Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-07-30

ydend 10 private stockholders, will all belong Ia t!'
Government. The Banks Of England and OF France
To which we have been referred, are exclusively inc
nro,er,v NJ priyate Stockholders. These mcnarchca
Covcrnmen;s do moi hold dollars worth Of stock in
their own Banks They leave Tie management ana
\ control of them the private stockholders MOL SO
vi,h our Republican Government We are unwilling to
o,rsp This trust the people who may be wiling Ia
,nes, their money in this stock and, therefore,
co,dpc 10 the terms of the charter the Government
must subscribe ten millions Of dollars or third oil
The capital. The Senator from Kentucky fearing, and
Justly fearing, that the whole Of The remaining twenty
millions mirht all be taken BY Individuals has m
serted provision in The charter that 81" the deficiency
do no, exceed third "the residue shall lie sub
scrbed for br the Secretary 81 the Treasury on behalf
~ The Jailrd States" r!:.s residue may, therefore,
amount TO SG,GOG GGG. 10 ali human probability, as
shall show hereafter, The Government wall not only
the cne-thirG, but more thah ths Ont VI WV
whole capital of the Bank.
But how shall we obtain the money TO make The m
s,menl a, this are of the would we are actually TO
Eo in debt TO buy Bank stock! We are to bo-rc'y Six
teen millions and half OF dollars and Tue greater phr'
of il from Europe not releemabe until after fifteen
veors we are to create this debt and las,en ia lien
| The trad. and industry Of the people OF tins
buy Bank stock Excellent lnrrstmenA
fnanciernp. do not believe that tsx s
Kentucky will ever invest his own tn2NyNWV
| borrow money TO invest N the stock OF lhs BAN
would be very sorry, for his sake, ile should dp eM
When General Jacksom's administration had by IL
wise economy discharged the last dollar of our nalona!
debt there was general jubilee throughon. The coun-
Try Every American citizen, matter how humble
m,rht have been his condition, felt proud Of his
| Marty. land And why: because IL was free from debt.
ard in this respect presented striking contrast wi!i all
other Governments the face Of the earth Ao'S iiIr
proud elevated and enrolling distinction IS to be ahan'
d,ned and that forever, for the sake of buying bank
stock! Ii would be bad enough i'll all conscience 10
make this purchase if we had the money in the Urea.
surv to nav for it, but debt sixteen millions and
half for such purpo> does appear 10 me to be the
mos, supremacy ridcui'us policy which was ever pur-
sued by any people. Thus is hnanclerng worthy oil The
head Of The Treasury Department whcsc annual report
no Senator has vet attempted justify excerpt The gal
laut and able Senator from Name, Mr. EVans'J \"
this attempt lie stood alone, unated ny any "i ms p'
h,ical friends lMr. Benton. And was exhausted from
Tho efrorl M sir (coutnued Mr. Buchanan he ~ not
exhausted: but vii! again, trust, undertake To deend
the report His abilities will be severely taxed ioF this
nurnose when the twelve million loan bull shall reach
| US from the other fionst
Voc Sir we shall be compelled to take the sixteen
millions and half of stock. | admit it IS possible that
n NAV H.. found 10 subscribe The remaining thirteen
millions and half and become tie partners OF the u
: 10 that amount but II they Should, they w mol be
S,on and prudent capitalists OF the country, but sfe-
cnla,ors and individuals who want TO borrow and not
Ia lend and who will enter the concern Tor the pur'
nose OF enrching themselves, By obtaining the use 81
the peoples money deposited with the BANK. why,
SIR hank stock has gone down every where Inc age
Of safe or profitable investment IN such stock has passed
away The DAYS when banks were managed Tor lie
benefit of their stockholders with the years beyond
the food The dividends are now small, when any are
made And why; Because the ckholdcrs are plum
by The directors and officers of the Bank, and their mo-
ney is squandercd upon spectators and tavortes y"
prudent capitalist buys bank stock and above all,
he viii keep clear of stock in tins great political ma.
chine which we are abnUt 10 create.
We are 10 charter this Bank without receiving
anv bonus The late Bank gave us million and
hall Of dollars for the privileges conferred ny us TWEEN
II wear 5 charter. This cheap purchase on The
mart Of the Bank. One and hall millions wasa small
honus whether we consider the value Of the rrvi-
eges which the people surrendered or the advantages
winch the charter conferred upon those, | DO not, o
course mean the stockholders for whose benefit the
Bank was conducted. This sum would now 90 lar IN
erecting Notifications and placing our country IN pro-
per attitude of defence. But the Committee have de-
er,nined not accept any boncs from the new Bank
and the Senator from Kentucky has gwen us the rea
sons for this determination And IN the nrst place, he
saws that bonus sounds like another word beginning
with B. meaning bribery, suppose, and, therefore,
because The words bonus bribery begin with tie
same letter of the alphabet, te people are tn he de-
pryed of one aud half millicns of dollars. Tins
fancy Of the Senator viii cost them dear
But the Senator gives another reason for demand
nr no bonus He says shall borrow The money II
buy our Bank stack 1t five per cent whilst the div'-
dend we shall receive upon II will De seven per cent.
Here then difference in our faycr Of two per cent.
and this vii! be bonus enough.
The first Bank OF the IT, s. went into operation with
great advantages There Then hut three hanks in
existence throughout the Union Although II did m
,erfere in the politics Of the country, It was governed
bv prudent and wise men, who had we" 10 "r m.
teres, of the Stockholders The Senator from Ken
lucky saws that this Bank divided on an average NOR"
than ernh pcr cenum during the whole period at us
charter Although such dividends were made yet the
real profits received by the Stockholders on thrf invest
ment, but little exceeded seven per cent Thus rrduc-
ton was occas;oned BY the loss OF interest sustained IN
winding up the concern have the documents ori"re
me to establish this fact shall not read them: but
VIII most cheerluy submit them 10 the examination OF
any Senator.
| But marvel, Sir whilst the Senator from Kentucky
told us what the first Bank Of The \. s. divided that
he had not given information in regard 10 the
dividends Of the second or late Bank. ! shall supply
this deficiency This Bank during the period OF us ex-
isence under the charter from Congress- was, IN the
opinion of the Senator the han ideal III National Bank
Wisdom and prudence presided IN ,s counsels, and
il was managed 10 perfection. 1t furnished the best
currency which the world saw, and IN the Opt
mon OF Senators on this side OF the House, a
great blessing 10 the Whole people "i the ualon.-
/ What did il divide, ! answer, on an average, but
u very small fraction five per cent. and one
quarter. do not speak Of the period since Vt be-
came State institution but conhne myself 10 the
time during which i, was National Bank ! have
also the documents before 10 verify The truth OF
this statement, and they subject TO The insPcc
ton Of the Senator from Kentucky. And speak not
of the large portion OF the capital OF this Bank
which was >quandered whilst il acting under is
charter from conercas And yetthe people Of the U
States Ia graft exclusive privileges TO THIS new
Bank during a period of twenty years without any bo
nus on accnGn: Of the two per cent. which we are to
receive in Bank dividends above the five per cent in
ierest which must pay to foreign and domestic ca
ptalisls Cor the money which we are 10 borrow to ena
bic us To make tins very wise investment.
Mr.. Clay. VIII the Senator allow me one moment
What SAID was that dslikcd bonus but that NC
got bonus compensation in the excess Of the dN'
dend beyond The seven per cent winch we were u
put ntn the Treasury of the U. 5. never SAID thai
the difference between the five and the seven per cent
was to hr the bonus: but urged this TO prove that
il was ~ bad bargain the part OF the Government
and in regard the bonus. that got that in pay
+ ment ri il which beyond the dividend of seven
per cent
Mr. En, hanan resumed should be sorry to mis-
understand Tie Senator and even, from his own eS
plann,ion, lave misunderstood him in terms rather