Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-04-11

BANK OF THE UNITED STATES.

BANK OF THE UNITED STATES
SPEECH OF MR. WRIGHT, of .Nttc York
an SENATE, March 20fh-Ihe question being upon
granting leave TO Mr. Webster TO Introduce into the Sc
nate bill TO charter the term of six the Bank
OF me United States with mod6c aons--
Mr. wright said, II not his purpose to enter into
discussion Oh the great principles involved in the passage
hocr upon former day had heeu reply to some thing,
which had ialen from the honorable Senator from Viz.
gina, tMr Leigh) end TO noice few remarks made by
me honorable Chairman oil the Committee OF Finance
(mr !" ebsler) when he offered the bill. He must he
saiu however, be permitted TO congratulate himself that
tnc senate had now reached what he had, the com.
enceebt oil the session, considered the true question
beiore Congress and tho country; the question OF "Bauk
or no Eank The question whether the present Bank Of
the w. States should be chartered for any period of
time, or whether any National Bank should be created
oy the authority OF Congress, after the expiration of the
Charter oil the present bank. These quesons he consi.
oereo must be involved in the present and he
must be permitted farther congratulate himself tina, a,
10 me constitutional power OF Congress TO pass the bill
now under consideration, any bill TO charter bank
similar 10 that existing, the opinions Of the bonora
Bile Senator from Virginia, (r. Lcgb) and his own per
ecuy conceded The hosorable Senator iii isrot believe
nor du he himself believe that Congress possessed
such power, and therefore, az their action was con-
cerned, no such bank could exist after the wear 1886
when me charter OF the presen; bank will expire by lis
limitation. - 80
Mr. W. said he would not attempt TO repeat the arpu.
mens which the honorable Senator had so happily used
III his clear and strong manner TO establish The correct
mes, oil their opinions. Any attempt by him to do So
might weaken what had been SO well and So conrc,v said
the Senator but he would de,an the Senate to add one
view OF this subject which had been taken by the
honorable Senator and which had struck his mind with
great force Upon all former occasions when the
congress 10 charter Bank had been under discussions
reference had been made that clause of The Cous,iI
lion which reads in the following words:
ihs Congress shall have power to make all laws
wcn sha be necessary and proper for carrying into exe
cuon the foregoing powers and all other bowers vested
oy ths Constitution in the Government of The H. States
or In any department Office thereof"
All Mr.. W. said he understood had formerlv around
ha his necessity must be shown tore the could
and he had also understood that all had admit
TED mat this constitutional necessity must be
s,owmg OUT oil The wants oil the Government, and moi
out oil the wants OF business that il must be
arising from The collection, distribution, and
Oh e puohc revenues, out of the wants of the
nerciai INTERESTS the mercantile interests the maniac
turing interests or any other branch labor and enter
prse that it must be necessity growing OUT of The
Oh me pubic treasury and the administration of the fuan
ces OIL The country, and out of the wants of The nd
vluua cilzens. What, Mr.. President, said Mr. w. have
we heard urged as constituting this necessity in The whole
course oil this debate in all the various and
IN winch has been carried in this body or now about
'ou noh'hs! ne wants Of ordinary business the de.
manu- or capital The regulation of exchanges the impor
ance oil uniform paper currency; not the wants OF the
treasury These last, sir, have not been Inc ia
the comparison, while the former are made the indieo
ao'e eNiuehcc that bank is necessary. Sir, said Mr.
w, the wants OF the Treasury, and the wants of the
treasury alone, can constitute this ece,
sHy The wants OF business cannot be the leyimate
Je,s consideration Tor those who seek derive the
pc" er TO Charter bank this provision of the Conu
uon ne sara lie was one OF those ho did belle VIC ha
any power Whatever, graBfedfo Congress- bv his nro
Vsio much less the power charter bank; but he
believed that those who did imply such power fron !,
would at least ndmit the necessfy must be such an ono
ne constitution coniemplated and that the Constr ution
couiu mol nave contemplated any her than utcess;tu
connected with the collection distribution and disburse
eh' he revenues OF the Government not the ordinary
necessities OF trade and exchange These last were Tho
wants which gentlemen feared The State Banks con mn,
pPy' ough hey were willing to engage collect and
distribute The public moneys upon the same terms that
the oped States Bank had done it, He begged The Sc
maze 10 look at this view oil the case, before they permit.
TED anecessIy imaginary real unknown 10 the Con-
tuition, TO influence their acicn
Duh ssid MI W., the honorable Senator and myself
nave no diihcuiies OF this contend with To our
granted by the Constitution Having come ,o ,h con-
cu ion the honorable Senator inquiries in his mnr
manner mar, The present disposition OF the public deposite
with the State Banks is to be continued Sir SAID NJ
w., VIII avail myself Of privilege beIopeinp 10 nv
coun'rymen' the Yankees and the gentleman by
asking MN question What disposition will he propose
TO make oil these deposites! What plan will he recon-
mend for their future disposition! We agree that The
charter OF the Bank Of the United Sates
a. ana cannot therefore be extended beyond present
unit l say That, in the absence of such an institution
the State Banks present 10 the Government the best and
most convenient fiscal agents OF which the nature OF the
case Is susceptible. have said upon former occa.ion
and repeat, that think them perfectly safe agents
nave ssiu and repeat that think them fully cornpeten
in tic ntiao ~, me dunes required by the Government
h' he cohecuon and disbursement OF the public
nues July competent 10 every
eeSsty OF The Treasury now say further that am not
alarmed at The power which placed by a in the hands
oil the President and the Secretary of the Treasury
these deposiies II the power which was placed
ny congress III The hands oil the first President and frat
secretary oil the Treasury at the formation of the
men under the Constitution; is the same power which
existed IN the hands oil those officers from 1850 up To The
year 1916, when the charter of the present RsnI Ca
granted During all that period, the liberties of The conn
Try were not endangered by liz the peopIe we,e mn,
Then taught to bgleye that the exercise of that nov
er was usurpation or tyranny No danger was then
seen or apprehended, we told that the pnrse
and The sword OF The country united in one hand
SIR, said Mr. W. these laws have undergone no ma.
teral alteration, from the time of the first Conoress o
e present day, except the alteration made by The pro
visions oil the present Bank charter, and these al
teraons cease to be applicable when the de poes
10 be made with that institution. Where then il tho
ground Tor all this alarm, all this apprehension for our H.
berries! Still the honorable Senator expresses no doubt
most sincerely, the greatest apprehension. viii he moi
then tell what to be done Will he not propose VIVA,
IN bs Judgment shall avert the dangers lie Tears Sir
wish TO be distinctly understood upon tbis point do 40,
contents that these laws not be benefcisy
but merely say, that they just wba, they have
from The organization OF the Government with the single
exception have before mentioned contained in the Bsnk
charter III they are bad, alter and amend them If the
powers over The public deposes, conferred upon the Ex
ecutive Department, too broad limit and confne them
NO one doubts or questions the power OF Congress over
Tie Whole matter: no one feSiss the action of Congress
upon H. Surcli then, il does become us TO find I,n
with The execute officers OF the Government for execut
ing The laws as they arc, while do nothing 10 modify
the law, and make il what would wish it TO be- Our
duty as Legislators, IS not TO point the defects i'm The
laws merely but TO apply The proper remedies for those
detects; TO examine tho laws they are that we may
make them what they ought TO be; spend our fine
in deptorng those defects for which offer no remedy
Sir, said Mr.. W., have not allowed myself time 10 axe
such examination Of the laws Of Congress as enables
me TO say whether any, and what are required
in those relating 10 the Treasury Department and lie
mar and disnne nof I.c ,.,,Ii;