NAYS-Messrs. Archer, Baylies of Massachusetts, Bayly of Virginia, Bigelow, Boyd, Bradbury, Bradley, 1. Resolved, That the Committee of Ways and pion, Chappell, Cilley, Clopton, Cooper, Cox, CreighBrigham, Brown, Caperton, Caldwell, Calhoun, ChamMeans be directed to inquire into the expediency of ton, Crouch, Culpeper, Cuthbert, Dana, Davenport, authorizing the Secretary of the Treasury to issue notes Duvall, Ely, Fisk of Vermont, Forsyth, Gaston, Gedconvenient for circulation, to the amount of mil-des, Grosvenor, Hale, Hasbrouck, Hawes, Hawkins, lions of dollars, under such checks as may be thought best calculated to detect counterfeits, in which alone, and gold and silver, shall all taxes, duties, imposts, or debts due, or which hereafter become due to the Uni-sachusetts, King of North Carolina, Law, Lewis, ted States, be paid.

BANK OF THE UNITED STATES. The House then resolved into a Committee of the Whole, on the bill to incorporate the subscribers to the Bank of the United States of America..

The first section of the bill having been read,

in the following words:

H. OF R.

the exigencies of the times required greater expedition than was consistent with a more diffused subscription. It had been deemed proper, however, to add more commissioners in two or three of the cities; and he was instructed to move aclowing gentlemen were added: to the commiscordingly. And, on motion of Mr. F., the folsion at Boston, William Eustis and Samuel Brown; to the commission at New York, Isaac Lawrence and John Hone; to the commission at Philadelphia, Jared Ingersoll and Anthony Tay

lor.

Mr. SHARP, of Kentucky, then said, he was not satisfied, by the reasons of the gentleman, for limiting to so few the places of subscription, and moved, for the convenience of the Western country, to insert Lexington, in Kentucky.

Mr. ROBERTSON, of Louisiana, proposed, also, New Orleans, and argued with much force in support of his suggestion; and other gentlemen proposed other places.

Be it enacted, &c., That a Bank of the United States shall be established, the capital stock of which shall be fifty millions of dollars, and no more, divided into one hundred thousand shares, of five hundred dollars each share, and that subscriptions towards constituting the said capital stock shall be opened on the first Monday of next, at the following places, viz: Boston, New York, Philadelphia, Baltimore, Richmond, Charleston, and Pittsburg, under the superintendence of the following persons, as commissioners to receive the same: at Boston, James Lloyd, Thomas Perkins, and William Gray; at New York, General John Smith, Isaac Bronson, Theron Rudd; at Philadelphia, Thomas M. Willing, Stephen Girard, Chandler Price; at Baltimore, Henry Payson, William Cooke, William Wilson; The motion of Mr. SHARP being the one imat Richmond, Benjamin Hatcher, John Brockenborough, William Preston; at Charleston, John C. Fa- mediately before the House, gave rise to considerable debate. The motion was supported by ber, John Potter, James Carson; at Pittsburg, George Robinson, Samuel Robert, and Henry Baldwin; which Messrs. SHARP, ROBERTSON, LEWIS, MACON, subscriptions shall continue open every day from the WRIGHT, PEARSON, HARRIS, HOPKINS of Kentime of opening the same, from ten o'clock in the fore- tucky, BURWELL, and BARNETT, and opposed by noon until four o'clock in the afternoon, until the Sat-Messrs. FISK of New York, OAKLEY, CREIGHTON, urday following, at four o'clock in the afternoon, and INGHAM. when the same shall be closed; and immediately there- On the one hand, various arguments were after, the commissioners, or any two of them, at the urged in favor of extending the subscription, respective places aforesaid, shall cause two transcripts founded on the equal rights of all sections of the or fair copies of such subscriptions to be made, one of country to participate in any general benefit; the which they shall send to the Secretary of the Treasury, expediency of collecting specie from every part one they shall retain, and the original subscriptions of the country; the advantages of uniting in the shall, within three days from the closing of the same, subscription people of every quarter of the counbe by the said commissioners transmitted to the said try, and thus uniting the people of all sections to commissioners at Philadelphia, or to one of them; and, the Union by the ties of interest, which are freon the receipt thereof, the said commissioners at Philadelphia, or any two of them, shall immediately there- quently stronger than those of legal or moral after convene, and proceed to take an account of the force. On the other hand it was said, besides said subscriptions, and if more than the amount of the the delay inseparable from such a course, that it was important that the bank should be put into said capital stock of thirty millions of dollars shall have been subscribed, then the said last mentioned commis-operation speedily, if at all, and that its comsioners shall apportion the same among the several sub-mencement would be greatly delayed by multiscribers in a just and equal ratio, according to their several and respective subscriptions: Provided, how ever, That such commissioners shall, by such apportionment, allow and apportion to each subscriber at least one share; and in case the aggregate amount of the said subscriptions shall exceed thirty millions of dollars, the said commissioners, after having apportioned the same as aforesaid, shall cause lists of the

apportioned subscriptions to be made out, including in each list the apportioned subscription for the place where the original subscription was made, one of which lists shall be transmitted to the commissioners, or to one of the commissioners, under whose superintendence such subscriptions were originally made, that the subscribers may ascertain from them the number of shares apportioned to such subscribers respectively.

Mr. FISK, of New York, stated the reasons which had influenced the Committee of Ways and Means in confining to a few cities and towns the books of subscription, which were, generally, that the Atlantic cities were the principal repositories of specie and superfluous wealth, and that

plying places of subscription. It was also said, that if this motion were withdrawn, an amendment might be devised by the Committee of Ways and Means, which would meet the views of all parties.

Mr. SHARP's motion at length prevailed. Lexington, Kentucky, was inserted, as one of the places at which subscriptions should be opened, and Messrs. Charles Wilkins, Lewis Sanders, and John H. Morton, designated as the commissioners.

On motion of Mr. ROBERTSON, New Orleans was then added, and commissioners named for that place.

On motion of Mr. HARRIS, Nashville was added, and Robert Weakley, Felix Grundy, and John R. Bedford, named as the commissioners.

On motion of Mr. LEWIS, Washington City was added, and Robert Brent, Walter Smith, and Thomas Swann, named as commissioners. [Mr. FISK, of New York, named John Mason, Daniel

Carroll, and John P. Van Ness; but Mr. LEWIS's motion being the first made was agreed to.]

On motion of Mr. MACON, Raleigh, in North Carolina. was inserted, and Sherwood Haywood, Beverly Daniel, and William Peace, named as commissioners.

On motion of Mr. FORSYTH, Savannah, in Georgia, was added, and John Bolton, Charles Harris, and James Johnson, named as commissioners.

On motion of Mr. CONDICT, New Brunswick, in New Jersey, was added, and James Vanderpool, John Gray, and Peter Gordon, named as commissioners.

Mr. GROSVENOR moved to add Utica, in New York, and John C. Devereaux, Benjamin Walker, and Jeremiah Van Rensselaer, as commissioners; but the motion was negatived, after some objections by Mr. INGHAM, and replication by Mr. GROSVENOR.

On motion of Mr. WEBSTER, Portsmouth, in New Hampshire, was added, and John Goddard, Nathaniel A. Haven, and Nathaniel Gilman,

named as commissioners.

On motion of Mr. KILBOURN, Pittsburg was stricken out, Chilicothe, in Ohio, added, and Samuel Findley, Thomas James, and William McFarland, named as commissioners.

Mr. LEWIS then made a motion, the object of which was to establish the principal bank at the City of Washington, in this District.

This motion was opposed by Mr. FISK, of New York, who said that the Committee of Ways and Means had fixed on Philadelphia, in preference to New York and other places, to be the seat of the principal bank, as being a place of greater security and greater wealth, and as being more central to the commercial transactions and wealth of the country, &c.

NOVEMBER, 1814.

and with a view to ascertain whether the House were disposed to hear him in support of his motion at that late hour of the day, he moved that the Committee now rise. This motion was negatived.

Mr. GASTON proceeded, in a speech of considerable ability, and more than an hour in length, to lay before the Committee his views in relation to this bill. He professed himself anxious for the establishment of a National Bank, which he had always favored when opportunity offered. But it was his decided conviction, he said, that a bill like that on the table would not answer the purposes of the nation or of the Government. This view of the subject he supported by various objections to different features of the bill, and particularly to the mode of subscription in stock of the United States; the operation of all which he contended would be to throw into circulation a quantity of paper, founded not on a specie capital, but on the credit of the United States stock, &c., which would therefore be of no greater value than any other paper which the United States should make receivable in taxes, though much more expensive to the United States than Treasury notes or bills of credit would be, &c. In support of this idea, Mr. G. adduced many illustrations, from writers on this subject, from our own history, and

from analogy. He objected also to the proposed appointment of a part of the directors by the President, to the large portion of the stock to be held by the United States, &c. He wound up his arthat as he was friendly in principle to the estabgument on these and other points by observing, lishment of a National Bank, he should not consider himself as doing his duty, if, while he disapproved of this plan, he did not offer another as a substitute to it. Instead of a bank of a nominal capital of fifty millions, he would establish a bank whose capital should not, at farthest, exceed Mr. LEWIS said, he had no doubt that the gen- twenty millions. He considered it as by no means tleman from New York preferred Philadelphia important to its success that the Government to this place, as he had already given sufficient should subscribe a cent to its capital stock; but evidence of his candor in that respect. The Mil-as that was a fashionable idea, he would say a itary School, the National Bank, and every institution of a national character, had been contemplated to be fixed at this place by those who located the Seat of Government here, &c., and so they ought to be, &c. Besides, there might be many gentlemen who would vote for a bank to be established at this place, who would, on Constitutional grounds, be opposed to its establishment elsewhere. He, therefore, hoped his motion would be agreed to.

Mr. LEWIS's motion was negatived, about fifty members only rising in favor of it.

On motion of Mr. Fisk, of New York, an amendment was adopted, authorizing the Philadelphia commissioners, in case thirty millions should not be subscribed and returned to them within the time allowed, to open the books at Philadelphia until the whole should be sub

scribed.

Mr. GASTON, of North Carolina, then said, before the Committee proceeded further in the bill, he wished to propose a material amendment to it,

portion of the capital, five millions, should be subscribed by the Government; that the remaining fifteen millions should be subscribed by individuals, five millions of it at least in specie, the remainder either in Treasury notes at par, or in six per cent. stock of future loans at par, or six per cent. stock of former loans at the price at which it was contracted for with the Government. So far from such stock being inalienable, as now proposed, he would permit the directors to manage and dispose of it as they pleased. They might lend money to the Government if they found it to their interest and convenience to do so. He would abolish from such a charter the idea that the fiat of the President should at any time suspend the payment of specie by the bank, &c. If any plan of a National Bank could succeed, it must be on something like the plan of which this was the outline. To try the principle of this bill, and whether the House were disposed to accept any amendment whatever to it, Mr. G. concluded his speech by moving to strike out fifty

millions (the proposed capital stock of the bank) and insert in lieu thereof twenty millions.

On motion of Mr. HOPKINS, of Kentucky, the Committee then rose, and obtained leave to sit again.

TUESDAY, November 15.

Mr. JOHNSON, of Kentucky, offered for consideration the following resolution, in conformity to a representation of the Legislature of Kentucky at the last session :

"Resolved, That the Committee of Claims be instructed to inquire into the expediency of paying for wagons and horses lost in the campaign of the Northwestern Army, in that division of it commanded by

General James Winchester."

Mr. YANCEY, of North Carolina, moved that the resolution lie on the table, alleging as a reason therefor, that a general bill on the subject of such claims had been reported by the Committee of Claims, and was now before the House.

The resolution was ordered to lie on the table accordingly.

H. or R.

ing of debentures to all those persons to whom balances appeared to be due by Government, which, from the insufficiency of appropriations, or from other causes. had not been paid. He thought, therefore, this motion had better lie on the table, until the House had acted on that suggestion, or at least until it could be ascertained what were the amount and character of those balances. For his part, Mr. E. said, he had no knowledge of their existence. There might be some such, but if there were, they were small in amount and few in number. Such as they were, they might have arisen from the deficiency in the authorized loans; but he believed means were in operation for meeting all the demands of the Government without the intervention of any provision of this kind. He, therefore, moved that the resolution should lie on the table.

The motion to lay the resolution on the table was agreed to.

On motion of Mr. INGHAM, of Pennsylvania, a resolution was adopted requesting the Secretary of State to cause the members of Congress to be furnished with the volumes of the new Digest of the Laws as they might be respectively finished.

NATIONAL BANK.

Mr. EPPES, of Virginia, in introducing the following motion, remarked, that in the late calls of the militia from different parts of the United The House again resolved itself into a ComStates, the persons composing most of the de-mittee of the Whole, on the bill to incorporate tachments had been compelled to leave their the subscribers to the Bank of the United States homes with that clothing suitable for the summer of America. season, but unfit for that now approaching; and, in various instances, they were suffering for want of clothing fit for the season. They are unable to return for clothing, and in many instances are not able to procure it. To bring this subject before the House, Mr. E. moved

"That the Committee on Military Affairs be instructed to inquire into the expediency of authorizing the Secretary of War, on the application of the commanding officer of any detachment of the militia, to furnish the necessary clothing to such of the private soldiers of the militia as may require it, and to deduct the same from their pay."

tal of the bank twenty instead of fifty millions of The motion of Mr. GASTON to make the capidollars, being still under consideration

Mr. Fisk, of New York, spoke in reply to Mr. GASTON's speech, and in explanation of the views of the Committee. He declined replying to Mr. G.'s objections to various details of the bill, until those details should come immediately under the consideration of the House; but applied his observations particularly to Mr. G.'s objections to the amount and character of the proposed capital of the bank. The objects of the Committee of Ways and Means in proposing such an institution, ought ever to be kept in view in this discussion. They were, generally, the revival and support of the public credit. These objects could be best accomplished: 1. By raising the value of the public stocks; and, 2. By the establishment of a competent circulating mediMr. BRADLEY, of Vermont, offered the follow-um. Mr. F. then entered into an argument to ing resolution for consideration:

The motion was agreed to.

On motion of Mr. BIGELOW, a resolution was twice read, and ordered to be engrossed for a third reading, directing a copy of the public documents to be furnished to the Historical or Antiquarian Society of Massachusetts.

"Resolved, That the Committee of Ways and Means be instructed to inquire into the expediency of allowing interest to the public creditors, whose balances have been stated at the Treasury."

Mr. EPPES inquired on what views this motion was grounded.

Mr. BRADLEY said he had understood that in some cases balances had been struck at the Treasury, in relation to army supplies particularly, and remained unpaid. He could not see why the United States should not pay the interest on such balances until they were paid.

Mr. EPPES said that in his report the Secretary of the Treasury had contemplated the issu

show that the plan now before the House was that which would best accomplish these objects. He referred to the history of the former Bank of the United States, established with similar objects, and under like circumstances, and from its efficiency argued what might be expected from this bank. The Committee, in inquiring as to the amount of circulating medium which could be now advantageously employed, had fixed on fifty millions, which amount had also received the sanction of the opinion of the Secretary of the Treasury. The present banking capital of the nation being estimated at an hundred millions, it was believed by the Committee that the addition of fifty millions would not be danger