Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-05-31
FROM WASHINGTON.
PLAN nr a NNrlnN,I 49,

remarks made hy Mr.. &. on tiatoceastgn -.
deeply in'ere,lirg--ard We therefore con,
them from the National Inielli geucer:
Mr.. CLAY, Of Kentucky. rose. and
stated that he wished 10 present De.
u'ion conhded to has care. signed by
number o, persons. prayiu. for the Is.
tahlishmcut Of = Bank Of the United
States. II was similar 20 several other
petitions which lAi bscn presented I,
the senate, or 90 Tie House. dulin, the
present session paving l8r tie same
object, They atIo.d evidence Of deem
end returning conviction, among Ia.
People, Of The utility or s-ch an In.n.
tuition.
Will; | am up. Continued Mr..
Clay with the permission Of the Sc.
nate. ! beg leave 10 submit a few 90.
scryati0ns upon the subject. There i,
reason 70 believe thlt much honest
misconcer'ion aai some risrcprcscn,a.
ton prevail ia regard 10 If. which wish
70 correct. Il hal been supposed tia,
those who are dearDus oil seeing
Bank Of the United States established.
are anxious that charter should be
granted % an existing State instiiIiiJL
" hich has an eminent individual at as
head and that thls Was The sole object
OF all their cNcr'i-ns Nov wish for
one % .ly. that have no such pur-
p8 @ ia view. | entertain FOR that gen.
i.eTan very high respect. believe
him uuc8mman,y ALE profoundly
skilled IN finance. and trulv patriotic.
There are but one other person. con-
nected with the banking institutions Of
the country ~ wh5.c administration
of Bank oiihe UateI States | should
have equal confidence with MI. Blidle
and that Is Albeit Ga..ailn. Vho. am
glad 10 learn, a. ao advanced ace re-
,ains, IA fan '.-ar the faculties Of his
cN'raorii1l-y mind. There may be
't''"r rt'it"nS eqaatiy competent with
those two gentleman. but 10 not
En7" t1"'T' or IN MT acquainted with
'her particular qualifications.
hli ~ IS not for an existing State
Bank. ora0y particular individual at his
mead .thl'l am oon'cnllnE. believe the
es'aoihl'"ent OF Bank Oi the United
states is required by the common good
OF ne whole country, and although /
ia'gh' oe willing, u 1t were practicable,
- adopt an existing bank as he basis
'i sue" an institution under all circum-
',aaces' 'hlnN 1t most cNpedient
/ ihai sew bank, with power 10 estab.
'''a branches. be created and chartered
/ under the authority OF Congress. Nv
/ trends Gas Tar as know their opnionsl
are not particularly attached 10
'hts or that individual to this OF that
existing bank. hut 10 principles 70 the
thing I'sel' 70 The Institution. 10 a we'll
. Organized Bank Of the United States,
( under TIE saluiary operation Of which
/ The business otthe country has so great.
. ~ prcsPcred and we had eyery reason
/ 20 hope would again revive and prosper.
/ And, prcsuming upon the indulgence
. 81 the senate, | Will now take the IL
berry to suggest, for public considera-
/ lion, some OF those suitable conditions
and restrictions under which 1t appears
| to me- that 1t would be DESTROYS TO Is.
/ ta'lt,h new bank.
|. The capital MOTTO be cXiravagan:-
/ ~ large. but, az the same time, amply
sufficient TO enable IT TO perform the
ncediul financial duties Of the Govern.
I men'; supply 4 general currency Of
/ uniform value throughout the Union,
( md 10 facilitate, as nigh as practicable,
. lac equalization Of domestic exchange.
suppose HAT a5ou; h.'y millions would
answer all those p1rr7ves The stock
might be divided between tie General
. Government. the States, according 10
their federal population and individual
subscribers. The portion assigned 10
The latter 20 be distributed at auction or
'ynnyntc subscription.
The corporation m the spirit Of a
resolution recently adopted by the
General Assembly OF the State. one
' 81 whose senators have the honor 10
. be-. 10 -cceive such an organization as
/ 20 blend, IN fair proportions, public
, and private control, and combining
+ public AID private interests. And, IN
order TO exclude the possibility Of the
. exercise OF any foreign influence, nom
resident foreigners to be prohibited not