Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-04-27
Twcnty-Gnh ongress---2d Se>s.
SPEECH OF MR. BENTON, OF Missouri,


(Continucd)
Gen Jackson is cleared Of the mpualion, and how
stands the matter Uf fact with that bank: il IT, is it
not political machine, and such constantly working
with political party and with that party whose tenels
favor The fundamental principles OF that corporation:
hold The affirmative Of these inquiries and shall insist
that the bank created for political machine; that
always has been and forever viii be- such machine;
and that it belongs to the party whose ati,udnaan doc
tnes, and whose passion Tor strong and splendid Go
vcrnmrn find natural support in institution whose
pIncp pies INSTRUMENTATION of wealth. exclusive pri
vrges, monopoly perpetuity OF existence, rresponsl
bIhly I" the people, and succession of membership
National Banks their establishment in these U s.,
to Gen. Humton-a frank and brave man, Who
ed to deny or In dssemhe his objects He made his first
report 10 Congress- o ayar of National Sank intDes
cenber l19l; and m TIM original proposition for Great
ing the institution, he boldly political cha'ac
ter. hese are his words " Such bank is mere
mGHcr fprirate property Int Political JLiCHINE
fMe hghcSi imp0ranca to tie STATE" Created then for
political machine, il immediately entered upon the fol-
hlment of It's destination and this first bank, thus cr-
ated. is said by Marshall in his Lie Of Washington,
T1hare rontrijH,d 10 Aat cOapeie 0rgnuiea0n cfoSs
instinct and rShc paTcS mich IN thar iong amt Gnj0uS
cDRtci for D0lrer since Shnken Me 10 their
he" political machine, defining parties and acting
with the FrderasS during the whole period Of lis exist
ence, the first Bank Of The u Stu,es sunk under the
odium al lis party character The Republicans, in the
ascendant. refused to its charter in ISL The
question of renewal the debates Of the time fully
show, largely turned upon The political character and
cOiGuci al lie institution; ana HelDCr U The senate
then and now on this door, (Slr CGy) characterised
the Federal Senators present the Daeedonan phaanr
Of the Bank.
The creation Of The second bank in lSlG was also
contested political institution, but with an almost
total reycrsa! of parties Mr. Madison administration
in putting down the first bank had Committed the great
o falling back upon The ocG! banks Tor national
paper currency Instead o! establishing The currency
OF the Constitution for the Federal Treasury and cspr
calIy restoring the gold currency by correcting lie
,rIr Itola Iipr,
adequate supply ui The precious metals Tor the of The
whole country the great committed Of falling
back upon the paper currercIes oi the States The rt
OF lha the speedy reduction Of the Federal
Government the al broker bank paper. the involve
nl the Whoe community IN 'hr same calamity,
and Ia second National Bank to supply
tiona paper currency. The second bank VAS brought
forward III the extremity OF their distress by Tie Rrpub
lcan Administrations to hep them out Of the mud and
nfe If broken bank currency and 10 aid them IN the
operations Of the Government Il was hen % be
chine on their side As such, IL was supported BY Re.
pIbcans such IL was opposed by Fr,cras.s; n re.
versa OF party position HAVING taken place III relation 10
the Bank, and each party having fallen n,o the deusIve
belief that National Bank could be the supporter Of
Republican Administration, Hares changed position.
few individuals Standing firm on cach side; bat the
masses crossing over taking each others places, and
freely dealing the cusa!Luns OF mconsiStcncy-dc
serton abandonment Of .rieEdscomprcmise OF prn-
cipe Sc. &c. 1t would ae tedoGs to verify this stale
menl by citation Of spec cIrs, and the reading OF yeas
and nays is necessary To cite much. single
quotation from the speeches Of TWO eminent members,
of TN, Senate and Of The House and both
sent members of tins body-ihen opposite sides in
relation 1" the Bank, bolA on lie same side IN iavor
Of i,-w illustrate the point in issue, and establish
every thing ssay 10 be known about II By one at
these speeches. the creation OF the Bank was advocated
as political power necessary 10 he possessed by the Re-
dera Government cOumteT pvlse 10 the political pow
er which the local banks gave the States; mud the
Loyalty Of The Stat. sueh the moth" pink was paced
for suhveriGnE the fe"'sa L vrrnW' NJ. - ne o'ne'
speaker, the creation OF hiss Bank. ~i:a participation
in Us nIgemeLt AND direction ny Tie appointment q
FIVE dirrc;os--l's capital "t ;-j uipGsGnd tr contol
and influence wIicl the Government """Id nave over
IT, presented 1t as an Object ol vice and Ge'"fh!t', ana
as giving to thu G"vrrmm". pn"er over the 'osilu'
ton and individuals, which WON'T enable ~ urh5
any man into terms aud compel The bank itself TO do
whatever The Administration based
hlr y then read passage from speech oi 'lr Clay
delivered IN kenrucky. after ms t";nrn from congress
in lciG and explaining the reasons for his change 81
mi MON in relation 10 National Bank. The passage
IN these words:
.lr poli,.cal rnye b. incidental barking corpora
tons there ought, perhaps. 10 he, III the ErnGai H"'
yetpu,su some cuuniepr:sc 10 that winch srAcrcd by
ia. Sio,rs Such cGuntc.pu mfGhl MI, indeed he
So necessary the States exercised the power 10 moor
porate banks equally or in proportion " 'heIl respective
populations. But that is mol The case single STATE
has Il barking capital equivalent. or nearly 50, TO the
one fifth of the whole banking capital "i The u states
Four States combined have the major part OF the capital
of the United States In t.~ event OF any CONFUSION
N
b. mporrnut it NAV be urged that The mischief would
not be allevia,ed by the creation OF National BANK
since its location must be IN one :" the STATES put III
this respect the location of the Bank is extremely favor
ALL he pr in one of the Middle States, not likely from
i,s pos,ion rs we'll as It's loyalty, TO concur IN any
scheme for suiysrllng the Government; and sum
Glen, security against such contingency IS 10 be "u"n
in the distribution OF branches III different States, ucting
and reacling upon the parent institution and upon each
other. -,
Mr. B. then read paragraph from speech oil MI
Webster delivered in The House ct Representatives,
Aprl T. 1896 in opposition TO the charter OF The second
Bank of the United States:
,.Nr Webster said this was subject which great
change of opinion had taken place both sides ct the
House md animadvertcd on what he called conpro
mise of principle on great m"neyed institution anu
The dpserti0n. not only OF principles, but ot renos,
which had characterized the proceedings on the bill!
He then spoke some time against the BILL when ne
pnln,rdly condemned account OF the Par'c'Pa"no
The Gnpernnle It's direction ana management u,
aid he us,ead of the little scraps OF amendments,
,h;cb uerc very weas far they went but very tn
h;rp and only served 10 cover the wee and dr"rm'ty
n The scheme the Senate had returned the bill h'Hihy
in all IN, beauty the original institution, II would
have passed through the Honse swlfter man me current
Of the Potomac. nat 'p p,I
and influence over great banking institution should
not be possessed by the Government. Inc degree Z"
that influence not material, the principle remaining
the same be the n!iuen nee more or less extensive
~ Couia il be doubted that, with
this capital, and this power over II, the '"Vrrnmrht
Gould bring any man into terms and make the banks dcl
as they pleased: ,,,,r
Such ar. the grounds which The establishment OF
Le second Bank Of the United States wos contested IN
IslG The Republicans advocated ii, because ,hpy saw
no other way TO get GU, Of the slough OF Irredeemabe
uaper money the Federasts opposed 1t, ' cause 'ney
feared the bank would be cnEnr u! power ana 'hhu
once in the hands Of The Republican Administration
few wears experience disprrd this fear A. the hfst
reorganization parties the bank developed AZ P'
cal power the Federal side. lhS was al me rre..
tha House
FEBRUARY 1875 The bank then took the held, on the
side opposed the candidate who had the pnTny OF
the peoples votes in his favor 1t las Kept the held
ever since and if is unable TO resume specie pay