Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1828-01-01
Congressional.
FRIDAY, DECEMBER p.
HOUSE OF REPRESENTA JJVI

Inc House resumed the consideration of the fol-
loving resolution, offered by Mr.. p. u. Barbour:
ReS0ireI, That the Committee of WAYS and
hlcaHs be instructed to inquire into the expetIien
cy o providing 10y law for the sale of that portion
OF the stock Of the Bank of the u States which, j.
Reid by the Government Of the u. States and the
application OF Che proceeds thereof 70 the payment
Of the public debt.
MIR. Barbour rose L. make few Observations
m reply 10 What had fallen yesterday from the
gentleman who had opposed lis motion, but gave
way 10
Dir. Gorham, who wished 10 make one or two
remarks. He would not say that he would offer
any new views TO the consideration Of The House
but, situated as he felt himself to be in conse-
quence OF the part he took in the discussion, when
the resolution first offered, he could not re-
main entirely silent He would promise .b,
iiouse, however, tilat his observations should be
pref On the subject Of motives, he felt as much as
the gentleman from South Carolina did lie did
not bencye iGat any party considerations would
lave influence this question. We have NOT
get arrived at that point, when party feelings en-
Ter into subjects which relate exclusively 10 mat
terS cl finance, should lie have deemed il
necessary 90 make dsavowa of any such feel
ings on his part had not the gentleman from South
carolina felt il necessary 10 adopt that course.
AS refers 20 the statement of the gentleman from
Flrgini1 80 far regards his consultation with
others, he would only say. that the gentleman had
lot consulted hin. He had understood merely
chat there motion 81 be submitted and the
mover had asked Of him information as TO the
prices OF Inherent denominations OF stock. This
was the whole extent 10 which any communication
had been carried
The remarks be had felt himself called OF 70
make few days since, were very brief, but they
c5ntlincd hij views Oh the subject; and these
views hal undergone no change. The gentleman
from Virginia had submitted his motion 10 the
House solely d. fiscal operation, accompanied by
Z mass OF calculations and of arguments He had
contcndcd that the relation which the Government
occupied To the Bank, should be that of a suDeryi-
lr, and distinct from that Of proprietor: and with
view 20 eNtlicatc l. from this double relation he
proposed 70 bring the stock held by the Govern
inent into the market This proposition he de-
t-udet solely on the ground that the Government
would receive profit of 23 IL peg cent. upon this
stock that being tic premium which il now bears
whenever It should ciier il for public sale and had
attempted 70 convince the House that the Govern
ncIt could GO into tie market with Il here or in
Europa, aud that there would BIC nothing in TIE
operation which could c-usc a reduction Of the
present premium. He admitted, indeed that il
tle effect on his mind would be 10 reduce the value
of the stock, lac would not have offered his PROMO
s,iion 10 the House.
lie would beg leave 20 ask villa; arc The Gle
1ncnts q this price: what the elements Of dis
advanced prcinium' The gentleman had compar-
ci the profit of this stock With that which ia de-
rived lom the B. and per cent. stock. But
there was an essential difference between them.
According 90 his own conclusions, the only result
TO which he came, was, that if bank stock yielded
a greater profit than the other stocks, il was
The reason that bank stock Is at premium Of
y II pes cent. is because 1t was the universal
impression that on the expiration of the present
charter, the bank would still remain in the same
condition, 20 iar rs the Term Of it, annuity extends
confinng IL TO uIo eight years. Other stock stands
as good footing This. Supyosnr the bank
fo cease is operations az thc end OF eight years is
{. The calculation that the holder Of stock will then
obtain the premium on his stock? No: il hc should
receive il Tor the eight years, in that it would
ic annhi5tsd. Should the annuity cease in 1895
n will only leave The holder contingent fund Of
bIl debts or Of diGicult collection. IL would be
necessary before hat time 10 suspend lis liberslity
and curtah it, discounts. The property would
have 70 be- pat Into the hands of assignces for the
purpose Of collecting the debts.
lie reminded the House, that afcr the exIira-
zion q fire charter Of the old bank, IL was ten
years before inattcr could be put into such train
sg 20 cniDlc i,nA settlement 70 DC made. VIII
any one coaicni That stool, held in an institution
tl,us situated, is cs goot ~ money down on the
"a III Tire Whole course Of the reasoning Of The
gentleman was 10 show that the property was
.n the bank, snl that this secured the premium on
the stock. But when the institution should be
Ynpelicd % wind UP ia concerns, IL wouli h.
80 infyCfib'o ~ N.e-t 'rn-trf'7 r6l',ory5 20