The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-05-30

c0NGRESS.-The most important
measure in Congress since our lssi, : lie
passage n bill authorizing new ems
sion Of Treasury bills 70 the amount Of
ten millions Of dollars. In the House II
passed BY = very close vote. en- = mo-
lion % reconsider. he yeas were 10.
nays 100: the Speaker then voted in lie
negative. which produced iis, aud tie
motion vas lost. The bill passed in the
Senate by : vote Of % TO -.
IN he Senate, on Monday. Mr.. Clay.
Of Kentucky. presented > petition conf
dsd 70 bis care. signed BY number Of
persons. puaying for The establishment "f
a Bank Of the United States. IL vas ST.
milar TO several other petitions which had
been presented 10 the Senate. and I" The
House, during The present session, pray
ing for the same object. They afford,
he said. evidence Of a deep and returning
conviction. among the people, Of the u'i-
liiy of such an Institution.
Whilst I am up. (conlinurd Mr. Clay
with The permission Of the Senate. ] beg
leave IN submit few observations upon
this subject. There is reason 10 believe
thai much honest rnisenneepIinn and some
misrepresentation prevail in regard To n.
which wish 10 correct. II had been
supposed that llIase who are DESTROYS o!
seeing . BANK of the United States esia-
blished are anxious that charter should
be granted TO an existing State institution.
which has an eminent individual al us
head, and that ibis was the sole object
of all their exerlinns Now ] wish, for
one. TO say, that have no such purpose
in view. | entertain for that gentleman
zero high respect. believe him uneom-
monty able, perloundly skilled in finance.
and truly patriotic. There Is but one
other person, connected with the banking
institutions Of the country, in whose adj
minis,ralion Of a Bank Of the United State:
| should have equal confidence with Mr.
| Bid,lle, and that 10 Albert Galla,ia. who
I am glad to learn. al an advanced age
retains, in full vigOr. the faculties ~ hi'
extraordinary mind. There may be oihe
citizens equally rompeten. with those iw'
gentlemen. but | do not know them. o
am M, acguainisd with their ParlieuIa
qualifications. .,
/ But tits mol for any existing State bank
or asy particular individual a. iis head
tha, am coniending. | believe the es
adjustment ola Bank oflhe United State
is required By the common good Of III
whole country; and although | might b
willing, If il were practicable. To adopt al
existing bank as the basis Of such a
institution, under all circumstances,
, think il most ex2edient that netc bank
. 18th mower to establish branches. be crea
, ed and chartered under The suih"rIIy
E Congress. NY friends las lar as l kno'
: their opinions) and | are moi PARTICULAR
: attached 10 this or that individual, 10 Oh
: or that existing bank, but 10 principles,
$ the thing itself. 10 the institution, 10 We
e organized Bank Of The United State
r under the salutary operation "f which u
e business OF the country had SD great
e prosperej. aud we had every reason
= hope would again revive and rrospe
l. And. presuming upon the indulgence
the Serate, | will now take The lIbcri
% to suggest, for public consideration. sou
IS Of those suitable conditions aad resirl
-e lions under which i, appears to me III
a. il would he desirable 10 establish . ne
C bank.
re |. The capi,4l no, to be ex:ravagan'
r. large, b., al The same ;ime, amp
is sufficient tn enable /, To perform the nee
{! ful financial duties f"r the GovcrnmeI
). TO supply a general currency Of unlf"r
e. value lhrnughouI the Union; and 10 faci
a. tate, as nigh as practicable. the eqnal'z
be ton of domestic exchange. suppo
in that sbou, fry millions would answer
Of those purposes. The stuck might
r. divided between The General GovernmeI
The States, according To their fedeI
" population, and individual subscribed
e. The portion assigned To The latter 10
nd distributed at auction or by private 81
m scriptiun.
ng .. The corporation, in The spirit 81
IS resolution recently adopted by the &c
TO eral Assembly Of The State. one Of whC
Mt Senator'S have the honor 10 be, 10 recei
be such an organization as to blend, in {
nr proportions, public and private contr
rs and combining public and private in;eres
ur And, in order to exclude the possibil
rs Of The exercise Of all foreign influen
ni. nonresident foreigners to be prnhibi
OF not only from any share in tie a,miuist
ur lion Of the curporsiion, Blu, from hoIdir
. directly or indirectly. any portion of
stock. Although 10 not myself til
nv this latter restriction necessary. wot
Ity make it, 10 Difference to honest prejutlic
~. sincerely entertained, aud wh;c'I nU pr
TO ,ical statesman ought entirely TO disrega
re- The bank would thus be, in its orig
mi anil eoutinup throuJlruut its whole