The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-06-22
IN SENATE,
MONDAY, June u, 1871.


The President pro tenn communicated message
from the President OF the United States in reply to
the resolution presented by MIR. Passion, calling for
information as to the of the ofthe Medi-
erranean squadron IL communicated the correspon-
dence on the subject, from which the letter OF Mr.
Stevenson to Com. Hull was read.
MIR. PRESTON made some remarks in connexion
with the subject and after The reading of Mr. Steven
SON. citer said he hoped that from this instance Anne
rcan Ministers would learn this important lesson
hereafter when they knon nothing to say nothing
MIR SEWER said he agreed with the Senator from
South Carolina lie thought, himself that Mr. Ste
ycnson deserved ceusuTe.
The report and correspondence read and order
ed TO be printed.
BANK OF THE UNITED STATES
Mr.. CLAY, Of Kentucky, Submitted the following
report.
The Committee TO whom referred so much of
the Presidents Message relates To uniform cur
rency and a suitable Fiscal Agent capable OF adding
increased facilities in the collection and disbursement
and security the public revenues have had the same
under consideration, and beg leave to report
That after the most attentive and anxious conside.
ration OF the state of the currency and the finances Of
the Government in all their important and interest
ing bearings, the Committee have arrived at the same
conclusion with the Secretary OF the Treasury that
Just and sound policy requires the establishment of
Bank OF the United States, with as little delay as
practicable
The Committee have neither time nor inclination to
enter into discussion of te question Of the power OF
Congress- under the Constitution OF the United States
To establish National Bank After all that has been
said and written on that question during the long PEE
Rod of half century, nothing remains To be added
that would be likely 10 shed much light upon IT,
II ought, in the opinion of the Committee be- re-
garded settled question settled by the appioba-
;on and Judgment OF the people by the authority of
the Legislature by the sanction of the Executive DE
partment OF the Government and by the solemn adj
n,Itl a.. I.,.tt. ! a..
decided question, when in the collisions and conflicts
among arising out OF diversity pf opinion and
judgment, is controvecd matter to be considered as
terminated aud quoted
Nor do the Committee deem il necessary 10 discuss
the question Of the expedency of establishing such an
institution a Bank OF the L nited States On this
there Is even less cantrarcty of opinion than the
former question. On both, 1t is the deliberate conyc-
ton of the Committee that vast majority OF the peo-
Pile OF the niied States and that they are now
looking, with anxious solicitude to the dellbera.
lions of Congress, under the confident hope that
Bank OF the United States will be established, al the
present extraordinary session of Congress
Passing 10y, therefore those two questions as being
unnecessary TO he further argued aud assuming what
the Committee verify believe, that National Bank i
ndispensably necessary, ley viii proceed, at once
TO the consideration OF the particular form powers
and faculties with which it may he exyedcn, 10 invest
such institution. And here the Committee have
hesitation IN saying that confding in the experience
of forty years during which the nation has enoyed
the bene, of National Bank and during the greater
part of which II has realized every reasonable hope
and expectation, IN the operations OF such an nsiitu.
ton, they came TO the conclusion that il would be-
wisest to dismiss all experiments and cling To expe-
renee and assume the last charter granted by Congress
as the basis Of new Bank, engrafting upon II such
restrictions, suaantys, amendments and conditions
as have been found necessary by actual experience
The Secretary OF the Treasury came to similar
conclusion and IN his report and The draft Of a bill
which accompanies u, he has taken his model the
charter granted Icy Congress in lSl6 On that he
has suggested great many valuable improvements
most Of which the committee have incorporated in the
draft Of bl'l which they now report t,ihc senate
On tn'S drait they WISH 70 offer 70 the senate
brief explanations and observations
The Committee have adopted Washington CITY.
proposed by the Secretary OF the Treasury as The
place Of location Of the principal bank They believe
the place OF us location IS subordinate question but