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

the vtae jusi gNNa. e. Glh.,e inisht no, DC use
esS' ioS wicn the people desire information, they
look 10 our discussions az the proper source.
He had riScn to advocate III measure. bat be had
rsen under the greatest embarrassment afscr one
who had arg,cd the subject with such nas,c,ly oI-
o!uehce aud povcs the gentleman from Virginia
had exhibited. lie dii not think that the sIgu-
ments az tina, gentleman had been rc!uied. or even
met They had been iGct, Indeed, 10y calculations
and assertions, which amounted ia any thing but
reiutation. That gentleman lad scarcely LEFT L
single topic Untouched; he had gone over the
whole with The skill of master, leaving those who
| might follow him TO pursue his coursc under the
greatest Disadvantages. Ito thcught, fowevcr,
that II might be yet noSe sinplhcd. What is the
nature OF this institution? when was it chartered
and ior what! Tie currency Of the country
was in Il broken condition. Credit li:uted.-
10 a>thc nation IN financial view the bank was
established. Its capital, 50 millions, wa. n large
amount; aild il considered that ii the whole OF
it was thrown at once into the market, purchasers
| could not be found To take the whole amount nj
par The government, therefore, took stock 10 the
amount Of 100000. Did it find purchasers'
| Was 1t all sold: There was great pecuniary dis
tress a. the time, yet the whole Of the stock was
! taken. What comment does this fact furnish up
| on our present fears We are nov. told that down
goes the stock the moment we gut the MARKET
C9n we g'ut the market by throwing into it this
seven millions, when thirty-!ivc millions of stock
thrown into ii in times Of great embarrassment did
not produce slut: Upon what evil times must
| we have fallen,
aud that if the stockholders had the impression that
the chlrter would not be renewed, it would lessen
'hc value OF the stock. This nation was no. pledged
TO renew the charter; and il any such idea pre-
vailed the sooner it was removed the hstter. He
hazarded little in saying that the gentlemen sent
here to decide that question, would not draw their
! reasons from tie expectations of the stockholders
but from great public considerations If, then,
that idea pcfvaded the stockholders the sooner ii
| can be corrected the better.
the gentleman from Mass 1chusetts he'd Stated
| tha' the stock rose TO 40 in consequence OF the
! mismanagemeut Of tie institution II that is the
case, what security have that it has nOt been
raised TO its present value by acknowledgements alsos
ite dld not drop hint that il was 80: but what Sc
| curity have we that it is not so? How are ind
yidu'l fortunes swept away BY one scheme other!
Inc reason l., that SO few persons understand the
causes OF the iSe and fall of stocks; and thew are left
at the mercy Of e:cnts. II the Bank Is III sitia-
uon which prevents the nation from knowing any
thin % Its management; and if it still remains ui-
der the same direction by which it has been alrea-
dy HliSrlaiIaged, the sooner get rid of our stock
In II the better With respect to the effect of this
proportion on the price of stock, he would ask what
right We have 10 suppose that those who hold stock
90 not understand its value:-lIc prepared to
snow that the selling oil the stock would not de-
press the market. II IL evidence, because the
Government sells, that il intends to Withdraw its
protection. The charter is sacred; il must run 10
It's uii period. The stockholders know all this aJ
wen as we do and IL Is absurd to suppose that they
VIII not understand our movements If the en-
pitaists bought stock the supposition that the
government would continue its stock il had right
10 do 80. he government did not mean to sell out
rs SOON as Il purchased. The price Of stock de-
ponds on the quantity and the security Ii was n
matter OF simple calculation. Let Us examine whe-
ther the present price is real, a mere bubble
Let US, by throwing enough OF the stock into mar
Aet, test the value oiit that fellow citizens may
not be deceived. These were his views: and hay-
ing briefly given them, he would not take up any
| more OF the time or attention of the House.
Mr. Hamilton, of South Carolina, said that az
ter the discussion which the subject had received
and all that had been said, and so well said he
should not have been disposed 10 protract, in any
degree, debate out of which little practical use
nness was likely 10 arise III some observations Look
ing to Interior consequences of no small moment
haAnot fallen from some of the gentlemen who had
entered into the discussion, which he thought did
not belong either 20 the crisis or 10 the subject it.
self. he should otherwise have colrtentedhimself
with silent vote in the negative however highly
he respected the motives of the mover Of the pro-
poston and have rested tlIc vindcation of tue vote
ne was nbou: TO give ON the unanswerablc argr-
ment which his colleagues AMI The gentleman from
Massachusetts, (Mr. Go:han,) had taken OF this
subject.
But the gentlemen had not stopped when the
question properly ended; but, by the course which
they had taken III their argument, lad seemed a.
most TO imply, that the decision Of tlie present
question had, il not direct, at least n remote con-
neXion with a larger and more Important inquiry
III relation TO the policy of renewal Of the char
ter OF the Bank oi the uited States. Now, for
one, he wished this kept entirely out of view
Aud be protested, ia E,pire, against either the
discussion vote Of the House on the proposition
OF the gentleman from Virginia from being consi-
dered either indication Of the feelings, inch
les commitment OF the opinion Of this body To-
which no such question Indirectly belongs &
which the best interests OF the country rc1II;re
should be an open question, 10 be decided il those
who are to come after Us, with knowledge anl-
piIned and corrected by the experience OF cirht
years 10 come. lie was aware that il would be a
large ne might almost say, momcntous question |
perhaps in period OF peace the most 50 OF any
which was likely 70 agitIte this confcderacy for the
gigantic institution, the Bank Of the United States
would be brought TO strict account that IL would
be inquired bOIa it had discharged the high pur-
poses 10" which il was created, whether ii had |
indeed, given US uniform currency, copious and
hca!th!al, whether il had eaualiZed the EXCHANGE
of the country, and had applied at tie periods h
was most wanted, remedy TO one The saycrest |
evils that can betlu a community at all advanced
IN civilization snd the arts--a decreasing crcuia-
Tag medium. These were questions, he for che |
was willing tolcaYc with those VINO would be cali /
ep upon 10 decide them ~ well as the vast and /
complicated relations, constitutional and political. /
which belonged 90 the whole topic II was true |
that his colleague DIR. NJ Duhie) had Clprcssc,l
his hope AMI belief TINT the charter would be re- I
ncWcd. lie, IT. II. Gid not mean 10 say that Ell /
ther might nO,br well founded, bat lie rTorld uu-
dcTtaCc . ray this, that without p,Iblic sentiment
in the state from which they both came. under |
went some change, before this question came VI !
Tor consideration, il nc and hil colicam;ie enter
tanned such opinions then. he rather tnoug their |
constituents would be apt to depUto some other Il
gents than Themselves TO represent their scni- /
mcnis On this subject. however Highly and Justly
Grated his OR. M'DuiIie's) public services. The
truth was not TO be concealed that. in all those