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

.nd s;,j this sort of fing endeavored 10 escape from
ass;,y NJ responding as head Of the Finance Com
;,e. to the thorough exposure which he hau hiaue y,
Tho false statements ard glarng impostnre alielp'u
bv the Secretary Of the Treasury Neither NJ oiay'
nor Mr. Evans This colleague on the Finance 1om''t
tee could bring forward, notwithstanding the DAYS "
sc,;on which have interposed single TACT or expia-
nation from the Treasury, 10 cover the manifold CT
o,s and frauds exposed the searching examinations
of this e1traorGinary report tor The sJ""or""u1y ~
sim made by hlessrs. Woodbury., NTisn', anu va
boun To MIR Claws remark by whlch he sought "
annse himself for not offering some defence oil ina.
4 which ras the groundwork Of all that lie proposed "
do viz that il lcas question ct printing, MI
Calhoun replied, by observing, that II con'a'heu .,e
proposals Of all that Congress. was caieu 70
,or,,nt suhir els Of deliheralon-that as the Mug
speech in Parliament, which, when proposing in"ps
lions was always met with the most pfoihP. a"u i've
lest discussion, the Treasury report On 'n''
,;n of Conyress If errors not exposed the le-
sI,,on proIosed TO lie founded upon It would neces-
sar;Iy be erroneous the public mind abused, and The
public interests sacrihceo.
4 Mr. Woodbury., in reply to Mr. Clay, Hung back ms
,onn,s with spirit and success and made apparent to
the Senate that the Finance Committee had been driven
10 report against OF the extrayagaht suggestions
of that report by emitting them IN the system they had
devised and that they had been forced to give up every
thing Ike defence of the statements and conc sons OF
Tins n,per after the first effort made by MIR. Evans TO
sustain il.
MIR. Buchanan rose before the vote taken, and
said he had thing to say on the SUBJECT Of ts IL
nancia document but he found the Treasury report
surrendered-a as he found that the able and maserly
expose of the late Chancellor of the Exchequer, las
Mr. Clay called Mr.. Wrght,) was not in the slightest
degree controvericd by the new Chancellor OF the TX
cheauer MIR Evans elevated TO the post hy MI Clay
RESIGNATION of il in having nothing 10 say the head Of
the Finance Commlee) he, Mr.. Buchanan, could not
be 40 cruel as to nilic another blow the nnesstng
The printing Of the unfortunate Treasury paper was
/ then ordered.
The bill 10 rechartcr the Banks of the District OF
Columbia vas then taken up, and gave rise TO an am
mated debate Mr. Allen Of OHIO, with great energy,
opposing the measure. The Senate adjourned with
out coming to a vote The debate will be resumed 10
mo!row.-Gi0bc.
The Presden, pro tom. communicated message Of
the l.. s., in reply to the resolution presented by Mr.
Preston calling for information TO the causes oil The
return of the Mediterranean squadron. II communica
led the correspondence on the subject, from which The
letter Of Mr. Stevenson to Commodore Hull read
[The letter of Mr.. Stevenson includes copy Of the
reported debate in the British Parliament; suggested the
possibility Of war; and advised the return OF the squa
d.on.
Mr. PRESTON said he hoped that our ministers
hereafter when they knew nothing would say nothing
The report and correspondence was read and ordered
10 ic printed
: MIR CLAY, OF Kentucky, submitted The following
Report:
The committee 10 whom was referred much Of the
Presidents Message relates To uniform currency
and suitable Fiscal Agent capable of adding increased
facilities the collection and disbursement and security
of The public have had the under consde
: ration, and beg leave TO report.
That after the most attentive and anxious consde-
ration of the Of the currency and the finances Of
The Government, in all their important and interesting
bearings the Committee have arrived at the
clusion with the Secretary Of The Treasury that Just
III, hllc,,, oE R1nk
of the L. s. with rs little delay 5 practicable
The Committee have neither time inclination 10
enter discussion of the question OF the power OF
Congress- under the Constitution Of the Il. 5, TO esta-
blish National Bank. After all that has been said
and written on that question, during the long period Of
half century, nothing remains TO be added TINT would
be likely 10 shed much light upon IT, 1t ought, in
the opinion of the Committee, 10 be regarded set
tied question settled by the appreciation and Judgment
of ile people BY the authority of the Legislature by
the sanction Of the Executive Department Of the Co
yrrunen and by the solemn adjudication OF the judi
ciary. If II be not regarded decided question,
when in the collisions and conflicts among men arising
out Of diversity ofopn;on IS controverted matter TO
e be considered terminated and quoted:
Nor do the Committee deem it necessary TO discuss
The question of the expediency of establishing such an
institution as a Bank Of the u 5. On this there iseven
f less cuntrariey Of opinion than on the former question
+ On both it is the deliberate conviction OF the Commit
0 Tee that vast majority of the people Of the u ). con-
cur: and that they locking with anxious solt
ci,udc 10 the deliberations Of Congress, under the
d.nt hope that Bank Of the u. ). will be established,
at the present extraordinary session OF Congress
Passing BY, therefore, those two questions as being
unnecessary 10 he further argued, and assuming what
i the committee verify believe, that National Bank ~
spensaby necessary, they will proceed at 10
the consideration Of the particular form, powers and
faculties with which il may be expedlent TO invest ouch
an institution. And here the Committee have no he
station in saying that, conhdlng III the experience OF
. forty years, during which the nation has enjoyed The
benefit Of National Bank, and during the greater
III part which 1t has realised every reasonable hope ana
. rypcctation III the operations of such institution,
they came the conclusion that it would be wIsest To
dismiss all experiments, and 10 cling 10 experience ana
assume the last charter granted by Congress as the ba
sis Of ne Bank engraitng upon such restrictions,
/ guarantees amendments and conditions, as have been
found necessary by actual experience.
# The Secretary of the Treasury came to similar con-
clusion and in his report and the draft Of bill which
accompanies he has taken his model the charter
granted by Congress in 1916 On that he has suggested
great many valuable improvements most OF which the
committee have Incorporated IN the draii Of bull which
Q they now report to the Senate. On this draft, they
wish 10 offer to the Senate brief plantations and
!. observations.
a The Committee have adopted Washington City, pro-
poscd hy The Secretary ofihe Treasury the place of
location of the primes pal bank They believe the place
Of lis location subordinate question; but there are
g many advantages from the proximity OF the Bank to
the Governments The distribution Of the capital oithe
Bank among the several commercial cities IN proper
ton TO their respective wants and magnitude, ~ what
they naturally DESIRE and what will doubtless be done.
But 10 guard against the exercise OF any undue Co
vernment or official influence, the mputation OF any
unworthy transactions, the committee have thought 1t
expedent 10 deprive the parent Bank of all power 10
make any discounts or loans Whatever except loans 10
!. Government, authorized by express law.
In order the command of the best financial
abilities of the country the bill provides that the direct
ors Of the parent board which is TO consist Of n'ne
members shall be paid for their services by the cor
porann: and all compensation to the directors, in the
usual form of bank accommodations, is utterly pohi-
S bted
Thus the directors Of the Bank at Washington will
become board of control experimenting the branches,
# supplying them with currency, and banking excln-
sively through the agency of their Offices OF discount
! and depose.
The capital of the bank proposed by The Secretary is
. retained, but power reserved TO Congress TO aug
nr mIllinna making the