, 1841-08-21
SPEECH OF MR.. BENTON.

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the I'D fundamental article of the bank
charter. where it was enumerated among
the things which the bank might pay out.
Mr.. Benton said he noticed in the bill what
he supposed 10 be a mistake. By the bill it
was provided that the bank should only pay
out its w notes, gold or silver coin, and bull
lion. II was an unusual and unprecedented
thing to authorize a bank to pay out bullion
and he supposed it wasa mistake. He would
therefore move TO strike il out.
Mr.. Clay Of Kentucky opposed the amend
ment. He thought the Bank had as much
right TO deal in bullion as to deal in stocks.
in horses, in lands. &c.
Mr.. Benton said he had no idei that this
amendment would be proposed. as the pro-
vision was 4 palpable violation Of the Con.
stitution, and supposed it 4 mistake, which
it was only necessary to call the attention,
OF the gentleman, 10 have it corrected.
MIR. Huntington contended that 1t was no
mistake, and that there was 4 similar pro-
vision in the charter Of the old Bank. There
was nothing in the bill to compel persons to
accept bullion. 1t was at the option OF the
individual, as was with regard to the notes.
In another portion Of the bill, the Bank was
authorised 10 deal in bullion, and how could
it deal in the article without paying out, as
well as receiving it!
Mr.. Wright said IT was not necessary 10
retain the word bullion in the provision TO
enable the Bank to dispose Of it. Deal
means 10 sell as well as buy, and it might sell
IFS bullion, though not authorized 10 make
payment in it.
Mr.. Benton. am truly astonishcd at this
neutrality-suspicious. to striking out a word
which is o clear breach of the Constitution,
and a mere burlesque upon specie payments
and which in good faith, and in great sim,
plicity Of heart, | had supposed to have
crept in by Inadvertance. In good faith ]
believed it TO be ilpsus p:nne-a slip of the
ren-which only required to be pointed
out, by friend or foe. TO receive immediate
correction. The replies Of the Senator from
Kentucky, [Mr. Clay.] and the Senator from
Connecticut, iMr. huntington, show me
that | was mistaken and advisedly-and that
it will not be stricken out if they can pre-
vent it. 1t now becomes my duty therefore
TO sustain my motion, and TO give reasons
for e%xpunging this word from the bill.
The word is contained in the 22d funda
mental article Of what is, fanciiully, called
the constitution Of the Bank, the article, is
in these words:
"Thc said bank shall not pay out The notes
Of any other bank or any Thing except legal
coin, bullion or It's orn notes."
The general import of this article is re-
strictive; but there are exceptions TO the re-
striciion. and these exceptions are permis-
slons. VIVA is excepted, is permitted; and
among the exceptions. is the permission to
puy out bullion. Bullion, then, is TO become
a tender at the counter of the Bank; a thing,
III the language of the article, TO be paid out
in discharge Of the notes, deposiies, and 9th.
cr debts of the institution. This is a fragrant
breach Of the Constitution. By that instru-
mcnt nothing but gold and silver coin can
be 4 tender in payment OF debts, either pub
lie or private. The bullion must be coined
before it can be rendered; and in the case of
foreign coins. they although coined. arc not
10 be Il tender, except specially made so BY
act of Congress, and the value thereof fixed
by law. Sir, the unconstitutionality Of this
tender is too gross for argument. 1t is plain
ly and obviously a palpable breach Of the
words and of the spirit of the Constitution.
| proceed. then, to IFS inexpediency. Ger
tainly nothing can he more inexpedient than
to allow the National Bank TO pay its debts
with bullion! MisshaPen masses OF gold
silver metal, Jumps, bars, balls, or we'd
ges, more or less impure from the admixtIre
Of foreign substance. Such is bullion. in
the common a~cception OF thcterm. in Eng
land all foreign coins are allowed 10 be a
there. With us, all the foreign coins
which are not made tender by act of Con.
gress, may come under the legal idea of
bullion; the term is that state OF the precious
metals when being smelted, and in the form
Of bars or ingots, they are not We, coined.
Plate also comes under the idea of bullion.
II, then. this word should stand in the bill,
the Bank will have the privilege of rendering
and masses Of impure metals TO the
holders Of its notes, Of pieces Of plate, or
coins, the value of which can on
y be ascertained by an assay and a skilfuI
chemical analysis, and which must be either
TO the Mint or sold TO a broker.-li
Certainly this would be a very pretty and
very ~effectual mode of preventing calls up
IN the Bank for the redemption Of its notes. I
The tender Of an ingot Of gold or a bar Of !!