The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-05-22

sanction OF authority and precedent and yet we have
agreed with unexampled nnaDimity TO refund me
fines levied under thai unconstitutional act. lie de-
MED 100, the power Of the Government TO regulate
the exchanges; though a National Bank would not
and could not, and never did, regulate them: he
remarked thai the Bank now proposed was 10 DC es-
tablished in New York, and Mr., GailaIin was 10 be
lis President.
Mr. CLAY was good deal surprised al the gra
tuons assertions Of the genleman-tha u was con-
emplated 10 establish Bank al New York, with
Gallaiin al lis head His purpose was MOI 70 Ihdi-
cate the place but the thing He had not proposed
Bank, nor would he think Of making snch propo-
silion before a packed jury. he had not made up
his mind upon any exclusively proper place. That
was subordinate question. He had not made up
his mind against Philadelphia or New York. Both
bad very great advantages for such an Institution.
He might be disposed TO adopt the basis OF Bank
the present Stale Institutions though he confessed
that the inclination Of his mind was IN favor OF
new institution. He was surprised that the gentle
man was so anxious 10 fix unconstitutional insti-
,uion at Philadelphia; bu; if the gentleman would
come out candidly and dsayow all his attacks upon
the late Bank he might be willingo adopt The State
OF Pennsylvania. Ia regard to the Banking law OF
New York, he hoped that il would accord though he
dslrusied new experiments. In this law there was
invaluable principle for the security OF noie-
holders that he would wish 10 incorporate into any
new institution. He had not gone nor pretended TO
90 into all the details Tor such Bank but he would
go as Tar as any one TO prevent any new Bank from
suspeDding or refusing specie payment; for he had
the greatest adherence OF an irredeemabe paper
currency, whether issued by the Government, or a
private corporation. He was surprised that the gen.
leman from Pennsylvania saw no more for alarm
in the Mammoth Government Bank proposed by The
Sub Treasury bill and by him MIR. BuchaDan) adj
yocaed, until be was instructed 10 oppose it, while
he pretended to indulge apprehensons as % The in
fuence of Bank blending public and private inter
ess. He did not intend now to go into The subject Of
National Bank II II was unconstitutional TO have
Bank in New York, dolet us have il in Chestnut
street. ,a
Mr. BUCHANAN knew, be said, that the Sena-
tor would not present Bank project to the Senate,
at present bul he saw that il was project offered
to the country, through the Senate; and he there
fore, took occasion TO offer considerations in
relation toit. The Senator avows his preference for
a new Bank, but he has not made up his mind in
which city he will have IT, Now he really hoped
The gentleman would make up his mind.
Mr.. CLAY, | really cannot accommodate you.
Mr.. BUCHANAN. The Senator was never nom
committal before. But take il for granted that he
will make his choice between Philadelphia and New
York. He looked upon the Bank as monster place
il where the Senator would. But he would rather
| have il fed in Philadelphia than in New York be-
cause, at the former place, il would devour less
Tn re was no inconsistency in that. He expressed
his surprise that the Senator could make Govern
ment Bank out OF the Sub-TreaSury bill. He had
read the Senator's speech on that subject and never
read weaker argument from that gentleman
| Mr., CLAY reiterated his opinion thai in the Sub
Treasury bill there lurked a Government Bank
Any one, in three weeks time, could make bank
! Of circulation out Of il.
The memorial was then laid on the table.
| Mr., NORVELL presented some petitions.
NAVAL SERVICE.
| Mr.. WRIGHT reported The bill making appro-
priaons for the Naval Service of the United States
and gave notice that he would call ii up tomorrow
morning.
DISTRICT BANKS.
| The Senate resumed the consideration of the bill
| TO continue The charters of the Banks Of the Dis
| rict.
| MIR. cLAYs RESOLUTION.
Mr.. CLAY rose and reminded the Senate that an
other subjec-Ohe Joint Resolution in reference TO
| finance, &c. was made the order for this day.
The CHA r said the past special order was the
| bill announced.
The District Bank bill was discussed and the sub
stituie offered by Mr.. BESToN was adopted, and the
| bill was passed 10 third reading.
| Adjourned.