Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-02-22
Twenly-Gifth Congress---2d sess.
SPEECH OF MIR. RlVES, OF VIRGINIA,
ECDntiDued !


allude, of course 10 President Jackson who in his first
annual message Congress- QS20) threw out the idea
Of bank, founded on the "cred aud resources OF the
United Slales This suggestion became the subject OF
very able and elaborate examination by the Committees
on Finance, in this and the other House, by both Of
which, though consisting Of warm friends of the Presi'
dent, the suggestion repudaled aud exploded he
President, in his message at the commencement OF the
following session Of Congress, Dec l6OO thought pro-
per 10 recur to the subject and TO define precisely
what he meant by bank founded on the credit and
resources Of the United States The scheme hr then
brought forward identical in every respect with that
contained in the present BILL und yet with the sodlery
runkncss which characterised him. he did no. hesitate
to call it by its proper na'ne-"a Bank OF the United
States" Let us see what he said nj that occasion:
sin the spirit Of compromise and improvement which
distinguishes country and It's Institutions, Grcomrs
us to enquire whether il be not possb. 10 secure the adj
vuniages afforded the present Bank through The agen-
cy of Bank Of The u s.. so modified in lis principles
and structure to ubviae constitutional and other OBJ
iections II is thought practicable to organize such
Bank with the necessary officers as branch OF The
Treasury Department. based the public and ndird8a
deposes (whout power 10 make loans purchase
perty) which sAaH remit the funds IF the Government
and the expenses of which may he paid thong advi
sable by allowing its officers 10 sell bills Of t1change to
] private individuals al n moderate PREMIUM NC &c,
Sc In times Of public emergency, the capacities 0f
such an institution might be enlarged by Legislature pro.
| ciSionS
The Bank which Gen Jackson proposed, was TO be
organized with the necessary officers branch Of The
Treasury Department to be 6nscd The public and IN
dirduai deposies: 10 remit The funds Of the Government
and to deal in bills oftTchange The organization, pro.
yided by the bill under consideration is possess every
one OF these attributes, and 10 perform other banking
AUCTIONS in addition such the issue OF paper, which
not then contemplated Yet, while The former plan
was boldly aroaoed 10 be Bdnk this is denied to be
Gen Jackson with all his popularity and energy Of pur
pose was not able 10 commend his plan TO the favor of
the country, and his UOiontc de fer, iron w
it was called by foreign representative. memora
bic OCCASION obeying the great law Of Repubcanism,
bent beneath the force of public opinion and abandoned
the scheme Yet The scheme is Reproduced,
amid the confusion Of The limes in aggravated form,
but without the name
I,isn remarkable circumstance, Mr. President, that
the most ancient and celebrated Banking institutions of
Europe have grown up from precisely such beginnings
as are continued in this bill The Bank Of Venice. for
example, the Oldest and most celebrated bank in Europe,
commenced as fiscal institution The Republic, press
ed by its foreign wars was compelled to resort to orc
ed loan In order 10 secure the payment Of The inter
est on this loan, il set apart certain branches of the
public revenue, and instituted board OF commissioners,
called the Chamber of Loans, who were charged with
the collection and management Of those branches OF
the revenue and the application OF their proceeds 10
the puncual payment of the interest or the loan In
the transaction of the business confded 10 them they had
occasion sometimes TO buy and sell Ellis Of Exchange,
US shown the officers of The Treasury, under The
oraa uizatiun of this BILL would do Having frequently
plus funds hand, they began at length to employ
thea more extensively in the operation OF 6uyng and
selling e1ctaDge and under this power, actually ad.
vanccd money on mercantile paper, or in other words,
brcane Bank of discount. The credit and respon'
siblity Of the institution being established, The mer.
chants of Venice began 10 make of it for the safe
keeping Of their finds, and so it became bank Of de-
posite also Finally, credit on the books oi The InstI-
tuition for money deposited being equivalent cash pay
men,s in the Of trade 10 be made by trans
fers of these credits from one to another by what are
called checks, which performed The Office, and pre-.
coded the introduction of notes and the chamber OF
loans became also bank " circulation We see. in this
example, by what natural and easy gradaons the most
celebrated banking institution in Europe, that which has
been the model of all the est grew out Of the simple
function of collecting and applying the public revenue,
assuciatng 10 itself collateral and incidental action
the and currency OF the country oil OF which
functions, have shown are to be vested by the new
financial scheme III The officers oil Tue Treasury Depart
ment.
The same in every material respect, were the origin
and progress Of the Bank of Genoa; which, 10 that
Of Venice, was the oldest, and in its day. The most
credited banking institution IN Europe In England,
too the mint tine in being made the depository
OF the funds Of individuals, the Secretary Of the rea
sury proposes that mint and It's branches should be,
became virtually bnnk-"the great centre Of money
transactions and remtances for England and foreign
nations till Charles the LIST, 1G4O, impelled by his
cessps violated the private funds deposited there, and
"happly, Burke says put end 10 both lis credit
and use ns a banking establishment.
The testimony OF history them as well as the nature
of things proves that the organization instituted by this
BILL would work as great government bank-bnytng
and selling czchangcundert that form, at least, discount
ing mercantile paper-receipng dcp0StcS, public and
privule-und circulating paper money OF It's own
Now would appeal every friend OF the liberties Of
his country, and ask him if he would willingly see
formidable union Of The moneyed and political pow
or consummuled in the hands OF The Government -
Will he nut potent engine, an instrument so eth
cacous of operating the hnpes and fears Of men, of
enIisng their interests Of controlling their fortunes IN.
to The hands Of department OF The Government al
ready armed with patronage and power OF fearful ex'
TENT
The honorable Senator from n. York, (lr Wright,)
in portion of his remarks which seemed 10 be intend
ed specially for the benefit of those of US who are still tor
employing the State Banks Repositories, and whom he
described as very small fraction said that the rea and
only alternative before the country is tile Treasury
scheme or National Bank. Now, Sir unless the OBJ
servatons have made on the PRACTICAL operation OF The
sub Treasury scheme founded in the grnssest delu
son that scheme, instead OF being nntagonsca 10 VA
lional Bank u.s. every respect Identical whit would
be National Bank under the worst possible form:
National Bank in the hands Of The Executive, controlled
and managed exclusively by Executive agents IT, then
the Honorable Senator will insist upon making up nm
issue TO which The ghost OF that thrice slam monster,
the Bank of the u. States must be party, he must
amend his pleadngs according 10 the real state ct the
case and submit TO the country this question-N you
have great Government bank in the hands and under
The coplrol of Executive officers will you have an in
corpoaied National Bank designed to be business con-
Germ and political eng inc? When this issre shall
he presented if indeed it shall be, let me Tell the
Honorable Senqlor TINT there are those whose opposition
N National Bank is true his or that Of any other
mun who would pause long, before they would permit
The terror of any alternative 10 drive them into the sup
mort of scheme, like that of the Honorable Senator,
which they believe to be Taught with the most serious
don1er 10 the liberties and certain destruction 10 Tie
b interests OF their country. shall hereafter endea'
vor 10 show that the and only means of averng
eber an incorporated National Bank or great Govern
mani Bank is 10 sustain the State Institutions ana 10
emnIoy their agency with such notifications aid secu'
Ies as experience may have shown to be either neces'
sary desirable
wish however, for the present 10 pursue The remarks
,lcb The Honorable Senator, with $50 much charity
~ se his own expression, addressed to that small frac