The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1840-08-20


81 4 ! = asFllIEsd, 80 lo7l. 90 Inv
Fs5sfIlisis, 90 Fuisd GO DE postpone
msHg and Of course agsinlt ne Bank.
ui,h inmoshy Pisksfiss u heir hsadi
snd n Fe3srslisls only sgsinsl postpone
neat. A Repabliesns selsd for he post
ponrneni. snd GO against il. The ses-
sion vas near is close. and he subject
sas mol further acted On. nessilhsiand-
ing this vote.
Early IN he next session. that sterling
Republican. A. y. Dallas. ME. Madison's
Secretary Of he Treasury. strongly re-
commended National Bank, on grounds
holh Of eIpedienry and roaslisu.ionalily;
and he House. by vote Of % 70 81, de-
cided that ''it Is sxPedleal 10 establish q
National Bank, will Branches in The &C.
yersl Slales." or The 81 Nays. about
20 we're Federslisis. A bin was finally
maiuFed Al that Session. which passed
the Senate IL 10 I4-euery Federal Sen
afor roliag against Il. Il passed The
House 100 % 81. President Madison
vetoed il. moi because be doubled lis
consnlulionslily. but because ils prosi-
sions did not appear 10 hlm 10 be . cal
eulaled % answer the purposes Of resiv-
ing The public credit. 81 providing na.
lional medium 0l circulation. and aiding
Ihs Treasury BY fscllisallng The indis
pensable shllcipasions OF The revenue. and
BY sGarding 10 The public more durable
loans"
The bill failed. A new one was intro
duesd BY that old Republican. Jas. Bar
bour. Of Va. passed The SENATE. and was
mosi ably supported in The House BY
Hon. Mr.. Forsyth. (now Secretary Of
SIsle.) Mr.. Lowndes. however, Who
was in favor Of a Bank. bu, did not
think The time propilious. moved 10 re-
jsei The bill. and his motion vas sgreed
%, "a 10 20. On this question. % Fed.
eral members voted sgalnss The bull. and
II or 70 for il.
Al the next session. Dir. Madison re
commended 10 Congress 10 pass Bank
Charter. His Recommendation was con-
lained in the following words:
1T is essential 10 every modification
Of the finances. Tia, The benefits Of an
uniform National Currency slsuld be
restored To The community. The absence
Of The precious metals will. il is believed,
be temporary evil; but. until they can
again be rendered the general medium Of
exchange, il devolses on The wisdom ol
'ongress 10 provide = substitute which
shall equally engage The confidence and
accommodate the wants Of The citizens
throughout The Union. II The operation
Of tie state banks cannot produce this re-
suit. the probable operation Of National
Bank viii merit consideration"
| The striking resemblance Of The clos
ing sentence, TO Van Buren's recommen
dstion Of Poinseit's Army Bill. .esnno
be too strongly recommended 10" the
readers consideration" 10 those hon
eel days, Me-. Madison was well under
stood IS recommending National Bank
but, now, Van Buren,. though his Ian
guage is stronger. did mol mean TO re
commend 10 Congress 20 adopt P0in
sets scheme. Oh, no! he only recon
Inended il 10 their consideration
Ia accordance with sir. Madison's re
commendalion from Mr.. Dallas. the Sc.
terv's.y ef the Tssas.sy, Mr.. Caih0ur
reported The ''biii TO incorporate The sub
scribers 10 the Bank Of The u. SIates.'
This bill was debated Al gies, length
being supported by the leading Republic
cans. such as Calhoun. Clay. Smith. For
syth. &c.. and was finally passed so I,
III. 81 Republicans. and IL Federslisl1
voted Tor the bill. and about IS Republi
cans and as many FederaIisls voted q.
gainst il. Among those who voted To-
Il. we find. Mes.rs. Calhoun. Clark o
n. G.. Conner Of N. C., Forney. N. C.
Forsyth. King. (Wm. X. King IL v,
mistake not Lnwndes. Lumpkln. Pick
ems Of $. e., Smith. and Nancy, Of N
Carolina.
Among its opponents were, Culprpel
Of N. G., CASTOR of N. g., Hanson
Pickering. Stanford, Webster, and olhel
well known FederaIis,..
ln the Senate The bill passed. 22 "a
IL. IL Republicans and Federalism,
voted for il. and ) Republicans aud I
! Federalisls against IL.
So that iuo.lhiIds OF all The republi.
cans 10 Congress assisted 10 pass The
Bank Charter. and Iwo-lhirds Of The he.
deralists did their best 10 defeat ii.
Precisely The same state Of hings can
be shown in regard to The rariIl, and In.
'ernal Improvements. But when YOU
now ask who are The Federalls,.. you
will be Told By some Demasngues, that
The FederalIs,s are those who think :
National Bank. Internal Improvements,
and Tariff, constitutional.
We have Condensed the facts above
from long and very able article 10 the
National lntelligencer. whose accom-.
plished Editors possess mure political
information. in our opinion, Than any
other in the United States. excepting
perhaps John Quincy Adams. We have