Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1827-12-26
Vol. IV.-No. 50.

take occasion, the threshold this d,scuSe.un s>
claim The influence Of all party consider Tie
oniJ banner he was prepared TO rally under, ac
OF MS country whose best lie considered deep.
~ involved IN the decision that shall be had en- this
Poriant quesiion-e agitation of which had already
created strong sensation, much INCREASED by the high
reputation OF The honorable mover, who, tstingu shed
as politician, occupied large space IN public esteem
and the ingenious, eloquent and imposing argument Ee
had just addressed to the lIouse could fail in
crease it's effect. When IL iecoiiect cd that the
solution :ow under consideration affects an insution,
whose capital of thirty five millions dollars used
circulating medium among the respective Sia;es aud
between these u. States and foreign countries, il can
not create surprise that universal should per-
wade our commercial cities: for unit, this question is
decided, United Sta,es' Bank Stock is valuelcss as
means of remittance more especially To Great Britan
where as exchange ucuates, large portions Of il
frequently transferred. The argument, based ti.e
supposed profit 10 be realised by this SALE will be found
to resemble statues OF marble RESTING pedosals OK
ice;he moment IL is asceraiDcd that the Government
has dissolved IFS connexion with this Nationa! inst
ton by the transfer OF its stock, perfectly n,iia-
rial what amount OF capital may be aioat by
tinc!ion Of the public deb-,lia, confidence which
shall have withdrawn from il, VIII pervae all money
lenders, and, before sale Of share be cegted,
She mail e price will fall 10 par The honorable mover
OF THIS resolution frankly avo'rs, tina. he Iginay
opposed 20 the CHARTER and that he still continues hostile
10 is renewal il hIs proposition adopted will not be
fairly inferred that the policy which dictated the sale Of
tire stock, is 10 be maintained by refusal the
Charter, and consequently, the value which the Stock
in the market derived from impression that the Co
rerGncnt, having interest ill prosperity will be
favorable 10 Pruongaion Of lis existence, the
moment that sale is decided II is asserted thai at
the present selling price of Stocks money really pre-
duces but 81 per cent per annum; admit this position,
and tien the u. States Bark Stock producing 6 PER
cent on is cost OF $780, ought TO be sold under
i6N per share III BIS n' gressions were HAT il is
desirable pay Off forthwith, tie Loans paying per
cen interest, the aInoun consequently caTsread!y be
ATTAINED at i per cent. as the Back divides per
cent, sale of rs Stock under $685. per Share would
It's -.
Is Tie eXigeOcies of the Daton required any extraord-
nary effort to pay off the Nau,nal debi, the amount
whcii noininally CT millions, in reality but n?
For this Identical millions Of Bank Stock, which we
hold in exchange for millions . per issued 10
the Bank, is SET off against that portion Of The debt
Aud Is millions per cents. (which under 10 crcutir-
ts!aDces. il probable the Government would raw
OF while single inertal npFoy eneut remained un-
executed, any faxes were levied upon the People
there remains bot ~ millions to be discharged which,
Oy tbe regular operation o the sinking fund, would tie
exiiDsusied in less ,ap years aud il not GesiIa-
Die tiie creditors Of the Nation, the Nation
Itself, that il should bc paid or more rapidly.
NT. &. could not co:ncde in the opinion, that con-
tnning hold this stock could have any influence ia
Increasing the OF interest by legislative anactneE
as individuals, large portion of The members csnp9
sing the Congress o! te In!ed States had occasion
Become borrowers Of MONEY, hence they could have
indnceine, to sa;sehe raie of interest politicians,
they coni. be short sighted IS not TO orcaee
that eogeInGent constituted like ours, the NO.
meet the national debt vas eXagusicd, the dety
imports, Which constituted The revenue of tie
country. w0ad be much reduced merely meet
the current Expenses OF lhe natIos consequently the
slightest specs OF was in the political horizon woull
require increased expenditures, ich conid oi!Y Be
met By temporary loans when we must again become
payers of iutcrca the increase Of which would REACT
ourselves He must Confess this aTe umenl had 10
weight with HIM
Mr. B. remarked tau, nigh he deamei irrelevant
e financial ao"lion Of the country ire tinc
this Institution called ino existence rredeemabls
paper currency hoded ie U"ion, circulating within
miles Only Of the hauk which issued vaIuesss any
purpose of exchange beyond Inc limits Of the State which
aui""Ized H. III tie IreaSFy required any portion fne
revenues collected south oil Tie Delaware meet lis
reni,ues ia the Eastern States, they had to
premium al twenty per which, one period, as ta
NJ exchange taiiiim",e Boson
What ar'the beneficial changes which been ploiu-
ccd by the establishment OF Tins great national insttuon
You currency longer tainted with suspicion, ccuaty:
freely throughout tbs WIDE cN'Hodod rmpf specie bass
regulates this punnem commercial intercourse,
and all balances of public a private funds transie
sed lom Foda I" Maine wii"ct expense or risk One
;uion FIVE hundred thousand i'.ars has beeu received
/ into the public Treasury bonus lor charter. As
least million will be gained by difference
dividends bank stock held by the United States
the . rer stock issued to the bans.
Should the average dividends be six per per
for the Of its charter, y Ill amount million
four huGdfcd thousand dollars; but ou hundred thousand
is deducted large allowance for contingencies. The
avg salaries aud expenses o twenty -four Loan Offices
iu respective States, whose duties gfatuousiy
discharged by the bank, WILL in twenty years,
.ie snort Of another million, thus exhibiting the
millions and half " dol,a Gear gain liIo
Z nion during the continuation Of tie present charter
Does the goose lay golden eggs fast enough that
thus invoked do deed which If shall not leopard hes
existence, must, by nfusns doubts aud msms abroad
honc materially circunscri5e ,c sphere og hcT.
usefulness.
! Bis =. concluded, 10y orarkiug he considered his
institution entitled to the fostering and paeFnal
protection of tine constituted authnrics OF the nation
France England, and other commercial counties had
found i, Indispensable 20 cherish a# protect system
which fixed the circulating medium firm basis, and
although should realize the profit Of sixteen hun
drcd thousand dollars, which tic indcemcnt held cue
- E,,,, I1- i,o .,,!
esteem II LIGHT equivalent for the loss Of national repu
tation we should sustain by presenting ourselves the
World as Congress Of stock -jrbbecs, anxious avail
ourselves any rise in the shares OF National Bank
which the dictates cf sound policy had called into cxie-
;crec and hch in bis Judgment ought to be pepsuatsS.
Aware Of the importance Of early decision Of
ncniops question: Mr. g. said he you'd forhear iurdine
any further REMARKS on the attention az the House
= Mr. BARBOUR, With view Obtain = Hiicc, decision
ui:urole involved, ycsniution