Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1827-12-26


per cent on the stock until lis redemption, MIR. b
SAID he introduced these quotations Cf prices to si,
'"a' o'her Stocks than Bank Stock yielded av
erage profit OF from 81 10 81 per cent only. II the
!ouse was surprised al this low of profit he would
proceed to shew .vhy the investment of money in These
Stocks could be afforded by the capitalist. He had
been told from the highest authorities and among oil,
ers from that OF the first Secretary of the Treasury
lStr Hamton) 40 his celebrated report on tue funded
cebt that any STOCK which was yell and securely finn
aea' WHICH enjoyed The public confidence, snd which
was "anssefrsose. became, IN great measure, part
| o! Tue circulating medium OF the county,.
In England stack his DESCRIPTION as was well known
9n'efed largely ibto the circulating medium of the
"su"'' ana 10 tbs country, the credit of pu bic
o'A oes"G mgr II ~, I'D general, transferable as q
circulating mediuIi, and loans this security can at
all tones be easily effected Now ifa caci,aiist ,oes
nor invest ms money In pefnanen, stock of some
Nuo, 50 long as remains Idle he loses the interest CD
entirely; out II he invests 1t in stock, al a low
interest yet he is receiving something IT. though The
Front may be but ncderate and encyer he " isIe In
make use OF II for business speculation he has
eoFoni over almost as efficient and cectain lift
we're on oepcsne IN one of The Danks. Ienue arises
snch state of things that the CAPITALISTS of e lJni;sd
oa'es as The tact proves ind their crest to IN
vest their money in the pubic funds at less rate Of
gestments. "
me vas accurate D the result TO which he bad ar
r'Fec ~ ms former calculation, MIR. b. said then he
vas prepared TO SHOW, by another statement, (Which he
oiSred wtih the explanation as 10 lis tjerrc,,
correctness, which he had made in rsatioo o The e,r
eT that he who pays The market price for stock of
.he o.''ea states Bank, would receiro about 81 Per
eo'' nor MS money luTiiG the period of tiue which
YOU'D eiafse before tie expiration its Charter
Now, Mr. g. said, sbea gentlemen auticipata,l ss
great and sudden depreciation 10 Bank Stock i.om
nief:'s large amount cf il for sale they might !ay
their appreheasons by looking at the profits uf oil ar
stock IN the market. Stockholders was universally
admitted well understood what was for their o,yo in
'eesl atu were aoe to calculate With accuracy What
'"u" DE re Vaiue OF ANY contemplated investment OF
Al Al mae
OF stock hey received preht oi from three and omar
ter TO three and half per cent las was before shewnl
II now appears that they would receive nearly the
profit npon the purchase OF United States, Bank e,o,
at IFS present advance.
The existing charter of the u. States Ganl, tends
10 tue year 1856 The stockholders kuoy this and
nave thefeiore, precise data from which 10 calculate
me continuance OF their Investment IL the s,oce aud
allowing The present rate of dividend 10 be kent IN, hay
Hay very accurately estimate value OF ter inyes
'neltS GOV, OF the various kinds of United States,
STOCK thce IS net one wich is not reCeemahje before
'e ear $50; some kinds 10 he redeemed in 1929
some 10 $50 and the following yea,s the .ua
"e''g !1'o. Tue Bank stock is therefore incre per
'ia.'s.t oy whole year (ard fraction ionaer) than
any NJ TOE other stock in tho tiset: aud cas5 not
said NE IS remind geRtlenen that holders OF s,oc,
whether they intend merely to live on the annual PRO
ceeds or to use II fo purposes Of business or suecula
Com attach tue greatest valrc that socl which
'fseoesi,".e Tor TOE iogca ie, aid 10 ics. oros
1 porionab!y.
The longest dale Of the stocks c.eated to pay tl.e
I CeH o. Ire last twelve years
! iiefe the SPEAl&F!t iGeTaie;I aad reminded thu
gent!e;ian thai the hour allotted 10 the Considerations
ci TesoHons bad elapsed and that he must postnone
1 the residue OF his speech; wbereupon as!r RIcDUP-
moved shat tic rule on that su5ect be for this day
suspended
After some few roinarksrom Mr. BURGESS. (which
were declared not TO be in order on Til. ,noonl ,lo
question taken. and the rule suspended accor
dinghy
! Mr. BARBOUR then resumed. and rscani,,,l,,sd
he points OF Ills Augment having rs 4 I, bnue5 satjs
fac;orly shown thai depression Of ,e price az f2i
stock was to be feared, because the pa mems OF lie
pnbic debt already made. and shortly 10 be r,als
sonld furnish fund that naturally sought investment
while, at the time the amount OF United STATES,
/ stock thereby diminished; and because ;2apt,
stock, in its present adv aute ave m rno; ,r
tii any other stock.
He had thus far considered the stock Of this Bank as
siock merely, and had gone the Hresuu.piou ta,
tue charter OF the Bank was certainly expire al the
limit OF IFS present term, IN 1896. But tits was by NO
means certain: the contrary there was eycrv nro
habiNy that the charter would DE renewed The mo,
liabilities OF the event could well be lodged Of b,
the stockholders as BY bin, and probably much better
iheF calculations of that probability bad united wih
other considerations 10 produce market price much
advanced beyond the nominal value OF tIe stock. and
diminished.
lie proceeded enquire if auv other evils yerc
to be unprecedented from tie proposed sajcl II had
been SAID that the such propOssl ston III n.e
ina House, ali public confidence in The character o.
lS soC "cui be at an end; and as lis price depends
on the compound considerations ofs security lis profit.
abIencss, and lis hold on The public conGdeude If This
last should be destroyed or greatly siakcn sudden
fall in the price OF the stock mast inevitably follow
But, he asked, why must the public confidence be
diminished? Tie charter othe Bank would still re-
main: (for he presumed member of fhis rIonse
thought nj laying much a finger on That ipsiru
nent. AL the funds Of the Bank would continue: il
debts receivable would continue; the profits Of lis on
eraliO1s would remain uutoucbed its discounts ror,d
70 on; u would have the direction; would con.
jhue TO be the depository Of the funds Of the United
States (which constituted Of Themselves enormous
amoun In short, not Of its circuu stances would
SUSTAIN any change which could impair TIE confidence
oFthe stockholders Why, tep, must it be impaired
i Suppose, for Illustration sake, that any other large
slockboider should sell ont his stock; suppose Canal
Company, for instance, any other wealthy associa
Ioo, chose TO part with their stock IN This Bank be
cause they deemed it most for their interest TO use liz
money elsewhere would such Il sale affect the credit
.hc stock? Not at all. and why must the mere FAC,
HAT in The seicr ,, .