Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-03-09
[SOL. i..-NU 1Oo


that this banS would, as has been asserts 4,
Surcharge the Country with bank paper
Its paper Could not he forced into cisru;a-
ton, unless it WAS wanted, or unless il was
preferred to any other I; and this D. erar-
ence would cease, when the o.her banks
again paid specie. 1t was an aphorisyn II,
political economy, lie said, that ii is ms
possible to send out more paper than the
wants or the community demand.--taes
truth ottbis YVES s,'!f-ev.dent. II had been
argued that this bank would ruin tie Sta te
Banks, by driving their paper our Of circr-
lation. lie commended that 1t would NOT +:
though it would De acknowledged. WY
their power of circulation Iiiere we're
numerous instances where small issuss
produced iarg profits and he cited the
case or the banks in the District OF Co.uu-
bia to prove the fact These banes rad
not two-thirtis OF their capital aut. ard
yet their Dgoft was great. Indeed, those
profits were generally too great, siid lic
to be curtai.cd. Gentlemen f:oH. &c,
eastern states he thought were particular
ly Interested N this measure, IS II would
produce an equalization of profits, tv RS
training excessive issues in the soa.h. Tie
effect upon the STATE banks, lie repeated, so
far from beng fatal, would be wholesome
and saiutary. In reply TO TIE argumeit,
that this bank was not bound tc pay specie.
Mr.. L. said, there was an express condi-
ton in the charter. which compelled it to
pay specie when demanded. On this
point, they had made assurance dcul,lv
sure--thty had taken bond of fate-snd
it was the rel object OF the charter to
compel the payment Of specie lit contain
ed such provisions to effect this object. as
no other charters did, EXCEPT, perhaps
these of Boston. The reasons for sunposinc
this bank would evade the Payment of sre1
Gle, the example of the Philadelphia banks,
&c. would not hold good. twas placed on
different grounds from the state banks, and
its greater power gave it advantage over
the Philadelphia banks. or any ctherz,
which would enable It to pay specie faith
fully. There was, he argued, no analogy
between this bank and others, and no
ground to warrant the opinion, that it
could not or would not pay specie. MIR,
/. recapitulated the reasons for believing
it beyond the power of this bank to issue an
excess of paper & throughout his speech,
Illustrated his opinions with facts and ar
guments. which this sketch does not permit
us to detail.
The House then adjourned.
Friday, March !
NATIONAL. BhNK.
Ire House thrn agar I'6sCfv'd .tg-i. n
TO a committee of the whole, MIR. Nelson
of Va. in the chair on the Netfonal Bank
bill-The motion to strike ont so ,uuch Of
the first section IS allows government to
subscribe for seventy thousand shares
of the stock, being sui under consdcra-
ton
Mr. WRIGHT opposed the araen.lmene
at some lcrg.h. He was sorry to see >
plan which promised such great benefit TO
the country in the present derarged stats.
of its currency, endangered by the present
motion. IF the motion prevailed, he Should
be compelled, he said, 10 vote agai. st the
bill, much rs he WAS in favor of establishing
bank. He wished to see the bank pos
sessed in part by the government and
partly by the citizens, because the stock
OF it would be extremely profitable. The
government ought to have an interest IN
the bank, AS they would thereby be inform
ed of allthc plans which fright be az auy
time entertained by TIE Directors Of so
powerful an institution. He was nat afraid
however to trust@our citizens, nor ought
they tn be suspicious Of the government
ard the participation of the government
could not, he conceived, be productive of
injury or mischief. Mr.. w. sdvrr.edto
the assertion that such an institution would
realize the imagined lever of Arch:medrs,
WITH which the world might be moved. He
wished il did possess that mighty power,
and K could be brought to bear on the rot
ten and corrupt governments Of Europe
We have. he sad, given to that portion Of
she world, examples of liberty, Of va or on
the sea aud on the land, and he should Le
glad If, by any power, We could crush tie
despotsms which Cypress it, &c. He said
he was surprised at tie OF ctiCns made
by gentlemen from the East, to establ sh-
icg this bank On so large proportion Of
the pUNlc stock, as tire eff G: would be
to raise that stock imnedia.ey to par,
&c.
Mr.. J!SWITT in reply said, the gentle
man who had just sat down, hid exercised
the house in the on set, and had thrt a encd
it with voting against the bl if it did not
suit him..-He would not f How sle exaDl-
| pie of that gertleman-he would nct goto
Europe to put down governments, to ght
| flames and put cut fires bat wOull state
| u few matters Of fact. This question, he
| said, iIeCted the interest ufeverv state and
town IN the coun,ry--ii was of great mag-
nitude---it would either restore the credit
of our currency, or make it woisa than it
| is all eady and to illustrate his opinion on
| this inportaet subject, he would state d
case IN point. Some 10 or is years a.
! 60 he said there was certain state,
| (Vermont) which had no bank but there
were banks, in adjoining states, which 81
forded n'urh profit and the people Of tie
state thought they N ght as wtll grow rio h
1