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Virginia Argus. [volume] (Richmond, Va.) 1796-1816, April 06, 1816, Image 1

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joujsr buaxA & l. h. giR.mnijsr,
AS9 ri'DUSntD
On Wednesdays and Saturdays,
iPocm Doors bxlow tk* Bill Tavxbr, at Four
Dollars m abbum, r^fo is abTarcx.
¥3* Advertisements inserted at the usual
pricey and promptly attended to.
VIRGINIA:
At Rules holden in the Clerk*t Office of the supe
rior Court of Chancery, for the Richmond Dis
trict, the 6th day of February 1816.
John S. Stubbs, junr. Plaintiff.
- Against.
Polly Brown, and Washington Brown, heirs at
law of Sally Brown, deed, and John S. Stubbs,
*eu. administrator of the said Sally Brown,
deed, and James Urander, to whom the cliarge
of the estate of the said 9ally Brown was com
mitted ) Maxwell Trokes, and 9arah H his
wife, late Sarah II. Goode, adm'rx. and James
•cott, jr.adm’or With the will annexed of Rich.
Rrd B. G xkIc, deed ; John 8potawond and Ma
! rj his wife ; Tarlton Saunders 8t Sally his wife
—Mary Goode, Sally Goode, Elizabeth Goode,
and Robert Goode, children and heirs at lawot
Francis Goode deed. Sally Scott, only child and
heiress of Patty Scott, deed, which said Mary
Spotswood, Sally Srunders, Mary Goode, Sally
Goode, Elizabeth .oode,Robert Goode, &. Sally
Scott are heirs at iaw of Richard B. Goode,deed,
who was surviving trustee in the act of the Gen
eral Assembly, in the PlaintifPs bill mentioned ;
& Robt. Graham, surviving ex'or of James 1/ vie
the elder, deed, who was also a trustee under
the said act, and executor of Jame* Lyle, the
younger, deed, who was the other trustee nam
ed in the said act: and Philip Norborne Nicho
las, attorney general of the commonwealth of
Virginia ; and John B. Ogg Defendants. I
The defendants Maxwell Trokes, and Sarah
II. his wife not having entered thsir appearance
*nd given security according to the act of Assem
bly and the rules of this court, and it appearing
by satisfactory ev idence that they are not inliab
Rants ofthis country: It is ordered, that the
said defendants do appear here on the first
day of the next terra and answer the bill of the
Plaintiff; and that a copy of this order be forth
with inserted in some newspaper published in the
City- of Richmond, for two months successively
and posted at the front door of thecapitol in the
said City.
A Copy—Teste,
__VVM. W. HEXING, C. C.
VIRGINIA:
. Jit rules ho l den in the Clerk's Office of the Supe
rior Court of Chancery for the Richmond Dis
trict, the 5th day of March 1816.
Cnarles Hunt and Daniel Dugger, merchants and
partners, under the firm of Hunt & Dugger,
Plaintiffs.
' A»AINST,
Frederick Pomeroy, and William Franklin Os
borne, merchants & partners, under the firm of
puy,1*riCk Pom*rov* 81 Ce. and Jesse L. Du.
. Defendants.
THE defendants Frederick Pomeroy, and Wil
liam Franklin Osborn, not having entered their
appearance and given security according to the
Act of Assembly and the Rules of this court, and
it appearing by satisfactory evidence, that they
are not inhabitants of this country : It is ordered,
that the said defendants do appear here on the
first day of the next term and answer tire bill of
the Plaintiffs ; and that a copy of this order be
forthwith inserted in some newspaper published
in the City of Richmond, for two months succes
sively and posted at the front door of the Capi
tol, in the said city.
A Copy—Teste,
WM. W. HENING, C. C.
April 3.—w8w.
VIRGINIA: --
Jit rules holden in the Clertfs Office of the Supe
rior Court of Chancery for the Richmond Dis
trict, the 5th ,lay of March 1816.
James Brown, of the city of Richmond,
Plaintiff.
asaihst,
Soloman Jacobs, & James C. Wardrop,
T HE defendant James C. Wardrop, not having
entered his appearance and given security accor
ding to the Act of Assembly and the Rules of
*his Court, and it appearing by satisfactory evi
dence, that he is not an inhabitant of this country :
It is ordered, that the said defendant do appear
licie on the first day of the next term and answer
the bill of the Plaintiff; and that a copy of this
order be forthwith inserted in some newspaper
published in the City of Richmond, for two
znonths successively and posted at the front door
of the Capitol, in the said city.
A Copy—Teste,
WM. W. HENING, C. C.
April 3.—w8tr.
That beautiful and famous running JIarse
and sure -foal-getter,
, silt ALKJtKU,
By the. Celebrated Imported,
Horse SIB HJIIUIY.
yy ILL again stand at my stable in Poiv
hat an County, at the Ferry on James River
about 40 miles above Iticlimond, and 2 miles
from Goochland Court House—at the reasonable
an<l low terms of twexti aoiLAns payable be
fore the season expires (on the 1st August) or
Twenty five Dollars at Christmas— fly the Leap
nr Insurance in proportion—Half a dollar must
nc sent with each mare for the groom.—— Hig
Superior Pedigree and Performances on the turf
being so universally known, it is needless now
to particularize them.
JACOB MICHAUX.
, March 13._ 2wM1wAIM
COM MISS ION M KKC11 ANT*
DAVID U EDMUND ANDEllSON,
HAVE commenced the COMMISSION jj(j.
SIN ESS, in the City of Richmond j and having
'taken a house near the Basin, on the Cross Street
leading from thence to E or Main Street, they are
now ready to receive Consignments, and pledge
themselves to give strict attention to all business
confided to theln. They hope, from assiduity
and attention, to merit the patronage of their
friends and the public.
LOST or MISLAID,
Tr.!f SHARKS It TH* HAKE OF TIROtRIA,
Belonging to the estate of George Ituffin, dec’d.
<V which this io intended to (five notices
THUS. COCK B, Ft Jr. 6f
merge Jiujfin, rfejil.
A??*l r4 1810, w6w\
FOR SALE,
A Lot of Ground, containing four Acres,
ON the North Side of BACON BRANCH, near
Mr. Pane* Factory.—I deem in unnecessary to
give a further discription, as those wishing to
purchase, will, certainly view the premises. For
furtlier particulars enquire of the Subscriber liv
ing on the lot.
JONATHAN QUICKSALL.
March 25.—lawt2UA.
N. B. I shall offer the above lot at private sale
untill the 20th of April next.
_ J- Q
DOCTOR BOH ANN AN,
AAflLL receive three or four Young Gentlemen
f ▼ of good education and respectable con
ections, ad students of medicine in his office.
Iter Q 181S
NO TICE.
^ |^HF, partnership of Joseph P. & Samuel Owen
A being dissolved by the death of Joseph P.
Owen, all persons liaving claims against the firm
or Joseph I*. Owen, (individually,) will make
them known to me for settlement, as soon as pos
sible ; and such as are owing the firm, or Joseph
P. Owen, as aforesaid, will make immediate pay
ment, as no longer indulgence can be given.
SAMUEL OWEN, Surviving part
ner of the firm of Joseph P. 8c
Samuel Owen; and Ex’d. of
Jos. P. Owen dec.
CJ* COUNTRY MERCHANTS,
CAN NOW GET ASSORTMENTS OF
COTTON- FAUNS,
Spun at the Richmond Cotton Manufactory
ON APPLICATION TO
WILLIAM ANDERSON,
Principal A rent
Feb. 28.
DOMESTIC.
C0N-GRE8S.
IN SENATE.March 25.
("Sketch continuedJ
ON TIIE BANK BILL.
n Th« motion to extend the proportion of the
2rst specie payment being under consideration :
Mr. JWaaon of N. II. and Sir. JCing having sup
ported, and Mr. Ribb having oppose<l it—
Mr. Barbour of Va next took the floor, and
opposed the proposed amendment in a speech of
considerable length, of which, what follows is
but an outline. He too, like the gentleman from
Georgia considered the question ofbankor no bank
as the most important that could be presented
to the National Legislature at this session. The
rejection ot this bill, he believed would expose
us to a continuation of all the inconveniencies ex
perienced in every quarter of the union from the
present state of the c.rculating medium, causing
a fluctuation and uncertainty in the value of pro
perty and products greatly to be deprecated •
and bringing with it a train of evils it would be
hntj09sp.dc ••«,<•. Oh the otlid
hand, he said, he had such confidence in the ef
ficacy of a National Bank in correcting the evils
of the mass of paper afloat, in enabling the gov
ernment and individuals to fulfil the,r engage
ments, that he had brought his mind to the con
clusion, that the establishment of a National
Bank would bean epoch in theaffa.rs of thena
tian ; that, in trad of the cloud winch darkens
the horizon, it will usher in a new day of pros
perity, replete with benefits to the nation, &c —
With the gentleman from New-York, (Mr. King)
Mr B. said, he entirely coincided in seniiment
as to the respect due to public opinion, when dis
tinctly expressed and well understood: but why
that sentiment was recurred to at tlie present
time, he did not precisely understand—for sure
he was, that on this occasion it had been audi
bly and distinctly expressed from every' part of
the United States, as well as from the executive
authority, in favor of this measure : and above
all, it had been recently declared from an une
quivocal source, the Hou.se of Jleprfesentatives,
who are the mirror in which the sentiments of
the people are reflected—and whose decision on
such a topic is a pillar of light, the pursuit of
wh.ch will never involve us in difficulty. Mr B
agreetlaUo with the gentleman in his view, of
the independent duty of this house, in reviewing
the proceedings of the other branch of the legi*
laiure, so far as regarded the absolute right of
the Senate to decide, according to their own im
pressions of the fitness of things, on measures
presented to tiiem by the other House; but if
the gentleman meant, that it was a reason for jea
lousy in regard to any measure that had passed
hat House, Mr. B. differed from him toto cx/o.
On the contrary, lie said, that circumstance
would be, with him, a persuasive argument in
favor ot anv measure; for,though he would sur
render to them no part of the rights of this bo
dy, he should perpetually recur to that body as
an oracle from which true responses maV be
drawn as to the public will It may err ; 'when
it did m Ins opinion, he should not feel himself
vwuiiii uy list Views, XC.
U‘un P^jpded to the consideration of
tl.e great subject before the house. The consti
tution, he s,.d, had imparted to the Congress,
amnngother great attributes, the power of regu
lating the coin of the United States. How had
Congress acquitted themselves of this duty P—
—Wlwre and of what effect were these re
gulations P Where was the uniformity of cur.
teucy P Mr. H described the variety and fluclu
..tKm of value of the paper n circulation, not
•n various states, but in contiguous towns and
ed on'Ili* »&C,i Th'S, wa" 3 »rett evi|, deprecat
ed on all hands. 1 he power intended bv the
constitution to have been lodged in the hands of
he general government was, by the failure of
the government to make useof it, exercised by
every state in the union, frequently by ind.vidu*
ais, itc. Hence arose an excess of paper issues,
causing depreciation to an extent which could
scarcely be estimated ; an evil which called for a
remedy ,n a language not to he misunderstood.
Where was the antidote, which the Executive,
in this onlv the organ of the public sentiment,
had called on Congress to interpose P The pa
rent, eaid Mr. H. is sick, from the crown of his
,en * f d'0 of his foot; he asks for od and
wine to be jxiured into. Ins wounds, which would
be otherwise fatal. Where is the man who will
projKise a„y othcr antidote than that now before
us Where is the adventurous kinght who wdl
stiggest another remedy f II there be a Don Quix
ottc in |M,litics, let him appear. No, Mr. I)
sskI, not even a nostrum had been tendered to
substitute thm pUn. If no othcr remedy wnsof
ered, ought they, he asked, to higgle about de
tails, to split hairs otl the question P Mr. B.
then spoke of the Necessity of mutual concession
among legislators, without which, he said, die
dea ot icgulatiou was the most vague and illu
sory that ever entered the human mind. It was
necessary, Mr B then argued, for tlie present
diseased paper medium, since specie had 'fled
the country, or was scattered in the bowels of
t'te earth, to substitute a medium impressed with
h .* seal of the nation, tic. • If an institution were
■ s'ablished to issue a paper of that description,
we should have, he said, in lieu of a medium the
valueof whi> h will not live ten, fifteen,or twui
tv rades from the spot where we receive it, a pa
{>er which will embrace tlie Union in its grasp,
t would also be h great financial instrument, ne
cessary to the fulfilment of the national duties in
this respeC. On his head, the experience of the
last war spoke a language which incredulity it
self could not doubt, &c In , the dark
and gloomy period of the last winter,
when this subject was discussed, no doubt
had been entertained that this was he only means
of remedy.ng an ev.l from which so much was
apprehended That time, he rejoiced, had pass
ed by i but he hoped the lessons of experience
would not be permitted to pass away with the
urgency of the occasion, Sic
In regard to die derails of this bill, he sa:'
he did not see the necessity ot a mending Uii.u.
(t had been stated that this would be a pape~
bank, and in order to prevent that, an increase
of the spec e payments was suggested. Mr B
believed such an amendment was unnecessary —
Being not necessary, what, he asked, would be i s
effect ? It would be to place the hank wholly in
the hands of a few fortunate ind vidnalaor banks
who had specie in thcr possession. Thesmaller
the first payment in specie was. made, within the
limits of necessity to the • bject, in Ins opinion,
the wiser would be the pun. The esta I ali
ment of a bank, or any other sys'em, could not
be expected to afford an instant i emedv to die ex
isting evil, any more than a dose of medicine
would restore to instant he. Ithand pristine vigor
the man who had been was’ ed by long sickness.
The effect of this amendment, without accele
rating the operations of the bank, would be to
favor the monopolist of specie, &c. lie who hud
had the caution or forecast to hoard up the dol
lars and cents: the balk ot the specie to be
paid into this bank, Mr. B. liad no d mbt, ought
and must be drawn from abroad. In regard to
the argument, that the sum was too small to ena
ble the bank to commence its operations with
safety, &c. Mr. U contended that money was
two sharp sighted, too lynx-eyed m its vigdance
to lie (using a common saymg^ caught napping.
Th re was no fear, he said, of the banks being
ruined, by lending money to men pressed from
other quarters; the board of direction of a bank
iormed a barome ci m which the responsibility
of every man pass*ng before it was as correctly
graduated as the weather is by the instrument
so called ; they would u.ke care, as they aiways
did, not to part witti their dollars to accommo
date an unfor< unate debtor, flic. In answer to the
argument of Mr. King, who, he said had disco
vered that tins was to be a paper and not a specie
bank, and was to aggravate the evils it was in
tended to cure, Mr. 13 referred to the regulations
by which it was to be governed to shew that this
apprehension was unfounded. Besides, he said,
the bank would not d sregard its interest, winch
required it to continue specie payments. You
need not fence in ihe interests or this institution,
«mi-l h* , ton might as well pass a law to compel
your Secretary to receive li » salary ; interest is
the strongest security which man can give to
man. As the needle acknowledges the principle
of polarity, so does the human heart alwav*
point to its interest That objection agw.nst
tins bill, therefore, seemed to Mr. 13 to be a
chimera from winch nothing was to be appre
hended.
It was no question now, he sa d, whether bank
ing should exist—tha* bei.g beyond the control
of Congress ; butwheher it was proper that a
portion of it should be piaced under the authori
ty of the general govemmeii’, .iis.eadof its be
ing wholly under the con r .i of the states who
established banks not only in ilieir populous
towns, but even in the dreary wilderness. This
being the only quest on, He a demnly appealed to
gentlemen wneJier there could De two opinions
on that point. O got die great attr.bme of so
vereignty to be surreiHi. red by .1119 pw-t hn ent
to the authon y of the nUte legislatures > This
question he answered in he negative. Ihe
existing evil, he then argued, would be remedi
ed by die establishment of a bank, whose mflu
ence was ramified into every part of ihe United
States. 1 lie State banks had nothing to fear, if
they would conduct therasuves properly, from
such an institution. If anvol tlumon the other
hand should violate their trust, and shew a ecu
11 wouia ne in tne power ot tins
great orb to restore them to their pr- per stations.
If any of the State banks do not faifil their en
gagements, Mr. B. said if they do not meet the
occasion, their paper will sink into disrepute —
This bunk will be the sdent and efficient remedy
—it will move on almost impercepi.bly, gradual
in its approach, but certain in its effects Mr
B. took this occasion to vindicate the banks in
the commonwealth of Virginia from the charge
it had been fashionable to make against the Staie
banks, of improv deuce m their administration.
Those banks resisted to the utmost the attempts
to procure loans from them ; that which they
had, with great reluctance, from a sense of duty
refused to the government, their patriotism at
length induced them to grant to the wants of
thousands of men surrounding their capital, who
but for their relief would have greatly suffered,
kc. Where banks had wantonly abused their
privileges, he cared not what was said of them,
but he felt no disposition to put those under the
ban of the empire who liad acted thus correctly,
kc.
In regard to objections he harl heard to the in
fluence of the government over this bank, Mr.
B said his objection was, that it hud not inter
[ est enough in it ; but in this respect as in others
he was willing to obtain a great object to concede
some part of his views. He recurred to the ex
perience of liis own state to shew that no evils
had been experienced from the existence of such
a control to a much greater extent than propos
cd in this bill, «cc. No banks, he believed harl
been better conducted, or stood higher in the
pubi c opinion, than those of Virginia. If the
bank were a faithful otic, it harl nothing to appre
hend from the appointment by the government
of one-fif h of ;ts directors, to which proportion
the government was entitled by the interest it
would have with the bank. iLving thus briefly
touched on all the abjections he had heard to the
bank, Mr B Concluded by recapitulating his ar
gUments, and expressing his hope that the only
remeu as he b Jievcd, for a great evil, would be
agreed to.
Mr. Jfatan df New-IIampshire, spoke in sup
port ofhis motion to amend the bill. He certain
ly had entertained no expectation, he said, when
he submitted the motion, that it would have
drawn the bill into so gsncral discussion. Wiien
fcver a national bank had been proposed, he said,
he had always s* pported it with sucb rhndifica
tions as he thought correct, lie did believe a
well regulated institution cf this kind woued be
useful to the government; anil though the gov
ernment had at a certain period declined the ex
ercise of its power, in this respect, he felt no in
clination to prevent them from again occupying
the ground of the old United States bank. He
was, he said, now willing to give his aid in es
tab hah mg a bank on proper principles ; but Ue
n*ver could assent to this or any other nica.su e
on the ground taken by the gentlemen from Geo
gia and Virginia. The bill Was according to the
forms of the Senate, read section by section for
the purpose of amendment ; and yet gentlemen
declared they would not listen to any propositiou
to amend the bill, but take it as it stood. [Mr
Bibb explained, that his remark was confined to
unessential amendments.} It might, Mr. M. said
be difficult to define what makes an amendment
important : for him it was sutfic ent reason for
an amendment, that the bill would be better with
than without it. lie could not he said, see the
force of the objection to sending this bill back
to the house of Representatives better than it
came from them : gentlemen must certainly con
clude that that house was greatly in love with a
bail bill. It always had been held irregular to
■,u4»Kt,'t ,n on* of iL* t-ejrililattwo what
niignt have passed in debate in the co-ordinate
branch : It was certainly Mr M, said,‘more im
proper to go into a wide field of conjecture to
find out wlut would hippen there. Although
i here might be good reasons for concessions and
accommodation to the ws of the other house,
Mr. M. said they had not yet arrived to that stage
of the business u hen it was necessarv, which w«#
noiiintiltlieliou.se should refuse to accept the
amendments of the senate. It was. a dangerous
ground to assume Mr. M. added, that the house
of It.present tives would vary their groundon this
question. Although lie had us much respect for
tlip'".s he otighi, he also remarked, he should
not lake public opinion from the Representatives
of the people. The constitution prescribed to
the Senate no such practice. The course of tak
ing measures fom the popular branch of ihe
Legisla ure, believing them proper because it
has adopted diem, precludes ail legislation, Uc.
and is therefore inconsistent with the principles
of our government
Mr H agreed that the public suff red much
inconvenience from what was termed the state
of the public medium ; it was not very material
whedier it was produced by what the gentleman
from Georgia had termed swindling, or what the
gentleman from Virginia had called the patriotic
conduct of the banks. Mr. M. repl.ed to other
arguments used by the gentlemen who had op
posed Ins motion. In regard to the operation of
interest on momed institutions he said, he belie
ved that principle was felt as much by the sUie
banks as by that which it was now proposed to
incorporate: Any bank, guided by other motives,
w. uid depart from ihe objects of the institution.
Mr M. attached no sort of consequence to the
idea of the passage of tuis bill, in order to exer
cise the power of the government to regulate
the com of the country. The laws of the United
States, he said, had already regulated it : he
i knew of no lav which authorized arty officer of
thu government to receive any part of this spuri.
ous money which the gentleman said was in cir
culavon. The laws were already perfect on this
subject. II the Executive officers had received
other monies in payment than those authorized
>y law, Mr M. said, they had acted without law
—without rigU. What necessity there might
hav been fur the.r doing so, he would not now
examine. Cases might arise, in which i he officers
of the government may take upon themselves the
responsibility of neglecting the execution of a
law, &c I hat an evil ex.rted, he sa d, all agree,
and all suppose - hat the bi„k to be incorporated
by this bill will in a greater or less degree lessen
the evil, or entirely correct it. The object of
h.s motion was to give the bank the greatest pos
sible pow. r to effect these purposes. It h .d
been said, that the bank would at first move
slowly. Hut, Mr. M sa.d. lie had no sangume
anticipation that this amendment, or any other
or die prudence of the directors, would be able
wholly t. cure the ev 1. What had been the
cause ot the evil ? The banks themselves ; banks
incorporated under the same restr.c.ions as tins
bill conta ned, issue now the very rags which
had bt <*n described. The remedy now proposed,
was, Mr. M. thought, something l.ke Sangrado’s
practice : more bank paper of the s .me sort
more hot water for the same evd In rega tl.ng
the impossibility of this bank's doing any thing
but a specie busines, Mr M. undertook to as
*he charter, in its present shape, gave
the bank the power to issue notes, without even
promising payment of specie. The cliuse which
auuiorifif-s me Danic to issue notes did, in fact, for
the want of due restr.ctions, authorize ths bank
to issue notes payable when it pleased ; none
but notes payable on demand we e indeed receiv
:tble in payment of taxes to tlie government—
niigbt be issued payable two years after
date for other purposes, and would probably cir
culate as well as the notes of New York, Phila
delphia, and Baltimore. He should imagine, he
said, that, as the bsnk was now constituted, sen
sible men having the management of it, would
not attempt to do business without taking that
course. Mr. M. pointed out other defects, as
he viewed them, of the bill. There was no pro
visi n for a forfeiture of tlie charter of the bank,
or for annulment on failure of its going promptly
into operation. However, it would be idle, he
said, to discuss the bill, if tlie opinions Of the
gentlemen fmm Georgia and Virginia were to
prevail with the majority of the Senate, that it
would be dangerous to amend the bill, lest it
should fail thereby. If th.s was the opinion of
theSenate, the sooner they came to that determi
nation tlie better ; it won Id save them labor, and
perhaps character, to dec de the question at once.
The same argument might be urged, he said,
with as much propriety every day, and on every
subject, as had been principally urged against the
amendment. °
Mr. Dana, of Connecticut, said he did not ex
pect to rote for the bank bill in its present form,
but notwithstanding he did not think it would
be proper to adopt this amendment j one-twen
tieth part of the whole appeared to him to be as
large a proportion as ought to be called for in
specie at the time of subscription. If dancer
were anticipated from the smallness of thea
mount of specie, it would pet Imps }» better to
introduce into the bill a provision, that the hank
shouUl not issue paper until it had a sufficient
quantity or com to justify it in so doing. Though
he should utot vote for the bank, he should regret
~t S* iMU?s to i»dividuals who were con
necied with the institution : indeed, he should
ESiTt* ,,'e1Kr«‘*t demand for discounts
hr.m the bark, would be toen hie the merchants
to pay bonds, constantly falling due to the go
rrn,‘ f“ ,Tlice merchant*. (hr
heir notes, will obtain credits at the bank, te tlie
amount of perhaps seven,eight, or tenmillions in
I the course of the year- The United States w,l|
be the only power that can call for it 5 and, Mr.
7 Pr®'J*me<l, there wo old be no danger of a
run on the o in* from tlie government, hz.
* r‘ ot South Carolina) said, kc should
have liked to have heard the amendment argued
on its own merits, because the force of tlie argu
ment against would perhaps be weakened by
connecting it with other considerations winch
had been Drought into debate. If he approved
of the amendment, he would vote for it, though
tie would say, that for a small or inconsiderable
alteration, he would not jeopardize a great prin
ciple or a great measure, such as he coneieved
this bilL With respect to the proposed amend
ment, considering the state of the currency ofthe
country, and the known fact that specie abounds
in some parts of the country, whilst in others it
s n >t to be obtained at all—to carry the gentle
man's amendment more directly to what wouid
be its absolute result, he ought first to have pro
vided fur confining the opening of the books of
subscription to that part of the country where
specie is in a state of circulation. Without de
signing it, for he would not certainly impute sucta
a design to the gentleman, the adoption f thia
amendment would be giving a complete moi.ono
ty to the Eastern count*y. Believing it desir b e
that the benefits of this institu* ion should be ex
tended to every p»rt of the country, be mbs there
for- opposed to the amendment. The res'ora
tion of specie payments, Mr T said, was not the
work of a moment. The power to sell two mil
lions of its stoefc in the first year, of which the
bank would nodotihtav.nl itself, and the depo
sits of the government, together with the specie
paid in on the subscription, would lie said, enable
the Bank to operate to as g-eat an extent as was
advisable- This amendment, be-ides being un
necessary, would, he b -lieved, produce an undue
monopoly to one section of ’he country, and to
the boarders where the specie was not current.
It is calculated to reward those whose conduct
has had a tendency t« brirg about the very evil
now proposed to beremed ed. The umendment
would also throw advantages into the hands of
the capitalists ofdiarleston 8tc. wh ch it would
deny to those of the middle country ; for it so
happened in the oourse of trade that spec e wa&
reduced in value to about from 2 1 2'o 5 per ct.
anove inccurrcm paper ox uni siatc, n**i inure
than in ordinary times u«ed to be g ven for spe
cie in quantities. For these general reasons,
Mr Taylor was opposed to he amendment, Sic.
Mr .1Au*onofN H. remarked thatspecie was
not confined to the eastern or southern •'ates ; the
banks in the middle sta’es still re ain »s muck
specie as they ever had If the bunk might sell
stock for specie, wtiv might not individuals do
»he same, in the first instance, and piy it into the
bank ? United States’ s ock would at * certain
price command spec:e any where. Sic.
Mr. San ford spoke in support of the proposed %
amendment, denying the corec'ness of the doc
trine on which opposition was made to any a*
mendment of this bill. It was a subject, be sa.cl^
which particularly required caut on and circum
spection in deciding upon it. He consi<le"cd ho
amendment before the Senate as present;"!? thus
question: With what sum shall the ban^ com
mence its operations ? This being intended to be
specie hank, Mr. S. Said, every pmpositio" ten
ding more certainly to make it more so, was worx
thy of favorable consideration. The bill as re
strod contemplated 1,400 000 dollars in specie
as a sufficient basis for the benk to begin upon s
Mr. S. said he could not but th nk. wi’n VIr Ma
son, that this sum was too small There was
nothing in the bill to prevent the bank from is
suing 35 millions of dollars on this amount of
specie paid in if thev thought proper to do so.
Those who were called on to pay the second n«
strlment in specie would, he said, eo *oihe bank;
with its bills and drain it at once ofevetyd -II r.
To *’as* Mr- *hotighi, in other respects,
deficient in detail, as he shewed by refe>ence to
its provisions The H*nk would get no specie
but wha’ it receiv'd in Mi® firsi nmment uni'S*
t'-e course of exchange should become mor favo
r hie, or t e sta*® of things gewmllv should es
sentiaMv vary The ra*io ml and prnl®n’ course, *
he ibought, would He, to require n much cnene
as poss hie in the first ins ance. W thorn am nd
ments to regulate the pap«r issues of the bank,
uc. etc. this would be a mere pap®rl>ank, lie said,
1 ke those which already exist. The amendment
ap;>eared to h,m extremely proper, and therefore
he should vote for it
Mr. Taylor re died to Mr. Sanford, an.l quoted
the provisions of the 1 ank to shew, that the bank:
dare not issue one dollar more pap r th. n it had
a reasonable prospect of being able to honor with
gold or silver. The bank had the , ower to da
otherwise, it was true ; nd s h-,ve wc power ta
cu'Viur own throats—but the bank is no more like
than we are to commit a f lode to
second instalment being paid with the specie of
the first, Mr- T. said, it was impossible to pay
2,800,000, ('lie amount of the second instalment)
with 1.4 /0,000 (the amount of the first) and at
the worn, therefore, only one half of the sec nd
instalment could be drawn from the vaults of tho
bank, &c.
The Senate snen adjourned, leaving the pend
ing question undecided.
[The next day Mr. Maoon withdrew his mot iom
Tor the present, and subs iiuted another for it ]
' Tuesday, March 28.
Mr Lacoch yesterday submitted the following
motion for consideration ; winch is not yet acted
on
Reoolvdtl, That the committee on Military A£
fairs be instructed to enquire into the propriety
of granting bounty l»nds to such of the disbar,di
ed officers of our late army as have been disabled
by^°Un<*5 while m the public service.
The bill respecting the post office establish,
ment; the bill to authorize the Secretary of
State to issue letters patent to Andrew Kurtz -
and the bill to place certain persons on the list of
navy pensioners, were severally read a third time:
passed and returned to the House of Keprewn
tatives. 1
tlJnAW?!fi,^enre,,U?Pdthe c""»‘^ion of
Hie HANK HIM.; amt the remainder of this day
was spent in the discussion of amendments pro
ZgX&f* "M ‘•"’•’-s* -‘‘-P
1 he bill it not yet gone through.
HOUSE OF RKPItEflfcyj VTIVE*!
Turasnar, March 28.
After the presentation and reference of sev#»«i
petitions, «»er*z
n~V,r* Mid/Ueton, from the committee on naval
*na»rs, made an unfavorable reoort on the rietiti
on of the officer, and crew ,rf Cm. Barney^ fli
tdl. t which was concurred In by the House.
from a select crnnm.ttee, report
ed a bill for the relief of John H Paisley, Nathan
H. Ifasweil and Russel Jones j which was twice
read and committed
THE TARIFF.
The House then aga.n rew.lrdd itself into a
committee of the whole, Mr Kreckemidge in the
chair, on the bill for the regulation of the duties
on imports and tonnage.
Mr. Middleton m.ved to amend the second
fV° a‘ll"jt"’M>a» c,,*rl» •"<! druw)ng,
f. ce of duly j whicb motion waj ag>-t«l to
On suggestion of Mr. Steam*,, ..ml assented
to i>y Mr, l/jyndcs, chemical apparatw waa .Uj

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