Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1832-10-17
lay. Your friend and serua Hanger vi 'e'
SAMUEL 3. SMITH.
Asst Surgeon U. S. A.
MR.. CLAY AND THE u sRaNK

ihe flilnwIng is a report of C,mm;t.oo
congress IN 1911, to whom was rderred the mo.
'i'iiai " tne stockholders of the II s R,nk
I P,ay 'hS ior an extension of its chatter. Sc Mr.
0i'E was chairman of that committee. and was
,he writer OF the report. The sentiments con-
'''iieo III mat report, as well as those which an.
pear IN Mr.. Clay's celebrated spacb If IsI1
IN opposition to the Bank, AGREE rre,seIu nd,
the doctrines of the Veto Messad, If Pres;dant
jackson. Yet, how strangely me, cbanae T.,
'"entyeone Years, Mr.. CLAY has sen nroner not
loniy 70 recant his former opinion, on hi. s,,h
IJect, but to become the most invo&,,,e a.'.''
g,v mno should y. adopt them Sch mar
and without any apparent sufficient cause mise
be owing to much more potent agency than the
operation Of honest reason:-
MARCH 2, 1911.
"Mr. HENRY CLAY, from the committee on
THE mem rial of the Stockholders of the Bank Of
the U. States made the following report:
"That your committee have duly weighed the
contents ofthe memorial, and deliberately attend
ed TO such explanation of the views, of the me-
morialists as they have thought proper to present
through their agents:
"1'hat, holding the opinion las majority of
your committee do) that the constitution did not
authorize congress originally to grant the char
ter, 1t follows, as necessary consequence of this
opinion, that an extension of it, even under the
restriction contemplated by the Stockholders. is
equally repugnant to the constitution. But if it
were possible TO surmount The fundamental OBJ
lection, and if that rule which forbids. during the
same Session of the senate, the re>agitation of
proposition once decided, were disreparded. the
committee would still be at loss to find sufficient
reason for prolonging the political existence of
he corporation, for the purpose of winding up its
affairs: for
As it respects the body ITSELF it is believed that
he existing laws, through the instrumentaitv of
Ia trust, properly constituted, affords as ample
means qualified continuance of the charter
would for the liquidation of its accounts, and the
collection and final distribution of its funds
But, should any Inconvenience be experienced
n the subject, the committee are persuaded that
II will be very partial, and such as the state au-
ihorliies, upon proper application, would not fail
| I" provide competent remedy for. And,
| In relation to the community if the corpora
'len, stript of its banking powers, was to fulfil
bona pde The duty Of closing its affairs, your com
mittee cannot see that material advantage would
oe derived, while the contrary, if it should not
so act, but should avail itself of the temporary
PRONUNCIATION, in order to effc, more durable ex.
tension of its charter, it nigh in its operations
become serious sc0urge.
Your committee are happy to say. they learn
from satisfactory source, thltthe apprehensi9ns
which were INDUCED as to the distress resoiting
from non-renewal Of the charter, are FAR from
9eing realized in Philadelphia, to which their
information is confned.-lt was, long since obs
Yious, the vacuum in the circulation Of the
country, which was to be produced by the wirh-
drawal of the paper of the Bank of the United
States, would be filled by paper issuing from other
banks. This operation IS now actually going On;
the paper of the Bank of the United States is
rapidly returning, and that of other banks is
taking its place The ability to enlarge their
accommodation is proportionably increased,-
and when it shall be further increased BY Iemo-
val into the vaults of those deposits which are in
the possession of the Bank Of the United States,
the injurious effects OF dissolution OF the corS
poration will he found to consist IN an acceerat-
ed disclosure of the actual condition of those
who have been supported by the credit of others
but whose Insolvent or lettering condition, known
. the bank, has been concealed from the public
at large.
"Your committee beg leave to present the fol-
lowing resolution:
\ "Resolred, That the prayer of the memorial
lists ought not to be granted"