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demand, shall be receivable in all payments to the United States, unless otherwise directed by act of Congress.

SEC. 13. And be it further enacted, That if the subscriptions and payments to the said bank shall not be made and completed, so as to enable the same to commence its operations, or if the said bank shall not commence its operations on or before the first day of April, one thousand eight hundred and sixteen, then, and in that case, this act shall be null and void.

SEC. 14. And be it further enacted. That it shall, at all times, be lawful for a joint committee, of both Houses of Congress, appointed for that purpose, to inspect the books, and to examine into the proceedings of the corporation hereby created, and to report whether the provisions of this charter have been, by the same, violated or not; and whenever any committee, as aforesaid, shall find and report that the charter has been violated, it may be lawful for Congress to direct a scire facias to be sued out of the circuit court of the district of Pennsylvania, in the name of the United States, (which shall be executed upon the president of the corporation for the time being, at least fifteen days before the commencement of the term of said court) calling on the said corporation to show cause wherefore the charter hereby granted, shall not be declared forfeited; and it shall be lawful for the said court, upon the return of the said scire facias, to examine into the truth of the alleged violation, and if such violation be made appear to the satisfaction of the court, the same shall be certified to Congress, who shall have power, by law, to annul the said charter: Provided, however, Every issue of fact which may be joined between the United States and the corporation aforesaid, shall be tried by jury. And it shall be lawful for the court aforesaid, to require the production of such of the books of the corporation as it may deem necessary for the ascertainment of the controverted facts.

SEC. 15. And be it further enacted, That, during the continuance of this act, and whenever required by the Secretary of the Treasury, the said corporation shall do and perform the several and respective duties of the commissioners of loans for the several States, or of any one or more of them, at the times, in the manner, and upon the terms to be prescribed by the Secretary of the Treasury.

SEC. 16. And be it further enacted, That no other bank shall be established, by any future law of the United States, during the continuance of the corporation hereby created, for which the faith of the United States is hereby pledged: Provided, Congress may renew existing charters for banks in the District of Columbia, not increasing the capital thereof; and may grant charters, if they deem it expedient, to any banking association, now in operation in the said district, and renew the same, not increasing the capital thereof. And notwithstanding the expiration of the term for which the said corporation is created, it shall be lawful to use the corporate name, style, and capacity, for the purpose of suits, for the final settlement and liquidation of the affairs and accounts of the corporation, and for the sale and disposition of their estate, real, personal, and mixed, but not for any other purpose, or in any other manner whatsoever, nor for a period exceeding two years, after the expiration of the said term of incorporation.

FEBRUARY 8, 1815.

A motion was made, by Mr. GILES, to refer the bill to a select committee.

On this motion a wide debate took place. The argument for reference was, the usage in such cases, where a bill was introduced by an individual member; the argument against it was, that, though the bill was recently introduced by an individual member, the subject was one which had been widely discussed, and was well understood by every member.

The motion to commit the bill was negatived-18 to 16.

The Senate proceeded, as in committee of the whole, Mr. ANDERSON in the chair, to the consideration of the bill.

Mr. GILES moved an amendment, the object of which was to confine the stock, (payable on account of subscriptions to the capital of the bank) to such stock as should be hereafter created.

After an animated and interesting debate, this motion was negatived.
For the motion,
Against it,

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The Senate resumed the consideration of the bill.

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15,
18.

FEBRUARY 10, 1815.

Mr. GILES moved to strike out that part of the rules for the government of the bank, which follows:

"But the said corporation shall be bound to lend to the Government of the United States, reimbursable at their pleasure, thirty millions of dollars, at an interest not exceeding six per centum per annum; in such sums, and at such periods, as may be convenient to the Government of the United States, whenever any law or laws of the United States shall authorize and require such loan or loans."

"Until the first Monday of April, 1816, it shall not be obligatory on the said corporation to pay its notes in specie; but all the notes of the said corporation, whether payable at the seat of the bank in Philadelphia, or elsewhere, shall be payable in other notes of the said corporation, or in treasury notes, at the option of the applicant; and, if at any time during the continuance of the present war between the United States and Great Britain, and a period of one year after the termination of the said war, demand shall be made upon the said corporation for gold or silver coin, to an amount, and under circumstances, which induce a reasonable and probable belief that the specie capital may be greatly diminished or endangered, it shall be lawful for Congress, on the petition of the directors, to authorize the suspension of specie payments, for such time or times as they may deem proper.

After much debate, the question on this motion was decided as follows: YEAS. Messrs. Brown, Daggett, Dana, Fromentin, Gaillard, German, Giles, Goldsborough, Gore, Hunter, King, Lambert, Mason, Thompson, Wells-15.

NAYS.-Messrs. Anderson, Barbour, Barry, Bibb, Chace, Condit, Howell, Kerr, Lacock, Morrow, Roberts, Robinson, Smith, Talbot, Tait, Turner, Varnum, Wharton-18.

On motion, by Mr. GORE, to amend the bill, by inserting therein a provision "that the authority of the bank, to pay its notes otherwise than by specie, shall be expressed on such note," the vote stood as follows:

YEAS.-Messrs. Brown, Daggett, Dana, Fromentin, Gaillard, German, Giles, Goldsborough, Gore, Hunter, Kerr, King, Lambert, Mason, Thompson-15.

NAYS.-Messrs. Anderson, Barbour, Barry, Bibb, Chase, Condict, Howell, Lacock, Morrow, Roberts, Robinson, Smith, Talbot, Tait, Turner, Varnum, Wells, Wharton-18.

On the question, "Shall the bill be engrossed and read a third time, as amended?" the vote stood as follows:

YEAS-Messrs. Anderson, Barbour, Barry, Bibb, Chace, Condict, Howell, Kerr, Lacock, Morrow, Roberts, Robinson, Smith, Talbot, Tait, Turner, Varnum, Wharton-18.

NAYS.-Messrs. Brown, Daggett, Dana, Fromentin, Gaillard, German, Giles, Goldsborough, Gore, Hunter, King, Lambert, Mason, Thompson, Wells-15.

FEBRUARY 11, 1815. The bill was read the third time; and, on the question, "Shall the bill pass?" the vote stood as follows:

YEAS.-Messrs. Anderson, Barbour, Barry, Bibb, Chace, Condict, Howell, Lacock, Morrow, Roberts, Robinson, Smith, Talbot, Tait, Taylor, Turner, Varnum, Whar ton-18.

NAYS.-Messrs. Brown, Daggett, Dana, Fromentin, Gaillard, German, Giles, Goldsborough, Gore, Horsey, Hunter, Kerr, King, Lambert, Mason, Thompson-16. So the bill was passed, and the concurrence of the House requested therein,

HOUSE OF REPRESENTATIVES.

FEBRUARY 13, 1815,

A bill from the Senate, to incorporate the subscribers to the Bank of the United States of America, was brought up, and read the first and second time.

Mr. GASTON moved to refer the bill to the Committee of Ways and Means, with a view to the amendment of its details; which he pronounced to be incorrect, and, in many respects, impracticable.

This motion was opposed by Mr. FORSYTH, and by Mr. FISK, of N. Y., who argued in favor of the correctness of the details of the bill, and denied that any other object but delay would be answered by the proposed reference. The motion was negatived.

Mr. SHARP then moved to refer the bill to a select committee, with the fol lowing instructions:

1. To strike out all that part of the bill that allows fifteen millions of dollars of the capital of the said bank to be paid in six per cent. stock of the Uuited States, hereto. fore created, and now in the hands of stockholders; and then amend the bill, so as to allow the Government to take the said fifteen millions on their account.

2. That all the Government subscriptions shall be paid in stock at five per cent. interest.

3. That the Government shall have a number of directors in said bank, equal to the proportion it may have of the capital of the bank; who shall be appointed by the Pre. sident of the United States.

4. That, so long as the bank shall not be required to pay specie for its notes or bills, or after having commenced paying of specie, shall, from any cause, stop the payment of the same, the Government shall not be required to pay to the bank a higher rate of interest, on any loans to Government, either as permanent loans, or in anticipation of loans, than four per cent.

5. That the bank shall not be allowed to sell, or transfer, any part of the Government stock, that it may acquire by permanent loans to Government, until the end of one year after the war.

In support of this motion, Mr. S. made a speech of nearly an hour in length. Mr. FORSYTH replied to the principal points of this speech, at considerable length.

Mr. SHARP explained.

Mr. OAKLEY expressed himself, in a speech of some length, as favorable to some of the objects of the motion of Mr. Sharp, and as preferring them, generally, to the present provisions of the bill.

Mr. CALHOUN expressed himself in favor of commitment, though friendly only to two of the proposed instructions, viz: the reduction of the interest on loans to the Government, and striking out the old stock. He assigned the reasons, also, why the plan of a bank now before the House, did not meet his approbation.

Mr. HAWKINS, Mr. WRIGHT, Mr. RHEA, of Tenn. and Mr. FORSYTH, further opposed the commitment; and Mr. OAKLEY, Mr. BowEN, and Mr. GASTON, advocated it.

The question on Mr. SHARP's motion having been divided, the question on reference to a select committee was taken, separately from the instructions proposed to be given to the committee, and,

On the question of commitment, the vote stood, by yeas aud nays, as follows:

For commitment,

Against it, . . . .

75,

80.

Mr. GASTON then moved to refer the bill to a committee of the whole; which motion was decided in the negative.

Mr. SHARP then moved to amend the bill, by striking out so much as allows the subscription of stock heretofore created.

This motion was supported by Mr. DUVAL, and opposed by Messrs. WRIGHT and HUMPHREYS; and was negatived, by yeas and nays, by the following vote:

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Mr. SHARP then moved to amend the bill, by limiting the interest to be given by the Government on loans from the bank, to four per cent; which motion was also negatived, by yeas and nays, as follows:

For the motion,

Against it,

The House resumed the consideration of the bill.

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Mr. FORSYTH moved to refer the bill to a select committee.

Mr. LOWNDES superseded this motion by a motion to postpone it indefi nitely. He made this motion, not from any hostility to a National Bank, wishing, as the gentleman did, that a National Bank should be established; but, because he wished it to be done at a time, and under circumstances, which would give the House ability to decide correctly on the subject. He believed, he said, and he was not alone in that opinion, that the present moment was a most unfavorable one for the establishment of a bank. It must be known that, long as the subject of a bank had been agitated, there had been important differences of sentiment as to the principles of such an institution, which had been suppressed because of the pressure of the times. Among other objections to acting on this subject at present, he said, it was no trifling one, that the suspension of specie payments by the State banks, which every one considered an evil, would, unquestionably, be prolonged by it. In the fragment of the session which now remains, there would not be time to enter into a consideration of these points; and, if there were full time, the mere circumstance of the new and almost insuperable difficulties arising from a new state of things which now present themselves, ought to suggest a reason for postponement. Congress could not now establish a bank half so eligible, or half so durable, as they could at a future session.

Mr. FORSYTH said he was perfectly aware, that the subject of a National Bank was attended with great difficulty, at this or any other session; but his opinion was, that this was the best time for an attempt of this kind. The sub.. ject had been so much discussed, that he apprehended every gentleman was prepared to decide on it without much further discussion. It was from a hope that all sides of the House could now come to some understanding, and agree on the establishment of such an institution, as should be not only valuable to the United States, but satisfactory to all parties, that he had now moved to commit the bill, which he hoped would not be indefinitely postponed.

Mr. GASTON Conceived there would be less difficulty in acting on this subject at the present session, than was anticipated by the gentleman from South Carolina. The subject has been so repeatedly discussed, that he thought it could be acted on more advantageously in the small remnant of the present session, than in the first session of a new Congress, bringing together individuals not acquainted with each others' views, and not having the advantage of hearing the subject frequently discussed. Having always been friendly to such an institution, and believing it as important in peace as in war, he hoped an experiment would be made, by referring this subject to a committee, which, whether successful or not, would not consume much time of the House.

Mr. GROSVENOR, Mr. WRIGHT, Mr. PICKERING, and Mr. FARROW, advocated the postponement; and Mr. KILBOUrn, Mr. Fisk, of Vermont, Mr. CALHOUN, and Mr. TELFAIR, opposed it.

On the queston of postponement, which was decided by yeas and nays, the vote stood as follows:

Those who voted in the affirmative, are,

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