Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1820-05-02

| believing That The iOihiSA " \ E : ~
| a. the other extremely hurtlul. to the lnte-
rests Of the District.
Mr.. Otis took the other side Of the ques-
t;on. and spoke at length. to show some OF
the novelties, if not lncongtuitics OF the u,
which there was not time now to examine
and correct, or to obtain the information and
give the necessary attention to the facts IN
yolyed in decision on the details OF the sys-
TEN PRESENTED by the bill. He decidedly
preferred the substitute.
Mr.. Van Dyke was averse to the amend
ment, believing it incumbent on Congress
now to act, if not by adopting the bill OF the
other House, at least in some conclusive
way, tosave the people of the district from
the ruin which would ensue from failing to
act, or compelling the banks to wind up-as
! it was impossible, under the present difficult
ties of the times and the present scarcity OF
money, for individuals TO pay up their debts
to the banks. He argued also that the bill
was not so Objectionable as was stated, and
that there was abundant time to examine s.
decide on it.
| Mr.. Horsey argued to shew that the plan
presented by the bill was not sufficiently
matured to give general satisfaction TO those
concerned, or calculated for permanent
state of things that it would be better to
give temporary extension of the charters,
and in the mean time, Congress could legis-
late with better lights, and more in confor-
nifty with correct principles, as well as with
Just regard to the interests and wishes OF
the district. He reviewed the provisions OF
the bill to shew their impracticabe, their
onerous, partial, unreciprocal, mischievous,
and inexpedient character; particularly In
the consolidating feature oft.
Mr. Burrill argued that the bill embraced
every thing useful which the substitute con-
tanned, and other provisions which went
much further, and were equally beneficial
that the bill would work none of the mis-
chiefs predicted that it would reduce the
number of banks, and provide remedy,
without delay, for evils which exist that
the bill was approved by the best conduct
ed, the safest, and most solid banks in the
district, 9e.
Mr.. Rufus King wasin favorof the amend
ment He was averse 10 the amalgam alton
as provided by the bill, as going ITO unite 4
give permanent legal charter to instltu-
tions, many of which were unworthy OF 1t;
that the proposed capital was too large, ana
would be. as it was now, TO great extent,
unreal that, if the consolidation were ex-
pedient, such only ought to be permitted as
were ascertained, by agents appointed by
the government, to have real capital, aid
capacity 10 transact an honest and tar bu-
siness, and those of different character
should be compelled to wind up and close
their accounts that he would have but one
in each town., with an abundant capital
that, to allow an examination of the affairs OF
these institutions, preparatory to perma-
nent state of things, he would extend them
temporarily, as proposed by the substi ute.
Mr.. Roberts could perceive n, i'll effect
likely TO arise from the bill, which would
not also proceed from the course proposed
by the committee that the amalgamalion
would necessarily produce scrutiny into
the affairs Of the several banks, and good
capital only would be accepted. He re-
Piled to Mr.. Kings arguments at some
length, and in further support of theRbill.
Mr.. Otis spoke again to enforce the views
which he mad submitted, and in reply to the
gentlemen " % had controverted his argu-
ments.
The question was then taken on adopting
the substitute reported by the committee,
and decided in the affirmative, ayes %.
/ The bill was then reported to the Senate,
and the amendment adopted IN committee
on motion of Mr.. Barbour, to apply the bill
| To the bank of Columbia as well as others
with some notifications, to make it more
efectual, proposed by Mr.. Eaton and Mr.
| Walker OF Alabama.
! Mr.. Walker of Georgia, was of opinion
| that the time fixed in the amendment was
| not sufficient 10 effect the object OF it; which
he presumed was togive the banks time to
wind up their concerns with convenience to
ell parties. He was friendly to the District
though he as yet knew but little of it, and
therefore moved to strike out 1922, and IN
4