Litchfield enquirer., 1841-09-09

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He said the bill, in the opinion of practical
men whom he had consulted, would be ade-
quate to its purposes; would afford n mod
crate and sufficient profit to the stockhold-
ers, and would afford, incidentally, much
aid to the country. To the States which al
ready had sound currency, a bank for To-
cal discounts was not necessary but they
wanted what this measure would give them
means of collecting their dues from other
States in a currency equal to their own
Stripped of the power of local discounts, the
institution proposed would be exposed TO
none of the objections which were hereto
fore urged against the former bill. Those
Senators who denied the power of Congress
to create a bank for local discounts, fully
admitted, in the debate on the other bill, the
power to create Fiscal Agent, limited to
exchanges This bill recommended itself
to the Senators on the other side, and to the
President, by being stripped of the feature
which constituted the whole objection to
that bill. The bill in this form also had the
advantage of silencing the jealousies of State
institutions.
In the present posture of affairs, after do
ing what they could to create more COM
potent bank, and to exercise the power CIV
en- us by the Constitution to its fullest eX-
tent, he and his friends were willing to
come back to the point where he understood
the difference between them and the other
side to commence, and to frame a measure
which did not come within the scope OF the
objections of the other side. We avoid, by
this means, the objections of our adversa-
ries that the institution will corrupt the NOR
ais and politics Of the country-for all the
corrupting influences were attributed 10 the
discounts.
There was one practical objection to the
bill, which he would reply to. 1t was said
that kite. firing exchanges would become
another and an equally mischievous form OF
discounts. There was no security, he adj
mitted, to departures from the law, in fiscal
enactments. But that security would be
found in the interest of the stockholders
Their interest would be best promoted by
dealing in business paper drawn against ac-
tual funds. Such paper would certainly be
realized
This bill he also advocated, because it
was calculated to meet the views of the CO.
ordinate branch of the government, without
whose sanction it could not become law.
He discarded all rumors on this subject,
and had come to the conclusion that the
bill accorded with the Presidents views,
from official documents now before the
country. Mr.. B. then took a view Of the
Presidents different messages relative to a
Bank, and argued from them that this bill
was free from what he would consider con-
stitutional objections. The intelligence of
the country would give this Interpretation
to the Presidents views.
The bill was about to be reported and the
question taken ON its third reading, when
Mr.. Clay rose and said he would detain the
Senate by saying five words.
Mr.. c. then said the bill did not propose
such Bank as the people of the u. States
expected. or which was required by the in
tercsts OF the country. 1t fell far short of
these objects. But still it was adequate to
two important objects; it facilitates en-
changes, and gives the currency an uniform
value. 1t being bill of this description,
and productive OF some good, he would not
hesitate, but had determined to vote for it.
He would always do as good AS he could in
, with pleasure. 'N WV ~
Mr. Benton then moved to amend by str-
king out in the 9th line of the first section,
the word Siaies"-so that States do not be-
, come stockholders in the bank. He said
the object of the federal government, was
to enable the Union to have its own trcasu-
ry, and support itself independently of the
States. But this bill constitutes the Bank
the Treasury of the federal government,
and gave the control of it to the States
thereby renting us to the situation i'm
which we were under the confederation
The motion was lost.
Mr.. Benton then moved to strike out, in
the same line the word " Corporations" SO
that corporations be excluded from taking
stock. He said the banks in the country
might, under this clause, take all the stock
of the Fiscal Corporation. The u. S. Bank
of Pennsylvania might take it. Then the
bill gave the institution right to make
banks in the different States their agents.
Thus VIC should have a pet bank system re-
vived, not under the direction of the govern
ment, but of the banks themselves. The
motion was lost.
Mr.. Benton offered several amendments,
which were rejected.
Mr.. Walker moved to amend so as to re-
quire that the bills of exchange taken by
the bank should be at short date, and drawn
against actual shipment or funds in hand.
Rejected.
Mr.. Archer took the floor to speak in IA
vor of the bill, and, it being five o'clock, tho
Senate adjourned.
In the House, the Senate's amendment to
the Post Office Appropriation Bill, was con-
CURED in. So that bill is passed.
There being no business before the House,
they adjourned, and the Wings went into
caucus.
1t is understood that the Wings have
agreed, in caucus, to close the session on
Wednesday next.-N. Y. Jour. Of Com.
WASHINGTON, Thursday, Sept g
The old Bank question was debated in the Sennfe,
today-and all the topics of party discussion which
have so long been threadbare were brought IN
again. We are disappointed in the delay Of the Sc