The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-13

OF National Bank the Distribution Of the proceeds
of the Public Lands, protective tariff and the as
sumption of State debts Which was laid ON the TIA
BILE and ordered TO be printed.
The special order, the bill TO incorporate the sub
scribers 10 the Fiscal Bank Of the United States was
| then taken up.
that portion OF the bill authorizing the subscription of
one-third ofthe stock by Cove rnnent and
all to be taken by individuals and corporations.
lie sad IN the discussion, he had heard but three
reasons Tor making the Government interested in the
bank The iist was that this will be profitable ifs
cal operation for the Government and that the Urea
sury VIII make money. While they knew that the
United States has cash capital to invest would ii
be wise and expedient 10 involve the country in the
contract oil permanent debt for the sake of this spe
culalion The operation was decidedly bad in an in
disidual. and must be bad in Government a mere
financial operation
Another was, it likely that this speculation
would be realized He had not examined that docu-
ment, but had a statement from the Senator from
Pennsylvania Mr. Buchanan that the old bank d.
sded i've and quarter per cent, and there Were not
near AS many banks throughout the country; and
what could they persuade themselves would be
the per centagel The probability was, that would
be less. Was II wise and expedlent in It's financial
operaonsl 1t seemed to him, this ground, that II
was indeiensibe.
Another ground on which this provision might be
considered desirable 10 many citizens oil the country,
was the presumption that an investment OF one-third
was necessary an nducement To private capital
lists to take the balance. This, he had no doubt was
good reason TO private capitalists but was no in
ducement To the Government to create Bank.
There was another reason, he knew not that II had
been urged but IL was the strongest and most pow
erfu with the friends of this bill, who were com
posed of the business trading portion of the commu-
nifty, TO interest closely with this institution
the Government so long the control was placed in
their hands Was this a ground which Congress
could urge for itself
Mr. CLAY said the Senator in the first place, had
totally omitted the high considerations which prompt
ed the establishment OF this institution; which were
to enable the Government 10 discharge its financial
dues throughout the country and maintain sound and
uniform currency. The Senator said that under the
old Bank we received five and quarter per cent
BE it So We saved quarter per cent then. But
this not all on their closing with the old
Bank they got sixteen per cent above par they al
50 got bonus Of one and half million dollars al
the commencement of its charter. We would re-
ceive this amount if did no better than with the
old Bank And were there not other considerations
Why how much did you pay for the transportation
OF specie from one part OF the country TO the other
under the operations of the Sub Treasury, imper-
feet and limited in extent ii was He did not
know; IT was great deal, and they exposed
to great losses in its transportation Whatever they
paid IN tins manner, they avoided by Bank, because
II was It's business 10 make remittances wherever
needed, But was this all Was there nothing to be
credited 10 this institution for the security of your
funds What was the loss when the pet-bank sys-
TEN was in operation One million dollars were an
nually returned, from year to year, under the adm-
nistration OF Crawford, and they were still in
the Treasury If the rotten dirty notes could be
picked up Would the Senator rise in the face of the
country, and utter as the opinion which he enter
tanned, that there was more security in the Sub
Treasury, under the populations Of Isaac Hill John
Doe and Richard Roe, than in the hands of the
Bank, conducted as this was intended
Mr. WRIGHT expressed that as his opinion.
Mr. CLAY hoped 10 be allowed to express the in
he at al nd
II was one ofthe great proofs of party excitement, with
all the experience of Swartwout Price and other de-
faulters and PeculatoIs Who had run away with the
public money, that could induce this declaration
And, during the existence of the bank, not cent
was lost he would express his inetfabe surprise at
the utterance OF such a sentiment
1t the bank was what its friends anticipated they
paid i've per cent interest with bonds which bonds
by selling abroad, would add TO the existing specie
means in the country their amount Of millions of
dollars thus exhiraiing, animatng, extending and
stimulating, TO aproper extent, the business of the
thy you add ten millions instead of abstracting any
thing from the existing means. The profits from the
late bank were two and one.third per cent, badly
1t was administered; and would not the Senator in
dulge The expectation that the new bank will avoid
some OF the errors ofthe old bank Would he suppose
that there was such thing as human profit, BY
human experience. Was that his idea And espe-
aiaiy with all the guards with which they had sur.
rounded the institution, did the Senator suppose
that the corporation they about put into exist
Suppose It did not; under the old bank they cleared
two and third per cent. for the years over
and above what they made in the investment of stock
They received one and quarter million dollars ho-
nus, and at the settlement sixteen rer cent above par
they avoided all losses by pccu ation fraud
ed with the reception and disbursement of the public
money; and made hundreds, and thousands II not
millions, OF dollars by the normiiy Of the medium in
which the dues to the Government were paid
He saying much more than he had intended.
Mas
variety of form, by open assault and by undermining
he did not say insidously but it seemed to him
that It's effect was simply to protract this discussion,
whilst the country was crying out, in agony OF
distress " give us action ~ give the measures
and the relief which was expected from this extra
session.
Gentlemen were at liberty to have all the rights
which pertain to any m9mber of the majority but
they had already been the third week engaged on
this bill and should the House, if the bill reach
ed them, take up time in proportion to the relative
amount OF their numbers, they would be totally
able, not only to get away in the month of July, but
not till late in Autumn.
Mr. WRIGHT did not feel disposed to accuse
himself OF having consumed great deal of the time
of the Senate hitherto in this bill and he did not in
tend to consume any more time than necessary,
and so much he hoped TO be permitted without very
great dspeasure from any one. lie believed the
sub-Treasury system infinitely more safe TO the
try than any Bank that could be made. The honora-
Bile Senator had referred to the Swartwouts; they
found necessary TO make the provisions against
them, as the Senator and his friends had now found
lnecessary-to make ENLIGHTENMENT felony, and pun
ishable by law crimnally felony.
The honorable Senator asked with his usual force
and eanestness, if we would not give any thing to
| experience What had experience proved them' He
contended that there had been no improvement in the
wisdom, the soundness, or morality of their manage
| ment
| Mr.. CALHOUN could not but express his surprise
that the Senator from Kentucky should have accused
them with OBTAINING this bill The friends of the
bll had now consumed eight days with their amend
ments while this was the fourth day which they had