Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1840-09-18
WHO ARE THE FEEDER !

In our early boyhood, the answer to this question
wo lid have been, that 9TH, enc MES of Jas. adlson
and the War were the Fcderasts' At that day, the
Tariff and Internal Improvements and even the
monster Bank Of the United States, were Republican
measures in support of all of which, such leading Re
publlcans as Madison, Monroe Iowndcs Calhoun,
Chevcs, Crawford, Clay, Grundy, Smith Of Mary
land, Forsyth Bartlett Yanccy, &c. warmly
arrayed. Mr.. Crawford, that distinguished Gcors,
Republican, advocated with transccndant ability the
re-char,er Of the old Bank in $50. In February,
1914, Mr.. Calhoun proposed new National Bank.
committee accordingly reported bill, hut its details
were not Il acceptable, and ii was not acted on. In
April of the year. Mr.. Grnndy ives, the present
Democratic Felix moved that a Commute be- APP
a National Bank In speaking on the subject
Il (snid Mr. Grun1y) have secret ,hi, -b-
cct: Inist 10 SEE Brak established as a National
ohjsc lei rio r'H b. ia po'eer asa genclui mrasnre
IRISH 10 SEC ii adp'ei' From general consitcra
tons Mr. c. repeated, he had always been in favor
Of amcasrc of hs -ort; andhe entertained no conS:i
iHiOnal scrup'fs ab0W ~
The indefinite poStponemtnt Of Mr.. Grundy'- mo-
ton was moved by Mr.. Newton Of Va. The Federal
members generally poke III favor Of pnstponrnlent ;
but it ncgaiived, 50 to II. OF the Fc!crasts, %
voted for the poStponrmcu ,nd of course against the
Bank) with Timothy Pickering a, their hcal and Il
Fcderali'ts only against postpon"mcnf. Al Republic
cans voted for the posponcmont, and 60 AGAINST H.
The session near its close and the subject
| not further actc Oh, Notwithstanding this vote.
Early in the next session, that sterling Republican,
A. j. Dallas, Mr.. Madison's Secretary of the Treas
! ury, strongly recommended National Bank, on
grounds both If cxpcdrnry and consu'onaty and
the House, by vote of9} To "a, decided that ut Is
cSpeden to establish Natl NAL Bank with Branches
in the several States" Ofth- 81 Nays about 20 were
FederalistS. \ bill was finally mn'urcd at that Sos
sion, which passed hcs Senate II to l4,rery Ftderal
SeH'ior rotinp against il 1t passed the House l2O
to 81. President Madison vetoed it, not because he
doubted its constuonay, but because It's provslons
did not appear 10 him to be calculated TO answer the
purposes Of rcvving the public credit Of providing a
national medium of circulation, and of aiding the
Treasury by facilitating the Indispensable ancipntlons
Of the revenue, and by afordng 10 the public more
durable Ions
The bill failed. A new was introduced by that
old Republican, Jas Barbour Of Va, passed the Sc
nate and was most ably supported in the House by
Mr. Forsyth, (now Secretary of Statc) Mr.. Lown-
DIES, however who wasin favor of Bank but did not
think the time proptous, moved to reject the BILL and
his moion greed To, ga to 70. On this question,
% Federal n,cbcrs vo,sd agans, the bill, and II or
- for it,
At the next session, Mr.. Madison recommended to
Congress to pass Bank Charter. His recommended
was contained in the following words:--
st is essential to every modification of the finances
that the benefits Of AN uniform National Currency
should be restored TO the community The absence
OF the precious metals will is believed, be tempo
rary evil but until they can again be rendered the
general medium of exchange, it dcvolves on the Wis
dom OF Congress 10 provide a substitute which shall
equally engage the confidence and accommodate III.
wants of the citizens throughout the Union. II the
operation Of the Stale Banks cannot produce thi.
result, the probable operation Of NArIosAL BAsS
| ciH merit consideration
The striking resemblance Of the closing sentence,
to Van Buren's accommodation of Poinsor's Arm,
i5l, cannot be too strongly recommended to tn
readers Considerations" In those honest days, Mr.
Madison was well understood as recommending a Ma
tional Bank but nov, Van Buren,, though his Ian
guageis stronger, did not mean to recommend to Coz,
sress to adopt Poinsetrs scheme. Oh no! he onl
recommended II to their consideration
In ,lance with Mnd,,op,e rJ.,;n