Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-07-17

term be properly SO called lie then went into an argu
ment TO show the aacy OF the other objection which had
been made, Foreigners being stockholders i'm the Bank
which, he said instead Of putting us in their power. far
as II goes, puts them in ours The ten millions which
they hold in the stock Of the Bank, far had any
effect, (snall, indeed, it must be) hostage in
hands, favorable 10 peace and prosperity He then
very seriously deprecated the effect OF this
from such high authority, OF the holding by foreigners OF
stock in American funds He advered to the canal stocks
OF several OF the Siateso Ohio of Pennsy vana of N
York. the prices of which every day quoted on the
London Exchange and which might be seriously Affected
to the injury of the interests Of these States by this
sweeping denun ciaon ii He ridicued
the idea OF such investments of their funds in stocks
by foreigners, being dangerous liberty, which he re-
garded as mere defamation, SC.
After adver,ng other parts of the message he
dwcl', with great force and severity poh part
the message which states, objection the Bank the
part oil the Executive that neither the propriety Of
present action, upon the provisions OF this
Executive consulted IL Congress had not consulted the
Executive he said, the Executive had consulted them: for
the President had called their attention, three years ago.
IN most emphatic terms, TO the subject OF the renewal OF
The Charter ot the Bank and afterwards recommended
them TO establish Bank OF which the prominent features
were that it was to have neither property debt loans,
credit
After touching other points, Mr.. w. said the
time had come, when tread on the very edge of pre-
cipcc OF disaster, general dsus OF sound aud safe
currency; when the day was advancing which this Bank
had once put end TO, and which he hoped TO
see again. 1t was time that the People should awake to
their danger to OF which he thought this last
warning would not fail TO them.
Mr. White followed Mr.. Webster lie regretted that
at this late period OF the session, of duty would
compel him to reply to the arguments aduced by the ho
norabe member from Massachusetts,. In the outset, he
denied that injury could result from the present
sage conduct of the President in aIixng his veto TO
the BILL and thought it rather extraordinary that an
r'uon should be entertained that the mischief could
only /" repaired by change being made TO the per-
hcIding the rcins OF power. He asked, what
mischief couiI probably RESULT The gentleman from
Massachusetts, hat said. that if the affairs of the Bank
10 be wound up, evil consequences must ensue How 500
But this precisely the language used when appca
ton made TO the old bank charter in ISL 1t
had been then said that pressure 10 ruinous extent
would be the consequence if the renewal was not grant
ed. But he could agree TO this consequence any
than il followed them for although the affairs OF the
BANK should be necessarily wound up by the cessation oil
ITS business, yet il did not follow that the capital oy
cd therein would disappear from the country or be con-
Smmed with the cessation OF the business of the Bank
This, he argued would not be the case. Those having
money would he anxious 10 reinvest in other onied
institutions; and as TO the rejection having deeteous
consequence to the currency he thought could no,
happens as the local circulation requisite for all the purpo
Ses OF business would be supplied by the several State
institutions. Frequent ausion had been the ST.
tuation in which the people of the West would be, who
was alleged, debtors for nearly thirty millions
the Bank, aud it asked, what would be- particularly
10 then the consequences of their being called on TO
pay up their debts? lie considered that when they in
Cured those debts if they honestly there must
have been calculation made by them as TO the
payment at some period another. But il the wind
ing up OF the concerns OF the Bank now was to prove
so Injurious TO that section of the country, how
much worse for them would it be in 10 20 years
hence and in this point of view the present was not
really the best time for them be called to pay up
those debts he wished To hear that better could he
ed out. lths argument TO hold good reason for
renewing the present charter of the Bank he would be
glad to know what there in limiting its duration
all lhey ought rather 10 make the charter perpetual
He looked at the subject altogether in different point of
view from the honorable gentleman Mr.. w. asked could
society have any possible in sustaining system of
false credit, ny which persons in embarrassed situations
were but too often supported and encouraged in wild
speculaions and otherwise TO act in extreme
y PTeudlcial TO themselves well the public! He
aPprehended that those persons who raised money from
ne Bank OH tar business paper would pay up without
dhcuty and that no Inconvenience could arise the
munl'y or at least to such an extent TO make it matter
worthy oil being urged argument for renewal TO
the Senate unless, what he feared should prove 10 be
the case that the larger portion of which that debt OF hr-
ty millions founded, accommodation paper But
even TO the who obtained loans that kind
curly, payday must sooner later round they
might as well prepare for now; indeed, better than
have the time of payment extendet-and if for other
reason, he would consider il the true interest of society 10
put stop to the description of business the consequence
OF vicious paper system, which well described on
former OCCASION by the Secretary of the Treasury be
as unsafe for TIE Bank ITSELF il ruinous TO the
country
He would say upon this subject, to the gentleman from
Massachusetts who conended that il must involve the
debtors in the valley of the Mississippi universal
RUM that, as the argumen: used if good any thing
would make necessary 10 grant perpetual charter let
the ruin be what it may, he prepared it, SOON
or than sanction such principle The gentleman had
charged upon the President, that he chJe the
Senate for Introducing the subject of the bank, notwh
standing as he alleged, that the President himself had
vited them 10 the consideration Of tile subject Mr.. w.
said, however, he had yet TO learn in what way that ny
taon had been given True was, he had called their
tention 20 it in his early messages But that was with
view to elicit public opinion but invite action on the
SUBJECT unt in his oPinon the proper time should
round VIZ The approach OF the expiration of the charter
But, II The honorable member thus considered the
sage of 1929, why did he then take up the subject
why had he so long permitted TO lie over? He had told
the Seiac that it could not be omitted longer. Why!
That II will be necessary for the bank know precisely
the views oil the Executive, the renewal; that if
those views adverse the interests of the instu-
lion, then they would every defeat that
election III he concuTTcd with their views then there
for lp ThnC fnai
question had been put fairly the House and TO the coun
try. But, if this be the conduct of the bank now
what would it be at the expiration of the time granted by
the present bill? Will there be then precisely the
same story! And what must be the natural
resulting TO the country from such of things! WHY
must be- that whoever shall then be holding the rens of
Government and who may from the purest motives, re-
gard this institution injurious the country will be CO.
creed into the support of IT, or risk his elevation Was
this, could it be endured by the country He asked
not this than other objections urged against
the institution amongst the STRONGEST He thought i'll
such time should arrive that any mOned corpora
ton could dictate what should be elevated or what
course chosen by public officers, would be most dis
asous state of things He therefore, was constrained TO
say, that above all other times the present was the most
untt the most unpropous, that could be chosen for the
Introduction Of the present bill. .
Mr. W. then replied at large TO Mr.. Websters remarks
on the constitutional points involved the message in
the course OF his reply, arguing length that the
conduct OF the House, when they refused the old Bank
extension OF time TO wind up its concerns with other cir
cumstances, fully justified the President in considering
this an unsettled liugated point and as SUCH he might
well consider 1t unconstitutional. Mr.. w. here quoted
from The message the parts in relation the Supreme
Court and on their decisions which, he conteuded,
amounted TO no more than that the Presidents Opt