Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-02-27

so great an evil. He believed II true that the Bapk
had never exceeded its marin't,na, but this only
proved that the limitation proposed, would not en-
barass the Bank, diminish its profit.
Mr.. CABELL, did not perceive the necessity for
the amendment. Ifhe understood it, il was to nj
ter that provision of the Charter, which empower,
the Bank to issue to three times the amount of ;,s
Capital to assimate II in this respect, the North
Western Bank, and Bank of the Valley. He diff
fered with the gentleman (Mr. H0 in his es,;mates
OF the real Capital of the Farmers Bank-Ho
thought he had fallen into error on that subject.
and If necessary, he would at another stage of the
debate develope its true condition, which he assert
ed to be much more favorable than il had been re-
presented. But admit the hypothesis of that gen.
ileman To be correct, and what purpose would the
proposed restriction effect? If the Bank, as the
gentleman admitted, had not heretofore transcend
ed its limits, why. apprehcnd sucl, a consequence
now: The gentleman from Augusta (Mr. J.) was
rght-the effectual restriction was liability to re-
deem with specie. The restriction which is incor-
porated in the Charters of our Banks, had been
borrowed from the Bank of England, and was
practically nominal only. 1t twas considered by all
experienced men as useless, who acknowledged the
liability to pay specie, restriction enough. He
hoped that the Committee would not pcrplcx itself
with speculative investigations of the situation Of
the Bank, lift doubted its condition. the proper way
was to appoint Committee to examine it,
The question on concurring in MIR. Hills amend
Mr.. JOHNSON to offer n amendment, which
he believed of great Importance. He did not ex
pect by any canvass which he could give the subject
to afford any new light to il. 1t appeared TO him
however to say the least of Banks that they ,rere
already large enough, and extended far enough.
lhey already hold US sufficiently in their power,
and controul our will, with sufficient authority.
He meant not TO charge them with EXERCISING q
corrupt influence, but possessing that necessary
and unavoidable influence, which deep public and
private interest in their transactions necessarily
produced. 1t was impossible to touch any of their
proceedings, without making it question, of per-
sonal and private interest to all Mr.. johnson said
that he had seen enough to be satisfied that it was
not very clear question, they should be contnu-
ed, or required III a reasonable time, to wind IN
their concerns. There was man in the Com
monwealth who had seen and felt their oppression
but was ready to declare, that the public interest
required them to wind up. With this conviction
on the minds eft all, was it a time to extend the
Charter OF this Bank, and enlarge their influence
by locating branch or agency at Danville, Mr.
johnson expressed hope, that that which was
sought by the people of that place with so much
aHiui.y, uhSht now prove curse, and that the ex-
pected aliment might not be converted into poison
Mr.. j. objected to the mode in which tile condition
OF locating an agency at Danville had been extort
ed from the Stockholders. Their consent could not
have been freely given to that condition. No al
tentative was allowed them, but submission to it,
or cessation of their Charter. It was the price
OF existence. They had accepted it, as would a
traveller his life from the Highwavman, by giving
tor 1t, all that he had to give-Mr. johnson con-
cluded by moving strike out the section esta
ing an agency at Danville.
Mr.. CABELI. said he regretted that the amend
ment had been proposed by Mr.. Johnson He con-
s'dered the agency at Danvile, the most valuable
| feature in the bill. What was its object. Not n
establish an Office of Discount and Deposit with a
large capital and discretion i'm dscountinc but y
limited agency of $4,000, which was to be located
some years hence. 1t would be well if gentlemen
would reflect on the difference between an agency
ana an oihce OF Discount and Deposit. The first
was governed by Directors from the surrounding
country who might be interested pursue an iniu-
rlous policy; the other was MANAGED by n s;nrIe in
dvidual, subject in all things to the coutrol of this
Ho'her oank. Inc one was an expensive machine
ny, the other comprehended only the expence of en-
poying one or two individuals. This was the fire,
instance ofits Introduction into the state and II wa
therefore misconceived by gentlemen. Mr. c. ask.
ed If 1t was unreasonable that Danvile should ex.
/ pect this boon from the Legislature The General
Assembly since 1901, had from time to time, char.
tered and rechaFtercd and pushed their bra
es into all sections of the Commonwealth but this
Danvlle had made repeated applications either for
branch or an independent Bank. Every one bac
been rejected, and ifthis opportunity was neglect
ed, he did not believe another would shortly occur
Fromth practice ofthe Legislature he believed tbei,
policy to be, TO ditfuse the benefits of Banking as the
interests OF their citizens required it, The gentle
man from Augusta, thought the regulation as 10 Dan
vile oppressive the Stockholders; NJ C. said !,
was easy TO prove from calculations that if yyould
not prove burdensome. From these he was sure the
Stockholders would gladly embrace the alternative
OF locating an agency at Danville, for cont,nua-
ton of the valuable privilege of Banking Besides
this privilege the average of state deposits
d., trhtrh al
for the boon asked at their hands. Gentlemen said
Mr. C seemed to forget the vast privileges which
were conferred on these institutions They were
allowed to make more than legal interest, to erer-
case the dppe1l3age oSouereign pooer furaish, tbe
circulating medium Of he country to erpei by Mis
gold and Satrer from the country and seriousv 10 f
Jeef 6yte amount o. their issues the value of every
mans estate. The simple enumeration of these mi
yileges, was sufficient to repc the idea of oppression
IN requiring them to locate an agency at Danville
Mr.. CLAIBORNE followed Mr. Cabel on the
same side, and IN specch--whoSe length precludes
us from publishing it i'll this days paper.
After MIR. Claiborne concluded, the vote was ia
ken to strike out the Danville agency-and it ap-
peared there were 10 for and 10 against the promo
stion, when the Chairman voting in the negative
the Senate determined to retain that feature of the
bill.
MIR. JOHNSON said, that he had been DESTROYS to
bring forward specific propositions in relation to the
question OF extension, but he was now sure they
would be disagreed to, and that it would be unnc-
cessary. The vote just taken, convinced him. that
the sense of the Senate against him. in the great
question Of winding up. 1t had been near to his
heart, to do something for the University To this
he would sacrifice all but principle-but even for
this he could not consent to extension ofhe Char
ter of this Bank to Is wears
Mr.. }. said, that he had been willing to continue
the charter tor three years, and direct them mme-