Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-01-14

Isas1s ~ s.-s,,s s1sssS~s5
regulation different from Ire erbinarv
course OF other banks. The course IL
dopted and that which ,hey would have
followed WITHOUT Il, were The same 20 the
public interest, and did not in anv vav
aliectit. Asr. |. repeated substantially
what he had reasOhtO beiieyevas the re-
guiatiOn adopted by tie board OF Tree
tors II was-t!Iat, 1t would from tie 3lst
DeceTIber, TO 23d Jan. inclusive, dis
count OH deposits of the stock OF the
Bank at par, or % SIN per cent. stock 81 The
United States at 90 per cent. provided tie
party putting III note for discount
anu making The deposit OF stock, should
accompany the same with power Of at
toruey TO sell the stock III 60~days rom
the irst ofJanGary (being the day the
note becomes due and apply The money
to the discharge Of the note Eir. I.
thought they might have arrived at their
oblect Ill another way, and this REGULATE
on was violation of the contract he
tween the Stockholders and the Directors,
by anneNing a penalty to ihc Bon-pay-
ment of The notes when due-but iliat
was matter between themselves. AS 20
the accommodation being extended IL
all parts OF the country, there were but
one or two Offices OF discount Vet O.
pened, and IL could not be expected
that discounts 10 The extent considered
far and cGUai could be all Effected ii
them, &c.
MIR. RoteHson remarked, thatwllat he had
heard from the gentlemen opposed e. the
resolution hadresulted in complete cen
vlctlon oil his mind that The regulation
OF the Bank was unauth orise,l by tile act
that il was clearly prohibited by the on
rule. MIR. K. argued further TO sbev that
the regulation permitted dealing i'm a
manner unauthorized, and was direct
lntractlon of The charter.-it was dero-
LECTION which he would not coantenance
from fear of any alarm.held ont as like
Is. TO be produced in England or eise-
where.
EIr. Root said, they had been promised
at the last session, that The filthy rays,
with which the country was infested.
would be put to flight by. ibis gigantic
institution, but il had been foretold, that
tins bank would never have more than
AGO, 600 dollars i'll specie, and an amend
nlent was made, doubling the second spe-
Gle instalment, that the bank might not
go INTO operation on the first instalme,it
alone. 1t seemed that the reasonable ex-
| pectalons OF Congress had hot been full
| filled, and it was asked now TO enquire i'll
10 li-and this enquiry must be resisted,
because 1t might embaTrass the negociati-
ons OF the bank minister in London But
he thought the enquiry woulA rather ia
cilitate those negotiations, which opinion
| he argued to establish, and to she,g that
IT even enhanced the price OF specie in
| the country, that would indace It's greater
importation, and tend to restore an equi-
iibrium in its value He argued also to
slew, that but for this regulation, the
subscribers would not be able to evade
paying the second specie INSTRUMENT, and
that the bank had in its adoption acted
| indiscreetly.
MIR. G'Osve,or replied to Mr.. Robert
SON, and maintained, that the pledges re-
CURED by the Bank, did moi extend tothat
kind Of dealing forbidden by the charter; ;
that the stock was received az security
only, and the question as TO the legality
OF 1t, could not properly arise until the
bank undertook TO sell the stock pied yed.
&c.
After some further remarks Of Mr.. Rors.
Mr.. inghan aud MIR. Forsyth, insupport
oil their respective opinions,
The resolution was adopted. as alregdr
stated-ayes 50, nays e.