Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1827-12-26
NatfomaI Gonaregs.
HOUSE OF REPRESENTATIVES,
THURSDAY, DEC 60. 1927.
BANK OF TIE UNITED STATES

soTIerfays since, aud now lying the table:
'Ssesotved that the committee of avs aud means be
instructed to inquire into the expectancy Of providing
by law for the sale of that portion o: the Stock the
Bank OF the United States which held BY the Govern
mont OF the United States, and tho application of the
proceeds thereof TO the paymcn, of the public dcbn
The motion prevailed, aud the resolution having been
read at the Clerks table,
Mr. BARBOUR rose and said that at the time he
had had the honor representing this resolution to the
house. be had accompar ad it BIZ some general remarks
intended only 10 convey outline of those views in
which the resolution founded Having since I'M
dersood that 1t denied, by many gentlemen that
the policy of the measure recommended should be
discussed without delay and presumne that the opinion
which the House might express this stage of us con.
sideration was to be received decisive OF future
destiny IL was MS purpose now to go somewhat
large into the reasons which had induced hia 10 offer
this proposition for consideration But before he pre-
scented these News, he would take leave 10 make one or
two passing remarks, which he owed justice to him
self He had heard il pretty clearly intimated, since
the presentation of this resolution--nay he had seen il
innated, that this might possibly be what was de-
nominated measure of the Opposition in this House.
Some dn.bigue had reached his ear which SEEM
ed to imply hat, IN bringing forward this propositions
he had been influenced by some motive and bad che
rishei some purpose, other than those winch had been
avowed; and that the measure he advocated, itself
the result oil concert, and of understanding amonr
those who were denominated the Opposition members
twas but act of sheer Justice to hnself declare
that wic on every proper occasion, relation
which might be viewed affecting what were
called party politics, he should OPENLY frankly and
lsatlessly express the opinions which he really enter
taned aud should do what he thought to be right he
should openly, frankly and as earlesslv pu,sue
his CONVICTIONS, whether they did did not coincide
with those of others. IL never had been part of his
character his course, and il never should be- to an
proach any object he bad in view by indrection: his
motive he would openly avow; the opinions he held he
would frankly express; what he did he would do in
open days he trusted he should learn as he had
mt hitherto learned the BY paths of either po
ltical obliquy He disdainsd to be influenced con
~ as t0 ISed
SD the idea OF getting al the object be might have
view IN any way but by meeting it IN the face, and
tnghis opinion or his purpose just il really Cn
der the influence OF such feelings, e utterly and
positively discaimed any such motive purpose concert
under standing as that which had been attributed
him. So far was he from this, that far he had
geived any animation of The opinions o. those gentlemen
with hose general political principles agreed to
The proposition he about to Offer he knew that some
ofhena were opposed oft. 1t was than JUS
ice himself, 10 say that the proposed BY the
oution, be il right wrong whether sautary or
pernicious in its tendency the offspring his own
mind. He had not mentioned it TO more in ALL than
half dozen OF his friends and cut OF this number s@o
disapproved of it
We shall have fallen on evil times indeed, said Mr..
b. If member Of this House might not in the ntegri
~ OF his heart rise IN his place and offer for copsidera
ton measure which he belize ed to be for the public
veal without having alitai he said and did imputed to
hidden motive, and referred 10 secret pur
pose which never presented To the public eye. He
again solemnly d,scaimed all such motives and every
such purpose. To what he had already said he would
60 far to add that in the last annual report
received from the Secretary of the Treasury there
alusion to the very subject which be had brought
forward. As proof of This, he begged leave TO read
short extract from that rerort.
''The osseyen millions. subscribed By the Go
veTnnrent the Bank Of The United States is in effect
destroyed debt, By the United States owDiru nj,
equal amount in the shares of The Bank. SO lar is
This from being any charge upon the Treasury,
that tile Treasury is annually receiving interest for
in the dividends upon the shares Whenever tic Lutie
nE yooUy Ib
Snu that infested IN Mens."
Here certainly pretty distinct reference Of the
honorable Secretary to the sub ect enbra
ced By his resolution; aud yet he presumed, it would
hardly be inferred that motives such he bad found it
Necessary dsavow, had influenced the author Of that
report. With these predatory remarks, which he con
ceived demanded by inst regard 10 his char
acter, Mr.. b. said he would pass 20 the immediate
question he considered
My proposition, said Mr. B. to sell out the stock al
present held by tue Government the Bank of The
United States, amounting 10 The of millions
Of dollars. When first introduced this subject, I
stated TO the House that the existing price of This
stock in the market, understood to stand at an
advance of twenty three and fraction per cent on
the nominal amount. Ii is plain, That If the Govern
could sell lis whole of stock at that
price, it would realize profit TO the whole of
this advance of % per cent seven millions Of dol
lars amounting to about 100000. No proof will
be required that this would be very advantageous
transaction, provided IL attended With imiuri
consequences sufficient TO counteryal the amount
Of the profit To add such amount to the available
funds of the Government, without laying any addi-
tionsl burdens the people, scaIly considered must
he beneficial operation. u oud such an operation,
Rr -. asked, be attended with those inrio1s conse
qGences which have been anticipated and which have
been urged objections to by geniieuIen on this
floor? II you'd be his endeayor to show that il
would not. We have been told, that the very instant
such resolved upon in this Hall, Il Yery
large deduction would take place iD the present adj.
in the market price of the stock, and that tie
greater part If not the whole Of the twenty three and
a. half per cent would suddenly disappear on the mere
mention of such thing beng seriously intended.
We have farther been assured, that the suddenly
throwing Of S7O00000 worth of this stock into the
money market at once, would present amount that
could not be purchased by the capitalists here, and
that consequently alarming depression the price
would iUfalbIy
In reply, might remark, in the first place. tbat
the mere matter of detail, TO the time, tie manner
and the different in which th;e Tn