Staunton spectator. [volume] (Staunton, Va.) 182?-183?, 1832-08-10

iaIrS Oh Inc Government. The war taught
US many lessons, and among others demon
strated the necessity Of Bank of the United
States to the successful operations of the Gov
eminent. will not trouble the Senate with
pcrusal of my speech in 1916, but ask its
permission to read few extracts:
"But how stood the case in 1916. when
he was called upon again 10 examine the
powers ofthe General Government to incor-
porate national Bank A total change of
circumstances was presented-events Of the
utmost magnitude had INTERVIEWED
"a general suspension of specie payments
had taken place, and this had led to a train of
consequences of the most alarming nature.
lie beheld, dispersed over the immense ex-
tent OF the United States, about three hun
dred banking institutions, enjoying, in diff
ierent degrees, the confidence of the public,
shaken as to them all, under no direct con-
troll OF the General Government, and subject
TO no actual responsibility to the State au-
thoIites. These institutions were emitting
the actual currency of the United States-a
currency consisting ofpaper, on which they
neither paid interest nor principal, whilst it
was exchanged for the paper Of the commu-
nifty, on which both were paid. We saw
these institutions, in fact, exercising what
had been considered, at all times, and in all
countries ,one of the highest attributes ofsoye-
reignty-the regulation of the current me-
dunn of the country. They were no longer
competent TO assist the Treasury, in either
OF the great operations ofcollection, deposite.
or distribution of the public revenues In
iact, the paper which they emitted, and
which the Treasury, from the force of events
found itself constrained TO receive, was con-
stantly obstructing the operations of that
department; for IT would accumulate where
1t was not wanted, and could not be used
where IL was wanted, for the purposes of
government, without ruinous and arbtra-
ry brokerage. Every man who paid 10 or
received from the Government, paid or re-
celved as much less than he ought tohaye done,
as was The difference between the medium
In which the payment was effected and spe
Gle. Taxes were no longer uniform. In
New England, where specie payments had
not been suspended, the People were called
upon to pay larger contributions than where
they were suspended. In Kentucky, as
much more was paid by the People, in their
lakes, than was paid, for example, in the
State OF one G as Kentucky paper was worth
considering, then, that the state of the
currency was such that no thinking man
could contemplate it without the most seri
Gus alarm; that it threatened general distress.
II 1t did not ultimately lead to a CONFUSION
and subverslon of the Governmental ap-
peared to him TO be the duty of Congress 10
apply remedy If remedy could be devised.
a national bank, with other auxiliary meas
ures, was proposed as that remedy. Mr..
CLAY said he determined TO examine the
question with as little prejudice as possible
arising from his former opinion he knew
that The safest course to him, if he pursued a
cold calculating prudence, was 10 adhere TO
that opinion, right or wrong. He was per-
tectly aware that, if he changed, or seemed
to change it. he should expose hinselfto some
censure but, looking at the subject with the
light shed upon thy events happening since
the commencement OF the war, he could no
longer DOUBT. He
preferred, to the suggestions of the pride of
the evident interests of the com
munity, and determined 10 throw himselfun-
on their justice and candor"
The interest which foreigners hold in the
existing Bank of the United States is dwell
upon in the message as n serious objection IN
the re-charter. But this interest is the re-
suit of the assignable nature of the STOCK
& if the objection be well founded, it applies
to Government stock to the stock in local
banks, in canal and other companies, crea-
ted for internal improvements, and every
species of money or moveables in which for
eignerS may acquire an interest The as
signable character OF the stock is quality
not for the benefit of FOREIGNERS
but for that ofour own citizens And the
fact OF its being transferred to them is the
effect of the balance of trade being against
us-an evil, if it be one, which the Ameri-
can System will correct. All Governments
capital resort 10 foreign nations
possessing If in superabundance. TO obtain II
Sometimes the resort is even made bv one
TO another belligerent nation. Durino our
war we obtained foreign CAP
ital Clutch and French, ) TO aid us. Durino
The late war American stock was sent TO En-
rope to sell and, if am not misinformed
to Liverpool. The question does not depend
upon the place whence the capital is obtain
ed, but the advantageous use of it. The con-
idence of foreigners in our stocks is proof
ofthe solidity ofour credit. Foreigners have
no voice in the administration of this Bank
and they buy its stock, they are obliged 10
submit to citizens Of the United States to
manage it. The Senator from Tennessee
( Mr.. White asks what would have been
The condition Of this country, if during The
late war, this Bank had existed, with such
an interest in it as foreigners now hold2 /
will tell him. We should have avoided
many of the disasters of the war, perhaps
hose of Detroit and at this place. Tho gov
eminent would have possessed ample means
Tor IFS vigorous prosecution and the inter
est Of Goreigners-British subjects especial
have operated upon them, not up-
On us. Will il not he serious evil 10 be
obliged TO remit in specie to foreigners the