Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1818-12-04

TACT, expressed no opinion upon them. -. |
There was another objection, of differ |
ent KIND. TO the terms of the resolve as il |
now stood: that ii specified certain OBJ |
Jccts, TO which II IN a manner thus limited
The proposed enquiry, whilst, in his opin-
ION, there We're many facts not referred
10, equally, ifnot more important TO the
bank, and TO the public interests, than
those which were. Without justif, ing or
censuring The cosduct of the bank, with
out expressing, in IA parentlesis, or by
inuendo, an opinion uniavorablc To IL,
Mr.. l.. said he thoushtit would be proper
TO institute a committee of enquiry, and
leave them, on their own responsibility,
TO settle the principles on which they
should proceed III it, aud to report at
cordIngiy. lie was IN favor oil leaving
The committee wholly nnietiered, except
by their own opinion at what was reauir-
ed by the public good and therefore
hoped theanendoent would be agreed to.
Mr.. SPENCER again rose. He took a
different view OF his own motion from that
which had been taken by the gentleman
who had preceded HIM. The first branch
| OF II embraced ii distinct substantive OBJ
| Ject OF enquiry, whether the bank has vi
olaied i:s charter: the resolution then re-
| cited other objects of enquiry, oil which
information was desirable, by which the
house might be induced to exercise or
refrain from exercising lis discretion of
requesting removal OF the Directors on
the part Ofihe U. States, &c. After de-
nying that the enumeration of objects Ii
hnted the range of enquiry TO the COM
mttee, Mr.. S. proceeded TO notice the
observation OF MIR. Lowndes, that he (Mr.
81 had admitted that The bank was
not censurable, perhaps, in the present
state OF the currency, for net paying spe-
che Tor the notes Of IFS branches, &c. |
might have proceeded, said MIR. s. and
perhaps ought 10 have remarked, that il
was proper subject Of enquiry, how far
the state the currency referred TO has
been produced by the bank itself. SO far
as he had understood, Mrs.. said, at the
time the bank was chartered, loud com
plants were made against the stale banks,
that they had issued a large amount of
notes without specie basis, which had
OF course ceased 10 circulate out of their
immediate vicinity, except al great
rate OF depreciation. This institution
was established TO remedy the evil, and
was founded OH basis of specie and of
public debt, SO solid that il was supposed
1t would never he distressed for the means
OF paying IFS notes, but would be always
able TO sustain the currency as well as
the crcdii Of the country. But, instead
OF correcting the evil, tine Bauk had pur-
sued the same course Gas he understood
ny DIS the Stale Banks, and made thugs
worse than they were. Instead of gold
and silver, AMI public debt, il had re-
ceived, In payment OF its instruments, the
credit OF individuals as the basis on which
TO issue lis notes, and carry on It's opera
lions. How far therefore, lie spresent
state OF the currency was attributable 70
this institution itself, mr. ). said he was
not prepared Ia answer. He wished for
facts 10 enable him 10 decide. Whatever,
Mr.. ). further said, had been the expecia-
ton OF Congress al the time of passing
the Bank law respecting the establishment
by II OF an uniform national currency,
the fact was otherwise with the Public
and II became proper for him 10 shew on
what grounds the public expectation rest
ed. The first document on the subject 10
which he referred was the Message of
President Madison to Congress, of De-
cember 9th, 1915, in which the establish
meht ct Bank was suggested as the
means of restoring the currency of the
country from its disordt red state and,
next, he referred to the Annual Report of
Mr.. Secretary Dallas, about the same Pc
rod, wherein he proposed the establish
ment Of National Bank, as the means
of establishing an uniform national cur
rency. With these inducements before
them, Congress had passed the law, and
II was not without reason the Public ex-
pected, from what had been predicted of
II out of Congress, if not on this floor,
that the Bank would be the means of es-
tablishing an uniform national currency.
lie had, however, been informed by many
who were members of Congress, that The
only consideration which had induced
themte vote for the billf:restablishing the
Bank, was, that ii was expected to re-
store an uniform national currency
Thus much, MIR. 5. said, lie thought ne
cessary to state, 10 justify That part of
the enquiry which relates TO the fact of
the Banks having refused 10 redeem with
specie the notes OF IFS branches, &c. Be
cause, if the fact were SO, the committee
would enquire whether il was owing 10
causes not within the control of the Bank,
or 10 the misconduct of the latter. This
enquiry, he said, was properly embraced
IN the solution, although il did not go 10
establish the fact OF a violation of the Char
Ter of The Bank. There were remedies in
the power of The government 10 correct
any misconduct short of violation of IFS
charter on the part of the Bank il was in
the power OF Congress 10 request the re-
mOval of the Directors to direct the
depOsltes of the government to be with
drawn from The Bank, or TO declare that
the notss of the Bank should no longerbe
received in payment of duties. There
was therefore abundant reason for enoui-
~ into any particular misconduct of the
Bank, though it should not amount to
violation of its charter.
MIR. LowNDEs made few other re-
marks in favor Of the amendment; among
which was this /: that he could not con-
celve What greater power any committee
could desire over Bank, than a carte