Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-04-26
fund, andby them applied as the law d

The 7th section makes It the duty Of
/ the secretary of the treasury, annually
Ito withdraw from circulation, and to can
IeeI a portion of said treasury notes, e
laual to one-third of the whole ameunt
Issued.
The Sth section Of the amendment:
iprovides that the futare issues of treasury
|notes. under the act of Feb. Cd, 1915
| shall not exceed the sum of five millions
lof dollars.
The amendments being read, e long
land arduous debate followed, of which
we can give at present only the names
# the speakers. aud few Of their pro.
ninent arguments.
Mr.. Calhoun moved to6ll the blank ii
tine first section with fifteen milicns and
then, in speech of some length, stated
TO the committee the benefits which were
anticipated from the proposed issue OF
treasury notes !; the aid and reiief they
you'd af1rd to the community, under
|the pressure which woold unavoidabiy be
|pra duced by the banks i'll the necessary
of their discounts, the with
|drawal 0. their notes from circulation
&c. preparatory to the resumption OF
pecie payments. (Which tie bill would
enforce. L was ais opinion thar the bill
vould be etfectua! in producing the pay
'nent of specie, without the aid Of this
eature; but there were others who
ieubted whether the restoration could be
well or safely Effected without it; and
he wished to afford every facility and
elief that could be with propriety gieen
las well to the banks as to the co,.muni-
icy.
Mr.. Robertson followed in Opposition
Ito the amendment, against which he ar
|sued at some length. He objected to it
chiefly on the ground, that it would form
Ian unfortunate and hazardous connection
between the government and the state
banks, extending the indirect influence
|of the banks which had been often com.
|pl ined Of to direct influence; and in
stead of compelling the banks to sell their
public stock and meet their engagements
would increase their means of resisting
tine measures to coerce them into the
payment of specie, etc.
Mr.. Barbour replied to Mr.. Robertson
and defended the amendment on the
ground o! the great assistance it would
|alord to the community in meeting the
state of things WEIGH must take place un.
der the pressure inevitably created by the
banks in returning to specie payments,
his desire to sort to mid means. its &C
the people to give credit to
paper Issued under the authority of 90.
its embracing and assisting
those banks possessing no public sock,
eye.
Mr.. Cadg spoke against tie amend.
IN n. 1t would be re-loading the public
funds at FIVE per cent. while the govern.
meme was Borrowing at seven would oe
the revenues OF the govt. in
its ewn paper only, and defeating the OBJ
set Of laying taxes; that it ~ould teDd
Ia depress cur stocks in Europe that il
would be b tier TO give credit to those IN
|debted 70 the government at SIX per cent,
"a wear, thas no bank would borrow these
'notes which meant to pay for them; as
lit would be giving i've per Int fer notes
go lend cut to It's customers; and that the
issue Of fifteen millions, if they could be
kept in circulation, would drive specie
cut Of the country instead OF drawing ii
&c.
M. Tucker moved to iii the elank
with ten millions.
Mr.. Calhoun replied 10 the arguments
against the amendment. Re had no id :
the banks would resume specie payments
willingly, they would 60 into it oaly be-
cause they would see inevitable ruin il
refusing; but as they would De compelled
to embrace the measure, he wished to
give them ample means.
Mr.. Cuthbert made some remarks II
favor of the larger sum Fifteen millions
nigh be used for ather purposes than II
loaning the banks-it might be applied
TO the purchase Of stocks, to loans to in
dividuals, &c. 81,
The motion TO ell the blank wath III
teen was lost-ayes, 50, noes SO.
Mr.. Tucker then, for the present with
drew his motion and
The question on agreeing to the iirst
section as an amendment, still the blank,
was carried-ayes, 50, noes SO.
Mr.. Tucker renewed his molten to I'LL
the blank with ten millions.
Mr.. Webster stated some objections
to the provision ia its present shape. lie
should have no unwillingness to authorize
an issue of treasury notes in another way
L Al - %bo ,,uhI,, ,ro