New-York tribune. [volume] (New-York [N.Y.]) 1841-1842, 1841-06-24
MIR. CLAY's BANK REPORT.


dent relates toa Uniform Currency aUd suit
able Fiscal Agent capable of afording increased facilities
in tho collection and disbursement and security o. the
Public Revenues have had the s:nc u'der conS'deT;
non. and beg Leave report:
That after the most and anxious consideration OF
he state of the Currency and the Finances OF the Govern
meat in all their important and interesting bearings, the
Committee have arrived the conclusion with the Sec
rary Of the Treasury that and sound policy requires
he establishment, Of Bank Of tho United States with as
lille delay practicable.
The Committee have neither time inclination enter
INTO discussion of the question of the power Of Congress,
Under the Constitution Of the Emitted States establish
National Bank. After all that has been said and written
hat question: during the long period of half century moth
ag remains be added that would be- likely shed much
pew light upon Il ought, in the OPINION the Commit
re- be regarded settled qucstion-seitlcd by the APP
probation and Judgement of the people by the authority OF
he legislature by the sanction OF the Executive Department
ii the Government and By the solemn adjudication of the
Judiciary Ii be regarded decided question: when
the collisions and conflicts among arising OF di-
pr. ct opinion and Judgement is controyeucd matter to
be considered a terminated and quoted
Nor do the Committee deem it necessary discuss the
question of he expedeHcy of establishing such institution
Bans OF the United States On dis there Is even less
ce:arc Of opinion than the former question. nboh
the deliberate conviction of the Committee that vast
majority OF the people of the United States and hat
iey looking, with anxious solcitudo the dclibcy
Of Congress UGder the confident hope that Bank OF
he United States viii be established tie presca
binary Session Of Congress
Passing by therefore, those questions being
b. further argued, and assuming what the Committee
yeriy believe that National Bank Is Indispensable
sar they will proceed once, the consideration os the
particular FORM powers and faculties with which be
eSpcicnt invest such institution And here the Com
mec have hesitation IN saying that, conhnc IN the
eence forty years. during which the naion has enjoyed
the benefit of National Bank, and daring the greater part
(Which has realized every reasonable hope AID cXpec,a
ta N the operation OF such ;nstion they the
conclusion that would be wisest dismiss al experiments
and cling experience and the last charter grant
ed By Congress the basis of Bank crgattiug upon
Hsch restrictions, guarantees amendments and conditions
As have been found necessary by actual experience
The Secretary OF the Treasury similar conclu
sion; aad in his report and the Kraft OF bill which
panes IT, lac has taken his model the charter granted 10y
Congress in 1916. On that he has suggested great many
valuable improvements, of which The Committee have
Incorporated in the draft Of bill which they report to
the Senate On this draft they w3sh offer to The Scaac,
sme b,iei cN. lQnaOns ard observations,
Tie Committee haze adopted Washington City, proposed
b the Secretary r, The Treasury the place OF location OF
he principal Bank They believe the place OF S location -
subordinate question: but there many advantages from
the proximity of the Bank The Government. The di>tr
sn of the capital of the Bank among the several CONNER
cal cities proportion their respective wants ana mag
c Is what they naturally desire. and what will doubt
less be done But guard the exercise OF any uR-
due Government official inlucNcc the imputaon OF
any thy transactions, the committee have thought cN-
edont deprive the parent Bank of oil power to make am
discounts loans whatever except loans 20 Government
authorized by express law.
In order 10 insure the COMMAND of the isan abi-
ties Of the country bill provides thar the directors OF the
parent board which consist OF nine members shall Dc
paid for their services by the corporation ond ala conpenSa-
ton the directors IN the usual form OF Bank accommodate
tons, Is utterly prohibited.
Thus the directors of the Bank Washington vii become
board of control experimenting the branches supplying
them with currency, ana banking exclusively hroue the
agency of their Offices of discount and deposit
The capital OF the Bank proposed by the Secretary re-
nHc but power reserved to Congress 70 augnca; !; by
he addition OF twenty millions, making the aggregate 'ojni
Ultimately iy millions OF dollars, If that should be found To
necessary.
To guard against undue expansion Of lie currency by The
0Taton ct the Bank various restrictions aud securities axe
Introduced.
Tie dividends are limited to seven per cent. per
ma and after accommodating fund OF Two millions
dollars. losses and contingencies the excess be-
Soai that seven per l. 10 be paid INTO the pubic
trSSS And whichever remains At tue end o the
byoad the reimbursement the stockholders ct The
apial stock also TO be paid into the Treasury II the
dividends fall below seven per during year OF the
Garter the deficiency il to be made good OF tie SURPRISES
Ps'S paid int the Treasury. The effect OF ta's pro
Vision Is TO make permanent and invarabc seven per cent
'oh> stock assuming the administration OF tt Bans Is
''halcied with integrity and ability.
lie debts due the Bank required 70; TO exceed
s amou" Of the capital stock actually paid H. ana sevci!
I'VE per cent thereon which greater restriction thar
The total amount of debts which the BanN is authorised
Contract and above the depostc Is rot 10 exceed
twenty-five millions OF dollars, which also greater re
sctiOn than placed upon the late Bank ot ne Unec
States
The publicity which required the genera, condition
the Rank; and The full and compe,c exposure TO
H;Ses Of Congress and the Secretary OF the Treasury
which amply secured of all the books and transactions
Ne batk, including private accounts
TIE prohibition of the renewal Of any loan thus ps,tin
a'able, and combining the Bank fair business
lions; and
s. The Bank J. prohibited from ,naSns Any further dis
sanis loaus whenever its in circulation
ia.se times the anoun, Of specie in It's vaults.
10 and The Stockholders a-ars