Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-04-03

We issues OF the bank exceeded the specie
paid in, the FIRST process would be- immediateiv
TO transfer the specie from the general banl. ~
the local banks if the bank confined it's dis.
counts within that sum, its agency would be very
limited indeed, &c. Concerted with this subject
Mr X said, was another idea, which PERHAPS Il
would be premature now TO enlarge on which
was, that according to the proyis.o ns of this bill
as ne understood Them, the bank need not may
not, will not be specie bank the very c;rc,,rn
stances already suggested would compcl the
bank to become paper bank, 10 issue paper
that Viii not command specie This, then. sio,ild
be an additional motive to the Senate to increase
the amount of the specie payment that the bank
may be enabled to avoid such state of ito affairs
as would compel it TO become paper bank, &c.
sgi,b these views, Mr.. X hoped the Senate would
agree to the an,endmtnt proposed
Mr.. Bob, of Georgia, rose to oppose the a.
nienanent. Feeble as he was, he said, nothing
less than the most mperious obligations of pub.
lie duty could have brought him to the Senate =
tut, believing, as he did, that the adoption of a.
ny amendment whateve, a. the bill would Ger
fanny endanger or defeat its passage, and that
upon us tate depended, more than ON any other
measure TO which the attention of Congress-
could be drawn at this moment, the welfare and
prosperity OF the country, he felt bound un-
iamoIui or the consequences, to make a great
eIort TO AID, with his vote at least the progress
OF the bill. He regretted exceedingly the phv-
sicai ncapacity which would prevent him from
iyihS oeiore'the senate at large his views of the
question, which however he proceeded to assign
as far as he was able. 1t appeared to hun. he
sad, impossible for a statesman in the habit of
contemplating national questions. and considers
ing cause and effect, not to look at the present
condition OF the country with apprehensions and
alarm. by combination of circumstances not
necessary TO be enumerated, one of the leading
objects of the adoption of the federal constitute
Lat fr.f 81
ther 1t should be finally lost to the nation or
should be recovered, would depend in all human
probability on hecoIduct of the Senate ON This
occasion. To enable the government to frl6I ;ts
engagements to the public creditors. to restore
confidence among the citizens of the country in
regard TO Pecunlary transactions, to prevent any
thing but gold and silver from being a legal ten
der, to maintain the obligation of contracts, were.
ne said, The leading objects which produc ed the
adoption OF the constitution. The repulat;on of
the general currency of the country without
winch the attainment of these great objects is
imPracticable, IS, SAID Mr.. b rb, at this moment
wrested from the hands of the government bv
peey CORPORATIONS and swindlmg individuals
throughout the community. This, he sad. is
| the AFFECT condition of our affairs could anv
honorable Senator reconcile it to his conscience
to leave his seat at the present session ,rithont
making an effort, great effort, to reform the
NATIONAL currency, to regain the power over it
which we have lost The country was rich in
resources, its people in individual means and
yet both the country and individuals were une
quail to meet Their engagements honestly and
faithfuily-and, not only SO, but the government
was compelled to legalIse that species of swind
ling by which the important necessary power of
sovereignty, the regulation of the currency of
| the country was taken from the government n
was unnecessary, he SAID, 10 recapitulate the
cause which had produced this state of things
but he did verify believe, that, unless the nresent
Congress should take some efficient measure 10
compel the resumption of payment of spec;e II
was extremely doubtful whether it ever would
be done. He called the attention of the SENATE
to the acts of the state governments scarcely a
session passed, in which bank charters were not
granted by them to the amount of milLons-and.
as the influence of these state banks enereased
so did the difficulty oflegIslating on this subject
Mr. b. then considered the subject in other points
OF view At the present moment, he said. The
people IN the Eastern states pay the revenue to
the United States in Treasury Notes. bur tn
secretary OF the Treasury was making a great
effort to call IN that species OF paper. When
mat OBJECT was accomplished, what would be
the situation OF the Eastern states Whilst q
Their quarters of the country were paving Their
taxes IN paper. those banks must either nav IN
paper as valuable as specie, or in specie Itself.
the inevitable consequence must be, that the
banks OF that part of The country must follow
the example OF all The other Banks All the banks
| IN the country would then be united against re .
turn to specie payment. So far as ne had herd
Mr. b. said that the opinion Of large major, ~
OF the Senate was, that some course Of messures
should be adopted for the remedy of the ev,i .
! the only question was as to the mode He ba,
heard but two modes proposed ; the one. to de-
clare by law that after Certain day the PAPER Of
those banks refusing 10 pay specie should not
| De receivable IN dues To the government the n
theT, TO establish National Bank Thetirst nIan
he said, was Impracticable the people canno,
\ pay what they cannot get--besides; that such a
measure would cause combination of the bsnks
too strong FOR the government to oyernower
Mr. Ii. SAID he would go further he believed
large majority OF the Senate had declared hem.
selves ~ favor OF National Bank, tbat thew lad
made up their minds that il was the best poss bic
means OF restoring the country to the old state
OF things. Now, he asked whether, ON a dues.
ton OF mere detail, they ought 10 risk the loss
OF an opJect SO important as this bill Mr,
asserted to the Senate, and he SAID he would inc
tify the ground that, although this bill miht NO,
be perfect, lie should vote against every onnerd.
ment of every character; justified in so doing nv
the importance of the passage of the OH. TLe
honorable gentleman from New-York had strong
" inyelghed against such a course. Mr. B m.
timated that II was precisely the course the gen.
tleman himself had taken on the question OF tbe
Direct Tax at former session n had Then bee,,
admitted, that amendments proposed would make
the bill more perfect but their rejection ,Vss
justified ON the ground of the importance of tbe
bill, and the probability that an agreement to be
amendments might occasion the rejection of the
bill on IT'S return to the other house. That was
correct cOuse, Mr. Is. said, and that course he
should nov pursue He also referred 10 a prec--