Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1827-12-18

as matter OF comparatively small moment In
must De OBVIOUS, he said, that the addition of one
niiioh SIX hundred thousand dollsrs 10 the avail
| able funds of the United States will produce the
ex,ingushment OF an equivalent amount of the
puohc ceo', anu consequently relieve the interes,
! payable thereon, by which saving would accrue
| OF about one huud,ed thousand dollars rer snnum
linus, merely pecunisry view of the measure
ne proposed In lis resolution would show ,bat n.
sdopuon would be good Foley. Bus b. would
further observe, that, If the fulare profits of the
D'hS OF The u. ;. might be coniectured from IN
pas' eNpetience,n was by to te calculAted
'ht our STOCK vii! continue nett to US a. rnnch
as SIX per cent. II would be recollected by all
ths' That institution had s periods of d fiicury d
oppression Al one time, it paid no dividends n,
all. Some time after, il paid fops four and
nan, and, at length, live per cent. And it was
only recently that the rate of dividend had reach
ed lis present amount. Ut wns certainly very i'm
pfossble that the Gov will ever re, a Iarg.
es a'Vieenu than at present; whereas, II was pos
sio!e, II not extremely probable, that the amount
In future years may be much less II was " ell
KNOWN that the amount of the Banks discou nts
usPehdso on Inany and various circumstances, es-
peciaily on the condition OF our foreign commerce.
Auu our consequent relation to other nations,
wne'her as debtors or creditors Whea the ba
rance "i Trade was in favor OF the United States
ihe Bank was liberal in tie discounting: but
when that balance pteponjersteJ in an oppo-
site direciion, he Bank mue lately curtaile IN its
discounts, actuated by that prudence which taught
banking institutions TO guard against the effect Of
sudden run upon Their funds.
la addition 10 the dep, session. Of profits re,uIting
from causes of ihis descriptions there was also to
oe tsssn INTO view that which was produced by
oao ueots On which subject it could not be forgot
Ten inai the Bank had received an early and Sc
we're moLIiory lesson. But allow ing, for argument,
sake. thai the dividends for the Bank were 10 con-
unue al per cent. 1t was manifest that, by selling
out us shares, the Government ~ Guild clear the
"hoie amount OF the advance which the stool;
now pears In the market; whereas, by refusing 20
SELL IL was equally plain that this possible profit
would certainly be lost.
bi, he had another re lson, and one which he
conceived to have very serious bearing why
me IN sasure he proposed should be adopted He
was one VINO held the opinion that the Govern.
heht Oh the country ought not 10 be continued az
s'ocKholder In any joint stock company like a
OahR. Ihe incorporation of bank was an ex-
ercise OF high political power, and go long as the
government continued TO have a pecunary inter-
et In such an institution, it could not bur feel ALI
those considerations which address themselves IN
That interest. Now, in nine wears hen -. the
Bank OF the United States viii be presenting 70
congress us petition tor renewal of its charter:
ana ne cid not think that the Government TO whom
such petition was presented, ought, while listen
ing To and de.Iberaling upon it, to be placed under
the unavoidable bias arising from the Government,
itseii being joint stockho!der with those who
were petitioning.
hr' 81 farther observed that he did not see.
iro"i 'he proposed sale OF stock, any difficulty
iikey to result 10 The management, of the bank and
the Governments share In its control The
present ACT oil incorporation gives to the Govern
meht thIee uIfeTent securities for the good mans
sgement OF its concerns. The first is a power of
supervision: The next security is one OF proven.
tlon and the third is remedisl For superyj-ion
the PRESIDENT OF the United States has the porver
with the consent Of the Senate to appoint a ger.
tain p9rucn OF the Directors of the bank By
way OF the pevenion of evil, a detailed state
heht Is rom time to time to be rendered, of the
entire state OF the affairs of the bank; and az
remedial security, Committee of Congress-h,s
the power at any time to examine into It's trsns
actions, and ii 1t has violated the conditions of i,s
charter, TO order sciTe focids, and revoke the
charter The withdrawal of the pecunary inter-
est OF The Government in the stock of the bank
oughl not to Affect, in any manner the supervisory
power OF Government over the bank and its con-
Germs. This Iowsr ought 10 be the only copnex-
! ion of the Government with it.
Mr. Is. concluded By rscApi'ulaiing the points
he had advanced, aud again pressing the inquiry.
whether II was meet aud becoming that Govern
meni, when asked to grant charter for a corpo-
rate ooay' should al that very time hold large
! pecuinlary interest in that corporation? OSiec.
tons, he was aware, might possibly be urged to
the plan he suggested, but these would receive,
he knew, when presented 10 the House all that
consideration TO which they were emitted and the
question be decided on with due elaboration.
'econd reading of The resolution was called
Ior, anu 1t was again read; when
| Mr.. Barbour again rose to add susges,io
winch he had omitted when las up; which was.
mat, from Information It appeared probable TO him
that there won at this time be great facility in
eiiecIing the proposed sale through the means OF
/ the u. States stock which was in be redeemed
| Chough he did not profess to be intimately az,
quaInted with the state Of matters on Chanpe.) il
was very probable that many OF the holders OF The
pubic stock would take that OF the bank il, ex.
change, at the advanced price
Mr. McDuihe, a member Of the Committee OF
| ways and Means said, that he did not rise at
tbis ume With view TO oppose he adoption Of
the resolution of the genil,mln from Yirainis
That resolutions, he was aware proposed only ar
inquiry. But the gentleman could not but be con,
scious, that the mere discussion of such a rropo-
silion la this House had, cf itself, a tendency in
Jurousy 70 disturb the peeuniary relations of III,
OhheI states with its CT editors and with the bank
/ but ne rose principally ijr the pufp Sc of de-.
ciaflng, at this time, that he differed, almost en-
ifely, from most Of The views which The grn,is.
man hal taken Of the financial interests inyolves
10 the proposition; though 1t wa possible he
might not dlh-r from him widely as TO their re-
suit. lie W uld now advert 10 but one or so
laets. AS 10 the profit to accrue 20 the United
states from the possible saIe, the gentleman mas,
certainly, rom his experience in the fiscal con.
Germs OF The country, be aware, that If the Gov
eminent shall suddenly bring into the money mar.
Eei an amount OF seven millions Of United Ststes
Bank stock, instead of selling At p per cent. il
would not produce l05 per ceat. The effect Of
I such an influx Of stock could not bot be yerv
great as long as there is National Bank an