Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1838-05-04
Kennedy's maj 620
ANNE ARUNDEL COUNTY.
Kennedy. Marriott
1862 $50
800
Wing maj.
242
620 s42 Total maj.

w my Ilul. az
620 s42 Total maj
The U. S. BANK. A last effort has just been
made by the Administration Members of the
U. S. Senate to injure the U. S. Bank, 80 great
is their hostility to that institution. 1t is al
lodged that the u. S. Bank of Pa. continues to
issue the notes Of the old Bank, and these gen.
tlemen propose that Congress should punish
this state Bank and have passed bill to that
effect. Was ever such a stretch of power pro-
posed beforei What will the sovereign state
Of Pa. say to this measure Of Congress in re-
gard TO one Of her own institutions, Wheth-
er the Bank is right or wrong is of no conse-
quence; the question is as 10 the power of
Congress. These are your patent democrats,
who, while they profess to be friends of liber-
ty, would concentrate all power in the hands
Of the general government. The correspond
ent Of the N. Y. Express says:
The arguments against this bill are made
solely upon the ground OF its unconstu,ion-
ality.-No Senator in opposition has assum-
ed any other position, and friends as well us
foes OF the administration have each taken
this ground, and in answer TO The question
no redress for this grierance they ans.
wer yes The common law of Pennsylva.
MIA is your redress II the United States
Bank Of Pennsylvania issues and circulates
the notes ola broken bank or bunk whose
charter has expired, there is your remedy
get an injunction. and the common law
will give you redress.
Again, the opponents OF the bill ask its
iriendswho deny the constutionality OF the
measure, the significant question: - Hoo can
you punish an unconstitutional Institution
for doing an unconstitutional act! II YOU
had no power TO create where is your pow
er,-(you who deny the creative powerl to
punish ? Again the enemies OF the bill say
that the offence is to be punished by the State
oil Pennsylvania, which State only has iu.
Ilsdictlon OF the matter. BY passing this
law you interfere with law Of the State.
and take from the Stale power which be-
longs TO the State and not TO the general gov
eminent The jurisdiction of the govern.
merit over the old bank has ceased ,-ceased
with The expiration of the charter of the old
bank
The following remarks were made by Mr..
CLAY on this bill.
After some unimportant business the An.
u-Bank Bill came up, when Mr.. Clay said.
we have nothing TO do with the Bank OF
Pennsylvania called the United States Bank.
We have TO deplore that we have not Unit.
ed States Bank. A lack of such an ins,itu-
ton has surrounded the country with EN-.
barrassments. with mislorlunes, upon every
| side and upon every subject
As for Nicholas Biddle said Mr. Claw. his
merchandise, his non-resumption, his cotton
bags, &c we have nothing TO do with them
we want nothing TO do with them, so far
as know the opinions of my friends and
my own mind What is he to us, or we TO
him, that he or his Bank should be conlinu.
ally dragged before the Senate2 | had
hoped, said Mr. Clay that an attempt TO aid
resumption which was made in the other
House would have been better treated there
by the friends Of the Administration than il
was treated That resolution voted down
by the friends Of the Administration showed
that they were opposed 10 resumption.
think, said Mr.. Clay, the bill before the
Senate unnecessary. Among the rredeem-
able paper currency now afloat through the
y
none preferred to this,-it was good from
one end of the Union TO the other.
In the very town Of the honorable Senator
from Tennessee, (Mr. Grundy) who had
most strongly advocated the bill, the notes
Of thus Bank were commanding premium
Of ~ and i0 per cenl-precisely the same
premium demanded in the Nashville mark
ct Tor specie itself Throughout the South
and South West il bears gieat premium.
MT Clay said there was no occasion for
legislation at this moment. Now was the
time Tor encouragement-the time for kind
ness--for conciliation-not for Legislation OF
exaction and punishment. No Senator
doubted but that the notes of the old Bank
would be redeemed, and speedily redeemed
There was no Senator who did not prefer
the notes OF this bank to the notes of my
| other institution.