Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-07-24


power of Congress to establish banking in
sttutions over the States had been settled.
With great respect and Difference he differ
cd with some of his political friends. lie
thought it not more settled than the bOun-
Diary question. Each party has forbornc
to enter upon that territory. and thus pre-
served the peace of the world. Why not
initiate this example! If gentlemen appeal
TO the authority of Congress, we can appeal
to the same in 1871. We can refer many
of them to their distinguished parts in |
1911, IA, and rs. If they plead the ex-
ample of lSl6--we can remind them of
1886. Nor did the People settle the ques-
ton in favor of bank like the old one in
the late election. He referred to General
Harrisons written opinions in 1922. and to |
his letter to Sherrod Williams in 1886, in
neither of which did he affirm or claim the |
power to create Bank, but on the contra
nv believed it could not be chartered with !
out clear and indispensable necessity
Many of the People Of Virginia supported
General Harrison on account of his views
| in opposition to a bank with unrestricted
| for the second Office! No one was more
thoroughly committed against Bank.
Mr.. CLAY here interposed, declaring it
out of order to refer to the opinions Of the
Executive, but Mr. Rives disclaiming any
intention of referring TO the present views
of the President Mr.. Clay withdrew.
Mr.. R1vEs continued. The Senator from
Kentucky thinks the question of power has
been often settled. 1t has as often been I'M
settled.
Those who think they have the decision
of the nation on the other side are little
impatient. This great man and that great
man are quoted in their behalf He referr-
ed to an elaborate article in one of the res
pectable journals Of the city (the lntelligen
cer) endeavoring to show by private letters
that Mr. Jcferson's opinions were on the
side of the Constitutionality of the Bank
He quoted a letter Of Mr.. Jefferson to Mr..
Eppes written three years after the passage
of the Bank showing contrary views. His
object was merely to show that the ques-
ton of power never had been settled. lie
believed it could be by general acquics-
cence. The power Of the States to incor-
porate Banks has been settled in that way.
But he wished to torbear to discuss the
question. There are more instances of de-
cisions against the power than in favor. Is
nothing due to the opinions of very large
portion of the American people! We are
told that we must exercise the power. He
invoked their forbearancc. He referred to
the history Of the controversy as furnish
ing a great monitory lesson. lie referred
to the attempt of Great Britain to assert
her power over the colonies by taxation
without representation, and Eeminded Sen
ators very inpressively Of the consequences
of the paltry tax Of three pence per pound
on tea under such circumstances, and quo
ted the admonitory language of Burke, that
it was the duty Of statesmen to try not with
how much, but with how little power the
world may be governed. He cautioned the
the Senate against the continual claims Of
power. Power, power, was alledged TO be
the cry of the Jackson administration. Let
US not follow the example of that error.
Mr.. RvEs remarked that he apprehend-
ed no difficulty in relation to the apprehend-
ed refusal of the States, &c. He had con-
verscd with practical men, and others, and
had no doubt that the institution, with his
amendment, could be carried into successful
operation He referred to the opinions of
George Clinton adverse TO the exercise of
doubtful powers, and to the evils of former
Banks, to the moderate views Of Mr.. Gal
latin, to the jealousy Of the people, to the
sins of the old Bank of the L. S., and to
the fact of the honorable Senator from
Kentucky having been a patriotic cham
pion against it, and quoted several impress
sive passages from Burke in relation to the
/, duties Of statesmen.
Mr.. RIvEs admitted that the Senate Com
mittce had improved the Secrctary'3 plan
in guarding the national honor by prevent
ing discounts here in cutting off the officers
of the bank from borrowing, in prohibiting
the renewal Of notes, in excluding the
4th instalment and in other PARTICULARS
He did not agree that that instalment was
a debt due the States. He agreed with the
honorable Senator in these improvements,
but by his amendment he desired TO plant
the institution on ground incontestibly
, constitutional He did not desire to offend
State power, nor to arouse popular jealousy,
E by planting branches Of federal institu-
: ton within the States without their assent.
, He feared it would 90 down in a convul-
sion. He invoked that spirit Of concession
and compromise in which the Constitution
: itself had its origin. Mr.. Rives addressed
the Senate for nearly two hours, in man
, ner characterized by Mr.. Clay as sable, in
f genious, and eloquent
: Mr.. CLAY, of Kentucky, thought the
2 ayes and noes had better be taken on the
c question, but, before they were taken, he
G would say few words in reply to the Sen.
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