Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-04-22

ana by The tenor OF the present charter to exist for
ever, without being obliged TO yield any emolument to
The government or to be at all dependent upon it, That
the great profits Of the Bank which will daily increase,
money grows and which already far exceed
the profits OF European Banks have tempted foreigners
10 vest their money in this Bank and thus from
us large sums OF interest.
That foreigners WILL doubtless, be moro in
duced TO become stockholders until the time may arrive,
when this enormous engine OF power may become sub.
lec TO foreign influence; this country may be sgated
WI me poies oil European courts, and The good Peo-
pie OF America reduced, more to state OF subor
d!naiion and dependence upon some other OF the
European pc" ers That at last even il IL cOnfn
ed to the hands OF Americans would be totally destruc
tive Of that equality. which ought prevail in Repub-
ic We have nothing in free and equal government
capable OF balancing the Influence the Bank create
and we see nohing which, in the of few years,
prevent the directors of the Bank from governing
Pennsylvania. Already we have felt its nflue nee d.
recty interfering in the measures OF the legislature
Already the House OF Assembly, the Representatives Ct
the People, have been that the credit Of our
paper currency will be blasted by the Bank; it this
glowing evil continues, fear the time is not very
distant when the Bank will be able dictate the Lee
gisiafure, what laws to pass and what to iorbear'
Much has been said OF the Presidents opinions upon
The subject OF Banks and his ideas ting dangers
to be apprehended from the operations of This Bank He
appears to be maintaining the doctrines maintained
by the Republican People OF Pennsylvania 1855, 1856
and 1857; and, as verify believe the doctrines in
tended to be incorporated into the Constitution and made
perpetual by il.
II seems be thought by the honorable Senator from
South Carolina, (Nlr Calhoun) that although cannot
establish Bank TO make money, may, TO have
rency which will control the currency of State Banks
hnd no warrant IN the Constitution for any such dstinc-
| lion. Here Mr.. Calhoun interrupted Mr. " hite, and
sad, he had taken distinction between doing and undo
ing'J Mr. w. continued, and said, hope the honor
able Senator will believe when say nothing is far.
,her from my wish than TO nisrepresent his arguments
can have no motive TO do The distinction between
doing anu undong can have no influence my argu-
men This bill attempts TO do something not to undo
s OBJECT IT, TO continue this charter sir years longer
This Is exertiOn of the kind power which was
eherted in passing the charter Tor twenty years. in 1876
This power is not given by the Constitution The Hon.
Senator thinks the wise s TO look at the ccum-
| 10
our situation. Thiss all true, when we possess the pow.
10 act; but here the first consideration is have we the
power; II we have not, il is vain consider how that
ought TO be used which do not possess The present
Charter has yet two years to if the object of this bill
were now TO repeal it, then the doctrine OF the honorable
Senator would be applicable With him, l would look to
he circumstances in which placed, and although
might believe the act OF 1876 Incorporating the Bank
10 be unconstitutional, yet, as the stockholders and
society had acquired interests under the act would not
offend The moral sense OF the community by voting the
reptat besides, would reflect that these rights were
subjects OF judicial cognizance and if mistake we're made
here as 10 our powers the would protect the rights
oil individuals but the object OF this bill is not to repeal il
Is TO ertend is not TO take any thing from the Bank
but 10 continue its powers six years longer the bill now
Is twelve years. the Senator from South Carolina thinks
oughtto be. deny the power do this. The case of
louisiana referred TO by the honorable Senator from Vr
gina, Mr. Leigh and which the Senator from South
Carolina thinks happy illustration Of his doctrine,
with grea, deieence must say does not appear to me
! to have any application
Mr. Jefferson, it it said, entertained an opinion that Lou
lslans could not consistently with the Constitution be
purchased and added TO the Union IL was nurcbased
mas oeeh formed into State, and admitted an equal
ioohg WIN The Other States; and gentlemen ask will YOU
now exclude her because Unconstitutional 10 admit
her! answer no. would look to the existing state of
mugs, and take step-let them remain az found
| them But suppose 1t had been possible 10 have admitted
her upon trial Tor six years. how she would behave
III me onion and when those six had elapsed there
was an application 10 admit her permanently, then We
should have an analogous and say the constitution.
al question would be as much open it VIII en- she
was admitted Tor the six years Here Mr. Leigh inter-
rupted Mr. White, and said he desired to know what
would be done when Arkansas applied for admission and
e would with as much pleasures receive the information
from he senator oil tennessee from any other genle-
maui Mr. W. continued In answer 10 the interrogato.
ry pu, by the honorable Senator from Virginia. can only
say, mat when Arkansas does apply TO be admitted as
member State, any gentleman shall think unconsiiu-
uohai TO admit her, will then eramine decide the
| question:
Mr. President, can find no warrant in the Constitution
Tor distinction between money and currency. That cir.
cWdfng medium which is TO be the standard by which
he selIer aud buyer oil property value
Is metallic, TO be coined and its value fred by Congress-
or foreign coin, the Value of which is fixed by the same
| by the Constitution. 9'
BY the first clause of the 9Th section of the lst article
oil The Constitution vested in Congress "o lay
anu coect taxes, iPoss duties, and excuses, pay the
debts, and provide for the defence and general
welfare OF The United States" Its argued by those who
maintain the power incorporate Bank thai il necc,
ssry and proper have one an agent to collect the
es TO Keep them safely, and pay the debts due by the
Government, in the different sections Of the country
mink Bank OF the United States would be Convenient
Tor these purposes, but deny that is necessary.
Mr. President. IL there Bank, either State or
collected,
money safely kept and paid according TO tho provi.
SONS oil laws by the appointment OF natural PERSONS
now, we may employ Them in preference to Banks if we
choose There cannot therefore, be necessity 10 create
Bank Tor such purpose; and if infer the power TO
make the Bank, because il would be matter Of come
n'ence, where any limit be fixed 10 implied powers?
cannot Tx any. But suppose Bank 10 be necessary
aud proper fiscal agent, there are State Banks-why
not employ them? Ii is said that, as these Banks are
not created by Congress- have any control
them. This deny: we will have all The control over
them which we ought to have. The custom of the United
States, as dposH0Ts will always be sufficient TO ensure
hdehy IN collection, safe keeping, and disbursements Of
your money and these the only uses we have for
such agents Whenever Is believed one is about TO act
III bad faith dismiss it, This we will power
to do; and fear that this power will be exercised will pro-
cure fidelity. Your power will always be sufficient for
every salutaiy purpose SELDOM il ever, sufficient 10 be
productive Of mischief Suppose Bank employ ed in each
State, over which we have control, except what orr
dsposites would gives there would then be twenty four
Banks governed by directors created under the authority
OF the respective States accountable them: and each in
dependent OF ever other How could the United States
procure concert OF action among them for any unworthy
purpose Corupiing would be no advance i'm attain
ing the object All must be corrupted, the moment the
attempt was made,-an one honest found in any one
Board the whole plan would be exposed and it's authors
held up TO public contempt and Bank, created
by the United States, accountable TO HEM having the use
oil all your money aud managed by majority OF Board,
composes OF men, is IN very different situation.
The pecunary influence you would have, would be much
greatcrthe number Of men necessary to corrupt would
be small, That the danger Of improper influence is in.
creased TO an alarming extent
BUTT is said the very admission, that Congress NAV I'm
yloy State Banks, fiscal agents, is an admission of the