Litchfield enquirer., 1834-01-30

having for its object to do away with the Pa- per system altogether, and to return to an en- | tire metallic currency.
 l do not expect, sir, that the honorable
 member will find much support m such an
 undertaking. mere gold and silver curren- cy, and the entire abolition Of paper IS not
 suited to the times. The idea has something
 little too antique, too Spartan. in it; we
 might as well think of going to iron at once. 1 If such result as the gentleman hopes ior' were even desirable, regard it's attainment as | utterly impracticabIe and hopeless. Hay that scheme, therefore, out Of my contemplation. | There is, then, sir, the re-cbarteFlng Ot the present Bank and. lastly. there IS the estah- l iishnent of a new Bank. The first of these received the sanction ofihe last Congress, but the measure was nrgatiyed by the President. | The other, the creation Of new bank' mas
 not been brought forward in Congress put f has excited attention out Ot doors ana mas
 been proposed in some of the State Leglsla- lures. F observe, sir, that proposition has been submitted for consideration, ny very ! intelligent gentleman, in the Legislature of 1 Massachusetts, recommending the establish ment of new Bank, with the following pro- l visions:
 "l The capi,al stock to he fifty millions of dollars. 9. The Stockholders Of the present United States Bauk be permitted subscribe an amount esaito | the stock they now hold
 .3 The United States to be stockholders to the same
 extent they now are and appoint the same number 1 of Directors. .. s4 a,
 ;ons to he distributed in sever States in propor
 ton tn federal UnInbers in some other just aud e.
 dual ratio the nsalmeD,s payable either In cash or
 in 6nded stock of the State, bearing interest at n'e t5 No Branch of the Bank to be established in any 1 State, unless by permission ol it's Legislature G. The Branches of the Bank established in the
 ho Enhl tO faxa bv tOse States
 respectively, in the sane manner to the same ex- tent only with their own Banks.
 '. Such States as may become subscribers to the stock to have the right of appointing certain num- ber not exceeding third, of the Directors in the Branch ofther State. ~ 8. Stock not subscribed for under ihe foregoing Droyisions 10 be open to subscription by individual citizens"
 A project, not altogether dissimilar, has been started in the Legislature of Pennsylva na. These proceedings show, at least, con- vjctinn of the necessity of some Bank, created by Congress. Mr. President, on this subject | have no doubt whatever. Ithink Nation al Bank proper and necessary. believe 1t 1 to be the only practicable remedy for the evils we feel, and the only effectual security against the greater evils which we fear. Not. sir, that f there is any magic in the name ofa Bank nor that National Bank works by any miracle, | or mystery. But lDokmg to the state of things | great number of State Banks already existing,
 not less than three hundred and fifty, or four ] hunCfred-looking to the vast amount of pa per issued by those Banks; and considering that, in the very nature of things, this paper nust he limited and local in its credit and in it's circulation, confess see nothing but a
 well conducted National Institution, which is EIikeIy to afford any guard against excessive paper issues, or which can furnish sound and uniform currency to every part of the United States. This, sir, is not only ques- ton of finance, it not only respects the opera tons of the Treasury, hut it rises to the char
 acter of "a high political question. Prospects of value of all property, and all labor, in the United States. If we needed mt dollar of money in the Treasury, itwOuld still be our
 solemn and bounden duty to protect this great interest. It respects the exercise of one of fthe
 greatest powers, beyond all doubt. conferred
 on Congress by the constitution. And hard 1 ly know any thing less consistent with our public duty and our high trust, nor any thing more likely to disturb the harmonious relations
 of the States, in all affairs of business and life. than for Congress tn abandon all care and control over the currency, and to throw the
 hands of four and d-twenty State Legislatures. am, then, sir, for a Bank and am fully 1 persuaded that tu that measure the country must come at last.
 The question, then, is between the creation of a new Bank, and the re-chartering of the
 present Bank, ,oith modifcations. have al-
 ready referred tO the scheme for new Bank, proposed to the Legislature of Massachusetts by MT. White. Between such new Bank
 as his propositions would create. and reciar- tering of the present Bank. ,cith notifications,
 there is no very wide, certainly no irreconca- ble difference. We cannot, however, create another Bank before March, 1886. This is one reason for preferring continuance of the present. And, treating the subject as prac- tical question, and looking to the state of opin- ion, and to the probability of success, in ei,h- CT attempt, I incline to the opinion that the true course ofpolicy is to propose re-charter of the present Bank. tcith modifcations.
 As to what these modifcations should be, would only now observe, that while it may we'll be inferred, from my known sentiments,
 that should not myself deem any alterations
 in the charter. beyond those proposed by the
 bill of 1882, highly essential; yet it is case,
 in which, l am aware, nothing can be effected
 for the good of the country, without making some approaches to unity of opinion. I think,
 therefore, that tn the hope of accomplishing
 an object of SO much importance, liberal con- cessions should he made. lay out of the
 case all consideration of any especial claim. or any legal right of the present stock kh0lders, to