The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-13
CONGRESSIONAL.
SPEECH OF MIR. HUNTINGTON
OF CONNEtTItUT.
IN SENATE, JULY 3, 1871.


IN SENATE, JULY 3, 1871.
The Senate having resumed the consideration
of the bill to incorporate the subscribers 10 the
Fiscal Bank of the United States, and the fol-
lowing amendment proposed by Mr.. HIVES, oil
Virginia, being before the Senate.
That the said corporation shall establish COM
peent Office of discount and deposit IN any state, by
the of the Legislature of such State whenever
the directors may think fit so to do and when estab-
lshed the Office shall not be withdrawn without the
assent Of Congress and the said corporation shall
have power to commit the management OF the SAID
Offices and the business thereof respectively to such
persons and under such regulations as they shall
deem proper, not being contrary to law or constu-
ton of the bank or, instead OF establishing such
Offices it shall be lawful for the directors OF the said
corporation from time TO time to employ any indyldu-
al agent or any other bank banks, to be approved
b, the Secretary Of the Treasury, at any place or
places that they may deem safe and proper to manage
and transact the business proposed as aforesaid, other
than for the purposes of discount and to perform the
duties hereinafter required oil SAID corporation, 10 DC
managed and transacted by such officers under such
agreements and subject to such regulations as they
shall deem Just and proper"
Mr. HUNTINGTON rose and addressed the Sc
nate, substantially as follows:
Mr. President: We have arrived, in the pro-
gress of this bill, at point OF great interest and
importance The deep anxiety which Is felt IN
every part of this chamber-by the friends, as
well a. the opponents of National Bank-as
10 the amendment now under consideration, is
too obvious not to be perceived at glance: and
| Will add, that the great sollcitude which Is
manifested bv the public in general, in reference
TO every important feature in the bill before the
Senate, invests this amendment with no incon-
siderable importance. Partaklng OF this COM
mon sensibility and anxiety, have risen, under
deep sense of the responsibility imposed upon
me, as an American Senator, to address the Sc
nate I on, not ~ llino IN give a silent vote upOn
this occasion | ought not to be, cannot be
silent | desire to state to the Senate, TO the
beloved Commonwealth which sent me here,
aud to the American People the reasons for the
vote intend to give upon this amendment
And this duty | shall endeavor to discharge IN
that spirit of courtesy and kindness, which Is
due To respected friends from whom | differ on
the question before Us but with that firmness
which is due to the subject under discussion
The amendment proposes to lay the axe at the
root OF one OF the most prominent leatures OF
the bill, as reported from the Committee on the
Currency. As one of that committee, approx
ed of that feature. twas reported TO the Sc
nate with my concurrence and appreciation IL
asserts the right in Congress to authorize the
esabli, hment of offices of discount and deposit
in the vera States, without their consent, 1t
provides for the exercise of that night, whenever
1t may be thought necessary or useful. IL looks
to the Bank to be created. as a Noftondf bank,
designed for national purposes, and 70 eject
nationai objects. 1t views II, as iiscal agent
of The Governments, proper, ht ana necessary
for the collection, safe-keepng, transfer and DIS
bursement of the public revenue, and as caicu-
lated TO regulate. most benefcislly, the exchan-
res of the country; to establish and permanent
" secure sound currency, anliorm, and equl-
valent every where to gold and silver, and by
It's benign operations, 10 promote 'he Sene,ai
welfare revive the business and industry oil the
si,npd M omen asew the channels of business,
vhich have hem for some time almost entirely
closed and ynce more 10 set IN motion the IN
dn.trv If the People, which has been so long
p,ralv ID. TO attain the ends, the Institution
i I, be established for the whole country, by
y.tue Of the authority of the country, and to
subserve the purposes OF the entire county,
With this view, the bill, as reported, provides
that the directors may establish competent offices
of discount and deposit in any Stale, Territory
or District of the United States. In this re-
spect, 1t follows the old beaten track OF former
times 1t pursues the path which long expert
ence has proved to be safe. Ii retains the pro-
vision in the charters Of both the preceding
Banks, which for nearly half century was
found to be beneficial. ltrepudiates untrled ex-
pcriments, and claims support, as well from the
character and object of the institution, as from
the salutary eff cts il has heretofore produced
1t bill framed for no 10 al purposes, but to
promote the welfare of the whole People. Such
Is the nature and design of the power, and the
anticipated result of the exercise OF IT, conferred
by the section of the bill now under considera-
ton. The amendment proposes to limit TINS
power 1t is framed with the view OF abrldg-
ing the exercise of il except upon condition: IL
takes from Congress the right to establish Offices
~ discount, Internationally, and requires the
assent Of the respective States TO the establish
mcnt Of them within their territorial limits. 1t
looks away from the provision in the former
charters il paws no regard TO the experience OF
I.rty yeas; it introduces new feature into the
art Of Incorporation IL proposes to insert IN
the charter of Bank created under an act OF
Congress, for the benefit of the whole nation
Whose operations are 10 be co extensive WIN
the wants and the territory OF the nation, whlch
i, designed to extend its benefits TO every ction
OF the country-n word-of National BANK
TO b. organized and put in operation Tor national
purposes, and to effect national objects II IS
p,0po ed to insert in an act incorporating such
a Bank, a clause, limiting the power 10 establish
offices Of discount IN the several States, TO such
of the States as shall assent 10 the location Oh
tbep within their limits. The Bank OF the
\tiop i, to be made 10 depend, for the exer-
c'sc Of some of its most. important functions