Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1827-12-28
rwEMr1ETH CONGRESS.
thursday, DEcEaIBER 20.
HOUSE OF REPRESENTATIV
BANK OF THE II STATES
FIRST SESSION.

BANK OF THE u. STATES.
-nr; T. Il. harbour OF Va, moved the considera-
ton OF the following resolution, offered bv lin
some days since, ard now Ling on the table:
g RESOLVED, That the { Chlmit,ec of WAYS and
means be instructed 10 inquire into the cxpedien-
ey OF providing ty law for the sale OF that portion
2l the Stock OF the Bank of the U. States which
Is held by the Government OF the United States
and the application of the proceeds thereof TO the
payment OF the public debt
| After Mr.. Barbour had concluded,
MIR; Barney next rose lie said, that, em,,Ia-
ing the example OF the gentleman from Virginia.
ne would take OCCASION AT the threshold of this dis
cusslon, 10 disclain the influence Of all party
sideratons The only banner he was prepared TO
iauy under. was that of his country. whose best
interests he considered deeply involved in the de-
eiSio; that shall be had uis important question;
Tire agitation of which had already created
suonS sensation, much increased by the high
/ reputation of the honorable mover, who dis
unguished as a politician. occupied large space in
| public esteem; and the ingenious, eloquent, and
Imposing argument he had Just addressed to the
House, could not fail to increase its effect. When
1, IS recoileced that the resolution now under con-
slderation affects an Institution, whose capital of
tirty-fivc millions Of dollars is used as circula-
ing medium among the respective States and be-
tween these United States and Foreign Countries,
1 II cannot create surprise that an universal panic
should pervade our commercial cities for, until this
question Is decided, United Statess' Bank Stock il
Vatueless as a means OF remittance, more expccal-
~ 10 Great Brtain where, as exchange fluctuates,
argument, based on the supposed profit to be rca-
Used by this sale. will be found to resemble sta
tues OF marble resting on pedestals of ce-the mo-
iheht II Is ascertained that the Government has dis
sois lis conneNon with this National institutions
by the transfer OF its stock ii perfectly immaeral
What amount OF capital may be set aloat by the ex-
tincon OF the public debtthat confidence which we
shii nave Withdrawn from il will pervade all mo-
ney lenders, and, before sale of one share can be
elected the market price will fall 10 par The no.
noraole mover ofthis resolution frankly avows that
he was originally opposed to the charter, and that
he sun continues hostile TO its renewals if his pro-
position is adopted will il not be fairly Inferred that
the policy which dictated the sale of the Stock is
TO be maintained BY refusal TO renew the Charter,
and consequently The value which the Stock in
me market derived from an impression that the
Government, having an interest in its prosperity
VIII be favorable TO prolonga,ion of existence
ceases tile moment that sale is decided on. 1t is
asserted, that at the present selling price of Stocks
money really produces but IA per cent. per an
num- admit this position, and then United States
| Bank Stock, producing 6 per cent on its cost of
Sloo ought not TO be sold under $50 per share
MI - impressions were, that, is desirable 10
pay OH, forthwith the Loans paying per cent.
interest, The amount consequently can readily be
obtained at l-2pe cent. AS the Bank divides 6
per cent, a sale of its Stock under Sl33 Is per
share, would he so much lost in its real value
NirB. here asked if the eXigencies of the nation
required any extraordinary effort 10 pay oiTbe Ma
tional Debt, the amount of which was noninay 67
iniloLis,ln realty but AZ? For, this Identical 2
Iniilons,oi Bank Stock, which we hold ia exchange
Tor millions D per cents. issued TO the Bank, is
set OH against that portion ofthe debt And IL mil
Mons 8 per cents (Which under circumstances
was 1t probable the Government would pay off
while single internal Improvement remained un-
executed, or any Taxes were levied upon the
People,) there remains but AZ millions TO be dis
charged, which by the regular operation of the
Sinking Fund, would be eXtnguished in less than
years. and, IT Is rot desirable the creditors of
the y aton, or to the Nation itself, that it should be
! paid off more rapidly.
nv Is. could not coincide liz the opinion, that
continuing to hold this stock could have any infu-
ence Ia Increasing the rate of interest by Legislative
enactment IS individuals, a large portion of the
members composing the Congress OF the United
states had occasion 70 become borrowers of money
hehee they could hWenO Infringement 20 raise the
Fi'e OF interests as politicians they could not be so
snort sighted Is not 10 forcsee, that, IN a Govern
Inent constituted like ours, the moment the nati9-
nal debt was cxtingushed the duty on Imports
winch constituted the revenue OF the country,
"odld be so much reduced as merely to meet the
current expenses ci the nation, consequently the
slightest spccS of war in the political horizon would
i require increased expenditures, which could only
be inct 10y temporary loans, when we must again
hecone Rsyers OF interest, the increase of which
would react on ourselves. lie must confess this
argument lad no weight with him
Mr.. -. remarked, that il might not be deemed
irrelevant 10 recur to the financial situation of the
country al the time This Institution called into
| existence An irredeemable paper currency fool
cd the Union, circulating within few miles only
r..
o. the oank which issued II, and vafueless for any
purpose OF exchange beyond the limits of The State
which authorized 1t. 1.-THE Treasury required any
portion oil the revenues collected South of the Della
ware 10 meet its expenditures in the Eastern
STATES, they had TO encounter premium Of twenty
per cent wlach, at one period, the actual rate
! OF exchange between Baltimore and Boston,
what are the beneficial changes which have
oeen produced by the establishment of thi, great
rational Institution? Your currency no longer
ihhed with suspicion, crculaes freely throi,,rI,of
ms wide EXTENDED empire; specie basis regulates
this prominent feature of commercial intercourse
ana an balances OF public and private funds are
transferred rom Florida to Maine without ex-
Pense or risk. One million five hundred thousand
dollars mas been received into the public Treasury
ss bonus tor charter. At least one million will
De gained by the difference between the dividends
ON bank stock held by the United States and fle Z
l'er cent stock issued TO the bank
Should the average dividends ne six nor rent
per annum for the term ofits charter il viii a
mount 10 one million four hundred thousani dollars
ON iOilr hundred thousand is deducted as a LARGE
allowance Tor contingencies. The saving Of cal
ares and expenses OF twenty -four Loan Offices i'm
me respective States, whose duties are now graft
tu'onsly discharged by tho bank will. in twenty
years, amount TO little short OF another million
Nus e%hiiting three norfno;is ofthrec millions
tnt. q nall OF dollars clear gain 10 the Union, du-
Hhe inc continuation of the present charter Does
not the goose lay golden eggs fast enough that We
ere thus invoked to do deed, which, if II shal not
leopard hoT existence, must. by nusinQ doubts a,g
mis,fust abroad and at home materially circrrr,
scribe the sphere Of her usefllncss
Mr. y. concluded. By rciuarknr that he oopsil
cred inns institution as entitled 10 the f,.tetn c,ye
ana patcrn"l protection Of the constituted nnfhor-
ues Of the nation. France, England, and other