The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-07-01

Hamk Or fhe Gmited States.
~1a-nr~rs1~-as-asaassssssssusea~ar
Ths EaIlSwing Is he Rsgonof ne Sc
leetC omminss q ne Senate On he Cur
rsney. &C. a shirh Mr. Clay q ~. j.
chnirm.a. - Fesd BY him IN The Senaie:
TIE oommirse % .hich Eas referred
20 mach &C de Presidents message - re-
taiss 70 . uniform currency, and > suit
able fiscal agent capsule q adding incress-
cd facilines an the cslleciion. aud disburse-
1enL za& security Of ne pubic reseane.
have had the same nnder consideration,
and BEG leave % report:
Thai, afler The nsss suen6Fe and anx-
ssas considenfOn of the state Of he cur
rency, and the finances Of the Govern
menf. n al their interesting and impor-
TAM bez-ings. the eommifiee have arrived
Al he same conclusion with the Secretary
az lhe Treasury, that . sound and inst POI
aiey requires the establishment Of . Bank
of the United States with N little delay
n p<zcieable.
The committee have neither time MOI
inelin2tiox 10 enter into q discussion Of the
xs<xasa &C the power Of Congress. under
fhs constitution Of the United States, 10
essahlish National Bank. After all thar
has been said and written on that ques-
ton during the long period Of half . CEN
AIRY. nothing remains 70 be added that
would be likely to shed much new light
Epon il ID ought in the opinion Of the
committee, 20 be regarded As q settled
queshoa-settlea BY the appreciation and
judgment Of the People, BY The authority
Of the Legislature, BY the sanction Of the
Executive department ofihe Government,
and By the solemn adjudication Of the Ju-
dietary. II il be not regarded as deci-
ded question, when, in the collisions and
conflicts among men, arising out of diver
sity Of opinion and judgment, il a contro-
verted matter 10 be considered as termina-
tet aRd ouieteh
Nor DO the committee deem IL neces-
sary TO discuss the question of the expe-
diency Of establishing such an institution
rs Bank of the United States. On this
there Is even less eontrariety Of opinion
than on the former question. On both, il
is the deliberate conviction of the COM
mitiee that vast majority Of the people
OF the United States concur; and that they
are now looking, with anxious solicimde,
TO the deliberations Of Congress, under
the confident hope that a Bank of the
United States will Be established at the
present extraordinary session Of Con-
gress-
Passing by, therefore, those two ques-
tons IS being unnecessary 10 be further
Argued, and assuming, what the commit
Zee verify believe, that National Bank
10 indispensably necessary, they viii pro-
coed, u once, to the particular form. pow
era. and faculties with which il may be
expedient 10 invest such an institution.
And here the committee have no hesita-
toR In saying thai, confding in the-ex-
Perience Of forty years, during which the
nation has enjoyed the benefit of Ma
tional Bank, and during the greater part
Of which il has realized every reasonable
hope and expectation in the operations of
such an institution. they came to the con-
elusioa that il would be wisest to dismiss
all experiments, and TO cling to expert
eRee and assume the last charter granted
by Congress as the basis Of new bank,
ENGRAVING upon il such restrictions, qua
rsnties, amendments, and conditions, as
have been found necessary by actual ex-
perience.
fhe Secretary of the Treasury came to
a similar conclusion; and in his report,
and the draught Of bill which accompa-
mics il, he has taken as his model the
charter granted BY Congress in 1916.
On that be has suggested a great many
valuable Improvements, most of which
fhe committee have incorporated in the
draught Of bill which they now report
% the Senate. On this draught they wish
to offer To the Senate some brief explana-
ti1n. and observations.
The committee have adopted Washing
t0n CITY. proposed by the Secretary OF the
Treasury, as the place of location of the
principal bank. They believe the place
sf its location is a subordinate question;
but there are maRy advantages from the
proximity ofthe Bank 10 the Government.
The distribution Of the capital of the Bank
among fhe several commercial cities, in
proportion to their respective wants and
magnitude, Is what they naturally desire,
AMI sihat VIII doubtless be done. But to
guard against the exercise of any undue
government or official influence, or the
impatation Of any unworthy transactions,
the committee have thought it expedient
10 deprive the parent Bank Of all power
10 make any discounts or loans whatever,
sxesPt loans TO Government, authorized
by express law. In order to ensure the
command Of the best financial abilities of
the country, the bill provides that the Di-
rectors Of the PareRt Board, which is to
consist Of niAe members, shall be paid for