Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-08-25


| commItee, a. he had sToken some tim, Yesterday
The CHAIRMAN said that he would decide a.,
point when " should arse.
! MIR SERGEANT teSum, a. l have Curtbcr Z,
correct the sixth soc.ion in the eighteenth line @
page 9, 10y Sticking out Of the same '.t,n" aud in
ser,.ng seven" In tho twenty second line, s,fik,
out 'thrce" and insert "two.' Also, in the sam,
line, srike out five hundred" and inScr, "four bpp
dred aud hny;" and in the eniy.iourh and twenI,
hth lines, strike out - 500, OOO" and insert 90
$50" Ia the twenty. sixth line, page 10 strike on
''iour millions" aud insert 1.-TWO millions eight hun
deed thousand
The effect OF these corrections is to bring The spu
10 &c pad by the Government of the United States
and the shares 10 be held IA The bank by the Gov.
eminent 10 agree with the number proposed in the
bul. That u TO say, the whole amount beins TWEEN.
~ one millions capital which requires two hundred
and ten thousand shares At the rate of one hundred
dollars per share, seventy thousand will be for m,
! Government, and one hundred and forty thousand
l Tor other subscribers. The other correction sets
! right the payment TO DC made 10y the Goyer,-
ment.
vii, now state the principal points OF d florence
between the bull proposed 10y these amendments and
I lhe ON winch recently passed both Houses but
failed to become lsw. They consis,, in the FIRST
place, rs stated yesterday, OF reduction Of the
i'a from thirty. with the power to increase II 10 IF
" rl'"ns, 10 twenty one millions, with power to
increase u 10 thirty hvc millions. Twenty.ons is
taken r'thcr than twenty, because il Is dIyisibIe ,
three without fractions. In the next place the cor
ro5aion proposed 10 be created by this amcndr,e Mt
Is nc; discount OF make loans It's not to deal IN
pTomiSSory notes or inland bills. The bushes, Of
the institution vii be restricted to dealing IN ,orrin
exchanges, including bills drawn in one State or
Territory ana payable IN another. IL IS not IN ,ry
manner 10 deal IN ,o,al ssounu In taking away
me power OF .oca. discount and auditorium, the an
pointmeni Of agencies, anc, where agencies cannon
oe appointed without inconvenience, the sppptnt.
ment, w:;h the consent OF the Secretary of the Tre,
sHrN, OF ocl. BANKS 20 uanSac; the business II will
oe perceived that ioca. loans and discounts are Jeff
institutions he = ~ -
agencies Tor Offices OF discount and depoS;c is "a
point Of difference. Tue change ct the tile "a tho
remaining one. These are the main anj important
points. There aye other aud minor difference of
more or less mpu7iance-.Or the most Z, AZ, rrsl,in
i'om these leading objects. The object then of
thIs Oil may be stated, generally, 10 be to establish
an institution, ~ whatever name called, which
snail ce adequate to the necessities OF the Govern.
men; and the wants Of the People OF this rcat copn
Try under a. circumstances. The 6rSt purroSs fs
10 adapt tito the obvious necessities OF the Govern
men'. 10 accomplishing TINS, I;Il be properly done
the effect will be 20 operate 50 UPON the currency,
and TO produce great, may say, vast and inc.,cG
iaoe oeuea.s 10 the People as well as t. the Gov.
eminent
Ia this work, /, is cur pam duty 70 proceed with
out ue.ay. We nave, " Sa.n trw DAYS repsa'e. !
ths sub Treasury; W. have repealed tue dcpAs,rs
set, and we have made provision IN lieu OF hem
10 those, iae", VINO may think that action on this |
s-3JeS' may DC avoided n; the present time-lhrt /
u nay be poS;ponsu-I would now say there IS .
2 uate r-uy,SaU powerful that II seems In,posS-
ole % should De tss-Sorled even tor single mo- 4
msa--
raiS bill consider, in the fist place. iroispe7. /
Sac.~ Immediately, rs a provision by Cunsr. s. Of /
me mos. ui- ~ necessity, for the better coec lon
zee ping, an disbursement o. the reyenue. Thai
d. 49, erate, ~ al these ways, al; pe ia our pow.
CT rSui'y 10 raD-s system, no cle clH. think
e hi-s'-'n DOUBT " Ecthcr they .o'k a. the .
s-'-sa. lA'-cis collectively, or take them sryl.ate-
v me cO.eclou, safe Ne"pl~-, and Disbursement
vi --a 'C7.' revenue, .ney Va. perceive u tGs oa.,
Or m tbs amendments proposed 20 ne maze 70 l.. q |
SAFE o.! things crowded tor o. etesa.e % any We
ave had since the late Bank Of me United STATE,
&c SCI 20 exist os % be- allowed 10 ui The Govern.
rne0, uv the exercise Of IS proper powers and c,r-
t-.n.y infinitely better lhln ne las wc have Jus.
eHe-'s'' We wi. have, by properly gr5sD-rd 3
ms tuition, p,Lu i1- each suI OIL. these p.rgrs-s
M iae existence Of the mrs; Bank Of the Uutsd
states every tang went on wl.i and 50 win re
: 'Tl 20 me as. Bank % luc United States. Cut
Tue removal OF iae crFosItvs IN 1851, every hung
we.. "n wei, not uuy for tn. institution, uu. tor
iae Government ami the institutions belonging to
iac People Of the United States, and ,heir trade
commerce, 0nt currency. Absolute perfection Is .
nui aA..uay.c: g-tt VS. as nearly attained 1- pos
SD e. lake the reverse. Whenever YOU have
-stA without such an institution things have not
soEe W. "l.hef win the Goyenm-n n, or the PEG
pie. The Instant you ceased 20 have one disorder
confusion, embarrassment have eusued.
In the year 1911 Tue first Bank Of the United |
safes passed out Of existence. Immediately lOcl
banks began 20 mUItrpty-Siais bank capia. IN. /
cSeaSed-ine issues OF paper were rapidly augment
ed. War came on aId the constg 4erce was that,
IN lSli the State banks suspended specie payments
ana you had a paper currency every where csare-
GATED ou; worse still, Uueq Il!y Dc p!eglied you had
one rate here another IN Baltimore, and another in 4
Pui.ade phIa. Even between these p0-,s-iy- ex-
ample, 4, EkoNn-you mad still another The /
evils wcr. found 20 be great and n.o.srabe ateye,y
mi f#FH. Ia. .HHa. 1
nearly destroyed. Here, 10 the city of Washington /
these evils were as gelt any where anI 10 y,Eers
especially is By the GDyernmS1t. They became /
so disastrous that they CT;Drtec unyc-sll demand
Tor remedy. There was no Gi.reurc oi opinion /.
al agreei, too mat Tie remedy vas here, with ]
CongrCss-lhat there was no other remedial power
Remember this, as u conceded yOiu,-COngrcss |
alone could Apply the remedy. |; rcg4 red the 10
teri 1st0n 81 The national power Tie Government !
Isei was chief sufferer. Ia making the loans |
necessary 10 carry on the war, u was o. .iged 10
take deprecated bank paper !y5 the purpose Of nro
scouting the war The .0s-ss are estimated by a /
former Committee OF Wuys and Means VI I'm. House
a mrny mil ions Of dollars. late Secretary OF the
Treasury somewhat reduces the estimate; but he /
leaves an amount sufficient 20 Justify o.. conclusion
Of he Absolute necessity of change The !
resources OF the country, great ag they were could
not have supplied the waste OF sIcu orsJrIgr-a |
waste rapidly Increasing, from DAY 20 l4y 5y - .
sell producing power. OF a.. the source Of waste
none Is more sure than the want OF order and ar
rsug.naui /. is no, material now 10 state the * |
act amount OF loss. Such the safe Of tHinss
duruS the war. Peace came, ani found us, IN re-
gard % banks a.d currency, m the same condition !
We had been ~ during the WIZ. The Judgment tho ,
unTers'. Judgment vas the same, that 10 could no.
ana must not continue; and tue further universal
Iudgmcn! was, That % was the duly VI Congress.
and m the power only Of Congress, % pat ON end
20 H. Anu which deserves attentive cJnslGratOn-
there Ta8 ike uuIvcra. concurrence as 20 tie m.
ture Of the remedy, both 10 warlud DOB peace Dur.
ing the wlr National Bank was proposed. You
knox how Il failed II produced the memorable !
message by Mr. Madison, then President Of the /
United Su,cs, 100 which be declares his opinion. ls /
Chel Mags,rl'g OIL tEs nation, as 90 tbs causut.I.
t0raaiy oi "a B8Lk O. the Unitei States lie On
lericf however, 20 the bank as proposed, ON the /
ground that &c vas no: sucu q bank ~ promise. l I
remedy isr 'us existing tyi.r. IL w3sa paper bank
Peace came rs said before. Tho pressure Of var
was removed, uIt the pressure o. dfsprIergd cur.
rgGry and l..ssisgI rrC1., raufusI. Wtsrt O., Yr
permitted % cpaurusi no one said aye How Es- /
3. % he rcmadrgd2 a uaupnr. institution. upop "a /
sJ.I. basis, Tls iI- 0u5vg. A 5II rrsssH both
House, nII me. the appreciation ~ if,Hgcu, Ma
d.syu. inlsr that .1w 'ug yiu.. was established -.
Thus, then, 10 period o. difficulty, Ot disorder
nn1 n' confusion. nIrug tho war, i.r deliberate
judgment gi CgUErsss arH tho nation ms In ISL .
Wien the Old CDugres. declared o. InHasp.n.
saJ.y rccassrryJ vas, uat tIa one thrc ncea.4..
d ualprH. institution, ca fXtru We with the rl
Bdy, 1UI gs remedy for Il should boz establish. .
ed. J he s1wc vas be judgment Boo uus OF q .-,, -.
in 1916. All had been loo 1871. you, sfr, VI pp
serve and every one VII. perceive with rsrafd 10
The DlI which vas ygfocI 90 1915, thrl 10 was u|