Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1827-12-28

sage of such n resolution as this Surprising IL
would, he believed il would. ut once deprcss The
stock 10 par price i'm the market, that operation
aioue, would be dniinUiicn q. the property Of
those ~ no hold stock i'll the Bank the amount OF
SIX millions and half Of dollars, being The
OF t,e present premium Upon the twcnty-cight
millions Of he stock held 10y individuals Gov
eminent possessing the power produce such sud
den and Injurious changes in the value IT proper
~, ought to be exceedingly cautious in the use
oi such power. If any great public object requir-
ed, and duty called upon him. Mr. Med. san,
let the injury fall where il might, he would us
charge his duty. But, he was happy 20 hear The
gentleman HIMSELF who had voted against charter
ing the Bank, say, that he entertained no doubt of
the charter being renewed. He believed to be the
solemn duty OF every statesman Co impress upon
the public that this Institution il the only instru-
ment,1y means of which Congress can exercise its
power OF regulating the currency ofthc union--by
which il can prevent excessive issues of paper by
he 10 cal Banks. SO destructive Us the gentleman
from Virginia had himself in;iaai,j 10 the inter
ests OF the country. Without this instrument,
congress has not the means, though il il invested
by the Constitution with the power "a :,uard a
gainst this evil. Ii you destroy Thu in>trnrent,
the value of every dcScrptioI.i property will de-
pend upon the greater OF less Giscie ton It'll which
the numerous Banking Institutions 81 Sls country
may regulate their issues Of paper He would L
attempt 10 present ;hc various views which urged
the maintenance OF the Bank CT the United States,
and had originally led TO its establishments Such
aud so important were they, that, OF those who
still thought il unconstitutional, when the BIZ for
establishing II was on its passage, some, convinced
OF its necessity, voted for it., and others left the
House, that they might not be obliged 10 vote
against its passage An institution so ,npoitant as
this, ought not 10 be subjected TO the fluctuations
OF party; and he did hope that gentlemen might be
allowed freely TO express their views subject
OF so great consequence, without being subjected
10 the suspicion oi Improper iloiiycs.
MIR. Med. said he fth himself here obliged 90
object TO the notice which had been taken else
where OF thc occurrences in the House III reference
TO this subject. The other morning, said he, as /
stepped into the House, the ceEticInan from Yir.i
MIA said, as passed him, that he had L resoiu-
ton which he intended 70 present TO the House,
touching the finances upon which lac propose
ed 10 offer some remarks, 10 which he invited my
attention Net dreaming ,lidt the gentleman pro-
posed TO raise any such question tlat embraced
IN this resolution, and being some distdnce from
him indstinctly heard his remarks and rose inn
nediately toprescnt briefly the result 10 which
my reflections instantly brought me CT. tc subject
4 very few days afterwards, never having ex-
changed ideas The subject with any one pre-
yious 20 its agitation, nay course OH tlia oc-
casion asciibed to political motive ami my con
cuct III resisting the motion asclibuc 10 TIC base
and unpiincipled motive OF having FIST agreed 10
cooperate in the object and then finding the sen
tiInett OF the House 10 be against the proposition
OF rising 20 break its effect. One word now said
on THIS subject nay save many more. i came here
with the intention Of doing the bushes of the ma
tion and doing it speedily; and for as il depends
on ME, and God gives strength il shall go on,
and speedily. But if Tie Journals of the Admins
tration at the Seat of Government are sanctioned
III course which will give 90 any measure, of
Whatever nature, party complexion the conje- |
qucnces cannot fail TO be highly injurious 1
think proper TO express my deep Indignation, be-
fore the people oil the United States, against this |
forcing OF men, whether they will not, TO inibuc |
all public concerns with the bitterness of party.
Dir. MD. added, that he had excllonged scnt- |
ncnts OH this subject with but very few inliyitu
ais; but he venturcd 10 say, that the vote this
resolution would not be party vote. Every mem |
Der will upon it on his honest impressions, |
which lac will not suffer 10 be Affected by hi; re-
l2tronS 10 any party
air. MD. concluded by expressing the hope on |
all sides. so far the journals around them were
under the control OF any patty, that they would !
at least, permit this Congress to 20 o., with the
transaction of the public business, without iinpu- /
ting political motives to measures having such !
origin.
Fir. Taylor OF New York, after an observation
on the Importance q this question, demanded, that
1t be decided by yeas and nays. TIL demand be-
ing sustained by the House, il was ordered &C
cordingly.
Mr. Drayo ton then rose, and expressed great re-
luctance 10 trouble the House, which hc should |
not have done had few of the objections to the |
proposed measure, which he considered of the
most weight, been advanced by either of the gen |
ticmcn who had opposed him. He agreed that |
the question was one o; great importance, and that
1t should be speedily disposed OF. The arguments
Of the honorable mover Of the resolution were GER
tainly very ingenious; but he had not adyertcd TO
what he thought ought to be the primary conside-
Talion in discussion of this nature and one which |
was of much greater consequence thai: any con- |
sideratcn merely pecuniary
The first question 10 be settled was, whether
cr no tlic proposed scheme would rebound TO the
peeuIiiary advantage of tilo United States? That
IL would 90 So constituted, in point OF fact. the
only argument OF the mover and, if such the
case, and there existed no COunterYaiiing objec-
ton, the measure should doubtless be adopted I
But il, Oh tie contrary, it SHOULD appear that the
plan was attended with 40 pecuniaTy advantage
would confess that Il ought TO De rejected. The !
gentlemen had made some calculations of profit !
which seemed 10 him, To be sure, very plain; |
but il would be found, Oh examination, That, |
instead of profit. the reverse would ensie. The |
present value OF money Is four per cent. The |
Government obtain whatever amount il |
wants, ct uiis rate OF interest. He did not re-
ly UPON the fac. that Government could get mo- |
ney at cheaper rate than others: but Canal Com
paoics has actually issued stock at Ii per cen
tuIn, ana the premium Oh that stock reduced the
real interest TO per ccntrri. This, then, he
assumed as ilc :1tsres. at which money couI be /
borrowed, whore tia secu:.ty was good Now,
Il The Government received II this period, Der
cent. on its stock III the bank, it got an interest
cxcccding Tive common rate by precisely 80 per
cent. Any other investment Of is funds would |
bring only4 per cent. This brings si. so that the
Government gets the common interest Of money OF
one hundred and fifty dollars for every hundred |
dollars it has invested in this stock By selling, /
the Government would lose the difference be- (
tween twcnty-tliree dollars and fifty dollars Oh G.
very hundred, surprising the stock 10 remain At its
present advance that, admitting the public flit!
not 10 be at al shaken by the sale, still a grea-
ter benefit would be realized by continuing 10 |
hold it. But there could be no doubt that q very |
grC at depression would be produced by tle sale OF