The Litchfield County post., 1828-01-03


 Monday.
 ! IS TuE HousE OF RFPREsHNrATIvEs, the folIOwiug gentlemen were appointed Con- mittee for the appOrtiOnment of Representa- tives under the ffth census:
 MesSrs. StOrrs, Little, Anderson of Maine, l Crownishield, Bartlett. Pearce, Swift, Inger- { soil, Thompson, of N.J., Johns. Buchanan.
 Roane, Holmes, DraytOn, Thompson of Geo.
 Daniel, Mitchell, of Ten, Wright of Ohio
 Livingston, Blake, Halle, Duncan, M'Kee, Bates of Missouri.
 Among the partitions presented to day we
 noticed the following:
 By MT Holmes, of the proprietors of salt works near Wilmington, North Carolina, a. 1 gainst reduction of the duty on salt. Re
 ferrcd to the Committee on Manufactures.
 By Mr. Drayton, of the Charleston Cham
 Der of Commerce, for the adoption of some
 mode which shall produce uniformity in
 the settlement of Protested BilIs of Erchange
 Referred to the Committee on Commerce. 1 Mir. Hamilton, from the COmmtte on Mil itary Affairs, reported bill to authorize the
 President to erect Military Stores, in the ci- ties of New-York and New Orleans. which was twice read, and made the order for to
 morrow.
 After other bushes of routine, Mir. Barber called up his resolution concerning the sale of stock held by the government, in the U.
 States Bank; which, in order to bring the merits of the question fairly up, he so amen 1 ded. as to make it an instruction, not an in qurv, to the Committee of Ways and Means to report bill for the sale of said stock. ] MT. Barbour supported his resolution in an ingenious speech; proceeded always up- on the assumption, that. by proper manage ] ment, the actual premium upon this stock l might be obtained, notwithstanding the a. mount proposed to be sold. and assigning as his reason for this belief, the low rate of in- 1 terest for money--the abundance of capital the large amount of United States stock paid and paying off, and the difficulty of capital ists to find safe reinvestments. Under these circumstances he insisted that seuen millions of ] bank stock would be a benefit rather than an injury to the community, and that it would be eagerly sought for. In the course of his remarks he took occasion to say that, as to the renewal of the charter of the Bank of the United States, he, though opposed to it be- fore, and should be again, did snot doubt that it would be obtained.
 He was replied to by Mcssrs. Barney, M'Dufie and Drayton of South Carolina. ] who maintained the inexpediency, the dan ger, and the want of implied faith of such a 1 sale, ,and the demonstrated fallacy of the cacu- lation by MT. Barbour, that, under any regu- lation as to times and modes of sale the price calculated by MT. Barbour could be obtained. ] Mir. McDufie in particular held the following 1 sound and manly doctrines:
 1 MT. McDufie said he would now call the ] attention of the House to fact by which it would appear that al! parts of the United States were interested in the matter. It was 1 3 fact of which he was appraised from various { ana the very highest sources, that at this time the stock of the U. s. Bank constitutes the ] medium by whichI the balance against the United States in our trade with Great Brit ain is discharged, and the necessity of pay 1 ing that balance in specie averted. What, he asked, would be the effect of destroying the confidence of the foreign creditor in the valv ue of this stock? No gentleman, at all ac- quanted with the subject, would deny the bare knowledge of the passage of such res olution as this, would knock down, to point 1 much below par, the stock of the Bank of the United States in foreign countries. What then would be the consequence? Instead of using this stock for remittances, the balance due to the merchants of Europe must be re- mittedin specie.--This specie must be paid from the vaults of the Bank. A run upon the Bank would inevitably ensue for millions up- on millions. What would be the result? Eve ry gentleman who knows the usual propor- ton between the paper of Bank in circula- ! tion and the specie in its vaults, must curtail it's discounts; its paper must be called in, its creditors distressed. Who are, in this case, the creditors of the Bank thus obliged to call uponthem? The State Banks! Theres is hardly one of them in the United States, that has not received from that institution, | notwithstanding all the complaints gainst it) as much indulgence as that Bank can possi- bly, extend. The local Banks will then have to press upon their creditors, and general concussion and pressure will be produced all 1 over the country.
 A single fact would show the effect of the passage of such resolution as this. Sup posing 1t would at once depress the stock to a par price in the market, that operation a. lone, would be diminution of the property of those who hold stock in the Bank to the amount of six millions and half dollars, be- ing the amount of the present premium upon the twenty-eight millions of the stock held by individuals. A Government possessing the power to produce such sudden and iniu- riOas changes in the value of property. ought to be exceedingly cautious in the use of such \ power. If any great public object required, and duty called upon him, Mir. McD. said
 let the injury fall where it might, he would l ftIcaH Hornr Ht,fx D,Sk no L