Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-06-25
.Mondays Proceedings.

SENATE.
WasnISGToS June 2l.-Mr. Clay introduced To- day
the report The Secrearys project Of Fiscal Bank Of
the L. S. They resolve all into Bank OF the L. s.,
after the model of the last
The committee declare that the establishment Of a
National Bank IS indispensable:
That it to be regarded settled question that il
10 constitutional
That the question of expediency would not be dis.
cussrd
Tha, il is the deliberate opinion of the committee, that
immense majority Of the people in favor Of and
call for L. S Bank and that it shall be established at
tins special session
Tha, the committee determined dismiss all expert.
ments and take FOR the basis Of the Fiscal Bank the
last charter Of the Bank Of the IT, s.
That the capital shall consist of thirty millions,
which may be increased 10 fifty millions
That the dividends be limited to seven per cent II
deficient one year, 10 be made up by the surplus OF
subsequent years surplus per cent 10 90 10
the United States
That i,s loans ard discounts shall not exceed liz
capital more than seyenty-iive per cent.
That It's affairs shall be open TO The inspection Of the
Secretary Of the Treasury, Committees Of Congress,
and stock holders
That when lis notes exceed three times the specie in
its vaults further loans shall not be made
That paid officer Of the Bank shall receive &C.
conmodations BY loan:
The e!nbezz.ement by any officer shall be held as
felony
These as far as we could catch them were the prn.
cipal features of the report
The report rcpuda,es altogether the two features Of
the Bank ntroducedhy Mr.. Ewing to satisfy constitu.
tona objections. The most material IL that which, in
Mr. Ewings project, required the assent of the States
to the establishment of branches within them. This,
the report treats yielding the question of the consti
tutona power Of Congress 10 establish a National
Bank. II argues deliberately this question, and insists
the establishment of branches without the assent OF
the States to be essential 10 the system contemplated
by the committee.
Another point which the report wholly repudlates
The Secetarys plan that which proposes TO establish
the principal Bank in this District. So far from dong
,his the plan of the report takes the whole banking
poctr out Of the District not permitting an Of
free Of discount and deposile TO exist within The DIS.
trct II proposes 10 have board Of directors as
board Of control within the District but no bank hold.
ing any part Of the capital possessing any power to
discount This, SO far from laying hold of The right
Of Congress To create banking corporation, rs the
root from winch the States would draw branches, ab-
lures altogether the authority of Congress over this
District as furnishing constitutional power to establish
National Bank in the ten miles, to spread It's branch
es over the Union, but, the contrary, claims the
power applicable 10 the United States only, by de-
nying branch with banking powers within the
District
These two essential particulars which il Is
understood the President holds views Numerically OPP
posite TO the committee; and the committee have not
withsandng the duration of the National Intelligent
Ger, boldly determined 10 push the President to The
wall and make him surrender at discretion. ii s said
by of the friends of Mr. Clay that it has been
certaned in caucus the measure be carried IN Con-
gress without regard to the constitutional objections
which Mr.. Ewing proposed plan was intended TO re-
We infer, therefore, that Mr.. Clay is willing ia
try conclusions with the President before the people
he dare venture on veto.
After Mr.. Clay had reud his report, Mr.. Calhoun en-
tered upon the discussion Of the Treasury report which
IS made the basis of the called session, and Of the mea
10 which it 10 give birth. Mr. Calhoun in the
most succnct and crarest manner, summed up the
suits of TINT State paper from its figures, and
proved concusively that the mathematical results were
directly in the teeth OF the which the Secre
tary would dcduce from them
lie showed that while the actual accounts showed
dcmonstably that there would the end, be deficit
IN the Treasury ni less than two millions, the Secre-
larry proposed 10 fund debt on that pretext, of six
teen millions, which he proposed to exc out to thirty
one Millions on various schemes Of policy, having no
reference 10 The wants of the Treasury.
tie showed that while the pretence the deficit
in the Treasury, rs the groundwork Of national debt,
the Secretary proposes TO make deficit by giving
away OF the great sources of revenue.
lie showed that while reform recommended by
those now in power imputed waste of the public
means By the late Administration which were never
heess found adequate the reformers propose to double
the taxes, that they may furnish surplus out Of the
peoples pockets, 10 the proposed Bank, that il may
tax them for The benefit Of the Bank oligarchy out Of
their own means
Mr. Calhoun here threw powerful and penetrating
glance on the whole system which again emerg
ing out Of the troubled waters which the moneyed in
inence had successfully disturbed He showed, IN
all the associated propositions, the combination with
which Gen. Hamilton had started to subvert the De-
mocracy Of the Constitution and found in is stead The
sovereignty which reigns in England in the shape of
money, monopoly, and monarchy. Mr.. Calhoun en-.
tered into the philosophical principles which discrimi-
4 Government he md
taxation beyond the actual wants of Government and
monopoly part Of that system-rom Govern
meni of the people, and he made it manifest that the
worst and most oppressive tyranny may be most efsc
tually introduced in this way under The forms Of Re-
public
MIR. Calhoun sat down Mr.. Clay rose, as he said,
not 10 argue the question, but 10 complain that others
had argued the matters arising the report He said
it mere question of printing, and should no, have
been discussed; and in the of his remarks made
some indecent personal illusions to MIR. Woodbury.,
who, ne being very round, he inferred was very windy