per centum. This stock it might sell at great advantage; even during the present year, if the bank went successfully into operation.

The amendments to the first section having been stated, and the question being proposed to the House on that amendment which reduces the proposed capital from fifty to thirty millions of dollars,

Mr. TELFAIR, of Georgia, being desirous of fixing the capital of the bank at forty millions, as a proper medium, said he should vote against this amendment, and briefly assigned his reasons for so doing.

Mr. HAWKINS, of Kentucky, stated the reasons why he should vote against this amendment, though willing to make what he deemed reasonable concessions to those who differed from him.

Mr. TAYLOR explained, at some length, the reasons which had induced him, as a last effort to relieve the finances of the country, by the establishment of a bank, to consent to this report, embracing a compromise of his own opinions. He spoke at some length, in explanation of the provisions of this bill, and of the advantage which it held forth to the public interest.

Mr. FORSYTH briefly stated the grounds on which he was opposed to the report of the committee, and preferred the bill in its present shape. If the amendments prevailed, he contended that the will of the majority would in fact be defeated, and a bill passed on a plan, of which the majority had already expressed their decided disapprobation.

Mr. M'KEE spoke at some length in defence of the report, and to shew its superiority to the present features of the bill.

Mr. INGERSOLL Explained briefly why, although entertaining a decided preference for the bill, as it now stood, he should vote for the report of the committee in all its parts; because, being the result of a compromise, if it were not accepted, he feared no National Bank would be established-a measure which he deemed at this moment absolutely indispensable.

Mr. YANCEY said, he should give the report his decided support, and regretted that any of his friends should act differently. He considered the proposed amendments highly expedient, and, withal, that, if they were not adopted, no bank could be established at this session.

Mr. PITKIN, in a speech of some length, explained the reasons why he had been induced to compromise a part of his own opinions, in agreeing to this report, to which he had acceded with some reluctance, and for the success of which he did not consider himself responsible. Being willing to lend his aid to extricate the Government from its present financial difficulties, he had agreed to this report, which, however, he believed, embraced much too extensive a scale for the proposed institution. He went into an examination at some length of the principles of banking, principally to shew that a forced loan would be destructive to the ability or prospects of any bank.

Mr. FORSYTH replied at some length to some of the objections which had been made to the bill as it now stands, and in vindication of his own opinion; and

Mr. PEARSON added a few words of explanation in reply to a part of Mr. FORSYTH'S speech.

The question being taken, after nearly two hours' debate, on the first amendment reported by the select committee, (substituting thirty for fifty millions) was decided as follows:

The other amendments, as indicated above in Mr. M'KEE's remarks, were then all agreed to-among them being an amendment to postpone the opening of the books of subscription to the last instead of the second Monday in February.

66

A motion was made by Mr. GASTON, further to amend the bill, by striking out that part of the amendment describing the (war) stock which shall be subscribable to the Bank, and inserting, in lieu thereof, or in any of the public debt of the United States, drawing an accruing interest of six per centum, per annum, contracted or to be contracted by virtue of any act of Congress;" which motion was negatived.

The bill, as amended, was then ordered, without a division, to be read a third time to-morrow.

JANUARY 7, 1815.

The engrossed amendments to the bill were read, and the question stated, "Shall this bill pass as amended?" and the yeas and nays thereon having been required by Mr. STANFORD:

Mr. FISK, of New York, rose to assign the reasons which now influenced him to vote against this bill. His objections were, to the reduction of the capital, and to the omission of what had been miscalled the forced loan feature of the bill, which he considered one of the best. The bill, before it was amended, would, he said, have afforded to the Government, a benefit to the amount of twenty millions, but now would not afford to it a greater bonus than three millions. He objected to the amendments which had taken from the bill the control which the Government ought to have over it, and would throw the Government and the moneyed resources of the nation into the power of its political adversaries. There were also other features of the bill to which he objected, so strongly, upon the whole, that he would not vote for the bill.

Mr. HANSON of Maryland, expressed his regret to see any impediment thrown in the way of the bill. He expressed all the satisfaction he felt at being able on this occasion to redeem his pledge to co-operate with the majority, in any measure which he could hope or believe w I be beneficial to the nation. This bill, in its present shape, he remar was the result of a compromise, produced by mutual and magnanimou cessions, and at a period like this, of bitter polictial animosity, concessions reflecting equal honor on both sides of the House.

Mr. GROSVENOR, of New York, assigned, at some length, the reason why he should vote against the bill. He expressed, in a feeling manner, his regret at being compelled to vote, on this occasion, against so many of those with whom he had heretofore acted in opposition to the measures of this administration. His objections were more to the time when, and purposes for which, a bank is to be established, than to the features of this bill; to some of which he objected. He denied that it could be a specie bank, or that the bank would ever be able to get a million of its notes into circulation. The Government relying upon it would be disappointed, and ruin soon stare them in the face. He denied the operation upon himself, of the argument that this was a lesser evil than what might be substituted for it if it did not pass. He would not, he said, embrace this evil, in order to and a greater, which might not happen; he would never, he said, adopt a principle, looking towards that which imports that the end may justify the means..

Mr. TELFAIR, of Georgia, stated the reasons why, although he decidedly approved of the bill which had been first before the House, he should yet vote for this bill. He was seriously convinced, he said, that, under the present embarrassment of our circulating medium, and of the fiscal concerns of the nation, a bank was indispensable; and, though the system now before the House was one, the details of which he could not approve, he would vote for it as a last resort. He frankly intimated his hope, that the other House would propose some modification of the amendments of this House, that would render the compromise of opinion more equitable than as it now stood. Mr. T. went into a general examination of the principles and history of banking,

principally to shew that banks founded on the credit of Governments, and on public stocks, had not been as generally unsuccessful as had been contended; and he then compared the present system with that which came from the Senate, to the latter of which he gave a decided preference.

Mr. INGHAM, of Pennsylvania, believed, he said, a National Bank to be es sentially necessary, to give relief to the present embarrassed state of things. Believing this bill would contribute, in some degree, to relieve the national wants, it would receive his vote, though reluctantly; and he wished it to be distinctly understood, that, instead of its being a preferred measure, he considered the first bill as more efficient, and calculated to give the Government all it wanted. The vote of the House this day, he said, would be no test of the excellence of this system, or even of the approbation of it by the House; the question being whether the House would take this or no bank. Mr. I. made a statement of the comparative advantages and disadvantages of the two plans, giving the decided superiority to the original plan, &c.

The question on the final passage of this bill was then decided as follows:

Those who voted in the affirmative, are,

So the bill was passed, and the amendments sent to the Senate for their

concurrence.

IN SENATE.

JANUARY 9, 1815.

Ordered, That the bill and amendments from the House of Representatives, be referred to a select committee, and Messrs. Smith, Bibb, Anderson, Giles, and Varnum, were appointed the said committee.

JANUARY 13, 1815.

Mr. SMITH, from the said committee, reported the bill with a number of amendments.

[The amendments to the amendments of the House, propose to increase the fixed capital of the bank from thirty to thirty-five millions of dollars; to make the capital consist of shares of four hundred instead of one hundred dollars each; that the five millions proposed to be added to the capital, shall be added also to the amount subscribable in public debt; to disagree to the proposition of the House for striking out the section which authorizes suspension of payments in specie; to agree to the section which compels the bank to commence its operations before the first day of January, and to disagree to that which proposes to authorize a committee of Congress, at any time, to examine the books, &c. and prescribes the course of proceeding in the courts against the bank, in case of violation of its charter.]

The consideration of this report was postponed to, and made the order of the day for, to-morrow.

JANUARY 14, 1815.

The Senate resumed the consideration of the report of their select committee, on the amendments received from the House of Representatives.

On the proposition to make the fixed capital of the bank thirty-five, (instead of thirty millions, as proposed by the House) there were,

For the increase-Messrs. Anderson, Barbour, Bibb, Chase, Condit, Giles, Kerr, Lacock, Morrow, Roberts, Smith, Tait, Taylor, Turner, Varnum, Walker, Wharton-17. Against it-Messrs. Brown, Daggett, Dana, Fromentin, Gaillard, German, Gore, Horsey, Hunter, King, Lambert, Mason, Thompson, Wells—14.

On the proposition to increase by five millions the amount of public debt on war stock, to be subscribable to the bank, the vote was precisely the same as the above.

After making further progress in the discussion, the Senate adjourned before they had gone through the bill.