Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1827-12-25
Protested Bill. Of Eroaange Referred to the


&c Resoired, That the Committee of Ways and
Means be instructed to inquire into the cXpedien-
cy OF providing by law for the sale OF that portion
of 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
The motion prevailed, and the resolution heving
been read at the Clerks table,
Mr.. Barbour rose, and said, at the time he had
had the honor of presenting this resolution the
House, he had accompanied il by some general re-
marks, intended only TO convey outline of those
views i'm which the resolution founded Having
since understood that twas desired, by many gentle
men, that the policy Of the il recommended
| should be discussed without delay, and presuming
that the opinion which the House might express at
this stage Of its ieration To be received
decisive of its future destiny his purpose ,,Sw
TO go somewhat more tlength INTO the reasons which
had induced him to offer this proposition for consider
alton. But before he presentedthese views, he would
take leave to make one or two passing remarks, which
ne owed in justice 20 himself HI had heard il pref
ty clearly ntimated since the presentation OF thisre
solution-nay, he had seen it so minated that this
might possibly be what was dcnominated measure
oil the Opposition iii this House. Some antique rOccS
had rcachcdhis ear, which seemed to imply that, in
bringing forward this proposition, he had been in
| fluenccd by some motive, and had cherished some
purpose, other than those which had been ayowed;
and that the measure he advocated, was itself the
result OF concert, and of an understanding among
those who were denomnated the Opposition mem
bers 1t was but act of sheer Justice TO himself
I
| in relation to measures which might be viewed az
! affecting what were called party politics, he should
openly frankly, and fearlessly express the opinions
! which he really entertained, and should DO what
he thought TO be right, he should openly,
frankly, and fearessly, pursue his convictions,
whether they did or did not coincide with those of
others. 1t never had been part of his character
or his course, and it never should be, TO approach
any object he had in view by indirection his
| tives he would openly avow the opinions he held
he would frankly express ; what he did he would
ever do in open day; he trusted he should
learn, he had not hitherto learned, the by-paths
of either moral political obliquity He disdain-
ed 10 be influenced by considerations which he was
| ashamed TO avow. He despised the idea of get
ting at the object he might have i'll view, in any
way but by meeting ii iii the face and stating his
opinion or his purpose just it really was. Under
the influence Of such feelings, he utterly and
positively disclamed any such motive, purpose,
| concert, or understanding, as that which had been
attributed TO him. So far was he from this that
as far as he had received any intimaon of the OPT
| mons Of those gentlemen, with whose general po-
tcal principles he agreed TO the proposition he
! was about 10 offer, he knew that some of them
were opposed TO it. TWAS no more than Justice to
himself to say, that the measure proposed by the
resolution, be it right wrong, whether salutary
or pcrncious i'll its tendency, was the offspring of
his own mind. He had not mentioned il 10 MORE
in all, than half dozen of his friends and out of
this number two dsapproved of il.
We shall have fallen on evil times, indeed, said
| Mr. b. If a member of this House might not, in
ue integrity OF MS heart, rise In his place, and Of
Ter Tor consideration measure which he believed
to be for the public veal, without having all that
he said and did imputed TO some hidden motive,
| and referred 10 some secret purpose which
yer presented to the public eye. He again solemn
ly disclaimed all such motives and every such pur-
pose. To what he had already said he would go so
Tar as TO add, that, in the last annual report
received from the Secretary of the Treasury, there
was an allusion to the very subject which he had
brought forward. As proof Of this, he begged
leave to read short extract from that report:
The sum of seven millions, subscribed by the
| Government to the Bank of the United States, is
in etiecl, destroyed debt, by the United States
owning an equal amount in the shares of the bank
So far is this sum from being any charge upon the
Treasury, that the Treasury is annually receiving
interest for il III the dividends upon the shares
Whenever the latter are sold, they may at least
be expected TO replace TIE that toaS INFESTED
| in Them
Here was certainly pretty distinct reference of
| the honorable Secretary to the same subject az
was embraced by his resolutions; and yet, be pre-
sumed, 1t would hardly be inferred that motives
such as he had found it necessary to disavow, had
influenced the author of that report. With these
! predatory remarks, which he conceived were de-
manded by just regard to his own character, Mr.
b. said he would now pass to the Immediate ques-
| ton to be considered.
My proposition, said Mr. d. is to sell out the
stock at present he Id by the Government i'm the
Bank of the United States, amounting TO the sum
OF seven millions of dollars. When | first introdu-
ced this subject stated 10 the House that the ex-
listing price OF this stock in the market, was I'M
derstood to stand at advance at twenty three
and fraction per cent. on the nominal amount 1t
IS plan that if the Government could sell out its
whole amount of stock at that price, il would real
ize profit TO the whole extent OF this advance of
twenty three per cent. millions of dollars
amounting to about i million SIX hundred thousand
dollars. No proof will be required that this would
be a very advantageous transaction, provided it
were attended with no injurious consequences suf-
Iclent to couneryail the amount of profit. To add
such an amount TO the available funds of the Gov
eminent, without laying any additional burdens
upon the People, fiscally considered, must be a be-
neticidi operation. Would such an OPERATION
Mr. H. ASKED be attended with those injurious con-
sequences which have been anticipated, and which
have been urged as objections to il by gentlemen
OH this floor: 1t would be his endeavor to shew
that II would not. We have been told that the We
ry instant such was resolved upon in this
Hall, very large deduction would take place in
the present advance in the market price Of the
stock, and that the greater part if not the whole of
the twenty-threc and half per cent. would sud
denly disappear on the mere mention of such
thing as being seriously intended. We have far
Their been assured, that the sudden throwing of Sc
ven millions ofdoars worth of this stock into the
money market at once, would present an amount
that could not be purchased by the capitalists here
and that consequently, an alarming depression OF
The price would infallibIy ensue.
In reply, might remark, in the first place that
the mere matter ofdetai, as to the time, the man
ncr, and the different SUMS in which this stock is TO
be Introduced into the market, would be subject 10
arrangement in the Bill reported in pursuance of
this resolution; and that, by judcious arrange
men Of them much if not all, of this consequence
might readily he obviated. The whole amount /
need not be thrown into market nluSse, but sue
cessively presented in broken sums. With his pre- /
c~rtf .sfrtr Of fl,,.f fat. e II. T. ID