Delaware journal., 1827-12-18
From the National MteMgcncer.

l
| Our readers will have noticed. in our account o!
the Proceedings of the House of Representatives,
yesterday, proposal of Mr.. F. p. Barbour, OF VIr-
gna, for the sale of the seven millions OF Stock OF
the Bank ofthe United States, owned by the Gov
ernment. re high responsibility Of the quarter
from which this proposal came, might have given
AN alarming consequence to the commercial colnmu-
nty had it not been met by the decided opposition
OF Messrs. McDufie and Gorham. The principal
Recommendation Of the measure prop sed by MIR. Il. |
appeared to be, the gam which would accrue to the
Treasury, by the advance of tWenty three per cent.
at which the Stock is now selling and which, on
Seven Millions of Dollars, would certainly amount
to very handsome sum. The fallacy, however, OF
supposng that Seven Millions Of Bank Stock, (one-
fifth of the whole amount Of the capital of the Bank
of the United States,) could be thrown into market,
without seriously affecting the price, was satisfactory
ly pointed out by the gentleman who spoke against
the proposition of Mr.. Barbour. The necessary et-
feet of such glut of the Stock market would, of
course, be enhanced by the jealously that would
arise in the money world, both at home and abroad
4 from seeing the Government, Gn whose hands rest
the power ofextendng the charter, and an impor-
tant control of the affairs of the Bank. dsembarrass
itself at once of the stock. The example OF the
Government would be followed by other Stockhold-
ers All, especially, who have purchased stock at
a high advance, would rush into the market to ad-
tcipate the Interpretation This deprecia-
creased, the panic would spread till tended at best
in fall of stock below par; result which would
nallby be productive of the most disastrous trans
fers, and forced sales, and general arrangement
: The worthy mover of the resolution does not ap
pear to have been wholly accurate in the supposltlon
that at the wndiugup Of the affairs Of the Bank, its
stock would be worth only par. In an institution
like this, surplus is of course reserved, in the final
! disposal and division Of which handsome dividend
: may be safely calculated upon.
The nature and operation of the various parts OF
the financial system OF the country are so delicate
and complicated that is exceedingly desirable that
they should not beunnecessariy dis urbed, even BY
: the proposal of changes The desirable effect OF
i producing an economy of the public money in the
IS payment Of the national debt, might be much more
advanageously obtained, by authorizing exchange
of stock, in the proposedby the Secretary o
n the Treasury at the last Congress, adopted by the
House of Representatives, and unfortunately lost
&c in the Senate. The sum lost to the Treasury, b,
t. the failure of that bill to become law exceeds the
lie amount paid for the salaries of all the Executive
ri and Judicial officers OF the Government, and O
lie all the Foreign Ministers.
We learn, by private letter from Richmond
that BILL for calling Convention to revise the Con
stitution of the State of Virginia passed the House
il, of Delegates of that State on Friday. by vote o
- IA to 86-an unlocked for majority. There is ye
ISOne uOuut, We UNNECESSARILY WHCtASt IL WILL P"os
e the Senate
~ JOHN SoorT, friend of the Administration, was
=, =. on Tuesday last elected, by the Legislature o
-, North Carolina, Solicitor General Of the State, owe
~ his competitors General r. M Saunders. Qate
~ Member of Congress- and Mr.. Morehead. Their
W. was but one ballot, and the votes stood thus
III For John Scott 10Y
r. Mr.. Morehead 45
: Gen. Saunders. 81
h.i Although Mr.. SCoTT is an avOwed friend OF tn
!, Administration. the above vote IS not to betaken
exhibiting accurately the relative strength of partie
~, of in the Legislature Other causes doubtless, ha
n, their influence on the votes
ri The Nledgeville, Georgia. Statsrnan and Patrit
aa 40 of the Sd inst says-'The Report OF the Commi
s tee on the State of the Republic will probably
Iii laid on the table to day. OF all the violent out dt
.L ngs and stormy vehemence which have arrayed tn
of authorities of this State against the General Gov
me ernment, and outraged the sentiments of our CON
vI mon citizens this document, we fear, will renal
. without q parallel"
From, the alexandria Gazette.
Mr.. DicEerson, Senator Of the United Stat'
from New Jersey, has declared mis- intention of r.
on signing his seat at the close of the present session
'os- The people whom that Honorable gentleman col
ion nues to msrepresen will doubtless be much plea
'ly, ed when they learn his determination.
;";, From the National hateIligencer.
ed In the State of NORTH CAROLINA, public me-
ngs continue to be held, successfully. in diherei
is Counties,for adopting to form an electo
nb al ticket in that State friendly to the reelection
ed, Mr.. ADAMS to the Presidency. We have receive
can the proceedings of the meeting held in Beauf'
County, which County, we are Informed, is, as we
as many others, decidedly in favor of the Admir-
ling straton-a feeling which is daily gaining grount
POST Rut we do not as at present advised mean to Cla