Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1830-05-03
MR.. McDUFFIE's REPORT.
CONTINUED.

Tor the DECISION of congress, the committee consider
IL so Ear involved in the matter referred to them as
render II their duty TO present some considerations
bearing an that question, in addition what they
have said on tho general cXpcdioncy OF maints lining
snch ss.Rstitution II n national bank, similar 10
the pfescut, be n necessary and proper agent Tor
the accomplishment of the great purposes heretofore
Indicated, the only remaining question would seem
TO be, whc;hcr the charter of the present stockhold
should be removed, a set of stockholders
incorporated t,-
In considering this question, Congress will, Of
course. be governed in some degree by the terms on
which the present stockholders will agree to acccp,
renewal Of their charter. But, as the committee
have satisfactory for believing that terms
cniincntIy advantageous to the Government can be
obtained. they will proceed TO other inquiries.
What then would be the effect of refisi to renew
tho present charter. And in the lirst place, what
are the inducements for pursuing that courscs
u is sometimes 2iledged that the present stock
hollcrs are large capitalists and as the stock of the
bank is Some 30 per cent above par, that renewal
Of charter would be equivalent TO grant TO them
Of 90 per cent upon their capital II Is true that
email proportion OF the capital of the company be-
longs TO very wealthy men. Something more than
two millions OF that owned III the United 81 ates be-
longs to persons holding upwards of one hundred
thousand dollars each. 1t is also true that foreign
own millions, one-iith of the CAPITAL.
But The oihor hand 1t is To be remarked that the
Government, IN trust for the people of the United
Safes bvsds Seven millions; that persons owning less
than Eve thousand dollars EACH hold four millions six
hunicd and eighty-twO thousand; and that persons
hold upwards of three millions 1t is also wor-
Thy of remark, that very considerable portion
of he stock very nearly SIX millions, is held by trs
tees aud guardians, for the use OF females AMI
orphan children and charitable and other institutions
Of the twenty eight millions of the stock which *
owned by individuals, only three millions four hun
3rc1 and fifiythrco thousand is now held by ,l ori
einal subscribers All the rest has beer purchased
ct The market prccs-a large portion of it, probably
when these prices were higher than at prascn,
Most of the investments made By wills ana dceds
and DEGREES N equity, for the use of females and mi
uors, arc believed t. have been made when the s,o,
was greatly above par. From This brief ANALYSIS il
will appear that there is nothing in the character or
situation of the stockholders which should makr !,
desirable TO deprive them of the advantage which they
have fatty gained by an application OF their capital
u purposes highly beneficial, the committee have
attempted TO shew, to the government and peoDe of
the United States. If foreigners own seven millions
of the stock of the bank, our own government owns
much; If wealthy men own more than two millions
men IN moderate circumstances own between seynn
and eight millions, and widows orphans and ins;i,u
tons devoted 10 charitable and other purposcs own
nearly SIX millions.
But the objection that the stock is owned bv raen
Of orgc capt. al would apply with equal if not great,
or force, to any bank tina. could be organized In
tho very nature of things, men who have large sur
plus capitals are the principal subscribers the first
oTsanIZa ION OF a bank Farmers and planters
merchants and manufacturers having an active en-
poSmcnt of their capitals, do not choose to be the
frat adventures in bank project Accordingly
When Inc present taDR went into operation be-
hcved that most of the capital was owned by LARGE
capitalists, and under much more UNEQUAL distribn-
ton than exists at present. The large amount of
stock now held IN trust for females and minors has
been principally, 1t not entirely purchased since the
bank went into operation; and the same remark 10
generally applicable to the stock in the hands on
small holders. Il is only when the character OF the
bank is fully established, and when its stock
steady value, that these descriptions of persons
make investments in II.
It is morally certain, therefore, that, if another
distinct institution we're created the expiration of
tie present charter, there WouId he n rnurb rrro,,o
portion of its capital subscribed by men of large for
tunes, than IS owned by persons of this descrin
ton, of the stock eff the United States Bank In
deed it might be confidently predicted that the large
capitalists who now hold stock in that bank IvoufJ
from their local position and other advanta1ee mo
the first to foreata the subscriptions to the new bnnk
while the small stockholders, scattered over tho
country, would DC probably excluded and the females
and minors and Others interested in trust Investments
made by DEGREES in equity would be- almost necessa
iy excluded, as the sanction of court could scarce
IL be obtained, after the passage of the new act of
interpretations time to authorize subscription.
10 destroy the EXISTING bank, therefore, after il
las rendered such signal services to the countrv
merely with vicw to incorporate another would be
act rather of cruelty and caprice than of ustica
and wisdom, as 1t regards the present stockholders
II is no light matter 10 depreciatc the propertv of in
dividuals, honestly obtained and useiully employed.
To- the extent Of five millions six hundred thorsand
dollars, and the property of the government to the
extent OF nuDOfed thousand dollars
purely for tho sake of cbange.-It would indicate
iondncss for experiment, which wise government
will not indulge upon slight considerations.
But the great injury which would resnl, from
the refusal Of Congress to renew the charter oftbe
present bank, would, beyond all question, be thai
which would result to the community at large. IL
would be difficult to estimate the extent of the dis
tress which would naturally and necessarily result
from the sudden withdrawal of more than fo?ty mil.
lions OF credit, which the community now ENJOYS
from the bank. But this would not be the full ex
tent of the operation. The Bank OFT the United States
in winding up is concerns would not only Withdraw
its paper from circulation, and call in its debts
bat would unavodably make such heavy drauohts on
The local institutions for specie, Bs very greatly 10
curtai their discounts Tie pressure upon the active
Industrious, and enterprising classes. who depend
most on the facilities of bank credit would be
tremendous. vast amount Of property would
change hands at half It's value, pressing under the
hammer, from the merchants, manufacturers and
farmers, to the large moneyed capitalists, who al
ways stand ready 10 avail themselves of tho pecr-
mary endorsements OF the community. Tho large