The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-06-26

duodecimo the quarios are TO follow by and n.y. tie
dad not complain Of these removals, but he would ask
where the necessity for any conceanlentl Why
seek 10 disguise them Amos Kendall, bad he was
represented by the party now IN power, published
regular register ofa removals and appointments.
| Mr. b. did not want to show the difference between
this administration and the last in exercising the APP
pointing power but he did desire to show the differ
ence between the professions and the practice oil the
great Wing party. His side of the question never
made any professions about prescription though had
been charged with asserting the doctrine that 10 me
retors belong The spoiis" Mr.. b. further continued
| his remarks for some time
i Mr. McROBERTS said he had the same objection
TO the amendment the Senator from Pennsy yania.
i IL the amendment adopted they would not get
the information this session. lie was DESTROYS To know
what the present administration had been doing since
II came into power. This great political party had
been denouncing prescription, and he proposed TO
show TO the Senate some Of the declarations oil the
leading Wings.
/ Mr. MGR. continued his remarks until the hour for
taking up the special order had arrived when he gave
way
The Senate then proceeded to consider the bill to
incorporate the subscribers TO the fiscal agent.
j Mr. CLAY TO make some supplemental expla-
nations in addition to the report already made with
out gong into the question OF the onsutonallty or
expediency of the Bank. His first remarks would APP
ply to the capital, which graduated To the opula
ton, wealth, superficial extent of territory and
banks, and the general business OF the country The
capital OF the first bank ten millions which
was ana It's uIvIuenus averaged above
per cent during twenty years. Since 100 there have
| been two Implications OF the population. From fou
millions IT rose in 20 years TO millions, and in the
next 20 years to 10 millions The capital on this la
sis, might now be forty millions The capital OF the
| bank OF 1916 was 50 millions, or, taking away the
one fifth subscribed by the Government il was ~ mill
lions, which would justify present capital OF 81 mil
| lions.
| The increase of wealth had been five times, which
would justify larger capital In reference the su-
| he he lad
such from the settlement of the lakes the acquisition
OF the Northwestern Territory and Florida would JUS
| uy much greater enlargement of capital. The
wealth OF the country had tfiplcd since 1916
The force OF these considerations not weakened
| by the increase of local banks, which were now So
| crippled, and in such bad odor.
lie then looked at the proportion between the sub
scrption of the Government one-third) and the sub
| scriplions of individuals The share assigned to the
| Government was no more than Iuiied 10 smu-
late the enterprise of the country while the twothrds
reserved TO the citizens would prevent the Government
from exercising any improper influence The lnte
rests OF the Government would be secured by the pro-
| fitabe dividends which it would receive.
| He thought it was the wiser TO omit the com
plcating provisions OF the State subscriptions and The
fourth instalment leaving the question TO be, simply
bank or no bank. As to the location he had slight
preference TO other places He had feared that
| stitution IN Washington, with banking powers, would
have been converted to political purposes, because
functionaries OF Government would have too easy
|
sion which cut of all power to make discounts, which
| would prevent any public iunctionary from seeking
what they could not obtain.
Another objection, in his mind, out of the diff
hcuty OF obtaining nine directors here who would
mand public confidence. But the facility of travel,
and the liberal compensation fixed for directors would
| enable these directors to reside here, TO
whenever required. Among the advantages, was the
ease with which the Government could apply the
sources Of the country in time of war; when a moment
| he tofa batt half mir do
eide the fate of the country would also free the
institution from the danger of those cques which
list in Wall street and Chestnut street Here in the
groves of the Capitol the directors could keep them
selves COOL The facility OF examination and of
ring publicity and accountability also ineonsd-
cradle advantage
No bonus, nomine, is exacted. He objected to
the word as 50 nearly synonymous with another word
beginning with the same letter, that he objected to it,
/ The guarantee for the gave what was in effect
guarantee OF dividend of per cent and other provl
sions favorable to the Government were in lieu OF
| bonus. 10 induce individuals 10 subscribe 1t
provided that out of the suusses of the former profits
of the Bank dividend of per cent should be
always made up. Thus there would be permanent
dividend Of seven per cent, which would make its
stock worth from ITO TO ll5, whenever prosperous
times shall return. The Secretary OF the Treasury
had acceded 10 the change made by the Committee SO
as to enable the Bank to deal in bills of foreign
change.
He stated that objections had been made to
|
arose from the idea that II might to extent inter-
ere with their own operations He then gave his
views of What constituted the course OF exchange and
combated the idea that the advantages We're partially
distributed, and that foreigners would derive any i'm
proper benefits from the act. With the title name
ofthe Bank the Committee had iered because
regulating the name which had become tainted it
would have been difficult suggest a better There
would be connection with the Treasury as il would
be the lawful fiscal agent.
He referred to the last clauses of the bill and in
reference to the provision of punishment of offences,
he stated that the speculation of the u States
Bank In Cotton which was the OF It's embarrass-
mens. lie took passing view ot the mode in which
the old Bank of the u. s. had operated on the local
| banks, occasionng TO them, in many cases much
cause for complaint, and in the rum OF in
stutons; and stated that this bill obvated that evil.
| Ii had been objected that National Bank ia.
vorable to the creation OF public debt and he
piled by the fact that when the old Bank into
operation there existed debt of 100 millions, which
had been gradually extnsuIs cd with the aid of the
Bank. As to the Tariff, we had had high and low
| Tariff, but the Compromise Act of 1888 took place
| while the Bank full vigor.
Could the capital be taken, the Bank 20 into
operation when seven mllens subscribed, the
LIST of January. The Secretary OF the Treasury was
authorized to issue stock redeemable IN fifteen years
at per cent. The bonds would obtain n par price
abroad and thus ten millions OF specie would bc
brought into the country, might be drawn for by
hills Of exchange He further stated, from unques
tionable authority that there dormant capital now
lying idle which would AT be invested In any
Bank OF the U. States with suitable charter. The
instruments such to prevent any sudden and
injurious drain of capital
| The country demanded an institution of this cha
racer and II not TO be regarded exclusively
Wing measure There are two classes of opponents
general political views who convinced of the
necessity of some institution, who are only waiting
until the opinions of their constituents shall have
dergone a change. He had received many schemes.
One OF these suggested a capita of 300 millions He
looked at the amount of the capital and then careful