Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1838-05-30
MR.. CLAY. AND A NATIONAL BANK

I whlie presenting petition Tor Il Ma
iional Bank, embraced the opportunity
to expose his views upon that subject.
I They are as follows -
/ Mr.. CLAY. of Kentucky, rose, and
stated that he wished to present u PEI
titlon contided to his care, signed by A
number of persons, praying for the es-
tablishmeut of Bank of the United
States. 1t was similar 10 several other
petitions which had been presented to
the Senate, or to the House, during
the prcsen, session, praying for the
same object. They afford evidence of
deepand returning conviction, among
the people, of the utility Of such an in
stitdtion.
Whilst ! am up, continued Mr.. c..
with the permission of the Senate,
beg leave to submit few observations
on this subject. There is reason 10
believe that much honest msconcep.
ton, and some Misrepresentation pre-
vail in regard to it, which | wish to
correct. II had been supposed, that
those who sre DESTROYS of seeinga Bank
OF tho United States established, are
anxious that charter should be grant
ed an existing State institution, which
has an eminent individual at its head,
and that this was the sole object of all
their exertions. Now wish for one,
to say, that have no such purpose in
view. | entertain for that gentleman
very high respect. ! believe him un-
commonly able, profoundly skilled in
finance, and truly patriotic. There is
but one other person, connected with
the banking institutions of the country
in whose administration Of Bank of
the United States should have equal
confidence with Mr.. Biddle, and that is
Albert Gallatin, who, | am glad 10 learn
at an advanced age, retains, in full vi
| gor, the faculties OF his extraordinary
mind. There my be other citizens
equally competent with those two gen.
tIomen, but do not know them, or am
not acquainted with their particular
qualifications.
But il is not for any existing State
Bank, OF any particular individual at
its head, that am coniending. | be.
Iieve the establishment oil Bank ofthe
United States is required by the CON-
mon good of the whole country and
although ] might be willing, it were
practicable, TO adopt an existing bank
as the basis Of such an institution un.
der all circumstances, think il most
cxpedent that nelo Bank, with pow
er to esta blish branches, be created and
chartered under the authority of Con-
gress. My friends, (as far as | know
! their opInlons) are aot particularly at
tached to this or that individual, TO this
or that existing Bank, but to principles,
to the thing itself, TO the institution, to
well organized Bank of the United
! States, under the salutary operation of
which the business of the country had
so greatly prospercd, and W. had eve
ny reason to hope would again revive
and prosper. And, presuming upon
the indulgence Of the Senate, will now
take the liberty TO suggest, Tor public
consideration, some OF those suitable
conditions and restrictions under which
it appears to me that il would be desi.
rabie TO esta blsh a new Bank.
/. The capital not to be exiraya.
gantly large, but at the same time ann
ply sufficient TO enable it TO perform
the needlul financial dutits of the Co
yernment; to supply general cur
rency Of uniform value throughout the
Union and TO facilitate, as nigh as
practicable, the equalization of domes-
tic exchanges. suppose that about
fifty millions would answer all those
purposes. The stock might be divided
between the General Government and
the States, according to their federal
population, and individual subscribers.
The portion ascrbed to the latter 10 be
at auction, or by private subscription.
2. The corporation, in the spirit OF
resolution recently adopted by the
General Assembly Of the State, one Of
whose Senators have the honor TO be,
to receive such an organization as to
blend, in far proportions, public and
private control, and combining public
and private interests. And ia order TO
exclude the possibility Of the exercise
Of all foreign influence, non resident TO-
reigners 10 be prohibited not only from
any share in the administration Of the
corporation, but from holding, directly
or indirectly, any portion Of It's stock.
Although ] do not myself think this
latter restriction necessary, ! would
make il, in Difference 10 honest preiu-
dices, sincerely entertained, and which
no practical statesman ought entirely
to disregard. The bank would thus
be-, in its origin, and continue through