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

eminent had at certain period declined the ex-
ercse OF its power, in this respect, he felt no i'm.
ctnaton to prevent them from again occupying
the ground of the old United States bank. He
was, he said, now willing to give his aid in es
| tapiishing bank on proper principles (; but he
| never could assent to this or any other measu e
| on the ground taken by the gentlemen from Geo
| gia and Virginia. The bill was according 10 the
| forms OF the Senate, read section by section for
| the purpose of amendment and yet gentlemen
declared they would not listen to any proposition
| to amend the bill, but take it as it stood. lMr
| Bibb explained, that his remark was confined to
| unessential amendmentsl 1t might, Mr.. NJ. said
be difficult to define what makes an amendment
| important for hun It was sufficient reason for
an amendment, that the bill would be better with
| than without it. He could not he said, see the
force OF the objection to sending this bill back
\ TO the house of Representatives better than it
came from them gentlemen must certainly con-
! ciude that that house was greatly in love with
bad bill. 1t always had been held irregular to
l uuSSe"t an one hrsnct, of iba Lsg;slatupe what
| might have passed in debate in the coordinate
| branch 1t was certainly Mr. NJ said, more i'm
| proper to go into wide field of conjecture to
lind out what would happen there. Although
| there might be good reasons for concessions and
| accommodation to the Hws of the other house.
MIR. M said they had not yet arrived to that stage
| OF the business when it was necessary which was
| not until the house should refuse to accept the
amendments OF the senate. 1t was dangerous
ground 10 assume, Mr.. VI. added, that the house
OF Represent 'tves would vary their ground on this
| question. Although he had as much respect for
| the = he ought, he also remarked, he should
nor take public opinion from the Representatives
| OF the people. The constitution prescribed TO
| the Senate no such practice. The course of tax
ing measures fiom the popular branch of The
| LegIsla ure, believing them proper because il
mas adopted Them, precludes all Legislation, &C.
and Is therefore Inconsistent with the princinIes
| of our government
| Mr. VI agreed that the public suffered much
| inconvenience from what was termed the state
1 OF the public medium; it was not very material
whether 1t was produced by what the gentleman
from Georgia had termed swindling, or what the
gentleman from Virginia had called the patriotic
conduct of the banks. Mr. NJ replied To other
arguments used by the gentlemen who had op
1 posed MS motion. In regard to the operation of
interest on monIed institutions he said he belize
| we'd that principle was felt as much by the state
banks as by that which it was now proposed to
incorporate; Any bank, guided by other motives,
Would depart from the objects of the institutions
Mr. NJ. attached no sort of consequence to the
loea OF the passage of this BILL in order to exer-
else the power OF the government TO regulate
the com OF the country. The laws ofthe United
states, he SAID, had already regulated,it he
knew OF no fa'7 which authorized any officer of
tue government TO receive any part Of this spuri
Gus money which the gentleman said was IN r;r
cua@ion. Inc laws were already perfect on this
SUBJECT Ii the Executive officers had received
other monies in payment than those authorized
oy law MIR M said. they had acted without law
without right What necessity there ,,;orh.
have been for their doing So he would not non,
examine. Cases might arise, in which the officers
Oh ule government may take upon themselves the
responsibility OF neglecting the execution Of
law, &c That an evil existed, he sa d, aIl agree
ana an suppose that the bank to be Incorporated
py inns OIL VIII IN greater or less degree lessen
H.. -
his motion was oglve the bank the greatest nos.
sioie power to effect these purposes. II nd
been SAID, that the bank would at first move
slowly. But, Mr.. NJ SAID, he had no sanguine
anticipation that this amendment, or any other
or The prudence OF the directors, would be able
| wholly t. cure the evil. What had been the
! cause OF the evil The banks themselves bsnkq
Incorporated under the same restric lions as this
| Dill contained, issue now the very rags which
| had been described. The remedy now PROMISED.
was, Mr.. NJ. thought, something Ike Saneradu's
practice more bank paper of the same sort
| more hot water for the same evil In regarding
the lmpossIbility of this banks doing any thing
but specie bushes, Mr. NJ undertook to as
sert that the charter, in its present shape, gave
| the oanK Tie power to issue notes, without even
promising payment OF specie. The clause which
au'horises the bank to issue notes did, in fact for
tue want OF due restrictions, authorize the bank
10 issue notes payable when il pleased none
our notes payable on demand were indeed recey-
| able IN payment of taxes to the government
but they might be issued payable two wears after
date tor other purposes, and would probably cir.
culate as well as the notes of New York PbiIa-
delphia, and Baltimore He should imagine he
SAID that as the bsnk was now constituted sen
sioie men having the management of il, would
not attempt to do business without taking that
course. Mr. NJ pointed out other defects. as
he viewed them, ofthe bill. There was no pro.
vsil for forfeiture Of the charter of the bank
or for annulment failure of its going prou,ntIv
INTO operation. However, it would be idle. he
} SAID, to discuss the bill, if the opinions Of the
; gentlemen from Georgia and Virginia we're to
prevail with the majority Of the Senate, that it
would be dangerous to amend the bill, lest II
should fail thereby. II this was the opinion of
the Senate, the sooner they came TO that determi
patton the better il would save them labor. and
perhaps character, to decide the question at once
me same argument might be urged, he said,
Wy. - Inucn ProPrlety every day, and on every
SUBJECT, as had been principally urged against the
amendment.
MIR. Dana, ofConneetcut, said he did not ex.
Pect to vote for the bank bill in it's present form
but Notwithstanding he did not think Il would
| De proper TO adopt this amendment one.twen.
ueth part OF the whole appeared to him to be as
| large proportion as ought TO be called for IN
specie at the time of subscription. If danger
were anticipated from the smallness of the a.
mount OF specie, it would perhaps be better 10
introduce into the bill provision, that the bank
should not issue paper until II had a sufficient
quan'iy OF com to justify it in so dong. Though
ne should not vote for the bank, he should regret
sec us hrSt issues to individuals who we're con.
ratner suppose, the great demand for discounts
irSIn the bark, would be to en- bic the merchants
70 pay bonds, constantly falling due to the po-
| verh'hent Tor customs. These merchants. for
ther notes, viii obtain credits at the bank, te the
amount OF perhaps seven, eight, or tenmilons in
| VIC course OF the year. The United States will