Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1811-06-03
CONGRESS-.
~ SENATE.
L. SENATE.
BANK OF THE UNITED STATES.
(MR. CHESS SPEECH coEcLUDzD.)

4
| Upon the question respecting the expedi-
ency of the renewal ofthe Bank charter, tie
! friends of the bin claim the whsle weight Of
the argument; whilst some OF It's opposers
/, tacitlv- acquiesce in and others family oppose
this lofty pretension Notwithstanding these,
circumstances, ] entertain very great doubts
upon that point. There appear to me to be
considerations OF g-ear weight agz:nst Il per-
haPs more than sufficient 70 c0an.erbaiarcc
those urged in favor OF It. Both the eent.e-
men in favor OF the bill relied very much unou
the suggestion, that the prosperity OF the u
nited States was attributable IN very great
degree, indeed almost exclusively, TO the es-
tablshment and operation Of the Bank of the
United States ! believe, SIR, nothing is more
difficult than to ascertain the true causes OF
the wealth and prosperity of nations very
few writer's have been successful in the in
vestigation of that intricate subject but the
Observation-Disclosures and operation oftac
Bank of the United States are amongst the
last causes to which would ascJibe their
rapid increase OF wealth and their general and
extensive prosperity. It is not to any adven-
titious, local causes we are 10 look for their
universal effects. II were TO look for these
real causes, should expect to find them, in
the genius and wisdom of our political insti-
tutions; in permitting every citizen to en-
ploy his faculties at his own discretion for
the attainment of property; and securing to
him the Derfec- and uncontrolled endowment of
| it when acquired. Each citizen thus acquiring,
wealth and prosperity TO himself, would OF
caurse accumulate the general stock, &c.
| These inestimable blessings, have also been
attended with signal and peculiar advanta-
ges, with an exemption from wars, and all o.
ther great polticalcalamities &c. SC. whist
that portion OF the world with waicn we hare
| the most extensive commercial relations nas
been, and still Is, unhappiy involved IN wars
almost interrniaable and of the r7ost disas-
trous characters from which, TIL latterly,
our commercial fellow citizens have derived
advantages almost incalcuiable, and Of course
added greatly to the general stock of wealth
! and prosperity, &c. To these and such like
causes, permanent IN their character, and
universal in their operation, are properly TO
! be ascribed the general wealth and prosper
! ity OF the nation land not TO the attentions
tie creation of q ts>1,r 8 stil
J less should we RELY upon this cause, when we
reflect that the bank is local in it's operations
whilst the scene of prosperity is universal
| through the United States pervading those
parts of them where the operations of the
bank are scarcely known, and its influence
never felt; as much as those parts immedi-
ately within the focal point OF its influence,
sc. This argument, therefore, ! conceive
has been urged by the friends of the bill,
greatly beyond its real merits, and received
with too much facility and effect by its oppo-
seys.
The gentleman from Georgia (Ndr. Craw-
/ ford) upon introducing to the consideration
of the Senate the report of the Secretary OF
the Treasury, was pleased to say, that he
should rely in some degree upon that report
although he knew, that mentioning it would
excite invidious feelings in some of the
members of this body. l. do not know to whom
the gentleman meant to apply his allusion.
] can only say for myself, that ! think the
report is entitled to a respectful attention.
that would give it the same respect, that
would show 10 report from the head of any
other department. Il has always been my
invariable habit, to form my opinions from
the facts contained in the documents before
me, regardless of the authors of them nc
could ever condescend, in the discharge OF
my duty upon this floor, TO permit personal
considerations to interminglc with still less
bias nv deliberations. But. sir, ! see nothing
very operative in the Secretary's report
He says in substance that he has found in
practice the Bank of the United States to be
a convenient instrument for facilitating the
management of the fiscal concerns Of the ma
1t is also true that the Secretary has found
II convenient, and has venturcd TO express his
opinion in favor of the constitutionality Of the
bank bill; and | am willing to give credit to
the opinion, for what it is worth. No gentle
man would say it ought TO preclude the free
exercise Of opinion BY others < j acknowl-
edge, upon this particular subject, am not
inclined to give il the weight, TO which that
gentleman's opinion would be entitled upor
other occasions because he has uniformly
manifested too much zeal for the success O
this bill, to leave the mind perfectly free il
the investigation. He has for a long time u
sed such various and incessant means to ef
feet the renewal; that his mind must be il
some degree Invested Of that GOODNESS art
impartiality, which are indispensable to
critical and correct analysis ofthe constita
ton.
The gentleman from Gcorsia (Mr Craw
ford) observed, that it was better to have
bank dependant on the United States. tha,
to increase the dependence OF the govern
ment on the state banks, over which tho go
vernment Of the United States cannot eNcr
else any control would submit to the hor
gentleman upon further reelection to say
whether the remark is applicable IN th
bill under consideration Af.rr the cnartc
is once granted, i see no con-rol reserved
the pOyern-nrut f,z. fhc ....t,t~,I,s,, a., IN 81,