Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-03-12
RECHARTERING THE BANK.


ton Of the country.
Mr.. WEBSTER then said:
MIR. President in one of the resolutions which
have been read, the Legislature Of Massachu-
sets has signifed its opinion, as to the appro-
.nriate remedy for existing difficulties: and |
think the time has now come 70 submit mea-
sure, proposing such remedy, to the consldera-
ton of Congress and the country.
II is now several weeks, sir, since pledged
myself here to propose the renewal OF the char
ter of the Bank of the United States, with more
or less modification, and for longer or shorter
period if no other measure promising to afford
relief should be brought forward Ii is now
nearly three months since the existence OF a gene
raj and very uncommon pressure In the country
was alleged; and though the truth of this state
ment was then denied or doubted, yet for the
last month"; the evidence has been too strong to
be longer resisted, and no man now stands up
here to say that the country is not in an alarm
ing condition. No man will doubt that Things
must change OF themselves, or De changed py
our legislation.
I cannot but suppose MIR. President, that the
Executive Government sees and laments the
distress of the country, but still 1t has nothing
To recommend TO us. 1t lives in the hope that
affairs will change for the better OF themselves;
under the operation of the existing experiment
It is fair and just, / presume, to consider the
purposes of the Administration, as made known
by the report of the Committee of Ways and
Means. in the House of Representatives. That
report NAV no doubt be received as an anthem
tic declaration, that the Administration propos-
es no changes in its measures Its language Is,
that the deposites ought not to be restored, and
that the Bank ought not be rechartered. As the
Administration, therefore, has nothing to re-
commend the time has come to redeem my
2 pledoe: and give notice, that on Monday next
by direction and authority of majority of the
Committee on Finance, I propose to bring for
ward measure for the consideration OF the
Senate.
am aware, sir. fully aware of the RESPONSE
bility assumed by this movement. see all the
difficulties which lie in the way of success. But
with me- and others of the committee, the sense
of duty does not allow us to shrink from an en-
counter with these difficulties formidable and
numerous as they certainly are.
shall, at present. sir, say, say but little OF the
particular provisions of the intended measure;
but will say that, in proposing TO meet the ext
gencies of the present crisis, regard must be
had not only to the state of the currency, and
the state of business in the country, but to the
state of opinion also.
Two objects, therefore, are to be kept in
view in deciding on the nature of the measure
which is to be brought forward
l. 1t must be prompt and efficient 1t must
be such as will bring immediate and effectual
relief to the community; and know no such
measure except the restoration OF the depOSiteS,
and the rechartering of the Bank for some pc
Rod We cannot establish new Bank, to come
in existence before 1886; being expressly pro-
hibited from so doing by the charter of the eX-
isting Bank 1t is idle therefore, to hold out to
the country any hopes of relief from new
Bank Yet i am entirely willing to leave open
the question of new Bank, fer consideration
and decision hereafter. But at present, relief
from any such quarter is absolutely impossible,
Nothing remains, then, but either to endure the
a0ffh nd Al
to stand it through or to prolong the existence
of the present Bank. No one can doubt that
restoration of the depositeS, and the recharter
ing of the Bank whether for shorter or long
err period would remove the distresses of all
classes, and bring to the country immediate
and effectua relief And a new Bank being
out of the question, other remedy lohateUer rs
proposed or suggested. The restoration of the de-
posites, therefore, and continuance OF the Bank
charter obviously constitute that remedy, which
the currency and the business of the country
now demand These two things will afford re-
lief at once efficient and prompt.
9 The second great object IS, to propose the
measure in that form which shall be most like
ly to unite different opinions. With this view,
the measure should 60 to the extreme of concf
Gation. 1t should be such as the country will
saw, men of different opinions ought to agree to
without hesitation. 1t should yield every thing,
which can be yielded, with safety to the main
present themselves.
The one is, to propose a continuance of the
charter ofthe Bank for short period; period
no longer than shall enable it to call in its great
amount of debt without injury and distress, to
the People; and to continue it, for this short pc
Rod. with no essential alteration, except that
Congress should be left atliberty to make any
other Bank, if it should see fit so to do, after
March, 1885, thus giving Congress and the
country an opportunity to reconsider deliber-
ately, the whole subject of the currency, and
the general propriety ola Bank, and to estab-
lish a new Bank, should it so think best with
whatever changes and notifications its wisdom
may dictate; and to bring the new Bank, should
one be created, into existence, while the present
Bank shall be gradually retiring; thus avoiding
the shock which would always attend the sudden
change of one institution for another, the fear
Of which shock may be supposed to give an I'M
due preference to the existing institution. This
will leave the question between the old and q
new Bank open upon fair and equal terms. L
such measure as is here suggested, should be
proposed. 1t will present an Ineligible and sim
pie question to Congress, and to the country
"Shall the charter of the present Bank be con