said his objection was, that it had not inter.
est enough IN it but in this respect as in others
he was willing to obtain great object to concede
| some part Of his views. He required 10 the ex-
| perience of his own state to shew that no evils
| had been experienced from the existence of such
a control TO much greater extent than propos.
| ed in this bill, &c. No banks, lie believed had
| been better conducted, or stood higher in the
| public opinion, than those of Virginia. II the
bank were faithful one, it bad nothing to appre-
lend from the appointment by the government
| of One-hf Ia OF It's directors, to which proportion
| the government was entitled by the interest il
would have with the bank. Having thus briefly
touched on all the objections he had heard to the
bank, Mr. ID concluded by recapitulatng his ar
guments, and expressing has hope that the only
remedy as lac believed, for great evil, would bs
| agreed to.
Mr.. shasOE Of New-Hampshire, spoke in sup
port ofhis motion TO amend the bill lie certain.
~ had entertained no expectation, be said, when
he submied the motion, that Il would have
drawn the bin into SO general discussion When.
ever national bank had been proposed, he said,