The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1841-07-22

SENATOR WOODBURY. YES VIEWS
ON A NATIONAL BANK.

sposlie, and not one of dlscOunl aud ,cIrcua-
sllon. Ii WOaid be safer sHd sounCer, ,and more
esppFoprisse for Govur0Hlent machine.
~ That the present condition o! public af-
FAIRS dId moi render u bank Of discount ~ hen
the banking eapi.Al Of the country was so
large eXpedleut-e even we're II constitutional.
3. That such Bank as this SO loosely
guarded, and so badly located-so i'll timed
and unnecessary was not proper; however a
Bank may have been in 1874, or 1916. The
Supreme Court had only decided that Bank
was unconstitutional at any time, and in any
form, if FIRST found 10 be necessary aud pro-
per by Congress.
4. 4hat,expenence in the last seven years
had shown thai National Bank was not ne
cessary as fiscal agent, because orr fiscal
operations had been safely and promptly COH-
Quoted without such q Bank,
8. That Government shonld not embark ia
trade or banking, aud especially on borrowed
money. 1t was palIry and ill'judged, and un-
profitable But it should make merely fiscal
agent, with no powers OF functions not Heces-
sary to mere public objects.
6 That National bank Of discount could
not improve or equalize exchanges, withOu,
|, es exchanges did now. And that the ex-
changes were mercantile matters, and should
be left 10 merchants, brokers' and bankers;
and were as cheap with them as with the
bank; and thigh, they corrected our trading
and our Indebtedness, and were and should
be- charged to 4he spectators. and would
be whether doue with or without banks,
8. That National Bank would not add 10
the currency beyond ten millions in one hun
dred millions Of paper and even that ten no
better than State Bank situated. at New
York, and lis notes made receivable for pub.
lie dues! .....
=. That tho capital was Too large, If any
was allowed, unless it was made sufficient 10
control and root out all State Banks, or be
300. .0G0, ,0G0 ins,esd of 30,0 900, and then
nobody could yhock.or managen. Gallaiin and
Appleton say ten or flleea pmlllleRs ARE e.
.nough for smere fiscal agent.
{ To- ihe Bank, as enc Of discount, is also
premature, as it calGoi check and control The
bad banks till all resume or wind~np. The
States must take hoid citheir own banks first
or there will be no permanent relief The Sub
Treasury chsC ks nov, at much as tine Bank
would.
ii. A National Bank instead Of giving
relief by lessenmg debt, increases it sixteen
mdions. Phs Bark Of England is in capital,
oil a Government debt. Debt Incrsased aud
ovcr~he,mlng, slwsvs follows in ts .sair.
-. A nalonaft3auk of discount will not
adj TO the real capital Of the cuunlry, bu, in-
crease our issuee'in one place and coutrsc-.
aiobs in Uthers, aud consequent sggtevstlea
of existing EVIL.
l3. A national Bank abroad as we'll as 10
The United States, with power TO discount
and circulate bills, is presumed 10 be, by the
best wrteTs'and The soundest reasonsfs, III
jurions 10 the peOple-rOn0g more often than
Denefii.pg-aa should be secuted from the
Guverumrm and its fiscal machinery.
II. lie said public bank for public de"
paraeni was like Sub Treasury act, liable
to repeal, aud that he VAS thus Instructed snd
should thus vnte; this being such -Bark.
This was legal and not scdlious peaceful
and not vloIent-and let those who embark
capital in such joint stock trading concern
with the Government take warning.
ID. If such mammoth Bank went into
operalon- " hicir ke doubled-it would and
must be resisted by The Democracy, II was
nfo"VO Pui'J hhSh hoh0 VIC Ioio
Of party measures.
Mr.. Clay remarked that the Senator had
discovered a way OF making bank without
capital. He considered The motion az equi-
vaeul 10 one for striking out the frs, section
Of The bill.
Mr.. Woodbury. said in reply, that banks
originally we're made without capital They
were first created for dePosite, not discount
or issue But the Senator himself had CALI
ed tho Sub Treasury bank, and that had no
capital.
Mr.. Archer said he would vote for the a.
mendment, but with the understanding that
ii should moi preclude him from supporting
some new bill that might be brought forward.
The amendment was lost without GIV-
sion
The House renewed the consideration of
the loan bill. and Mr.. oGilmer, OF Virginia,
made strong speech against il. eMaDy 9TH
eTs also spoke on either side. The debate
was continued ill late hour. X.
POLITICAL AFFAIRS IN ENGLAND.
.Acrisis at hand.-The Philadelphia Spirit
ofthe;T,mes says the lsle news from England
eAhip,ts the pOiitical.affaMs Of that nation in a
rUIy imposing and highly excited aspect The
Ministers have been defeated on all the lea-
ding measures of the administration; the Psr-
lament will be dissolved aud new election
entered upon, when the various psrtes will be