Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1838-05-04

| fegulate all tne great concerns OF com.
mcrcc.
But 10, us sec how this opinion of the
honorable member stands upon the author
tiles IN oar owu history.
When the first bank was established.
the right ut Congress TO create such q cor.
pora'ion was, as we all know, very much
disputed, I1tIe malotitlps, however, IN
bo'h Houses, were of opinion that the
right existed. and they therefore cran,ci
the charter; and IN tins charter there was
an express provision that the bills of the
bank Should be- receivable in all psvmrnr,'
TO Government. Those WHO opposed the
byk did nov obeci 10 thus clause: on the
contrary. they went even much farther
and Mr.. Madison expressly insisted that
! congress nah' grant or refuse. to State
banks. "" prlv'jrg" Of having their notes
! received w revenue. In 1891, therefore.
Den Of all potllcs suppose d that Congress.
IN lis di,Crctjon might anlhori2n the re-.
cc,pt of back notes. The same pr,ncpIo
was incorporated into the bank charter Of
1916: indeed, II was IN the bill which the
gentleman himself reported and |, passed
wllhnn' objection from any quarter. But
this Is not all. Mr.. President, let US look
INTO tho p ocnrdnGs Of The session Of
l3i5-'l6 Mle more closely. At the
commencement Of that session, Mr.. Mad.
snn dow our attention to the state OF the
currency by which he meant the paper
currency ct the counry. which was then
very much dISDrdercd, as the banks had
suspended specie payment during he war,
and had no, resumed. Early IN the pro-
grcsS OF tie SOS ion. the honorable member
from South Carolina moved that this part
OF the message should be referred t. a
select committee. II was So ordered
The committee was raised and the honor.
able gent leman placed at its head a.
chairmaD OF the committee. he introduced
the Bank bill, explained it, defended II
and carried II triumphanllv through the
House. having IN it the provision which |
have before mentioned.
Bul there IS something more. At the
same session the gentleman introduced the
blIl tor the further COLLECTION OF the rcve.
nue., to which have already referred. aud
IN which bal he carried the reccIvabllI'y Of
bank notes much further, and provided hat
notes Of any baak or Bankers phjch 1cert
payaIie and phi, on Demand, in specie
: might be aN0'red ana ac"Np,ed in all puy.
meats 10 Tie United Suites 50 that til.
: honorable gentleman nm.ef drew. wei
MS own pen. the very fist lHGal enactment
in the history Of thlS G0vcrnment. b,
winch i was provided that tho notes %
: ate banks shuu d DC cons lerpd and rrcat
ed aa money NJ III. Treasury. StIll further
sir The hjii continuing this provision drc
not DaSS he !uuSp and IA I tlnpnrh .,,n,
, provision necessary. ,ndspensably Dcc,s
sarv. far the stint. Of ,h,nrs ,hcn cv,s,io,
,ni,oJ,o'1 | ,t,,,. ,i.,, H., =
I,h, r,,I,,, ~, IVA ,.,,,,,oti.
h,iI ,n,o,.o.,,,,i,.
, ,,o,oIu d,o,,,,o,,,,,, .,;.,..,,,,nn.,'
,l ,,.,'
ant r,,,,,, * ,h r",o u'',., ~
a n,rh, 60 h, onIl,,,aI onl ,oa,,,,I
:, laval o,rr,,o, ~. - 'r.,,'.,,.,, y"
. I'n o,,a.a,,t' ,I.a
-, n,o,'ln, rho,, , " a'sl' az
. ,rr.nd ~ ro,., =, ,h,,,,,,, , ~"
,,, 49,, '.,,., 49,, 49,. '''"
u. ;mory so,,, laa,an 81 o,nrn., w.,
, ,,on.oc,,'n NJ ,h;.I ,ns'l,,ia, ,,,.F,
,I.,,,., ,,'I, "''
=,
A"a 'eSofcea' J"'t"eT' INA, the Hecretar
:, M,on,.l ,,.,i.,, ,,l, ,,o,o, -, ii"
# ncce.sar, +, cause. as soon AZ may be, ali dn,;e
-, mxes, dah,s, oy sums Of money accruin, or brcnu
ing PAYABLE to The Unrcd Slrlcs, to be collect,
N ana PAD IN the legal currency OF tue unIied State
l. OF 'ra'"1y n''c or "I'e' o. '"e pans 81 'ne IN
~ ,he l., ,y If rs,nnry NJ snch d",; ;,"' "'
!, debts. or sums ornoney accruing or becoming paw
To- BILE 10 the Unuei STATES a aforesaid. ou.h, to
"a collected or received Otherwise rhln in The Ieg
currency OF the On,'rI n",ft, or treasury "o'e
-, n'' u '"e ''"" u ''' o""'' '''''e'' DIS ''o'
;, rho S,,,,o w,l, no,oo,yo ,ho, !, -
:, rosoIn,,n, nC ,,,n, ,ho,n ,va, ~, nr"n;,
=. whatever to, rcco,v,nn bonk uorep ovcs,
10 q, the RANK or,he U,Trd S,a,os orc,,d,
a., :, ''' "'o''' Wv