Litchfield enquirer. [volume] (Litchfield, Conn.) 1829-current, 1838-05-31

Mr.. Clay, on presenting petition tnIs
morning for q Bank of the United States
took occasion to make some remarks as 70
his own views. He said there had been
much misrepresentation on the SUBJECT II
had been asserted, that his sole OBJECT was
to extend the charter of the present Bank N
Philadelphia. After expressing himself ~
terms highly complimentary to Mr.. biddle
and Mr.. Gallatin, he added, that ne was not
n favor Of dds or that institution OF Mis or
tk0t individual: but that he was for Bank,
and, perhaps under all circumstances, 1t
would be most expedient to have an entire
new bank.
He then said, while he was up, he would
throw out few of those conditions and re-
strictions which he should deem proper IN
such an Institution. He was for an ample
capital; about .ffty millions Of dollars, to De
owned partly by the United States patty
by the States, and the balance by lndiViouaA
citizens.
In Difference to prejudices, which II was
known existed in some quarters, ne would
have nr, foreign stockholders. It would thus
he q genuine American institution.
To secure the bill holders against loss, IN
nnv contingency, an adequate amount OF the
canital should be invested in other stocks,
and set apart for the redemption OF their
notes. Thus, the great mass OF the commu-
nity would be projected against loss. The
acts of the depositors in the Bank, or OF Dor
rowing money from it, were voluntary acts.
Il was not so with the bill holders. They
ought therefore, to be secured.
He was for throwing open the books OF the
Bank to the public, so that the extent OF &C
commodation granted to any drawer or en-
dorser might be known. There was no ne
cessity for the secrecy which was observed.
In the case of mortgages, the records were
open to every man. This drawing aside the
veil of mystery, would have good effect as
to the extent Of loans which the bank might
make. 1t frequently happened, that when
failures took place il was found that the banks
possessed all or nearly all the property OF the
bankrupt, and that while they were amply
secured, the public got nothing. 1t would
check that system of business.
He would limit the amount of dividends to
- per cent. per annun1.
He would also put restriction upon the
charge which they should be allowed 10
make upon every check or draft, drawn by
them from one city or place upon any other
city or place in the United States. In this
way they would contribute to the equaiiza-
ton of the domestic exchanges.
He would also restrict, as far as possible.
by special provisions, any interference Of
the President of the u. States with the bank,
or of the bank with the elections OF the
country.
The constitutional question he would not
discuss. 1t ought no longer to be considered
an open question. Four times Congress mad
affirmed the existence of the power to create
such an institution. Il had been sustained
by Washington, the Father Of his Country,
by Madison, the Father of the Constitution,
and by Marshall, the Father of the Judiciary.
Strong, said Mr.. Clay, as are my convic-
tions Of the necessity Of such an institution,
am equally well convinced, that under ex.
listing circumstances it would be waste OF
time to make the proposition. have no
such design. ! believe majority Of the
people are now for Bank but, az ] said
on former occasion, we must wait until they
call for il and then conform our will to
their wishes fairly expressed.
Mr.. Allen, after some remarks in relation
20 his proposition respecting the banks in
the District Of Columbia, said, that he con-
graduated the country upon the principles
avowed by the Senator from Kentucky. He
believed that nearly all the evils arising out
OF the banking system were to be ascribed to
the secrecy in which their transactions had
been enveloped. All the people asked was
an honest and frank disclosure. The an
thVuACSkAtGAkb Va SbsH0 HAtAAS1RtC1 - SO0tSO
90 high, he considered new era in banking.
He said he could not 60 with the Senator for
bank but he rejolced, that if there was to
be bank, we were to have no more myste-
ry, at least so far 40 that honorable gentle
man Mr.. Clay) was concerned.
Mr.. Buchanan said, we have now the fact
plainly presented, that the old bank Is to be
abandoned, and q new bank to be chartered,
and located in the city Of New York. Ipro-
test, said he, against q new bank in the city
of New York. II would render every other
city tributary. Il would be q blighting NH
dew upon every city in the Union. He was
opposed, he said, to any and every bank Of
the United States; but if this curse must be
inflicted upon the country. he was for having
1t located in Philadelphia. There never
was. he contended, such stride towards con-
solidatioD, as the proposition of the Senator
from Kentucky. Nothing had been said,
however, by that honorable gentleman (Mr.
Elay) a. to the amount Of specie that should
be required for the redemption Of their pa
per. He wished TO hear something on that
point. am glad. said he, that the Senator
has boldly brought forward his measure be-
fore the country. The issue is now between
the old and the new bank that is to be estab.
lished.
Mr.. Clay said he bad offered no PROPOSE
ton to the Senate. He was surprised at the
gratuitous assumption Of the honorable gen.
ueman. He says that there 10 to be new
bank established in the city of New York
He chr. Clay) had suggested no such idea.
He had presented no plan. He was not for
arguing o cause before packed jury
Knowing the settled opinion Of the Senate on
the subject of q bank, he had no intention Of
offering any plan. His sole object was, to
let the country know his general views. Nor