The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-08

OF inc States, one IL not both, unanimously pro-
bounced, affirmed the existence OF the power, In
Congress, In 1882, bill passed by considerable ma
jories to recharter the Bank. Public opinion in all
the various modes OF its manifestation, in legislative
assemblies and in popular meetings has proclaimed the
constitutionality and expediency Of National Bank
Is not tue that the reelection OF Gen. Jackson vas
decision adverse TO the Bank power. For in his We
TO OF the recharter he admitted the utility Of Bank
and stated that if applied to- he could have furnished
a plan. lie was voted for therefore, by large num-
bsrs, IN my personal knowledge, he was by many,
under full expectation that If reelected National
Bank would be established In the of Mr. Van
Burens election, the single question of Bank no
Bank was not fairly put in issue II mixed up
with others; and one, ii not two of his competitors,
were not understood be Internationally in favor of
the power
u has been argued that must incorporate this
amendment IN the charter and pass il in that form,
we shall get no Bank and illusions have been dis
tinciy made to opinions entertained elsewhere. 10
not think that il compatible with the respect which
due TO the Chief Magistrate, to the dignity and
independence of the Senate to make such illusions
Whatever differences gentlemen may have felt them
selves at liberty to draw, perfectly confident that
the President has given authority to to say
how, In given contingency, he would act. Such
gratultous intimation, in advance, on question of
such delicacy and difficulty think am not mistaken
when say, his OF official propreiy would re-
strain him from making. And my confidence in the
patriotism and honor OF the President and in his devo
6on To the cause which brought him into power is 30
great, that feel perfectly persuaded that he cannot
fail TO look at any measure which Congress may
and present to his consideration with anxious de-
sire, If he can TO conform his judgment that OF the
legislative department. | will not, for the reason al
ready assigned advert to the facts and circumstances
on which indulge hope and from which draw in
ierences variant from those which have been
pressed.
But sir is it quite certain that such Bank as the
Senator from Virginia would alone make is really bet
ter than no Bank All must feel that the Bank
troversy has had sufficient duration and sufficient bit
ierness II should be the desire OF all TO IT term
mated and harmony once more restored if not forever
at least for period Of twenty years Pass old
fashioned Bank, with only such improvements as ex-
perlence has clearly demonstrated be necessary;
such Bank as the people want and demand such as
the Committee have reported, and | believe, in less
than six MONTHS that shall have on this subject
tranquility and acqulescence For, sir, notw hstand
ing threats by our political opponents to attempt to
peal charter, passed by maortes according all the
requirements Of the Constitution do not believe that
if it should pass, they going before the intelligent
people of the Vi ited States upon such question.
think their sober second thoughts will restrain them
from making such an appeal to the moral judgment of
mankind. But if they do, it is impossible for TO
doubt the issue of such contest.
Are we sure that if we pass Bank, whose opera
tons are wholly dependent upon the separate move
men OF twenysx States, we shall secure the desired
repose fear not, fear that such an institution
will be but the commencement of our Bank troubles
be but the yestlbule of the Bank controversy We
shall throw among the people apple of discord
All the old prejudices against Bank will be revived
and they will be aggravated and augmented by the
new questions and new issues with which this peri
ous scheme is surrounded. Can power be derived
to the General Government, directly indirectly, by
the consent of State Shall the States consent to
the admission of branches With or without condi-
tonsl Shall they be received without being liable to
the same tax as the local Banks pay Shall the Bank
be allowed to plant them wherever peases in State
or at city, to be designated by the Legislature
These and other questions may agiate and distract
this people from Name TO Louisiana They will alb
sorb all other political questions and apprehend COM
pleely engross the public mind tremble at the
sequences and no can foresee the final issue of
such tremendous struggle ..t
What is TO be done in this unpleasant state of
things The path Of duty lies broad, clear, and
straight before We have convictions, strong and
mistaken CONVICTIONS of what oughtto be done. And
these convictions coincide with the opinions and the
wishes of the People. The theory Of Govern
ment the spirit of all free institutions, and the genius
of liberty incucate that the Legislative and Executive
departments of Government should be Independent
and uncontrolled in their respective spheres of action
the one y the other Can give up our deliberate
judgments to mere presumption of what may be the
judgments OF others2 No, sir, that is too great a
sacrifice ask of independent freemen, representing
independent and enlightened fieemen. Our true
course is to mature the measure according TO all the
lights of understanding, and to the deliberate die
ates of our best Judgments and transmit 1t as perfect
as consciences can make IT, TO the coordi-
nate branch of the Government Upon receiving it, |
his duties his responsibility, his rights will accrue
and among them, the most precious Is, that of exam
ming the measure with all the freedom and indepen
dence which belong to his high station
Let us hope for concurrence between the two de- |
partments of Government but, if tn, re should not
be- their disagreement will not be the greatest of pub
lie caamties-a greater would be voluntary sur
render sacrifice of the conscientious judgment and
constitutional Independence of the to the other.
IT, after both have acted, there should be any de-
veopement of difference of opinion between them,
the exact point of difference will be seen and then
ia a spirit of mutual iberality and concession,
measure may possibly be devised which will obviate
all difficulties. | will not anticipate any disagree
ment in opinion between the Legislative and Execu-
tive authorities but If It should unfortunately occur
it will not be the first instance of the kind, upon
this Bank subject, in history If, in the midst
of disastrous war President Madison and Congress
could not agree, as to the proper organization of a
Bank of the United States, and their disagreement
does not seriously affect the public interests, surely
if unfortunately must, hope may differ in
season of profound peace, in respect to the proper
constitution of such institution, without the in
fiction of any irremediable evil upon country
Mr.. PRES TON following Mr.. CLAY, said
most earnestly hope, MIR President, that the amend
ment proposed by the Senator from Virginia will re-
ceve the sanction of this body. have given to all
the reflection whichits Importance demands, and it is
the clear conviction of my judgment that all circum-
stances considered, ought TO in its adoption.
In consideration oil tls SUBJECT IL Is Indispensable To
look at the position in which the majority placed
and to be governed in decision by practical results
rather than by theoretical opinions.
What, sir, are the circumstances by which we are
surrounded After struggle unexampled in the his
tory OF parties in which, fol series of years opposing
principles were arraycd against each other the last
battle has been fought and the victory the peo-
pile have pronounced the condemnation of those mea
sures which have been here long and strenuously
resisted, and it now becomes duty to carry their
will into effect
The incompetency Of the State Banks 10 subserve
the purposes of the Government equaize exchanges,