Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-08-03


vote. OF tho IL who voted against the bank, we
know, from tho declaration of the Senator from
Maryland, General smith, now present, that he
entertained no doubt whatever oil tho constitutional
power OF Congress to establish bank, and that
he voted totally distinct ground. Taking away
his vote and adding il TO the Ia who voted Tor the
bank, tho number would have stood Ia Tor, and 10
against the power But VIC know further, that
Mr.. Gaillard, MIR. Anderson. and Mr.. Robinson,
made part OF that lG; and that IN 1919, all three
| Of them voted for the bank. Take those three
votes from the lG and add them to The Ia, and the
vote of 1911, as to the question OF the cohsttu-
| tional power, would have been II anu ID ANA oil
these thirtccn there might haze been others still
who were not governed in their votes by amy doubts
! Of the power.
| In regard 10 the Congress of 1875 far from
their having entertained any Scrupcs IN respect To
! the power To establish bank they actually passed
! "A bank bill and thereby affirmed the power 1t is
true that by the casting vote OF the Speaker oil
tho House of Representatives (Mr. Chovcs,) they
rejected another bank BILL not on grounds of want
Of power, but upon considerations OF expectancy
| in the rarticular structure of that bank.
Both the adverse presidents, therefore, relied up
on in the message, operate directly against the
gument which they were brought forward to main
tain. Congress-, by various other acts, in relation
to the Bank of the United States, has again and
| again sanctioned the power And believe it may
be truly affirmed that from the commencement of
the Government to this day, there has not been
Congress opposed to the Bank Of the United
States upon the distinct ground OF want OF pow
or TO establish IT.
| And here, MIR. President. i must request the in
diligence of the Senate, whilst 1 express few
words in relation to myself.
! i voted in 1911, against the old Bank of the
United States, and delivered, on the occasion, a
speech, i'll which, among other reasons, assigned
that OF its being unconstitutional. NV speech has
been read TO the Senate during the progress of this
BILL but the reading of it excited other regret
shan that it was read iii such wretched, bungling,
manyling During n lonu nublc liGa. IL
mention the fact not as claiming any merit for IT'D
the only great question i'll which have chan
gcd my opinion, is that of the Bank of the United
States. 1T the researches Of the Senator had car
ricd him little further, ho would, by turning over
a few moro leaves of the same book from which he
read my speech, have found that which l made in
ilSl6, in support of the present Bank. BY the red
sons assigned in it for the change of my opinion,
am ready to abide in the judgment of the present
generation and of postcriy. In 1916, being Speak
or OF the House of Representatives, it perfect
| ly in my power TO have said nothing and did no.
thing, and thus have concealed the change of OPT
Mon which my mind had undergone. But L did
not choose to remain silent, and escape responsible
! lily. chose publicly to my actual CONVEX
sion. The war, and the fatal experience of it's
disastrous events, had changed me. Mr.. Madison,
Gov. Peasants, and almost all the public men
around me, my political friends, had changed their
! opinions from the same causes.
| The power to establish Bank is deduced from
that clause of the Constitution which confcrs on
INTO effect the enumerated powers. In 1911, be-
lieved Bank of the United States not necessary
and that safe reliance might be placed the To-
cal Banks, IN tho administration of the fiscal affairs
OF the Government. The war taughtus many less
ons, and among Others demonstratcdthe necessity
of Bank of the United States, to the successful
operations of the Government. will not trouble
the Senate with perusal of my speech in 1916,
but ask It's permission to read few extracts:
| but how stood the case in 1916, when he was
| of hn
General Government to incorporate national
Bank total change of circumstances was pre-
scnted-events of the utmost magnitude had inter
vcned.
"a general suspension of specie payments had
taken place, and this had led to a train of conse-
quenccs of the most alarming nature. lie bcheld
/ dispersed over the immense extent of the United
States, about three hundred banking institutions
enjoying, In different degrees, the confidence of
the public, shaken to them all, under no direct
control of the General Government, and subject
to no actual responsibility to the State authorities.
These institutions emitting the actual cur
rency OF the United States-a currency consisting
of paper, which they neither paid interest nor
principal whilst 1t was exchanged for the paper of
the community, on which both paid. We
saw these Institutions i'll fact, exercising what had
been considered, at all times, and i'm all countries,
one of the highest attributes of sovereign,y-the
regulation OF the current medium ofsAe country.
They were no longer competent TO ASSIST the Trea-
sury, III either OF tho great operations of collection,
In fact the paper which they emitted, and which
the Treasury, from the force of events, found itself
constrained to receive, constantly obstructing
| the operations Of that Department; for it would
| accumulate where 1T not wanted, and could
not be raised where it wanted for the purposes
OF Government, without a ruinous and arbitrary
brokerage. Every man who paid to received
from the Government paid or received much
less Than he ought to have done, the differ
ence between the medium in which the payment
was effected and specie. Taxes no longer
uniform. In New England, where specie payments
had not been suspended tho People called
upon to pay larger contributions than where they
were suspended. In Kentucky, much more was
paid by the People, in their taxes, than was paid,
for example, in the State of Ohio, as Kentucky
paper was worth more than Ohio paper.
"Consldering, then, that the state of the curren-
cy was such that no thinking man could contem-
plate it without the most serious alarm; that il
threatened general distress if it did ultimately
lead TO convusion and subvorsion of the Govern
mcut-it appeared to him to be the duty of Con ress
TO apply remedy, if remedy could be devised
A national bank, with other auxiliary measures,
was proposed as that remedy. MIR. Clay said he
determined to examine the question with little
prejudice as possible arising from his former opn-
ion; he knew that the safest course 10 him, if he
pursued cold calculating prudence, was to adhere
to that opinion, right or wrong. He was perfectly
aware that, if he changed seemed to change it,
he should expose himself to some censure; but,
looking at the subject with the light shed upon it
by events happcning since the commencement of
the war, he could no longer doubt 81
He preferred, to the suggestions of the pride of
consistency, the evident interests of the commun
ty, and determined TO throw himself upon their
justice and candor"
Tho interest which foreigners hold in the exist
ing Bank of the United States is dwct upon in the
message u serious objection to the re-charter
But this interest Is the result of the assgnable ma
ture of the stock and ii the objection be well
founded, it applies to- Government stock, to the
stock in local banks in canal and other companies,