The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-09-04
WHOLE NO. $50.


ing what had been wrongly done by their predecessor
and Of doing that which had been left undone
:" said Mr.. GRUMPY have secret on this sub
Ject. wish To see bank established as national
object, LET who will be in power as general Inea
sure, wish TO il adopted.
i " For general considerations Mr.. GRusDY said, he
had always been in favor Of of this sort,
and he entertained constitutional scruples about H.
If there is departure here from the principles of
the address then there is in the employment OF
truth, or reason or argument in the present contest
But upon the subject OF banks and the currency
generally think it can be shown that the old
has strayed still farther from the fold Of modern demo-
cracy, which, if understand its principles, cannot
tolerate noa-specispdying bank if il can any bank
at all. But what will you and your friends say, sir,
to bank which, in its ereati M by the very terms
OF its charter was exempt from paying specie hold
in my hand volume of the laws of Tennessee, in
which will be found bank charter Of this description
It is the charter Of the Bank Of the State of Tennes
see, established in 1920 with other capital than the
public revenue of the State, and the pts from the
| sales of her vacant lan1s. The fifth and sixth
tons OF the charter propose read for the edfcation
| especially ofthe pseudo democracy of this House:
| Be il enacted, That the said bank shall have
power to issue notes. signed by the president and
countersgned by the cashier not under the depomi-
nation Of one dollar, one hundred dollars,
behalf OF said corporation in such sums and with such
devices as they may deem most expedient and safe.
| Be IL enacted, That the capital stock of The Bank
QfHe State Of Tennessee shall be one million of dol.
lars in bills payable to order bearer; all Of which
shall be emitted the credit and security of the Dor
rowers, and the whole warranted by the State, &C.
| For seven years it was the boast of this veteran
leader of the anti-bank of the present time that
he the author Of what he pleased to call the
peoples bank, distinguished from the individual
stock banks--a bank in which the people stock
holders and who were entitled to borrow the money
And this favorite bantlng of my colleague bank
which was not required to pay specie4
/ / Vpt N tha Mar and
characteristic performance of my distinguished col
league of the Senate. 1t is to be found in his report
made to the Senate, chairman of the Committee on
the Post Office Department in 1885, the subject of
vesting the surplus moneys in railroads This report
is worthy OF particular attention. particularly to gen
temen Of the South and elsewhere who often
strained in their support of favorite measures by con
stutona scruples. There they may find most in
fallbe specific fol all scruples of the conscience In
such cases and how born democrat can get round
/ the constitution in every possible
| MIR BELL was here interrupted by the Chair, and
| informed that his remarks irrelevant. Mr. b.
contcnded that his remarks strictly in order that
| he showing how the constitutional objection to a
national bank could be removed by democrat of the
modern school and the Chair interposng further,
Mr.. d resumed his remarks
To establish what l have said of the principles Of
this report, need only read one two extracts from
it,
The power of the General Government to make
corporations states, Tor
the conveyance of its mails property and troops over
| any road whatever, cannot be doubted"
1t is not perceived how any constitutional objec-
ton can be raised, unless it be maintained that the
moneys paid under these contracts will be paid for the
purpose of making the roads and will therefore be
applied to objects of internal improvement This OBJ
lection is sufficiently answered by the fact that il
not proposed to advance the money for any such pur
pose The road, or that part of it the of which
shall be bargained for must be finished and in actual
use before any of the money shall be paid 1t will then
be paid for obtaining the perpetual of the road and
Tor no other purpose. II Is of the Govern
ment to what use the owners of the road apply the
| money II the contract be made with State it may
60 into the State treasury; if with company, whose
road is finished, it may be divided among the stock
holders if with company who have finished one
more sections of their road, the of which is
racted for, may be applied by them the finishing
/ of other sections
Now sir, if you will only apply the reasoning here
employed TO other subjects of national interest and i'm
portance, contend that this Government can directly
or Indirectly exercise unlimited power
will finish the portrait of this reteran in democra
cy by stating that like most of his present associates
he has been for and against the deposte bank system
but unlike any that know, of any distinction he has
been both sides of the doctrine of notification He
was at one time decided and open advocate of the
doctrine having had the distinguished honor of salts
flying its original friends and advocates that the Legis
aturc was not the proper body to nulfy but that the
people of State, in convention could nullify act
OF congress. In TWO afterwards when South
Carolina actually nulied the acts of Congress inn
posing protective tariff he not only disavowed and
abandoned the doctrine but he stouty denied to the
people of his own State that he had ever been a multi
fer! And, to show his sincerity, he did not stop
there but gave his cordial support to the policy urged
by President Jackson to enforce the tariff laws in
South Carolina by the of the Union And this
opposition to the multiplying decree of the people of
South Carolina assembled in convention, according to
his own suggestion Still, this gentlemen is regarded
| as consistent and peterdn democrat! Born such
and in the full enjoyment of all the respect and
applause which long life of devotion to democratic
principles entities him
find, Mr.. Chairman, that will not have time to
review the Of all the leading champions of this
bill The gentlemen have already noticed must suf
lce for my present purpose; which was to show how
little reliance be placed upon the professions
promises of such men, and how slender guarantee
their past course affords that they do not to
poy the Sub-trcasury instrument in subjectng
the whole banking interest and capital to their control
destroy them altogether that they do not design
in fact TO found bank upon this all those
particulars which most to be dreaded by those who
think the Executive power already too great for the
safety of the constitution and the liberties the
try.
| had another object in view II was to show that
scheme for the more convenient management of
the fiscal affairs Of the Government the leading gen
tlemen in its support had manifested neither any skill
in the department of finance, such consistency and
stability OF views upon that any other subject which
ought to give them the slightest weight authority
with the public.
Mr. Chairman, fancy TO yourself what would be the
result of inquiry into the expediency of this
by committee having power to take tho tesilmo
ny of witnesses skilled in the practice well as the
theory of finance; mode Of procedure as you know,
sir not uncommon in the British Parliament and not
without precedent in Congress. Suppose sir, such a
committee of inquiry, appointed by this House in the
present case and those leading genemen--those
learned doctors Of fnance-who have projected and
brought forward this bill were called as witnesses
upon the wel-known principles of the common law
g CniLibek in nrie smn credendnm est y What figure