Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1830-04-30
HOUSE OF REPRESENTATIVES.
BANK OF TIE U.N7rEo sr.arEs.

made the following rporl:
.i'hc Commlttes OF Ways and Means, 10 whom wa
referred so much of The kIcs .auo of the Prcsiden
MS relates to the Bank Of the United States. beg leave
10 report: q, .-..., ~-.r -.f
That they have bestowed upon the subject all the
intention demanded by It's intrinsic Importance, ant
now respectfully submit the result of their delibera
tons to the consideration of the House. There arc
lew subjects, having reference to the policy OF an
iabiished government, so vitay connected with the
health OF the body polite, or in which the pecunary
INTERESTS of society are so extensively aud deeply in
yolvcd. No of the attributes o. Sovereignty car
RIGS with il more solemn responsibility, or calls in
rcqu:si;i3n higher degree Of wisdom, than the pow
or ofrcguating the common currency, aud thus ljx-
ing the general standard of value for a great CON
mercial community, Composed of contedcrled States.
Such being, IN the opinion OF the committee, the
high aud dclica,etrus exclusively committed to Con-
gress by the Federal Constitution they have procec-
ded To discharge the duty assigned to them with a
corresponding OF It's magnitude and difficulty.
The most simple mad obvious analysis OF the sub
cr, as IS Presented by the message OF the Presi.
ent, exhibits the following questions far The decision
the National Legislature
l. Has Congress the constitutional power 10 in
corporate bunk, such that OF the CIi,ei S,ates3
:" Il 1t expedoat 10 eSlub Ish aud usln;ain such an
Institution
Is expedient to establish ga National Bank foun-
Did upon the credit ofthc Government and its rev
e.Iuess'
/. 1.-THE concurrence Of oil the departments ofthe
Government, at dfercn, periods of our history I'M
der eve adninisi ration, aud during the ascendcncv
country was divided after the adoption of the
present Constitution, shall be regarded as HAVING
the authority ascrbei sulh sanctions by the com
mon coBscn of all wei! regulated communities the
constitutions! power OF Congress to incorporate
bank may be assumed as p5stu!ate no longer open
to controversy. In little more than two wears after
the Government went into opera ION, and at periud
when most OF he distinguished mombcTs of the Fed
c-dl Convention were either IN the Executive or
Legislative Councils the ac;, incorporating the FIST
bank OF the United States, passed both branches Of
Congress by lar GO malDritics, and received the ,ib
eEate sanction OF President Washington, who had
then recently presided over the deliberations of the
Convention. The constitutional power Of Conrrese
to pass the act CtIucOrporaton, was thoroughly in
ves'igaed, both Ill the Executive Cabinet and in
Congress, under circumstances, in all respects pro.
prlons to dispasslon1le decision. There was or
that time, no organization of political parties and
the question was, therefore, decided by those, who
from their knowledge and experience were pecul-
ary qualified to decide corrective and who wcre on
trey free from the influence OF that party cyclic
iDent and prejudice which would Justly impair in the
estimation OF posterlty, the authority of Legislative
interpretation of The constitutional charter No per
sons can be more competent to give lust consruc
ton to the Constitution, than those who ad princno,
agency IN framing II; and no admin;s ION can claim
q more perfect exemption from all those Influences
which sometimes, peryert the judgments, even Of
tho m I5 wise and patriotic, than that of the Father
OF hrs Country, during The first term OF his sn,,,r
such were The clrcums ances, under which all the
branches of the National Leg stature solcn,ov deter
iliIiieu tilt the 9"er OF creating National Bank
was vested in Congress by the Constitution ny
bank thus created continued its operations for tn,n
~ ycars,hc period for yghlcn lis charter was Grant
ed-duting which time, public and private credit
wee raised, from PROSTATE, TO very elevated con-
dition, and the finances Of the nation were placc1
upon the most solid foundation
when the charter expired, in 1911, Couorezs "a
fused to renew It, principally owing as the Commit
tee believe, to the then existing of political par
ties. Soon after the bank was chartered the te,o
great parties that have since divided the cOuntrv
began 10 assume an organized existence. Mr. Jef;,r
son and Mr.. Madison the former in the Executive
Cabinet and the latter in Congress had been opuo
sed TO the establishment of the bank ON Constitution
al grounds, and being placed at the head of the party
most unfavorabe 10 the extension of the powcra OF
the Government by implication, the bank question
came to be regarded "a II some degree the test Il
political principle.
when Mr. JEFF .rson came into power upon the
strong tide of great po cal revolution, the odun
Of the alien and sedIton laws was m mart cnm,,u,;
Gated to the Bank Of the United States; and. al
though he gave his official sanction to act creatino
q braach of that institution at New Orleans
and to another 10 punish the counterfeitinr of it's
bills, yet, when the question of renewing the charter
came before Congress, it was discussed as a Marty
question:; ana though some Of the most DISTINGUISH
cd republicans, including Mr. Gallatin then SecTetn
~ of the Treasury, and MIR. Crawford then a mem
al the Senate, decidedly IN favor of the renev
al, sustaining the measure by able arguments the
votes in both branches u Congress were distinctly
marked as party votes. At no time since the com
Nlencenlcnt OF the Government has there existed q
more violent party excitement than that which mark
cd the period under review. 1t was the period of
the embargo, non-lncrcOuFse, and other commercial
restrictions-when the undscrmiHntinp opposition
OF the Leaders OF Tie federal party to the measures
adoptedby the administration to vindcate our rirbt
against British aggression, had caused the great ma
jority Of the American people to view these leaders
as the apoogists Of n1on, already regarded in the
light of poblic enemy. When to these circuIn
stances We add, that the stock of the bank was prn
ipay held by British subjects, and Americans OF the
unpopular party, the House viii readily perceive how
great were the national and party preiudices which
Inust have been arreycd against the proposition to
renew its charter. 1t was stated by Mr.. Clay, in a
speech delivered in the Senate, that seyen-tentbs o.
the stock belonged TO British subjects and that Ger
tain English nobhmen, and late Lord Chancellor,
were among the very largest oil the stockholders
With all these difficulties to encounter, the proposi.
foR for renewing the charter was lost only by The
casting vote of the President Of the Senate and by
majority of.a single y0rc 10 the House Of Repre-
sentativeg.
a.. 80