Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-02-04
THE BANK.


The regulation Of the currency Of the nation early
subject OF intense ntees, to Congress- aud part
late us uniformity, national Bank early
1871 The charter OF ,hsinsu expired in 1871 and
Congress refused to 1.-THE question having been
los. In the Senate by the casting vote Of GroRcE CLiN
TON, then PRESIDENT he fact that the Bank had
mingled in the political strife aud parties Of the day,
one among many other reasons advanced by MIR. Clay
against the renewal Of the charter In 1876 the present
u - Bank received its charter by the aud
Herculcan labors Of Mr.. Calhoun. Thus Bank OF the
STATES has been In operation nearly the whole period
OF our existence as na,ionto wit, from 1884, with the
exception oil the period between 1911 and 1916
Opposed, as MIR. Madison was on prin
e'ples to the incorporation OF Bank OF the u s., he
YET approved the act as his per-
sona' views from his ideas OF respect the legislative
branch OF the government; and borne down by the aban.
dontd state OF the currency he thought such nstu
ton "exPedeDt aud necessary"
To the late Act Of Congress- renewing the charter Of
the Bank Of the u s., the President refused his sigma
tnie-not because he objected Bank OF the u 81 but
because OF various features in the charter Of the Bank Of
the u s. which were deemed uncopsu,iona and oious.
competent to all the duties which may be required the
government might be so organized not 10 infringe on
our own delegated powers or the reserved rights Of the
states 10 not entertain doubt Nay, he goes on 10
say alter pointing those prominent features in the
charter which were Incompatible with the Constitution
and sound policy, that "a general discussion will
take place, ecing lgh, and settling important prn-
cpies and new Congress, elected in the midst OF such
discussion and furnishing equal representation Of the
people according TO the last census will bear the Cap
o the verdict OF public opinion, and, doubt not, bring
thlsimPortant question to satisfactory result"
I.
s. since first chartered in l79l and Of the present
policy OF the government with respect TO such national
institution clear that the President does go the
whole length OF the state rights party Of Virginia. in his
objections TO the bank That foreigners should hold eight
millions Of the capital stock OF tho bank he deems inus
tce TO citizens who wish take the stock and as
renewal Of the charter will once advance the stock from
20 to 80 per cent, the advance will be so much put into
The laps oil foreigners, which might otherwise flow into
the pockets oil our own citizens That the bank should
establish its branches within the limits OF the States and
pursue profitable bushes: despite the authority Of the
States. and independent OF its laws of axation-when
every officer OF the government is his person
po-tax, and every species Of properly belonging to the
matey taxed by the Siates-is deemed fearful inoad
upon the rights Of the States, especially when no State
Bank is permitted to hold banking privileges without
ing taxed heavily in the form Of bonus other That
corporation, fourth Of which constituted OF foreign.
ers should hold real estate within the limits of the States
by ACT OF CoNGREss when the States wary and
wachlul against aliens holding title TO lands is another
fearful inroad the rights Of the States That the 20.
vernnent OF the U. s. should hold seventh interest in
this real estate within the bounds OF the State palpa.
BILE violation OF the clause in the Constitution hch
fines and limits the right Of the General Government TO
purchase lands within the States, except the
uon oil forts, magazines arsenas dock yards and other
neediu buildings, and even then only " with the con-
sent OF the Legislatures of the States within which the
shall be-. The section of the charter which gives
to the Bank this important and violent power Of holding
land we extract for the curiosity of the ncredulous:
SEC. Z. find be it further enacted, That the SUBJ
crbers 10 the said Bank OF the u s. OF America their
successors and assigns shall be, and hereby
corporation and body polite by the and style the
fre'dent Directors and Company oil the Bank OF the u.
81 and continue until the Sd day Of March, 1886 and
by that shall be- and hereby made able aud ca.
pabe in law to have purchase receive possess enjoy
retain to them and their successors lands rents feue
nenfs and heTeaments, goods chaels and effects of
whatsoever kind nature and quality an amount not ex-
eeedng in the whole fifty emilons Of dollars. includ-
ing the amount OF the capitol stock Aforesaid and the
same to grant, Sc II, alien, demise or dispose of''
Fifty five millions Why the bank could own under
OF its debts, WHOLE STATES! Where are the State.
rights men' Are not the rights of the States lost" in
the language Of Mr.. Van Buren, Nay, will not the
States themselves be lost body and SOUL such section
should again be introduced into the renewed charter
OF the u s. Bank! But will indulge in 10 comment
we are collecting the facts in the history the u States
Bank, that our readers may how '',he land lies"
The next step TO the memorable on the act renew.
ing the charter of the U. s. Bank, because of some un.
pof.ant move on the are s the ns senms"
Mr. Webster, which will be found our first. IL is
clear advance made 10 the executive. When the bank
was about TO be chartered in 1916 the opinions
resolutions introduced into Congress by Mr. Calhoun and
the National lnteigencer congratulated Mr. d. on re.
firing from the Treasury Department, the review of
his agency in constructing the u. s. Bank II such
course OF good feeling had this time been extended to
the admins,raonto aid ,ohich alone according to its
the bank does or can hold
any er,stenee 1t would probably have been in the
same good spirit. This may be the result yet
new bank shall be chartered, il will be guarded by
checks, such as experience has taught be necessary
and must be put upon potoer, vest it where you may
We advocates OF bank, apoogs for any such
INSTITUTION; out u zoe must haze give the President
OF secret service iundcheck him and his mnion.
that they loan not TO man, single DASH million of
d.ars-and il such single discounts are TO be made for
the sake OF appearances, loan whose name is
Biddie Let discount personal security and act upon
real esate only through the remedies oil The courts un.
less with the consent Of The Sates let il publish no
speeches OF members Of Congress- NOT Indirectly
with the purity OF the representatives of the people and
hold no 'daance vile" with the elective iranchise-
Wmehesfer pUginidn.
demonstration is going the rounds Of the opposition
papers in this wise:-W, list MIR. Southland was abusing
the Secretary OF the Treasury in the Senate against the
will OF his State) he called the author Of the bank
charter TO know whether he intended include any such
Secretary, whereupon, it is said, Mr. Webster cried out
with age-efIect "No sir, ~ Now il SO happens that
Mr.. Calhoun the real Simon Pure, we believe: at
rate IL is very certain that the IT, s. Bank bill passed
the lower house on Friday the 9Th Of Apihat Mr. Ran
dolP made desperate effort 10 destroy the bill by ndef.
mite posponemen and that Mr. Webster uoted ,oifh Mr.
and with the minority that casion To remember
the past is sometimes refreshing
Account Of the proceedings The House of Represepya-
fiots, April 8, 1876
Alter other basiness-Mr Calhoun moved that the
house proceed 10 consider amendments the Senate TO
the National Bank bill On putting the question: howe
yer, IL was found that quorum of the mebers were not
present.
MIR. Randolph, with the vie producing more pune.
tus attendance here AFTER moved that the house adjourn
Negaived.
quorum soon alter appearing, Mr.. Randolph moved
that the rule for converting at 10 O'clock be rescinde
that the hour Of might be adopted; which was also
disagreed to--Ayes 40
The house then, by of 40 55 agreed to consider
the amendments OF the Senate 10 the bank bill.
Mr. Mnor, because OF the ihinnes OF the bou.e and the
fIrfhp hara ko