Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1827-12-25

sure propose. But there are other views OF it.
L have already said on former occasion, that in
ny Judgment, !. = cot proper that Government,
should be stakeholder in the bank and that by the
very fact of being so, il is exposed TO the influence
OF interested motives. Let me for moment, Illus
tate tins position. BY the present charter ct the
bank the interest receivable by the Institution, j.
limited 10 q per cent. When look into iuturity 1
can suppose that proposition shall be made 10
Congress TO increase this rate of interest, AMI can
1t not well be imagined tat of the purest in
teSrify then, liz this House. may, inseisihly and
without their own knowledge, be, to greater or
less degree, influenced by calculation on the re-
ceipt oil this rate OF interest: Let suppose ano-
ther case, and such an as has actually happen
ed elsewhere. 1t is admitted that paper. in order
10 constitute sound currency, should at all times
ne convertible into specie. Now suppose state
OF great public difficulty, and, in this emergency
the bank steps forward to the relief Of the Govern
Lnent, might not Government, in such case be in
duced, by regard to its own interest TO pass an
act suspending specie payments?
During the last war, there were banks in tllis
country who were compelled, by the pressure of
the times, to suspend their own specie payments,
and what was the consequence! Such an eno--
nous and overwhelming issue of paper was poared
out on the community that the value Of all kinds
! oil property was deranged, consequences OF the
most distressing and ruinous character necessarily
ehsued. Inc then Secretary of Treasury esti-
mated, Think the total amount of the circulating.
Incdiun at one time, at the enormous sum oil on
hundred and fifteen millions of dollars; and this
vast amount was, III the course OF four wears re-
duced down TO iorty-fve millions; the contracts
and specuiations Of the former wears were s,vent
away by the retiring ebb, and thousands and tens
OF thousands were brought to utter ruin by the
change.
remarkable instance of the same kind hanpen-
1 Gu III England. In the year 1897, Parliament au-
thofiZed the Bank OF England to suspend specie paw
ments-they were induced 10 adopt this meas
ure because the Government needed the funds Of
the bank to substitute their Continental Allies in the
great struggle which then convulsed Europe But
while the bank was compelled TO pay specie for its
notes, this could not be ACCOMPLISHED The cct
was then passed. But sooner was the bank re !,
leased from the necessity of paving in gold and sill
yer than Its paper suffered depreciation of from
10 70 ~, ana am even told by gentleman near
me, land who Is more verscd in these matters Than
| pretend to beg TO 33 1-3 per cent. / mention
these matters as having only a collateral bearing
on the subject-but they tend TO show the danger
Oh pacing the Government under temptation TO
| measure thus traught with evil am therefore
hXed In The opinion that the Government ought not
to continue to be Stakeholder i'm this bank: but
| think L have shown that the People would have
no reason to complain that Government should not
withstanding, retain its present measure of control
over the institution.
This, however, is a subordinate consideration
My main argument rests as before observed on
the pecunary advantage TO be realised by the sale
! OF the Stock. No member on this floor calculates
4
Fund.- yet that fund will throw into the stock mar
| ket seven millions of money the next year and
TINS VIII produce far more injury than throwing in
| to the market the same amount of Bank Stock
But, while the redemption of the debt will throw
! so large sum afioat, the sale of the Bank Stock
owned by the United States will meet and absorb IT,
ouch are the general views by which | have
been influenced to offer the present resolution
am well aware that difference of sentiment eX-
lists upon this subject among gentlemen for whose
talents have the high est respect. They will no
doubt bring forward their views and support them
with their accustomed ability. / shall hear them
with the deepest attention; and now beg leave to
| conclude, by expressing "A hope that the House
Will pass on this measure in its present stage as
deemng its present decision, in effect to be final
To6e Continued
| WAsHINGroN, DEC. 2I.-After petitions and
reports had been disposed OF, Mr. Barbour's resou-
ton for the sale of Bank stock debated at length
| motion was made by Mr. Randolph to lay the re-
| solution on the table, which was negatiyed-Ayes
| 10, noes l07. The discussion was then resumed
The following gentlemen took part in the discus
sion :-Messrs. Gorham, Stewart, of Penn Ha-
milton, Weems, 5. Wood in the negative, and by
Mcssrs Fort OF Geo., and p. p Barbour, in the af-
| iirma tive.
Ayes 8, Noes III. The House then adjourned to
MONDAY next. IToSh. Tel.
Mr. RANDOLPH said, that he did not rise to
debate the merits OF the question. Whatever other
| pc respecting motion OF his
| worthy Colleague, he believed that many would
unite with him in thinking that it was not we'll
| timed. He had hoped that they would despatch
the necessary business OF the country and 20 home
this Session, at as early day as the Constitution
would compel them TO adjourn the next. lie trust
| ed that his worthy colleague would excuse the mo-
ton that he was about to make, which was that the
Resolution do lie upon the table, with an under
standing all hands that twas not to be acted np-
on again during the present session.
|
| Lcgisidtive.-Wc learn from FrankCord, that
| the House OF Representatives did not succeed in
| electing Speaker on Monday Messrs Ward &
| Blackburn the candidates. the former for
Jackson and the latter for Adams On the fr-t
blilot the vote was AZ TO ~. On the second ballot
| Ward IL, Blackburn 47-but, according to the co.
aiton tactics, another member friendly to the ad-
Tnnstration arrived, claimed the right to vote, and
was permitted to vote after the second ballot was
taken, and another tie the consequence-fs for
ward, As for Blackburn. The Jackson member
from Woodford, voted for the administration candi
date, and two members absent, Messrs Sam
ders and Helm. The actual strength of parties in
the House il 81 for jackson, 80 for Adarns-rzs II
| will be recOected that the Adams Editors in this
state claimed majority oils or 20 in the House of
! Representatives of Kentucky
| Our friend John Joyes, Esq. voted Tin pursuance
| ofthe will of his constituents no doubtO for The adj
nnistration candidate for Speaker Lou. .4de
THE