Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-07-15
CONGRESS.
EYTR.a SESSION..
wAsHrseros, Jolly =.
UNITED STATES BANK.

of the Bill 10 incorporate The subscribers
10 the Fiscal Bank of the United States.
Mr.. Allen moved to amend the bill al
ter the 25th rule, by inserting goth
rule providing for the publication OF all
orders issued by the mother Bank to the
branches, concerning the expansion or
contraction OF their currency. lie ad-
verified to the power which the secret ex-
ercise OF such power conferred on the
Bank. An act of Congress imposing a
4 tax of FIVE dollars on every Individual
could not produce a worse effect on The
country. than an order OF the Bank TO
contract the currency. twas one OF the
charges agains, the late Administrator,
that the President had money scarce, and
this had greater effect IN producing his
fall than any thing else. His { Mr.. A's)
answer 10 the charge was one 10 winch
no mortal man could respond. 1t was
this, that If the President had the power
10 render money plentiful or scarce, he
would have made II plentiful IN ordsf 10
secure his reelection.
MIR. Wright insisted that II was Impor-
tant, so far as the legislation could effect
il. to make the action of the Bank uni-
form. and the most effective way OF en-
forcing uniformity and stability 10 this in.
stituton was to incorporate IN The Dill ms
very measure offered by the Senator from
Ohio. The last bank had furnished a
volume of experience. /: would be found
that the last day when the Government
Directors were permitted to look into the
Bank, the important order for expansion
after the panic session was issued. lie
boned the amendment would be- agreed
TO-.
| Mr.. Walker said that the prices OF prop
Ierty throughout the Union would be reg
ulated by the orders of this Central Board
of Directors at Washington, were they to
be allowed TO operate in secret. Ought
not the country to be in possession OF the
facts that they may be able to place their
affairs in condition TO meet the change I!
From 1877 to 1918 there was an expan.
sion and contraction equal TO 30 millions
In 1928 it was 33 millions in 1929 II
was 80 millions. From 1917 to 1878
property rose 100 per centum; and the
next two years it fell more than 100 per
centum; the only sound heard was the
hammer Of The marshal and sheriff; and
the only houses then occupied were the
gaols of the country from one end to the
other. From 1888 to 1884 the contrac-
ton was eight millions, the object OF which
was to force charter from Congress.
Failing to do this they expand d IN the
mex. year eleven millions. We desire to
provide that these changes shall no longer
be secretly made, but that the public may
know when they are determined on. The
imports and exports depend on these ex
passions and contractions, and copse-
quentIy the revenue is affected by these
causes.
Mr.. Linn made some observations
against the practice of secrecy, and said
he would always vote against incorpora-
lions, and against oil partnerships with
Companies.
Mr.. Calhoun hoped the amendment,
would be agreed TO by unanimous vote
ofthe Senate. He could see no objection
to it. He referred TO the report OF the
Chamber of Commerce at Manchester,
and its able expositions Of the results OF
/
Bank of England, and the effects which
they had produced in the whole country.
| He Showed in what manner similar
course might be made to operate on the
productions and trade of our country.
MIR. Nicholson said he had not given
single vote, and he never should give one.
in the expectation that the Bank would be
defeated at this session. With known
majority in its favor of seven in this belly,
and 40 in the other house, he had no doubt
of the passage of the bill Nor dId he
vote in reference TO the repeal of the char
ter, although he doubted not that propo-
stion TO repeal would be made as sure as
it should be passed.
Mr.. Benton would give his vote IN ia
vor of every amendment which went to
shed light into the Bank parlor, and to
expose the proceedings to the world. He
repeated what he had heretofore said oil
the proceedings on the motion 10 open the
doors Of the Senate TO the public, and
stated that the Convention which framed
the Constitution sat With closed doors and
not a paper was allowed to be copied.
The secrecy was not removed TIL 1918 or
1919. They who began the work of pub
lIc;ty on his side deserved public apProba-
ton. They we're opersting in a great
work. AL who are for Bank secrets will
be ground to powder.
Mr.. Walker explained and enlarged
upon his former statement of the expan-
sions and contractions of the late Bank of
the United States. 1t extended its dis
counts, when it applied for recharter, in
one year from a millions to Go millions
Of dollars, for the purpose of bringing the
whole country in debt to it. Thus these
weights and measures were constantly
changing-this measure of velue was con.
,inually fuc,uating. The total value OF
property in this country is about 10000
millions of dollars, and if only ten per
cent. is reduced in this value it would be
q reduction of 1000 millions. Such pow.
ers as these The man of the Bosphorus or
Neva--he who uses the bow string, would
not dare to use.
The question was then taken on MIR.
Aliens amendment, and decided in the
negative-ayes 90. noes %.
Mr.. Walker then moved several amend
ments in the 20lh page Of the bill. the OBJ
IPct of which was to Dreyent the directors