Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-08-26

ness OF Importance was transacted-and IL
adjourned soon after two o'clock-there be-
ing neither the disposition nor ability to do
business after the reception Of the Message.
SPEECH OF Mr.. STUART.
OF VIRGINIA,
On the motion Of Mr.. McCLELLAN, Of New
York, TO strike out the enaetiny clause Of the
6,N"to incorporate the subscribers TO the
Fiscal Bank Of the United Sfates," dctivered
| IN the House Of Representatives., TN commities
ofthe Whole on the stale Of TIE Union, .8u-
gust 9, l64l.
MIR. CHAIRMAN: am grati6ed that have
been able to obtain the floor at this early
stage of the debate not because / am vain
enough to believe that can throw any new
lights upon the subject now under considera-
ton, but because wish to place some of the
reasons which have influenced my mind dis
| unctly before the country. l come from q
State which is generally supposed to have
been uniformly opposed 10 Bank Of the
United States in any form, and my vote in fa-
vor Of the bill before the committee will diff
fer from that Of a large majority of my col
leagues. These circumstances seem to inn
pose upon me some kind of obligation to
show to the people of Virginia, that, i'll
tied opinions, have some plausible grounds,
at least, classification; and If my course is
erroneous, it is sanctioned by the example of
''the Fathers Of the CONSTITUTIONS
With regard to my immediate constituents
l feel no difficulty, for have every reason 10
believe that their opinions on this interesting
subject harmonize entirely with my own.-
Let the matter be as it may in regard to other
gentlemen and other portions of the country,
lclaim confidently to represent, upon this
subject especially, the Sentiments ofthe great
central and republican district by which twas
sent here. In that district the issue of "Bank
or no Bank" and redistribution or no Distr-
bution," were distinctly raised and fully dis
cussed. was opposed by agentleman (Mr.
JAMES McDowELL) of distinguished abilities
and of unexceptionable character. His repu-
tation as an orator, scholar, and statesman.
was familiar to political and literary circles
of the Union. His name had been ASSOCIATE
ed with the most honorable Offices in the gift
OF the "Old Dominion" and do not hesi-
ate to say that ifhe had been successful in
obtaining seat on this floor, he would have
been one of the brightest ornaments of this
enlightened assembly. The election turned
upon those issues, and under all the disadvan-
tages arising from the disparity of age, of
qualification, and Of reputation, L was elected
by G s"iaanp iont ~ - ~-.;sy -Suoh, sirw
the verdict of the People, and l stand hero
prepared TO render judgment upon it.
| Is has been said here, Mr.. Chairman, in the
course of this debate, as it has been said
through The country for the last half century,
that the first Bank ofthe United States was a
monstrous conception ofFederalism, and that
the Bank OF 1916 and the measure now under
consideration are the offspring of the Same po-
litical heresy. This declaration, if it were
allowed to 60 uncontradicted, would be we'll
calculated to do mischief, by exciting popu-
lar prejudices in the country, and particular
ly III the Southern States, which have always
| Claimed to be the peculiar opponents Of the
republican faith. But, sir, do not mean
that it shall 60 out to the country uncontra-
dic,ed: So far from it. upon the responsible
tiles OF my position as a member of this
House, deny that either the Bank of 1871
or OF 1916 was incorporated by the Federal
party. Nay, sir, l go still further. pledge
myself to prove from tho official records of the
country that the Bank OF 1871 was chartered
before the formation of the Federal and Re-
publican parties, and that the Bank of 1916
was emphaticaly Republican measure, re-
commended and sanctioned by Republican
President, and passed by Republican Con-
gress, in opposition to the most strenuous Of
forts of the Federal party to defeatit. Yes,
sir, TO be more distinct, | mean TO say that
measure Of the Republican party Of that day,
as the sub-Treasury scheme was measure
of MIR. Van Buren's Administration.
In order to present my views of this sub
ject clearly and distinctly to the House,
propose to trace, very briefly, the history of
the Bank question, from its origin to the pres
ent time. On this point ! have been antici-
pated to some extent by the very distinguish
ed gentleman from Pennsylvania, (Mr. SER
GEANT,) who has preceded me, but will fol-
low III his footsteps, and add some matters of
detail to what he has already placed in So
clear point OF view.
The first project for bank having any
features of nationality about it, was submit
ted by Robert Morris, OF Pennsylvania, az
early as the 18th of May, 1881, to the Con-
r gress assembled under the Articles Of Con-
: federation. Those articles, il is well known,
conferred much less power on the Federative
{. Government, and constituted much less in
: Innate union between the States which were
s parties to them, than now exists under cur
:, Constitution. This is apparent on the face
). OF the Constitution itself, for il is there de-
: clared that one object in adopting she Consti
o tuition was ITO form Il more perfect union" a
t moEg the States. Yet that CONGRESS, actins
If under such restricted powers, did not feel any
i hesitation In considering and adopting th,
plan for the establishment. Of a bank unde
= The name OF the Bank of North Americ
c which was essentially national bank Tn
e ordinance was passed on the 3lst Of Decem
IS Der, 1881, and, among other reciials contain
il ed In the preamble, it will be found that
n aiirms that 1.-THE exigencies of the Unite,
D. States render it indispensably necessary tina
D. such an act be Immediately passed." Use
IN Journal 1881, page 1860
o. The test vote upon this subject was take
or on the 26.li of May, 1891. (See Journs
ne 1871, page 625) At thattime eleven State