Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-07-17

the concerns of the Bank now, was to prove SO in
furious to that section of the country, how much
for them would it DO in Is or 90 years hcnce
and if, in this point of view, tho prcsent was not
really the hest time for them to be called on TO nav
up those debts, hc wished to hear that better
could be pointed out. Ifthis argument WINS TO hold
good as a reason for renewing the present charter
of the Bank he would be glad to know what use
there was in limiting its duration at all They
ought rather to make the charter perpetual. He
looked at the subject altogether i'm different point
OF view from tho honorable gentleman. Mr. w.
asked, could society have any possible interest in
sustaining u system of false credit. bv which ner.
sons in embarrassed situations were but too often
supported and encouraged in wild speculatons and
otherwise TO act in manner extremely prejudical
to themselves, well the public He appre
hended that those persons who raised money from
the Bank, on fair business paper would nav il nm
without dihiculty and that no Inconvenience could
arise to the community, or ut least to such an ex-
tent as to make it matter worthy of being urged
US an argument for renewal to the Senate unless
what we feared should prove to be the case that
the larger portion of which that debt of thirty mil
lions was founded, was accommodation paper But
to the persons who obtained loans on that kind
OF security, payday must sooner or later come
round, and they might as well prepare for it now ;
indeed, better than have the time of payment OK.
tended--and if for no other reason, he would con-
slider 1t the true interest ct society to put stop to
the description of business, tho consequences of u
vicious paper system, which we'll described ON
former occasion, by the Secretary of the Treas.
ury, to be unsafe for the Bank ITSELF as it was
ruinous to tho country.
He would say upon this subject, TO the geutlc
man from Massachusetts, no contcndcd that it must
involve the debtors in the valley of the Mississippi
in one universal ruin, that, the argument thus
used, II good for any thing, would make it
sary to grant perpetual charter, let the ruin be
what it may lie was prepared to meet it, sooner
than sanction such principle. The gentleman
had charged upon the President, that he seemed TO
chide the Senate for Introducing the subject of the
null noftt th,n
sident himself had invited them to the considcra-
ton of the subject. MIR. w. said, however, he had
yet to learn in what way that invitation had been
gwen. True 1t was, he had called their attention
TO IL IN his early messages. But that was with
view to elicit public opinion, but not to invite act
ION on the subject, until, i'll his opinion, the proper
time should come round, viz. the approach of the
expiration OF the charter But, if the honorable
member thus considered the message of 1929, why
did he not then take up the subject? Why had he
SO long permitted it to lie over? He had told the
Senate that it could not be omitted longer WHY?
lhat 1t VIII be necessary for tho bank tc know
precisely the views of the Executive, as to the re.
newa'; that If those views adverse to the in
terest OF the institutions then they would every
means to defeat that reelection. If he concurrcd
with their views, then there no immediate me-
cesslty tor the renewal. Thus the question had
been put fairly to the House and to the country
But, it this was to be the conduct of the bank
now, what would it be at the expiration of the time
granted by the present bill Will there not be then
Ia
tural consequences resulting to the country from
such state OF things9 Why, it must be that who
ever shall then be Gliding the rens of Govern
ment, and who may, from the purcst motives, re-
| gard this institution injurious to the country
Will be coerced into the support of it, or risk his
elevation. Was this, could it be endured by the
country? He asked was not this more than most
other objections urged against the institution
amongst the strongest? He thought if such time
should ever arrive, that any monied corporation
could dictate what man should be elevated, or what
course chosen by public officers, it would be n most
disastrous state of things. He therefore was con-
strained to say, that above all other times the pre-
sent was the most unfit, the most unpropitious
that could be chosen for the introduction of the
present bill.
Mr.. w. then replied at large to Mr. WEBsTER's
remarks on the constitutional points involved i'm the
message; in the course of his reply, arguing at
some length, that the conduct of the House, when
they refused the old Bank an extension of time to
WIND up its concerns, with other circumstances,
FULLY justified the President in considering this an
unsettled ltigated point; and as such, he might
wen consider 1t unconstitutional. Mr.. w. here
quo-cd from the message the parts in relation to
the supreme Court, and on their decisions; which,
he commended, amounted to no more than that il
was the Presidents opinion. that, if they gave any
decision that he should think unconstitutional
that he was not to be bound by it. He dissented
from the doctrine of Mr.. Webster, and rather
branch OF the Government had in such cases, a
right, and it their duty, to act upon their own
conception of what is right, &c.
:, After indicating the message of the President,
niT w. concluded by saying, that he did not think
1T liable to the objections that were urged by the
Honorable member from Massachusetts: that what
ever course the present question might take, if
notwithstanding the message, constitutional ma
Jority OF two-thirds of the Senate should think it
right to vote for the passage of the BILL they would
40 so. lie, however, Thought il was better il
should not now be stirred up, they had the views
OF .ne Executive on the subject, which might be
acted upon at another time with more advantage
But IT 1t was the wish of the President and
directors OF the Bank to mix up its affairs with the
politics OF the day. to annoy the Chief Magistrate
IL would be as we'll perhaps that the country should
mno" h-that should go out fairly to the People,
That the election of the President was to be opposed
by them, because he would not yield his opinion in
their favor and that he had the manlness to stake
all MS prospects, his character &c. in refusing his
assent To a bull which Inc believed to be of mpor-
lance to tho liberties of his country. Mr. W. did
not despair that when it should be SO known be the
result what 1T might, and when reason would be
perH1ltlcd to resume her wontcd empire no man
would deny to him honesty OF intention and that
the act itself would be considered one of the most
splendid that had occurred i'm the course of his no.
litical life.
Mr. HOLMES followed and spoke seme Time;
whcn the Senate took a recess till O'clock
At the Senate resumed its sitting. and NJ
HOLMES concluded his remarks After him.
Mr. EWING and Mr.. CLAYTON successfully
addressed The Senate; when Mr.. CLAY took the
moor bat 1t being late, he moved an adjournment
ana, at eight o'clock, the Senate adjourned
HOUSE OF REPRES ENTATIYES,
YIN motion of Mr.. POLK, took up the Scnate,s
resolution fixing upon Monday, the 10TH as the
u'y ior the adjournment of Congress-; and after
al lhehectual attempt to amend it by fixing an
earlier day, agreed TO the resolution.
90 Inc dolh OF the present month is agreed to as
the day of adjournment 90
-, The bill for the relief Of Invalid Pensioners
Ihereln mentioned, having been returned from the
Ill