Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-01-14
CONGRESS.
HOUSE OF REPRESENTATIVES,.
Iaesday, Jauuaiy 4.
IN CONTRIBUTIONS


whether the Directors of the L. States
Bank hare adopted any arrangement by
which lhe payment OF the specie portion
of the ~ instalmcnt can be evadcd or
postponed, and, if SD, the expediency of
adopting some regulation, by which the
payment OF the specie portion of the Sc
cond nstalment may be enforced at the
time required by the ACT of incorporation,
&c. being called up and read:
Mr.. Calhoun SAID, Tie House ought
not TO adopt this resolution, whether it
regarded lis own control over the Bank,
orlustice 10 the institution. He denied
that the facts suggested authorized the
inquiry. Ehc regulation adopted by the
Directors was, that loans might BE- had
if stock to their amount was pledged for
the faithful! payment of the notes when
due. This regulation, he Intended, was
q prudent one. Though By the charter
dividends were withheld from those who
failed to pay tie second instaimeni, this
penalty was no hold on the Stockholders,
because the dividends would be very
small and he was certain but little of
the specie part OF the second insiaimrnt
would be paid in: The regulation of the
Bank would produce the payment of the
greater part of the instalment, and was
liberal as well as prudent The Bank,
Mr.. L. understood, commenced lis Ope-
ratIons oil the ilrst OF this month"; and it
had been stated al the last session, in de
bate on the charter, that it would be q.
b!ged to give these accommodations, as
their notes would be the same "a specie.
MIR. G.. thought the regulation fair and
just, because il put all subscribers OH the
same footing, as all who deposited stock
would be enabled to obtain loan but
without it, few stockholders in Phiiadel-
phla and \. York, able TO give security
and obtain discounts, would alone have
had the benefit OF the aid nOw extended to
all. 1t was also eXpedient, as without il
there would have been draft on the mo-
ney market of the country OF three mill
hons ofdollars, which would have .proGu-
ced at this time the most pernicious con-
sequences. lie repeated, that it was
distinctly understood at The last session,
that the second specie payment would ne
cessanly he made by accommodations
from the Bank: and the House could
not now say the Directors had departed
from the spirit or the provisions of their
charter. The Bank had gone into opera
! ton, and now having vii! OF its own, il
had right TO adopt a regulation, if they
| perceived 1t was eXpedleIt. Ii had not
| been expected the specie capital would
much exceed the amount of the first in
| stalment, and the House had no reason 10
doubt the Willingness of the Bank to pro
vide itself with an ample amount OF spc-
Gle, as IT was notorious it had taken mea-
sures 10 procure it. IIerepeated his be-
lief that the resolution was unnecessary.
and improper.
Mr.. Forsyth was not satisfied with the
reasons urged against his mYtion, non
were they applicable to it. lie asked oil
| the House TO enquire whether the Bank
had postponed what was expected of it
whether it had departed from duty re-
| CURED by its charter. lie did not know
| that the arrangement alluded 10 had taken
place but if It had, lie denied that it was
| within the limits of The charter, or that
the Directors had any authority to adopt
| such a regulation because If would be
receiving, instead of specie, the notes oil
| individuals which the act did not permit
them 10 do. Mr.. <. said the regulation
had been called liberal-his obecfionwa
thatit was too liberal for the act unde,
| which the directors performed their fumc-
| tons he believed 1T exceeded their DOW
| ers, and fit was adopted III such a man
ner as that all parts of the cogntrv could
not partake Gifts benefits, it was also un-
| faIr and unjust. But until enquiry was
made, and the precise state of the fact.
| known, it could not be understood. 20,
this reason he wished the enquiry made
and hoped the resolution would be adopt
| cd.
Mr.. Ross was in favorofthe resolution
believing the regulation inexpedient az
regards the public interest; because. all
though the Bank might, by these dis.
! counts, dOa good business without send.
| ing abroad single note, the loans beine
| made to those who would paw them IL
again, 1t would notat al promoietl pub
lie interest or convenience. Mr.. X. ar
| sued at some length liz favor Of the rcsolu
ton ana to- shew that the regulation
was improper aud partial, and intended
only to benefit the iaSoriles Of tie Bank
| DC.
MIR. Calhoun replied TO Mr.. Ross anr
TO Mr.. Forsyth. II the resolution wa,
not offered OF certain, or even suppo
! sable state of facts, it was d good reaso,
I tor rejecting the enquiry the Hous,
ought never to proceed but upon facts a
least probable-in this instance il wouI,
be an act OF caprice. But admitting a,
true the facts suggested, they did no
Justify the enquiry ; because. as he con
tended, the Directors had acted consie
tentily with their chartered rights and IN
reminded Mr.. Forsyth that he had in 1871.
| objected 10 the bank bill, then discussed
that I'D the very nature Of things. all fI
specie Instalments would not he mai,
withoutaccOmmodation from tie Bank -
MIR. =. repeated his aDDrobation Of Il,