Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-06-12
Twenfy-sccOmd CongrcSs.--sess. 1
IN Observation-Disclosures June

The Chair communicated the Senate the resolutions
adopted at the late meeting held in New York by the
friends OF Domestic Industry. Laid on the table.
Mr. Tomlinson presented the resolutions OF tue Legsa-
ture OF Connecticut expressive of the wish OF that body
that the protection afforded domestic industry be
not withdrawn.
Mr. Clayton presented the memorial Of sundry citizens
OF Delaware, recommending total prohibition of the i'm
portauon oil such articles he manufactured this
country and that the adjustment of the tariff be postponed
till after the Presidential election and strongly condcning
the tariff bills framed by the Secretary of the Treasury
and by the Committee of Manufactures of tho House.
Read and ordered TO be printed.
Mr. Foot presented remonstrancc against the reduction
OF protective duties, adopted by meeting of citizens OF
New Haven Laid on the table and ordered TO be prn-
ted
BANK or THE UNITED STATES
The bill TO modify and continue the charter the Bank
OF the United States, taken up the unfinished bu
sness-the question being the motion of Mr.. Sprague,
10 strike out $3.50 900.
Mr.. Foot moved to add sand insert 5000 OOO'
Mr. Hayne said he should take for granted that the 9th
section, distributing the bonus among the several States
would be stricken out and that presumption He
believed that it imposeda very high bonus on the Bank;
H. Besides, he wished to leave room for States to tax the
stock held by its citizens IL thus taxed by the
States OF South Carolina and Massachusetts. lie was not
disposed TO show favor the Bank had no claims
upon us But he thought 5000 900 would be sufficient as
consideration, and for that sum he should vote.
MIR. Grundy called for a division of the question
Mr. Marcy spoke briefly the question.
Mr. Benon after brief view of the profits of the Bank
moved TO insert 100000.
Mr.. Clayton remarked upon the Boston propositon
That he would not give his assent TO institution founded
on the principles OF that proposition, and he opposed
any increase of the bonus.
Mr. Foot commended that profit of nine per cent ,yould
not do more than cover the risk and losses If the Bank
did not make fair profit, they would not in their opera
ons consult the public interest The Boston proposition
furnished no rule to govern in fixing the bonus; be-
cause, at Boston, Bank could pay per cent and vet
make lair dividend; but il not in the interior the
country, where the Bank of the United States conducted
business He did not believe that the Bank could paw
more than $2OO,0O0 without embarrassment.
Mr. Clay advered TO the gross amount of the dividends
nj tllp fufO
aordng the best criterion for fixing the amount of the boz
nus The average dividend had exceeded five per CT
and 1t was by means certain that hereafter il would be
more The advantages derived by the Bank from the
Government deposits would be greatly diminished hereafter
by the reduction of the The actual value mo-
ney IN the Southwestern States per cent and the
Senator from Louisiana tell there money loaned
on the best plantation security which was probably safe
commanded eleven per cent He knew gentleman in
Tennessee who employed half million of dollars in these
loans TO planters. He believed that the dividends on the
Bank stock less than the average profits of State
Banks and private capitals.
Mr. Sprague said he had listened n vain for any replv
either to the facts on the principle OF his proposition ITO fix
the bonus at 525,OO0a year. for fifteen years What was
the principle? Ii that the question should be cons-
dered merely in reference the public interests and not
that OF the Bank. Did any dispute this prncipei 1t was
on all hands conceded What then are the facts' The
ankn dvidesseven per cent its stock and there was
ne commended, to believe il would be less But
it said that the Bank, If burthened with this bonus
would be Obliged in some cases. to reimburse themselves
from ne public In Maine, and in Massachusetts the CAPT
tai OF the State Banks is taxed per cent and no where
are banks better managed 1t said that in the interior
the Bank would not make sufficient profits TO pay such
bonus, but in Maine, where of per cent is paid
there are large cities lie coniendcd that the small pro-
hts OF the Bank in former years furnished no critic
ron for an estimate of its future profits, and he called Sc
majors to witness his prediction that the Bank even with
the bonus proposed by him. would by the renewal OF tho
charter, be benefited to the amount Of many millions
Upon what facts or principles gentlemen proposed 200 900
dollars, he had not heard and could not conceive.
The question was then taken, by Yeas and Nays on
striking out 100000, and decided in the affirmative by
an unanimous vote.
Mr. Johnston nc said TO give the Senator from
Maine some reasons in favor Of the motion 10 fill the blank
with S2OO,O0O. This sum, together with the tax imposed
or likely to he imposed by the several States on the
stock held by It's citizens, would probably amount TO
ono per cent. or the capital. The present
property OF the Bank could not be expected TO last
forever, without interruption Some years ago, it gave
but three and two and half per cent? and for some
time, no dividend at oil. IL met with great losses
Tho same thing might again. For years
past the country had been i'm high state Of pros.
peity-the impor,atons had been very large, and the
Bank had done larger and safer business than usual
But whatever might be the value Of the stock now IL
must come down par towards the close Of the term of
its charter. large portion Of the stock was held in
small sums, by females, orphans &c, which likely TO
be withdrawn at any time. There but small Dor.
ton OF 1t which was held permanent investment
One cause OF the present value Of the stock was that
there was great deal Of foreign capital here seeking EN-.
PIoymeo lie did not believe that the Bank could have
moro Than one per cent
Mr. Smith said That hc proposal Of q Of SPECTATORS
IN Boston had been frequently adyefed 10 in this debate