Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1828-01-01

lnSiS bS slisparius tor day " tso and some o.
NerSrcwn stocS-lohbcr realize some two or three
per cent less than he otherwise would. He knew
wei! that rlctlloric fundhcder was one of the
mos, sensitive inotals upon the face of the earth
THAI lie COnS ercd the barometer Of 'Chan.,c Alley
OF almost a' much value asthe sc, ipures and fall
IN The price OF stock nearly a. severe calamity As
The entire loss oi the sacred writings. Co5bett
has iumourousiy told us that nobody touch a
ru!iic in the bfocaJc ot the Old Lady in Thread
needle street, ~ ne calls the hank OF England.
without giving her lit Of Mysteries and sctn;. the
whole country - coin,uo.iou. We 70 be
coming TO NE same state OF things But thiss not
ali; my friend FROM Virginia cannot n.ro.ico a
matter Involving mere financial question oil pro-
ht and loss, without being charged with a party
plo. OF the worst oinca,.
Now, sir, although this gentleman has nUiie wit
enough to confive, and quite iiruacss enough to
carry into effect tolerablc conspiracy on all pro-
per occasions, be has too much honesty 70 be cn-
gagged III any mat are not III harmony with the pu
rity and integrity OF his whole life; and quite too
much wistioIa Ia undertake 4 conspiracy without
previously providing coIspiiat0rS, which nc seems
to nave overlooked i'll this matter; yet, depend up
on u, That many an old fund holder toasng his feet
before the fire, viii trembic in his flannel for s
plum, ana no Doubt cXClain;thcrc, You see ho,Y
1t is the moment these Jackson men have got POS
session oil the House; away goes the Bank of the
! United States 1" sky biah.' and we shall next see
the 9 military chieitain,' after hi4 election,
king Ills way, sword in hand, into the vault Of the
ianS, and sezing it, Golfers rs his especial ror-
ton OF the Eooty after the stiie and victory 81;
quiet, gentlemen. lie assured we DO not mean to
run cur heads against the Bank Of the L. States;
and this our vote will show.
But, sir, to be serious: i ain Cur from thinking
that II Is an evil TO those who permanently invest
! IN the stock OF the United States Bank TO know
That the policy ofthat institution may sometimes
be discussed here, however preiudicial it may be
70 me interests otthose who speculate in lis script.
That am opposed 10 the proposition OF the gen
uennn need scarcely repeat, and for reasons
which are at once connected with considerations
that carry with them somewhat the force of
raj obligation; Reasons which were stated with un-
ansverable .0rce by my colleague, Mr. Drayton.
chat may be ccmprehended in single sentence.
1t entered into tho consideration Of the sum of
100000 dollars which the Bank paid the United
States bonus, that this copartncrship should con
tinue during the duration oftfc charter.
Besides, un the ground, OF cxpediency,I am salts
fed that the sale o. that portion OF the stock which
the Government holds would he attended with loss
not equivalent, indeed, 10 the amount conectlred,
but quite sufficient 10 render ii unthrfy opera
ton--Not, indeed, that millions Of the stock
OF the Bank might noi change hands in the course
oil the year, without material depreciation; that is
to say, through the transactions of private sellers;
but the very moment the Government becomes a
seller in the market, il would be taken not alone as
conclusive proof that the charter was not to be
renewed, but the impression would be created that
/ even the facilities which the Government gives
TINS institution in its various Transactions were in
jeopardy, the very moment our copartnership was
at an end
say, then, let this institution go on uncmbar-
raised by either fears preiudices; let it enjoy
, all those advantages for which il has honestly
and faithfully paid full equivalent. And whilst
we are provident of the present, let us be uncom-
mitted as to the future.
Alter some further remarks from 1Tr. Weems
and Mr.. Wood
Mr.. Barbour rose to make some concluding re-
marks III reply. He not, he said, in the habit
CT Intruding himself upon the attention OF the
House, after hearing general call for the ques-
ton, such as had Just been made: but he vouId
on this OCCASION ask leave 10 offer one or two OBJ
servations, and 10 present some accurate calcula-
tons, by aid of which the views OF gentlemen
vino had opposed the resolution might he traced 20
their actual results. As 20 the great alarm which
seemed to prevail, in regard to the depression in
the price OF the stock it might at once be oby;ated
BY introducing in the bill which provided for the
sale limitation Of the price at which 10 should be
ehected' miH'rau'', which would efectuai!:-
guard against any depression below that point
Mr. y. then went into calculations the or
Jcct OF which was to obvate the positions taken
with view TO shew that profit would result
from the sale. But as we should do injustice 20
ms statement, by giving il in an inlccurate or
partial manner, and as il Is next to impossible Il,
give perfect report Of aFithInciical statements
from the car along, We mlst c.it This part of his
remarks
As 70 the general principles which had been ad-
vanccd on the other side, he would not detain fhe
House save by single remark and that was that
II he could for one moment believe, that by intro
ducinS the present measure, he was in the reInot
est manner touching the pledged faith Of the Ma
ton, the resolution would have fiileu s;l-borr
from his hand. That faith which holds together
the moral az well the political world he would
never violate. Complaints had also been made
that by cliecting such a sale, the Government
would treat the Bank uujustly. This, also, was
what he would never he guilty of; but was this
complaint well founded? Gentlemen spoke Of the
great advantages conferred by the Bank on the Co
vernment, and speak Is though we were under
obligations OF gratitude TO that institution Obi
cations oil gratitude! And are we to be boUni as
stockholders on this consideration? The benefits
have at least been fully reciprocated Nav. the
deposits alone OF the immense funds Of the nation
were an abundant compensation. We placed in the
hands OF this Institution annual amount of TWEEN
ty millions Of dollars. Now, it was perfectly well
known 10 all persons couycrsant ia banking oDer1-
tons, that cash in the vaults of bank forms al
most as efficient fund OIL which TO proceed rs te
stock itself. IL Is true this amount is liable tn be
called for by it, owners at any moment but !,
generally happened that, while sums were drawn
out by sotnc, they were deposited bv others and
the specie i'll the vaults had very truly been
said 90 change lis owners much more frc0ucntIv
than its place. The Government, too, can i.orryyy
money AZ five and four and half per ccntum and
might even get II At four per cent1n: yctthc Bank
has pledge from the Government TO pay them In
no case less tlIan six per cent; and this pledge re-
mains binding Tor twenty years. And though the
rate Of stock r,ay be diminished by the mis,uaD
ag"ncnt OF the institution, Rat Is not 10 be Charc-
cd 10 the Government, and does not enter into The
Consideration OF gratitude. Besides, this Bank Is
a kind OF monopoly Of the advantages derived from
Government: tot the GoYernment is bound TO char
ter no other Bank within the u. States. unless in
the district Of Colombia. Mr. Il. concluded with
declaring that though he would never be the con-
sciOus instrument of violating in any manner the
n upuf he tof IL