The second party, of course, was the one that introduced into Congress the project for a bank at this time. The bill was originally presented to the Senate; and its main features were, that the bank should absorb a large amount of the depreciated public debt of the United States, and grant to the government heavy loans on the security of a similar debt to be created; that its capital should consist of fifty millions of dollars, of which five millions only were to be specie, and the rest depreciated government securities; and that the bank, when required, should lend the government thirty millions. At the time when this plan was brought forward, all the numerous state banks south of New-England had refused to redeem their notes, or, as it was called "to ears polite," had "suspended specie payments," in consequence of which, their notes had fallen in value from 10 to 25 per cent., and specie, of course, had risen proportionally in value, and disappeared from circulation entirely. To afford the contemplated national bank any chance for carrying on its operations, or even for beginning them, it was to be authorized "to suspend specie payments," which meant, that it was to be authorized never to begin them; for, without this authority, their specie would be drained the moment their notes should be issued equal to its amount. On the other hand, all the taxes and revenues of the government were to be receivable in the paper of the bank, however much it might fall in value. In short, the whole scheme was one of those vast Serbonian bogs, where, from the days of Laws's Mississippi Company, armies whole of legislators and projectors have sunk, without leaving even a monument behind them to warn their followers of their fate. We must not, however, be extravagantly astonished, that a project which we now know was in its nature so wild and dangerous, should have found favourers and advocates. The finances of the country were then in a critical, and even distressing position; and all men were anxious to devise some means to relieve them. A large part of the nation, too, sincerely entertained the chimerical notion, now universally exploded, that it was practicable to establish and maintain a safe and stable paper currency, even when not convertible into specie at the pleasure of the holder; and the example of England and its national bank was referred to with effect, though, from its history since, the same example could now be referred to with double effect on the other side of the discussion. After an earnest and able debate, then, the bill, on the whole, passed the Senate, and it was understood that a considerable majority of the House of Representatives was in its favour.